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Victoria's housing market, home prices and values


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#2121 lanforod

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Posted 27 November 2017 - 09:03 AM

Hmm. I wonder where he gets his data. It's not like every lease is filed or anything like that.

 

For rental buildings, yes, I think they probably are all with a month to month clause. Those companies have fine tuned how to deal with problem tenants anyways. 



#2122 Mike K.

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Posted 27 November 2017 - 09:09 AM

I suspect their data is based more-so on larger landlords or institutions. The smaller guys who rent secondary suites or who have a home split into two or three units do not typically reach out to such organizations, even though they can learn a lot, have access to a huge swath of resources and ensure they're dealing with their tenants in the best way possible to avoid unnecessary angst.

 

But yeah, the landlords who played the game with one year leases and jacked up rents above the provincial maximum for a tenant who wished to renew a lease pulled the rug from under their own feet.


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#2123 dasmo

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Posted 27 November 2017 - 02:32 PM

I have only rented with a monthly clause and only landlorded with one. Non issue. Don’t worry if you want to get out a bad tenant you can. Plus if a tenant wants to make your life bad rules are meaningless to them anyway.

#2124 jonny

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Posted 27 November 2017 - 03:02 PM

Housing prices will not drop noticeably until the next major economic downturn, which will be within the next 2-3 years. 



#2125 lanforod

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Posted 27 November 2017 - 03:09 PM

Housing prices will not drop noticeably until the next major economic downturn, which will be within the next 2-3 years. 

 

What do you base that on? There's been 2 in the past 30 years. There isn't a pattern.



#2126 jonny

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Posted 27 November 2017 - 03:24 PM

We have one about every 10 years. There were 2 in the 40's, 50's and 60's. Since then, it has been about one every decade. There was the mid-70's recession caused by the oil crisis. We had two in the early's 80's. Another in the early 90's due to the oil price shock (Kuwait invasion). The .com crash of 2001 and of course the subprime liquidity crisis of 2007-2009.

 

2-3 years puts us at around 2020, which in my estimation would be one of the longer periods of stable growth in modern history. 

 

FYI, I consider a major economic downturn to be the classical definition of a recession (negative growth for two consecutive quarters). I'm not speaking of a depression, of which we thankfully have had very few of. 



#2127 jonny

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Posted 27 November 2017 - 03:25 PM

Really, I'm just spitballing. 

 

Tell me, why not in 2-3 years?



#2128 exc911ence

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Posted 29 November 2017 - 08:50 PM

Think things are nuts here?

 

http://www.latimes.c...1118-story.html

 

:wacko:



#2129 Nparker

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Posted 01 December 2017 - 01:21 PM

The price of a single-family home in Greater Victoria surpassed $900,000 for the first time ever last month, according to the latest numbers from the Victoria Real Estate Board. In November 2017, the average selling price of a single-family home in Greater Victoria was $902,985, up 5.6 per cent from the month before and 5.9 per cent compared to the same time last year.  Back in November 2016, the average price of a single-family home at $852,590...


https://www.cheknews...rst-time-393536/

 



#2130 Citified.ca

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Posted 07 December 2017 - 10:41 AM

Mortgage stress test: what you need to know if you’re in the market for a home

https://victoria.cit...ket-for-a-home/


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#2131 LeoVictoria

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Posted 21 December 2017 - 11:57 PM

Wondering what the impact is of allowing rentals in your condo building?  Short answer:  Property values increase by about 10%

beforeafterrentalsallowed.png

 

 

Read more:  https://househuntvic...ls-a-case-study



#2132 Nparker

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Posted 22 December 2017 - 06:10 AM

While the enjoyment of your home decreases by ten percent so it's a draw.
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#2133 LeoVictoria

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Posted 22 December 2017 - 07:10 AM

While the enjoyment of your home decreases by ten percent so it's a draw.


How so?

Edited by LeoVictoria, 22 December 2017 - 07:10 AM.


#2134 Nparker

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Posted 22 December 2017 - 07:18 AM

How so?

Many of the problems my strata has had to deal with over the years have involved renters and/or absentee owners.



#2135 Mike K.

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Posted 22 December 2017 - 08:07 AM

Would it stand to reason that the value of all property shot up significantly over the last 18 months, so the switch from non-rental to rental would be mostly affected by the general melee, not necessarily the switch?


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#2136 jonny

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Posted 22 December 2017 - 09:17 AM

Many of the problems my strata has had to deal with over the years have involved renters and/or absentee owners.

 

People moving in and out several times per month, clogging up the elevator and damaging the walls.

 

New tenants who are completely oblivious to the bylaws and rules of the strata.

 

Less pride of ownership and communal sense of pride regarding the common property.

 

Renters are typically younger and are typically more into partying, playing loud music and smoking weed.

 

I'm not against renters, at all, but it's plain to see that when your building has a lot of renters there can be challenges. A building full of cranky old retiree owners would still probably be worse... :) 


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#2137 Nparker

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Posted 22 December 2017 - 09:20 AM

...A building full of cranky old retiree owners would still probably be worse... 

It really depends if they are all cranky in the same way or not.


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#2138 Mike K.

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Posted 22 December 2017 - 09:38 AM

My building is more or less representative of what most would consider the upper echelon of renters, i.e. older folks dipping their feet into the downtown lifestyle, downsizers who sold their homes and are waiting on their purchased condos to complete, professionals waiting for an opportunity to purchase or who don't want to purchase, and students with financial help from mom and dad.

 

And yet in my building the difference between my all-rental building and my girlfriend's condo that permits rentals is extreme. The building management has to be commended for how well they deal with the maintenance, etc., but some people are so lacking in common courtesy and basic respect for their fellow tenants that you are left befuddled.

 

In my girlfriend's building the issues are 1/10th as pronounced as they are in my building, and and I'd wager 90% of the issues in her building are courtesy of renters.


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#2139 dasmo

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Posted 22 December 2017 - 11:24 AM

Less pride of ownership and communal sense of pride regarding the common property.

It’s interesting because these are the reasons an excellent architecture/design book “A pattern language” explains why speculation in real estate isn’t good for cities and communities. It makes owning unaffordable....

Edited by dasmo, 22 December 2017 - 11:25 AM.


#2140 manuel

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Posted 22 December 2017 - 01:12 PM

Mike's comments could go for SFH rentals vs. ownership as well.  2 rentals on my street vs 7-8 owner occupied and 95% of the issues come from the two rental houses (the other issues come from random car owners crashing into other cars).  The main issue comes down to absentee owners who simply collect the rent and don't care about what the renters do.

 

There are a lot of good renters out there, but more so when renting within a house that is owner-occupied, or upper end rentals.


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