5833 replies to this topic

[Victoria Watcher]

April home sales plunge more than 50% across Canada amid COVID-19

 

https://www.bnnbloomberg.ca/-1.1436926

 

The association says April home sales were down 57.6 per cent from a year earlier, and down 56.8 per cent on a month-over-month basis, posting the lowest volume for the month since 1984.

 

Activity was down 66.2 per cent in the Greater Toronto Area, 57.9 per cent in Greater Vancouver, 51.5 per cent in Ottawa, and 42 per cent in Winnipeg.

Edited by Victoria Watcher, 15 May 2020 - 06:55 AM.

[Nparker]

April home sales plunge more than 50% across Canada amid COVID-19...

I'm shocked! 

In other news, the sun appears to have risen in the eastern sky this morning and is predicted to set in the west. Full story at 11:00.

[Mike K.]

Plunged!?

Omg
Omg
Omg
Omg
Omg
Omg
Omg

[GetLisaSomeHelps]

Anyone who thinks COVID will crash real estate values are sadly mistaken.

[Matt R.]

I’m patiently waiting!

Matt.

[Darren14]

In February i started my house hunt (first time home buyer), and some of the houses i've been keeping my eye one have dropped, but nothing crazy. 

 

As Matt just said above, i'm going to patiently wait and see what happens, i think it's still to early to tell, but come on price drop! lol 

[Victoria Watcher]

In February i started my house hunt (first time home buyer), and some of the houses i've been keeping my eye one have dropped, but nothing crazy. 

 

As Matt just said above, i'm going to patiently wait and see what happens, i think it's still to early to tell, but come on price drop! lol 

 

what's your location criteria darren?  

Edited by Victoria Watcher, 15 May 2020 - 05:27 PM.

[Darren14]

what's your location criteria darren?  

 

Trying to avoid the Langford area but obvious newer and more modern houses is appealing.

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[Victoria Watcher]

and throws shade on esquimalt too!

[Darren14]

and throws shade on esquimalt too!

 

yeah... never been a fan of the area. 

[Mike K.]

Nice! Keep us updated. We’re always here as a sounding board or to offer up some opinions.

[spanky123]

I’m patiently waiting!

Matt.

 

Lots of people have been patiently waiting for 20 years!

 

Although you would think that it would make sense that an economic collapse would result in lower prices for housing, the opposite has happened in recent downturns. The reason is that Governments flood the market with cheap cash and drop interest rates to zero. That creates asset bubbles with no bigger bubble occurring then in the real estate sector. You want housing prices to decline, have interest rates at 6% and not 2%.

[E2V]

yeah... never been a fan of the area. 

There’s neighbourhoods in Esquimalt the equal of any in Fairfield. And as an added bonus our mayor is not insane.

Edited by E2V, 18 May 2020 - 03:01 PM.

[Darren14]

There’s neighbourhoods in Esquimalt the equal of any in Fairfield. And as an added bonus our mayor is not insane.

 

Not really a fan of that area either haha i left it open as if the perfect house came up in that area id consider it. Not really open to Esq at this point. These are my area priorities 

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[Victoria Watcher]

I think #2 (east) might be my top pick if I could choose.

Edited by Victoria Watcher, 18 May 2020 - 04:19 PM.

[Darren14]

I think #2 (east) might be my top pick if I could choose.

 

Only reason i don't have it included in #1 is i drive to costco and shawnigan lake a lot/and prices in the area are gonna be real high 

[Sparky]

^^^^^ Interest rates are currently the lowest in my lifetime.

 

I know that this is going to sound stupid, but that does not equate to affordable housing in Victoria. It might in Prince George or Dorkport ...but not here.

 

The Easterners...(that's just about everyone who currently lives east of Beacon Avenue) are flocking here in greater numbers than the homeless.

 

There is no end in sight. I have been watching this since I was a boy. Hugo Hucker use to build 365 single family homes a year. (one a day) Rob McAdams (Park Pacific) filled as many apartment units as he could before they were even built.

 

The demand is driving up the price of garden sheds if you can squeeze a mattress into it.

 

Get away from me!

 

I know...I know... it's a free country...but I have never been happier since the ferry and the airport have thinned out their clientele during this Covid thing.

 

Raise the drawbridge...sink the ferries....shut down the airport...let the air out of their tires.

 

Only then will my children have a ghost of a chance of buying a house and raising a family in the same city as they were born.

 

Affordable housing in this city is a thing of the past. Get over it.

 

OK now you can slam me. Give me your best shot.

[Victoria Watcher]

if you can not afford the housing here now then work on the other side of your personal balance sheet. income. make some sacrifices (time, family, more school) if this is where you want to live.

Edited by Victoria Watcher, 18 May 2020 - 05:04 PM.

[Darren14]

Only then will my children have a ghost of a chance of buying a house and raising a family in the same city as they were born.

 

Affordable housing in this city is a thing of the past. Get over it.

 

OK now you can slam me. Give me your best shot.

 

Personally my parents taught me the importance of saving and investing early on, and if it wasn't for that i wouldn't be in the position i am now to purchase my first home. 

 

 

if you can not afford the housing here now then work on the other side of your personal balance sheet. income. make some sacrifices (time, family, more school) if this is where you want to live.

 

Bingo, a few of my friends are doing this approach, including moving way for couple years to get **** done so they can come back and live here in the near future. 

[Matt R.]

Lots of people have been patiently waiting for 20 years!
 
Although you would think that it would make sense that an economic collapse would result in lower prices for housing, the opposite has happened in recent downturns. The reason is that Governments flood the market with cheap cash and drop interest rates to zero. That creates asset bubbles with no bigger bubble occurring then in the real estate sector. You want housing prices to decline, have interest rates at 6% and not 2%.

We had an accepted offer on a new condo in Victoria, but then covid hit and we bailed. Kid probably isn’t moving this summer anyways as uvic will be mostly online... if something pops up that we can’t refuse then we might jump on it, but we aren’t in a rush.

Matt.