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Victoria's housing market, home prices and values


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#2201 nerka

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Posted 12 January 2018 - 10:27 AM

When does someone become a local? After 3 months? 6 months? 10 years?

Some places you have to live a few generations before you are considered a local.


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#2202 LeoVictoria

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Posted 12 January 2018 - 10:38 AM

Some places you have to live a few generations before you are considered a local.

hopefully not here :)



#2203 Mike K.

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Posted 12 January 2018 - 10:42 AM

There are several folks in my building alone who are renting while their pre-sale completes.

 

I suspect there are far more people buying here who are not "locals" than we give credit for. But we don't capture enough data to know for sure, and certainly not when it comes to pre-sales and off-market purchases through developers.


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#2204 Citified.ca

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Posted 01 February 2018 - 01:01 PM

First 31 days of 2018 send Victoria real-estate prices skyrocketing to record highs
https://victoria.cit...o-record-highs/
 
The volume of January property sales on southern Vancouver Island may not have broken records, but the cost of residential real-estate certainly did.
 
The average sticker price among 193 single-family-dwellings sold throughout the B.C. capital skyrocketed to a record-setting $925,715, 15% higher than one year ago. The median price, or the value of the one home in the middle of the pack, rose 15.4% to $785,000 and just $10,000 shy of September, 2017’s $795,000 all-time median record.
 
Data compiled by the Victoria Real-Estate Board paints a picture of a strong seller’s market and one that could be a wild ride for homebuyers for the remainder of the year, says Victoria REALTOR® Marko Juras.
 
“With the stress test, rising interest rates and the rising cost of real-estate on southern Vancouver Island I thought we would see far less activity than we did, but if the first 31 days of 2018 are any indication buyers clearly want in, they’re willing to pay a premium and they obviously feel that despite the already high prices they are lower than they may soon be.” [Full article]


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#2205 Stephen James

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Posted 02 February 2018 - 09:51 AM

Does anyone know the following for the City of Victoria?

1) How many permits for apartment buildings have been applied for each of the last "x" years and how many have been granted?  (express as %)

 

2) How many permits for condominium buildings have been applied for each for the same years and how many have been granted?  (also expressed as a %)



#2206 tjv

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Posted 02 February 2018 - 10:36 AM

what is a "permit", because if its a building permit I have never heard of one being declined

 

Its probably a specific question for the CoV as a FOI request



#2207 Mike K.

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Posted 02 February 2018 - 11:12 AM

What is it that you're actually asking for, Taco? A building permit is a formality, it's not a request that the City arbitrarily denies.


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#2208 VicHockeyFan

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Posted 02 February 2018 - 11:18 AM

Does anyone know the following for the City of Victoria?
1) How many permits for apartment buildings have been applied for each of the last "x" years and how many have been granted? (express as %)

2) How many permits for condominium buildings have been applied for each for the same years and how many have been granted? (also expressed as a %)

To further complicate things. Almost every condo is an apartment.

And virtually every condo suite is required to be rentable.

And no purpose-built rental apartment unit can be bought individually as fee simple.

Edited by VicHockeyFan, 02 February 2018 - 11:19 AM.

<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#2209 Torrontes

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Posted 02 February 2018 - 12:16 PM

It's important to look behind some of the rhetoric relating to condo sales. According to the VREB stats:

 

  • Condo listings were down only 2% but condo unit sales were down 31% in January 2018 compared to January 2017.
  • Median price of $415K was up 7% from last month and a healthy 34% from last January.
  • Benchmark price increased from $360,000 to $438,200 in Victoria and from $651,100 to $768,600 in Victoria West over past 12 months.
  • Waterfront condos were particularly strong with 7 units sold at an average of $1.18M.

 

Need to remember that these stats don't reflect direct, i.e. non-MLS, sales of new units.



#2210 tjv

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Posted 03 February 2018 - 08:48 AM

Need to remember that these stats don't reflect direct, i.e. non-MLS, sales of new units.

That is an interesting point, how many sales are non MLS?  Anyone have any stats?



#2211 Mike K.

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Posted 03 February 2018 - 08:50 AM

Not that many. Year in year out it'll be about 5-10%, IMO. Right now there is very little pre-sale inventory so there aren't that many pre-sales of condos. Houses, of course, can also be bought as a pre-sale but in that sector you also have people just buying land or a lot and then hiring a contractor to build the home.


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#2212 tjv

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Posted 03 February 2018 - 09:38 AM

that is probably about right, but it is just a guess.  There must be a public registry at the LTO since all change in title must be filed there?

 

Even if someone bought bare land the title must be registered at land titles before they hire a home contractor to build for them

 

On a side note, I was talking to small house builders and they are telling me it costs about 5k a year to keep up their license as a residential home builder.  More costs that just get passed onto the consumer.  Average quality houses are running around $200/sf currently and rising



#2213 Mike K.

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Posted 03 February 2018 - 09:45 AM

Does MLS "sold" data refer to an accepted offer, or the closing of a sale? I.e. if an offer is accepted on January 15th, is that a "sale" on MLS for the month of January, or is the sale when the deal closes on April 1st and pads the April "sold" count? I suspect it's not the latter but the former.

 

So to complicate the pursuit of a clean monthly statistic we'd need to not only compare the difference between LTO's data and MLS' data, but also assess the disparity between the date of an accepted offer (a "sale" on MLS) and the closing data (a "sale" on LTO).

 

Did I get that right?


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#2214 spanky123

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Posted 08 February 2018 - 08:39 AM

Interesting report from the FT. https://www.ft.com/c...9d-41ca06376bf2

 

The author claims that 90% of new mortgages in Vancouver are uninsured. How can that be you ask, buyers are getting CHMC insured mortgages as they are required to, waiting until the property value increases, and then refinancing without insurance and taking out the first mortgage.



#2215 lanforod

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Posted 08 February 2018 - 08:44 AM

Those aren't 'new' mortgages then, are they?

 

Either way, the author may be correct. You cannot get CMHC protection if the value is over $1 million. So that effectively cuts off every house in Vancouver and a large percentage of the town-homes and condos as well.

https://www.cmhc-sch...moloin_003.cfm 

 

 

PS. if you're going to link to paywalled sites, provide more info...


Edited by lanforod, 08 February 2018 - 08:45 AM.


#2216 spanky123

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Posted 08 February 2018 - 09:05 AM

Those aren't 'new' mortgages then, are they?

 

Either way, the author may be correct. You cannot get CMHC protection if the value is over $1 million. So that effectively cuts off every house in Vancouver and a large percentage of the town-homes and condos as well.

https://www.cmhc-sch...moloin_003.cfm 

 

 

PS. if you're going to link to paywalled sites, provide more info...

 

Hmmm, wasn't a paywall for me and I don't subscribe.


Edited by spanky123, 08 February 2018 - 09:05 AM.


#2217 tjv

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Posted 08 February 2018 - 09:56 AM

You cannot get CMHC protection if the value is over $1 million.

and for that reason alone that is why 90% of mortgages in Vancouver aren't CMHC insured

 

I wonder how many aren't CMHC insured in Victoria?



#2218 Matt R.

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Posted 08 February 2018 - 10:58 AM

Don’t forget Genworth.

Matt.

#2219 Barrrister

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Posted 09 February 2018 - 10:43 PM

I have found this set of comments both interesting and actually useful for my purposes. Thank you for all the contributors.


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#2220 tjv

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Posted 13 February 2018 - 11:58 AM

Does MLS "sold" data refer to an accepted offer, or the closing of a sale? I.e. if an offer is accepted on January 15th, is that a "sale" on MLS for the month of January, or is the sale when the deal closes on April 1st and pads the April "sold" count? I suspect it's not the latter but the former.

 

So to complicate the pursuit of a clean monthly statistic we'd need to not only compare the difference between LTO's data and MLS' data, but also assess the disparity between the date of an accepted offer (a "sale" on MLS) and the closing data (a "sale" on LTO).

 

Did I get that right?

Did we ever get an answer on this?



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