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Victoria's housing market, home prices and values


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#2901 Casual Kev

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Posted 15 May 2019 - 09:19 PM

No, my point is government intervention almost always has unintended consequences.

 

I don't think the consequences were unintended at all. The whole point of the stress test was to keep people without the means to keep paying a mortgage through a downturn. And that class of people would obviously either aim lower or stick to renting to compensate. From the policymaker's perspective, that's much better than them going underwater and needing a whole lot more taxpayer money to be rescued or kept on income-tested assistance.



#2902 Mike K.

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Posted 16 May 2019 - 05:54 AM

No, see that’s not it either.

It has nothing to do with a downturn, rather a period of strong economic activity yielding much higher interest rates over a short period of time. The test was also not intended to drive down sales, but when your most important real estate markets have very high prices, the stress test literally kept people from buying. Not just reducing their expectations, but not being able to transition from renting to ownership.
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#2903 Casual Kev

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Posted 16 May 2019 - 09:18 PM

No, see that’s not it either.

It has nothing to do with a downturn, rather a period of strong economic activity yielding much higher interest rates over a short period of time. The test was also not intended to drive down sales, but when your most important real estate markets have very high prices, the stress test literally kept people from buying. Not just reducing their expectations, but not being able to transition from renting to ownership.

 

That's true, even fiscally responsible would-be homeowners are struggling to get in partially due to the stress test. But I suppose that's the inherit problem of the federal government setting the rules when it comes to credit when each city's housing market is affected differently.


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#2904 Mike K.

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Posted 31 August 2019 - 12:40 PM

There is plenty of banter about rate cuts on the horizon later this fall and into early 2020. The current BoC rate is 1.75% and some economists think a drop to 1.0% is not out of the question.

Should that happen mortgage rates will follow lock stop with rates falling to 1.50-1.75% from their present-day 5-year fixed rate lows of 2.5%. That is likely to yield a surge in buying and with more demand come price hikes.
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#2905 ovovov

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Posted 04 September 2019 - 10:55 AM

usually I say macro policy stimulates domestic consumption. In this case, the government wants the housing price to controlled.... the point it, the government wants the price to grow.



#2906 LJ

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Posted 04 September 2019 - 07:53 PM

In the business section of the TC today there was an article with the headline "Region's real estate prices, sales, inventory drop off during August"

 

Then the graphs and body of the storey said that prices for townhomes, condos and single family homes have all gone up.

 

Can't get quality reporting like that just anywhere.


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#2907 Mike K.

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Posted 04 September 2019 - 08:22 PM

Looks like they ran the wrong template. Oops.

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#2908 Citified.ca

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Posted 24 September 2019 - 12:41 PM

Victoria-homebuyers-and-the-election--stress-test-out;-30-year-amortization;-shared-equity-program.jpg

 

Victoria homebuyers and the election: stress test out, 30-year amortizations and a shared equity program


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#2909 Rob Randall

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Posted 01 October 2019 - 10:43 AM

Vancouver number 6 on the world cities possible bubble list below Munich, Toronto, Hong Kong, Amsterdam and Frankfurt.

 

https://www.axios.co...da67b6777f.html


"[Randall's] aesthetic poll was more accurate than his political acumen"

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#2910 Mike K.

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Posted 01 October 2019 - 11:10 AM

We’ve been hearing this since like, literally, 1995.

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#2911 Rob Randall

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Posted 01 October 2019 - 12:46 PM

Yeah, remember the bubble thread? 

 

Just because an area is deemed "overpriced" doesn't mean there must be a correction. 


Edited by Rob Randall, 01 October 2019 - 12:47 PM.

"[Randall's] aesthetic poll was more accurate than his political acumen"

-Tom Hawthorne, Toronto Globe and Mail


#2912 Citified.ca

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Posted 10 October 2019 - 09:08 AM

Ten-on-the-10th-October-2019-Mike-Miller.jpg

 

Ten on the 10th 1 Year Anniversary: Real-estate development Q&A with Mike Miller of Abstract Developments


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#2913 Citified.ca

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Posted 24 October 2019 - 11:13 AM

Fall-2019-downtown-Victoria-new-condo-round-up--what’s-available,-where,-and-for-how-much.jpg

From move-in ready condominiums, to pre-sales in various stages of construction, to pre-construction offerings, downtown Victoria's condominium market offers a lot of choice based on location, price point and floorplan layouts.

 

Fall 2019 downtown Victoria new condo round-up: what’s available, where, and for how much


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#2914 Mike K.

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Posted 29 October 2019 - 02:54 PM

I had a phone conversation today with a friend of a friend who is looking for advice on buying his first home. He's not short on money, has a decent job, good credit, etc., but he can't come close to qualifying for a mortgage in the City of Victoria or the Saanich border areas for a SFD that doesn't require some elbow grease or isn't in an up-and-coming neighbourhood (i.e. Burnside-Gorge). He says the stress test is the deal breaker and he can't push higher with his down payment.

We discussed different options and by the sound of it he's come around on the whole Westshore thing. He's checked out some of the houses (not the side-by-sides but homes on larger plots) and thinks the added space and privacy will be a fair tradeoff for proximity to his job in Victoria, plus he'll keep $250k in his pocket.

Anyways, my point is that people who a decade ago wouldn't dare cross that line are now embracing the Westshore as a perfectly suitable option, and it seems like Cowichan has stepped in as the faraway suburbia that was once the Westshore's domain.

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#2915 VIResident

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Posted 29 October 2019 - 05:57 PM

Sooke is the fastest-growing district per capita in B.C. - Times Colonist Oct. 29/19

https://www.timescol...orks-1.23990690

 

Stu Yong hounded the Provincial Gov. to creat satellite offices in the Westshore and it seems the Gov. is now doing it.  This will create more demand for housing including in the still rugged and wild Sooke, which is just a 20 minute drive away. 

 

The 'drive until you quality' is Westshore and beyond - fantastic place for anyone to live.   


Edited by VIResident, 29 October 2019 - 05:58 PM.


#2916 Mike K.

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Posted 29 October 2019 - 06:01 PM

Just to reiterate they mean the school district, not Sooke the municipality.

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#2917 aastra

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Posted 30 October 2019 - 09:51 AM

 

...downtown Victoria's condominium market offers a lot of choice based on location, price point and floorplan layouts.

 

Just not a lot of choice re: the appearance of the buildings. They're identical. (I'm pretty sure you included two pics of Legato.)



#2918 Mike K.

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Posted 30 October 2019 - 09:57 AM

That’s why we have street addresses, a system of identification borrowed from Soviet Bloc countries.
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#2919 RFS

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Posted 30 October 2019 - 10:08 AM

That’s why we have street addresses, a system of identification borrowed from Soviet Bloc countries.


You're probably being funny but street addresses definitely predate the Soviet Union
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#2920 Rob Randall

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Posted 30 October 2019 - 09:30 PM

That’s why we have street addresses, a system of identification borrowed from Soviet Bloc countries.

 

What crazy basement YouTuber did you get this factoid from?


"[Randall's] aesthetic poll was more accurate than his political acumen"

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