2697 replies to this topic

[MarkoJ]

[MarkoJ]

[Nparker]

With the gradual easing of plague-related restrictions, will there be an uptick in sales over the summer?

[MarkoJ]

With the gradual easing of plague-related restrictions, will there be an uptick in sales over the summer?

 

I think there will be a bit of an uptick but I would have thought things would have bounced back a bit quicker. 

[Nparker]

Perhaps once people feel freer to move about the province and (hopefully) more folks are able to return to work, the market will become more active.

[MarkoJ]

Victoria Real Estate Board

Monday June 8, 2020:

 

Month Jun May

Year 2020 2019

Net Unconditional Sales: 125 740

New Listings: 378 1,221

Active Listings: 2,637 3,040

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

[Nparker]

So we've got a shot at 500 sales for the month. Not bad under the current circumstances.

[E2V]

Does anybody have an opinion as to why there is 17 units for sale at Shoal Point?

[GetLisaSomeHelps]

Does anybody have an opinion as to why there is 17 units for sale at Shoal Point?

 

I recalled Les Leyne using Shoal Point as the worst local example of a strata's insurance premium skyrocketing so probably has something to do with that.

[Mike K.]

Not knowing anything about the building’s condition, my immediate thought is the spec tax is forcing people to sell that are now holding property they can’t travel to due to COVID.

Couple that with insurance rates rising and you’ve got a perfect soup for sell-offs.

[GetLisaSomeHelps]

Not knowing anything about the building’s condition, my immediate thought is the spec tax is forcing people to sell that are now holding property they can’t travel to due to COVID.

Couple that with insurance rates rising and you’ve got a perfect soup for sell-offs.

 

Not sure if they are allowed in this building, but one more factor could be AirBnB income drying up?

[MarkoJ]

Not sure if they are allowed in this building, but one more factor could be AirBnB income drying up?

Not zoned for AirBnB.

[TransplantedEdmontonian]

Does anybody have an opinion as to why there is 17 units for sale at Shoal Point?

 

They had a major water damage issue and as a result, the building even made the TC as one that had huge increases to their insurance.

[Kungsberg]

I've noticed there were always quite a few units for sale at Shoal Point, even pre-Covid and pre-spec tax. There are 160+ units there, so 17 units for sale right now is about 10%. If I saw a street with 10 houses and 1 was for sale, I wouldn't necessarily conclude that there is anything faulty with those houses or that one in particular.

 

There is a higher percentage of people who use the units as second or even third homes, than many other buildings. Perhaps explains the higher level of turnover, changing their ideas of where they want to spend time, ageing out, the occasional estate sale. And now making decisions based on the spec tax and possibly worried about a softer condo market overall.

 

My understanding of that water claim: I believe it started with a burst water main out on the street, and the water to the whole building got shut off. When it was turned back on, a pin-hole leak developed somewhere in the building.  It wasn't detected for quite a while (I think the affected unit was unoccupied for weeks, and it was a small leak). In the end I think it affected 5-6 units? - not sure. But that would be why the condo insurance has risen so much.

 

On top of that, they had a lengthy remediation (1 yr out of service) to do on their indoor pool, and some work on balconies. That must have affected their contingency fund and payments.

 

Now with covid, and still the spec tax, risky to travel, less to do/enjoy in Victoria, and probably pools and gyms off-limits (at least unwise depending on your age) but you're still paying for it, new constraints on your budget, might be a good time to make some decisions.

[GetLisaSomeHelps]

There are 160+ units there, so 17 units for sale right now is about 10%. If I saw a street with 10 houses and 1 was for sale, I wouldn't necessarily conclude that there is anything faulty with those houses or that one in particular.

 

There were 182 condo sales per month last year across all of Greater Victoria. To see 17 listings in one condo building at the same time definitely raises red flags.

[Kungsberg]

There were 182 condo sales per month last year across all of Greater Victoria. To see 17 listings in one condo building at the same time definitely raises red flags.

That's why I wrote 4 paragraphs about what I felt were the issues.

[MarkoJ]

Victoria Real Estate Board

Monday June 15, 2020:

 

Month Jun Jun

Year 2020 2019

Net Unconditional Sales: 284 740

New Listings: 702 1,221

Active Listings: 2,730 3,040

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year 

[Mike K.]

If the current pace of sales keeps up we'll break 600 sales.

[IPH]

Not bad considering the sky is falling! Will be interesting to see what the final split for the month is between Strata and SF.

[MarkoJ]

Victoria Real Estate Board

Monday June 22, 2020:

 

Month Jun Jun

Year 2020 2019

Net Unconditional Sales: 519 740

New Listings: 1,013 1,221

Active Listings: 2,700 3,040

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year