2697 replies to this topic

[lanforod]

I plugged into Google maps 5 minutes ago and it said 59 minutes. Not that much of a delay due to rush hour right now. It does depend on where you're starting in East Sooke though.. its a big area.

[Mike K.]

The home in question is 43 minutes from Douglas at Yates according to the Google, but we also need to keep in mind that there are delays due to bridge work on Gillespie Road. That's causing backlogs which Google is taking into consideration.

 

It's really not that bad in exchange for two acres of land and privacy.

[LeoVictoria]

I don't buy that at all. The lower end of the market is where the demand is. You can price what would have been a $425k home two months ago at $465k today and you'll get it, if not more if two or three buyers are after it. What other option do individuals have as the lending industry buckles down, rents continue to rise and there's a dozen homes under $500k on the market?

 

Where prices are stagnating and demand is fickle is among the 500 homes of our 1,000 active listings that are priced at $1 million and above. There's relatively little demand for that housing, choices are plenty and buyers with money are hardly pressured to act quickly, but those listings and the market activity (or lack thereof) they generate heavily skew the overall market.

 

There really weren't any $425k homes 2 months ago so the point is moot.   As for what other options people have, the option is not to buy, or buy a condo/townhouse instead of a teardown single family.   Same options as always.  

 

The market is all connected.  It is not possible for houses under $500,000 to appreciate $20k/month while higher priced listings are stagnant.   Law of substitution.  

 

Prices flattened out about 9 months ago and haven't budged by significant amounts:

 

 

More info: https://househuntvic...nges-and-gains/

 

Prices are not falling, inventory is still low, but the market has been cooling since early 2017, and the stress test took another bite out of demand.  

Edited by LeoVictoria, 14 June 2018 - 03:37 PM.

[Mike K.]

What detached home price range is selling the most in this market?

[tjv]

even commuting to Central Saanich takes an hour, door to door, during rush hour

for me from my house in central saanich to the south side of downtown is 25 min during rush hour

[Mike K.]

Oh it’ll take ya far longer than that northbound at 4, but then I can’t speak for you.

Commute times in Victoria by car aren’t all that bad. By bus though... holy moly.

[LeoVictoria]

What detached home price range is selling the most in this market?

 

The fastest selling houses are the ones in the middle of the price range ($750-950k) which are just as active as last year.

Lower price third slowed a bit compared to last year, upper end slowed more.

 

As for what is selling the most in terms of volume, it's always the middle because that's where the listings are (bell curve and all that).    Here are the total detached sales in metro victoria for March, April, May.

 

Edited by LeoVictoria, 14 June 2018 - 09:57 PM.

[LeoVictoria]

Oh it’ll take ya far longer than that northbound at 4, but then I can’t speak for you.

Commute times in Victoria by car aren’t all that bad. By bus though... holy moly.

 

E-Bike.  Often the fastest.

[Mike K.]

Ok yeah, that’s what I assumed. The new $500k of 2015 is now a $700k home. Thanks for that.

I actually can’t believe you can almost count the number of homes under $500k on two hands. That’s crazy.

Are we also able to pull DOM based on price

[lanforod]

E-Bike.  Often the fastest.

 

Yup. Mine is faster than driving in the afternoon and about the same in the morning. Downtown to East Sooke though, I don't know if my battery would make it.

[tjv]

Oh it’ll take ya far longer than that northbound at 4, but then I can’t speak for you.

Commute times in Victoria by car aren’t all that bad. By bus though... holy moly.

I'll try to time it next time and I remember.  There are only 2 choke points on the way north Saanich Rd and Haliburton.  Other than that it goes pretty fast.  The bus is 43 min according to google so I am guessing 30 min or less by car

 

I think generally speaking bus rides suck in every major city.  The only exception would be subway if your starting point and end point are near a station

[LeoVictoria]

Ok yeah, that’s what I assumed. The new $500k of 2015 is now a $700k home. Thanks for that.

I actually can’t believe you can almost count the number of homes under $500k on two hands. That’s crazy.

Are we also able to pull DOM based on price

 

Currently the DOM refers to Days on Market when sold (which is the first graph in my previous post, median days to sell aka DOM).   There is no easy way to pull days on market for active properties, because that would be quite distorted by new listings so it would be very difficult to interpret.   I have thought about how to create a measure for days of market of existing inventory but I'm not sure if it would be meaningful.  

[LeoVictoria]

Yup. Mine is faster than driving in the afternoon and about the same in the morning. Downtown to East Sooke though, I don't know if my battery would make it.

 

Offtopic here, but there is going to be an explosion in electric scooters downtown for those that aren't into biking.  The protected bike lanes will help there.  They are already taking over san francisco

[tjv]

^^I think it would be great, that way everyone can see how fast things are selling at a particular price point

[LeoVictoria]

^^I think it would be great, that way everyone can see how fast things are selling at a particular price point

 

Which we have, see chart above https://househuntvic.../daystosell.png

 

The distinction is that DOM refers to Days on Market of Sales.  So it captures how long it takes to sell a property, but does not capture those properties that never sell and just languish on the market.   

 

The idea would be to create a variant that measures Days on Market of all Inventory which would include those properties that eventually expire.   Likely they would track each other quite well though, with the latter being a bit faster to react when the market is changing

[LJ]

Offtopic here, but there is going to be an explosion in electric scooters downtown for those that aren't into biking.  The protected bike lanes will help there.  They are already taking over san francisco

My understanding is that they are not allowed in the bike lanes, only bikes that are electric assisted can use them. Is that not correct?

[lanforod]

My understanding is that they are not allowed in the bike lanes, only bikes that are electric assisted can use them. Is that not correct?

They can if they have pedals, which some do (i've never seen the pedals being used)... not sure what type Leo meant.

[LeoVictoria]

My understanding is that they are not allowed in the bike lanes, only bikes that are electric assisted can use them. Is that not correct?

 

Sorry I meant these kinds of scooters.    https://electrek.co/...scooter-review/

Light, relatively cheap, easy to take into the office, etc. 

 

Edited by LeoVictoria, 15 June 2018 - 08:53 PM.

[Mike K.]

But is it worth getting beat up every morning by the kids on the corner?

[LeoVictoria]

Seems silly I know but when a couple scooter sharing companies dropped off thousands of those in San Francisco they were such a hit that the city had to push back and launch a more orderly trial.