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#1401 nerka

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Posted 17 April 2018 - 10:14 PM

A couple hundred SFH listed under1,000,000 based on a quick look at MLS. Relatively few in the core though



#1402 Mike K.

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Posted 18 April 2018 - 12:46 AM

There are approximately 300 detached SFD’s priced at under $1 million. About 350 are priced over $1 million.
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#1403 Mike K.

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Posted 18 April 2018 - 01:25 PM

Here's more of a breakdown.

 

So as of right now approximately

- 300 listings are SFD's priced below $1 million

- 350 listings are SFD's priced above $1 million

- 370 are condominiums

- 108 of townhomes

- 41 are a "duplex"

- 9 are revenue duplex, triplex and fourplex units

- 14 are manufactured double-wides

- 15 are manufactured single-wides

- 5 are apartment blocks

- 75 are offices

- 50 are retail spaces

- 200 are vacant land

= ~1,600 units, plus some other listings


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#1404 lanforod

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Posted 18 April 2018 - 07:10 PM

200 vacant land? really? That seems high



#1405 Mike K.

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Posted 19 April 2018 - 03:43 AM

As in buildsble lots. There’s hundreds and hundred more not listed on mls, I’m sure. Many subdivisions are custom builds, too.

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#1406 MarkoJ

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Posted 23 April 2018 - 08:30 AM

Victoria Real Estate Board
Mon Apr 23, 2018:
 
Apr Apr
2018 2017
Net Unconditional Sales: 543 885
New Listings: 967 1,270
Active Listings: 1,966 1,690
 
Please Note
 
Left Column: stats so far this month
Right Column: stats for the entire month from last year

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#1407 Mike K.

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Posted 23 April 2018 - 08:55 AM

Approximately 720 of the active listings are single-family homes, 370 are condos and and 120 are townhomes which accounts for just over 1,200 of the listings.


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#1408 tjv

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Posted 24 April 2018 - 07:03 AM

it appears sales aren't being affected by the stress test and are picking up again.  It will be interesting to see where prices are at the end of the month since March alone was up 2.1%.  Heck, when is it going to stop, its just out of control upwards which is a good thing for property owners, but I feel bad for renters who want to own one day

 

The alternate mortgage market is booming too, I just rejected a loan request where they were offering 38%



#1409 rjag

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Posted 24 April 2018 - 07:17 AM

it appears sales aren't being affected by the stress test and are picking up again.  It will be interesting to see where prices are at the end of the month since March alone was up 2.1%.  Heck, when is it going to stop, its just out of control upwards which is a good thing for property owners, but I feel bad for renters who want to own one day

 

The alternate mortgage market is booming too, I just rejected a loan request where they were offering 38%

 

Seeing a few price reductions in SFD's up in North OB and a couple that have been on for more than a few weeks. the bloom is off the rose for SFD's over $1mill 



#1410 tjv

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Posted 25 April 2018 - 05:23 AM

^I have seen some prices that are just way out there.  I've said it before I think people are just trying the market with the attitude if it sells great, if not then who cares

 

I posted this house several months back saying I thought it was overpriced and very cheaply finished.  Some of you disagreed with me, but its still for sale for the same price 3.5 months later  https://www.zolo.ca/...onnington-place



#1411 dasmo

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Posted 25 April 2018 - 07:16 AM

Exactly, houses that get all the checks are selling the ones that don’t aren’t. The mania is over. Until the ones that don’t sell drop in price TO sell you won’t see price stats change. Only sales to list, DOM, and inventory slowly rise.

Edited by dasmo, 25 April 2018 - 07:17 AM.


#1412 Mike K.

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Posted 25 April 2018 - 08:25 AM

The pent-up demand for SFD's in this region is insane. That's what's keeping the market going, the sheer lack of inventory and thousands of people with money to buy an $800,000 home who are waiting for the perfect opportunity to jump in. And lots of folks have made a sizeable return on their condo purchases over the last decade and they want to cash out then cash in to a SFD, and they have 20-30-40% down payments ready to go.

 

The only thing that will slow this market is a rapid interest rate rise. The stress test hasn't had much of an effect other than pushing away individuals who were already on the fringe. The rest of the market just reassessed its expectations to fit within the test, saved a little longer, or tapped into family/borrowed money.


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#1413 dasmo

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Posted 25 April 2018 - 08:26 AM

But it is slowing right now?

#1414 Mike K.

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Posted 25 April 2018 - 08:32 AM

Nope, not at all. There's literally nothing to buy out there. When you have 350 SFD's homes priced below $1 million for sale throughout the entire region, its extremely slim pickings while competition is high and upwards pressure on prices remains an obstacle for people trying to get in.


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#1415 dasmo

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Posted 25 April 2018 - 11:18 AM

But, sales to list is down, inventory, although nothing, is climbing, DOM is increasing. That is the very definition of slowing down. Number of sales aren’t accelerating or even the same as last year. That only leave one option to describe it....
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#1416 Mike K.

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Posted 25 April 2018 - 01:28 PM

Do we know sales to residential listings are down, or sales to overall listings? The two figures can be quite different.

What we're seeing is the market chilling out a little. Prices can’t rise forever and we’ve likely encountered resistance there, but demand remains overwhelming.

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#1417 dasmo

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Posted 25 April 2018 - 02:18 PM

We do know thanks to HHV (who uses the VREB statistics). SFH sales down. New listings about the same. sfsales.png



#1418 Mike K.

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Posted 25 April 2018 - 02:22 PM

I'm seeing more listings were added last year at this time, while sales this year are corresponding with the drop in listings. Fewer listings are materializing this year (or over that period), overall.


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#1419 dasmo

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Posted 25 April 2018 - 02:51 PM

I think you are seeing what you want to see ;-)

#1420 Mike K.

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Posted 25 April 2018 - 02:54 PM

The sales-to-listings ratio is virtually 1:1 on those graphs, and last year we did indeed have more sales but also more listings. We also didn't have the stress test nor the increased rates (those came by the third quarter, I believe).

 

Last year far outperformed this year, that's for sure, and that trend is continuing. Last year also was beat out by the year before, wasn't it? I think it was.


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