2695 replies to this topic

[tjv]

^correction, I read the report wrong.  Prices for SFH fell 1.07% last month

[LJ]

^correction, I read the report wrong.  Prices for SFH fell 1.07% last month

We're affordable, we're affordable.

[Nparker]

We're affordable, we're affordable.

Housing crisis averted.

[LeoVictoria]

Sales are down, inventory is up, but is there any downward pressure on prices?

 

No.  Prices more or less flat in 2018.   We need a lot more inventory (or a lot fewer sales) to get declining prices.   However some market segments now starting to enter balanced market territory.

[MarkoJ]

Victoria Real Estate Board

Tues Aug 7, 2018:

 

August August

2018 2017

Net Unconditional Sales: 94 736

New Listings: 168 1,035

Active Listings: 2,551 1,917

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year 

[tjv]

No.  Prices more or less flat in 2018.   We need a lot more inventory (or a lot fewer sales) to get declining prices.   However some market segments now starting to enter balanced market territory.

In addition I see Vancouver SFH housing prices fell 0.6% month over month.  The rest of the island excluding Victoria were pretty much flat month over month.  I'll be watching the numbers close next month to see if there is a trend developing.

[LeoVictoria]

In addition I see Vancouver SFH housing prices fell 0.6% month over month.  The rest of the island excluding Victoria were pretty much flat month over month.  I'll be watching the numbers close next month to see if there is a trend developing.

 

Trend is clear.  Market has been cooling for 18 months now.  Only recently has the media caught on to that.

[MarkoJ]

Trend is clear.  Market has been cooling for 18 months now.  Only recently has the media caught on to that.

 

When the market is cooling this slowly and this consistently I think the odds of a major correction decrease as the market has enough time to absorb (i.e., maybe developer launch less projects as profits shrink on current ones, etc.) so you avert this situation where you have a massive amount of supply, but the demand has completely disappeared.

[lanforod]

look at a historical chart of SFH prices in Victoria. Up, flat, up, flat, up, flat.  We are due for a flat period that we started. Could last 2 years or 8 years.

[MarkoJ]

Victoria Real Estate Board

Mon Aug 13, 2018:

 

August August

2018 2017

Net Unconditional Sales: 218 736

New Listings: 402 1,035

Active Listings: 2,561 1,917

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year 

[Mike K.]

Two more acreages have sold over asking on the West Shore:

 

$699,900 -> $704,900

$689,888 -> $700,000

[tjv]

^damn that is cheap...and Victoria isn't affordable?????

[Mike K.]

Literally half price of comparable property on the peninsula.

[tjv]

^even cheaper than Duncan.  I was looking at a finance deal in Duncan 2+ acres, 30 year old house, blah blah blah $1.1 million.  Even new houses in Cowichan Bay are at 850k

[Mike K.]

Wowzers. You don’t say.

[MarkoJ]

Victoria Real Estate Board

Mon Aug 20, 2018:

 

August August

2018 2017

Net Unconditional Sales: 359 736

New Listings: 628 1,035

Active Listings: 2,547 1,917

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

[MarkoJ]

Victoria Real Estate Board

Mon Aug 27, 2018:

 

August August

2018 2017

Net Unconditional Sales: 480 736

New Listings: 819 1,035

Active Listings: 2,541 1,917

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year 

[MarkoJ]

Victoria Real Estate Board

Tue Sep 4, 2018:

 

Aug Aug

2018 2017

Net Unconditional Sales: 594 736

New Listings: 972 1,035

Active Listings: 2,519 1,917

 

Please Note

 

Left Column: stats for the entire month from this year

Right Column: stats for the entire month from last year 

[tjv]

Some stats from August:

 

HPI average SFH prices decreased by $400 month over July, condos dropped by $4700 month over month

 

looks like combined with July figures we have entered a flat market price wise.  Meanwhile construction prices are still rising at a solid 20-25% per year

Edited by tjv, 04 September 2018 - 05:09 PM.

[MarkoJ]

Victoria Real Estate Board

Mon Sep 10, 2018:

 

September September

2018 2017

Net Unconditional Sales: 123 640

New Listings: 336 1,072

Active Listings: 2,513 1,976

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year