5833 replies to this topic

[rjag]

too late?  Nope, prices are extremely cheap in Victoria compared to Vancouver

 

https://www.rew.ca/p...ue-vancouver-bc

 

Yup, especially for folks that faced a 1 hour or more commute that could sell their wartime bungalow for $2 million and get places like this within 15-30 mins of downtown

 

https://www.realtor....stern-Highlands

 

https://www.realtor....4-Prospect-Lake

 

https://www.realtor....2B9-Cordova-Bay

[tjv]

A quick check and I found 4 decent houses in Oak Bay priced between 775k and 900k.  Lots of great deals out there

 

Here is an example:  https://www.realtor....3-North-Oak-Bay

[Mike K.]

It’ll be interesting to see what it sells for. Good deals in desirable areas can often end with an elevated sales price.

[tjv]

^true but there are 5 others in that same price range or less in Oak Bay

 

https://www.realtor....8R2P6-Henderson

 

https://www.realtor....8R3E2-Henderson

 

https://www.realtor....8R2R7-Henderson

 

https://www.realtor....4-North-Oak-Bay

 

https://www.realtor....3-North-Oak-Bay

[Rob Randall]

Hong Kong: Four bedroom house with outdated 90s decor on the market for $579,495,000 CDN.

 

Over half a billion dollars.

 

https://www.bloomber...down#gs.gO8hU8U

 

[Mike K.]

Lol, I had read that as $579,495.00 and my brain moved on...

[Nparker]

On the plus side, it looks very clean.

[Nparker]

Hong Kong: Four bedroom house with outdated 90s decor on the market for $579,495,000 CDN. Over half a billion dollars...

You could buy a mid-size cruise ship for that price and get a lot more than 4 bedrooms and a bigger kitchen.

[RFS]

https://www.cbc.ca/n...ained-1.4831741

Approx 67,000 single family lots in Vancouver now zoned for duplexes. I am a huge fan of this and would love to see similar thing in Victoria municipalities.

[Love the rock]

On the plus side, it looks very clean.

Silly ..if you want dirt it’s extra .

[LeoVictoria]

https://www.cbc.ca/n...ained-1.4831741

Approx 67,000 single family lots in Vancouver now zoned for duplexes. I am a huge fan of this and would love to see similar thing in Victoria municipalities.

100% agree. Depressingly here in Saanich so far none of the council candidates have any kind of discernible housing strategy

[lanforod]

Neither do either mayoral candidate. I'm certainly hoping for some concrete platform ideas from the united slate... their website says Oct 1 for that info.

[tjv]

In all fairness do any other major cities municipal candidates in North America have any affordable housing strategy?

 

Housing has been expensive for the last while and wages, generally speaking. are increasing.  In NYC a 2 hour commute each way is very common.

[Mike K.]

Yet another acreage in East Sooke sold for over asking. Listed at $599, sold for $614.

[DavidL]

Yet another acreage in East Sooke sold for over asking. Listed at $599, sold for $614.

 

Does that balance out against the one listed for $1,050,000 that sold for $850,000?

[Mike K.]

There are so many variables affecting semi-rural properties that it’s hard to say without knowing anything about the listing.

Was there an issue with the well? Is there a hobby farm nearby? Were the owners pricing in their own on-site activities and asking far too much as a result (one place I looked at had a fish breeding setup valued into the hundreds of thousands and the asking price reflected that)? Are nearby lots eyed for development? Is the septic system in trouble? Is electrical work lacking permits (bizarrely common out in the sticks)? Is the fireplace WETT certified? Is the fireplace in-store for a rebuild? Are out buildings/sheds in need of upgrades? Was the electrical done on them properly? Are there soil issues?

The reason why I point these sales out is because I myself am interested in that type of property and when I was in the buying game I encountered a whole slew of issues that negatively affected semi-rural listings that wouldn’t have been an issue for a traditional SFD in a developed area. When buying semi-rural property it’s very easy to get in way over your head and walk into something far more costly and complicated than you might have imagined, so when properties sell for above asking that’s worth noting as demand obviously outstripped expectation.

[LeoVictoria]

so when properties sell for above asking that’s worth noting as demand obviously outstripped expectation.

It actually doesn’t necessarily mean that.

A sale above asking means the property was priced under market value. That’s it.
There are three potential reasons for this:
1. The property was priced too low by the seller and/or selling agent because they incorrectly judged the market value or the market was heating up.
2. The property was priced low deliberately in order to facilitate a quick sale and/or bidding war
3. An irrational buyer came along and bid above market value for the property.

#1 happened a lot in 2016 because the market took off and a lot of people were surprised at how fast it did so. Not the case right now.
#2 happens fairly regularly and is likely the reason behind most over asking sales right now (of which there are in general far fewer of)
#3 is possible, and more likely for unique properties like rural ones where you can’t easily find an equivalent. Still pretty rare though

A place in Fairfield just sold $200k over ask. Is that because demand outstripped expectations? No it’s because it was listed $200k under assessment in order to attract a bidding war.

Edited by LeoVictoria, 25 September 2018 - 11:54 AM.

[tjv]

A house in Oak Bay with an assessment of $839k was listed at $775k and then reduced to $750k before it sold.  What it sold for I don't know but it was obviously under assessment and that's in Oak Bay.

 

Frankly I don't think BC Assessment values mean anything, its not like they come into the house to verify what its like inside.  Is it an 80s kitchen or new with quartz counters and a Wolf stove and Sub Zero fridge?  Wall to wall carpet or expensive mahogany wood floors? Crown mouldings?  Quality bathroom fixtures or something from Costco?

[MarkoJ]

A house in Oak Bay with an assessment of $839k was listed at $775k and then reduced to $750k before it sold.  What it sold for I don't know but it was obviously under assessment and that's in Oak Bay.

 

Frankly I don't think BC Assessment values mean anything, its not like they come into the house to verify what its like inside.  Is it an 80s kitchen or new with quartz counters and a Wolf stove and Sub Zero fridge?  Wall to wall carpet or expensive mahogany wood floors? Crown mouldings?  Quality bathroom fixtures or something from Costco?

 

+1, BC Assessments is kind of useless on any specific property.

 

On condos for example, BC Assessments doesn't even verify if the unit comes with parking, or not. 

[Mike K.]

It actually doesn’t necessarily mean that.

A sale above asking means the property was priced under market value. That’s it.
There are three potential reasons for this:
1. The property was priced too low by the seller and/or selling agent because they incorrectly judged the market value or the market was heating up.
2. The property was priced low deliberately in order to facilitate a quick sale and/or bidding war
3. An irrational buyer came along and bid above market value for the property.

 

1) the property was priced perfectly. It sold for 2.5% above the seller's ask.

2) the property wasn't priced deliberately low, it was priced 2.5% below what someone was willing to pay.

3) an irrational buyer doesn't make sense in this scenario, but a buyer faced with some competition does.