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Victoria's housing market, home prices and values


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#2821 LeoVictoria

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Posted 21 March 2019 - 05:36 PM

As far as I know Viatec doesn't publish a breakout. All you need to do is look at the tech jobs boards and you will see at least half of the jobs being advertised are from out of town firms.

It is good money while you can get it. Risk is that the dollar increases or that we have an economic slowdown as remote workers usually get hit first. It also adds nothing to the local economy other than wages since no product or service is actually created here.

A foreign company can hire someone here for about 25%-50% less than it would cost them for a local resource plus they benefit from much lower health care (US) and social services (EU) costs.

Half the jobs are foreign on tech job boards? Not even close.

125 jobs on VIATEC right now. I’ll be impressed if you can find 10 that are remote work for a US company.

Edited by LeoVictoria, 21 March 2019 - 05:50 PM.


#2822 spanky123

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Posted 21 March 2019 - 06:00 PM

Local income earned from foreign companies creates wealth in Canada.


Sure it does, my point is that it doesn’t build anything here and only lasts as long as we are viewed as cheap labour. In 2004 when the Canadian dollar shot up to $1.10 most of the remote workers and satellite offices here were shut down.
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#2823 rambaldi

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Posted 25 April 2019 - 06:53 PM

In case this wasn't mentioned elsewhere:
 

What do you think the City of Victoria should do to address housing affordability? Take the survey: http://ow.ly/C7Gk50rWEoq 

This survey will close on Friday, May 3, 2019 and will help inform Council’s consideration of an update to the Victoria Housing Strategy. 



#2824 exc911ence

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Posted 25 April 2019 - 07:50 PM

The only way that housing prices will fall is to make Victoria an uninviting place to live. Lisa Helps is certainly doing her part...


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#2825 tjv

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Posted 26 April 2019 - 11:55 AM

^Thank god Lisa and the CoV doesn't represent the majority of the population of the CRD.  Completely agree that Lisa Helps is doing everything she can't to make the CoV an uninviting place to live thou.  Luckily there are 12 other municipalities to live in!



#2826 Sparky

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Posted 26 April 2019 - 06:16 PM

I was having a conversation with a mortgage broker in the early 80's. I mentioned that I picked a bad time to buy a $127K duplex.

He said nonsense. You should buy as many houses as you can. Let me explain.

If you had your choice of living anywhere in the world would you live in the Eastern Hemisphere or the Western Hemisphere. I said Western of course.

OK North America or South America? I said North of course.

Now what country? Latin America, Mexico, United States, or Canada? I said Canada.

East Coast, West Coast, or central. I said west coast.

BC or Alberta? I said BC.

Mainland or Vancouver Island....OK I am partial to the Island so I said Vancouver Island.

North Island or South Island? I said I would rather live on Southern Vancouver Island.

"And that's the reason that you should buy as much real estate as you can afford. A vast number of people that have a choice as to where to live are going to be beating a path to this area, and our children won't be able to afford to live here. In 30 or 40 years your house will be worth 10 times what it is now."

....and no amount of government intervention will change that.
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#2827 Mike K.

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Posted 27 April 2019 - 07:22 AM

Recent data has revealed that for every millennial that leaves the lower mainland in search of cheaper housing, 12 arrive.

BC Housing has admitted the province can’t fund its way out of the housing crunch and requires the private sector to keep building more housing.

And lastly, a recent real-estate symposium in Vancouver identified future housing trends, forecasting that housing prices will double in the province’s key markets by the early 2030’s.

So the choice is yours, really. Get in, or keep waiting and hoping that the market will crash and you’ll scoop up a million dollar home for $450k.
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#2828 tjv

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Posted 27 April 2019 - 07:23 AM

^if that were true we would have a population of 5-10 million, maybe even 20 or 30 million.  The fact of the matter is unless you are retired its still very difficult to find a good paying job to be able to afford to live here, educated or not.

 

I know if I was an employee it would be difficult to get the salary I demand.



#2829 Mike K.

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Posted 27 April 2019 - 07:33 AM

No, that’s not right. There aren’t that many millennials leaving, is the point here. But due to in-migration, immigration and international studying, for every millennial who does leave to a less expensive part of the province, their void is filled by 12 newcomers. But those 12 newcomers would arrive regardless and are part of the massive population growth in Vancouver.
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#2830 Victoria Watcher

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Posted 27 April 2019 - 08:07 AM

look as long as we have no limits on foreigners living here we will have difficulty. the us has 10 million millionaires and china has 2 million.

and we have zero - none nada - rules restricting foreigners from living here at least part time.

we’ve created a great space to live.

#2831 Nparker

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Posted 27 April 2019 - 08:20 AM

...we’ve created a great space to live.

I think most of the credit can be given to Mother Nature.


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#2832 Victoria Watcher

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Posted 27 April 2019 - 08:22 AM

well also our culture laws and inclusivity.

#2833 Sparky

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Posted 27 April 2019 - 09:04 AM

My point was that the affordability ship has sailed. Government policies and incentives can't change that. 

 

The only way to achieve affordable housing is to sell the passenger ferries, close the airport, and search the food barge for stowaways.


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#2834 North Shore

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Posted 27 April 2019 - 09:07 AM

I was having a conversation with a mortgage broker in the early 80's. I mentioned that I picked a bad time to buy a $127K duplex.
He said nonsense. You should buy as many houses as you can. Let me explain.
If you had your choice of living anywhere in the world would you live in the Eastern Hemisphere or the Western Hemisphere. I said Western of course.
OK North America or South America? I said North of course.
Now what country? Latin America, Mexico, United States, or Canada? I said Canada.
East Coast, West Coast, or central. I said west coast.
BC or Alberta? I said BC.
Mainland or Vancouver Island....OK I am partial to the Island so I said Vancouver Island.
North Island or South Island? I said I would rather live on Southern Vancouver Island.
"And that's the reason that you should buy as much real estate as you can afford. A vast number of people that have a choice as to where to live are going to be beating a path to this area, and our children won't be able to afford to live here. In 30 or 40 years your house will be worth 10 times what it is now."
....and no amount of government intervention will change that.


If only you’d listened, eh?!
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Say, what's that mountain goat doing up here in the mist?

#2835 DustMagnet

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Posted 27 April 2019 - 10:02 AM

My point was that the affordability ship has sailed. Government policies and incentives can't change that. 

 

The only way to achieve affordable housing is to sell the passenger ferries, close the airport, and search the food barge for stowaways.

 

That would only drive prices upward, since it's now an exclusive enclave that no one else can get to.

 

I often imagined that soaring prices would drive out service sector workers, thus depriving a region of it's services, thus making it less attractive and depressing real estate prices but that never seems to happen.

 

They just commute farther or are imported from outside the country - because foreign service workers don't impact the housing market I assume (where they live a local wouldn't be living anyway?  Not sure how it works exactly.)



#2836 Victoria Watcher

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Posted 27 April 2019 - 10:15 AM

I often imagined that soaring prices would drive out service sector workers, thus depriving a region of it's services, thus making it less attractive and depressing real estate prices but that never seems to happen.

.)


manhattan apartments are $3000/mo and coffee shops are still staffed.

#2837 DustMagnet

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Posted 27 April 2019 - 11:36 AM

^ But there's a housing supply crisis, so where are the staffers living?



#2838 lanforod

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Posted 27 April 2019 - 12:08 PM

Typically in shared accommodation in one of the other boroughs

#2839 Victoria Watcher

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Posted 27 April 2019 - 12:31 PM

^ But there's a housing supply crisis, so where are the staffers living?


free market works it out just fine. no government involvement required.

#2840 tjv

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Posted 27 April 2019 - 05:22 PM

manhattan apartments are $3000/mo and coffee shops are still staffed.

Everywhere I turn, in almost every store I enter, entry level minimum wage type stores are constantly advertising they are hiring


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