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Victoria's housing market, home prices and values


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#3121 VIResident

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Posted 25 June 2020 - 08:09 PM

Example of insurance impact:

Shoal Point

MLS® Number: 422139

$610K - strata fees: $824/m



#3122 sebberry

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Posted 25 June 2020 - 08:54 PM

Example of insurance impact:

Shoal Point

MLS® Number: 422139

$610K - strata fees: $824/m

 

I'm sure the NDP's targeting of kickbacks to property managers will fix that in a jiffy!


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#3123 Citified.ca

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Posted 02 July 2020 - 10:02 AM

Victoria home prices surge to record-setting $1 million average as June sales outpaced 35 of the last 36 months

https://victoria.cit...last-36-months/


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#3124 VIResident

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Posted 11 July 2020 - 12:45 PM

Home prices 'surging', sales outpacing previous years, then why this?  Presumably if things are cook'n developers keep building?

 

If it wasn’t for the West Shore the region’s home builders would be sitting idle, says the executive director of the Victoria Residential Builder’s Association.

 

Casey Edge said while housing start data from Canada Mortgage and Housing Corporation suggests homebuilding has weathered the pandemic, the truth is home construction in big chunks of the region is depressed. “When you say new housing in the region has declined minimally overall, the reason for that is the West Shore, Langford and Colwood in particular,” he said. “Otherwise, we’d be in a hole.”  https://www.timescol...nich-1.24168725

And this 

I am proud. I am loyal. I am strong. I am resilient. I am Langford.

https://iamlangford.com/



#3125 Victoria Watcher

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Posted 11 July 2020 - 01:04 PM

casey edge is the ultimate glass half empty guy.

#3126 Mike K.

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Posted 11 July 2020 - 02:16 PM

I’ve heard similar statements from the VRBA in the past and they don’t square with what’s actually going on.

Did Cox not just start a 100-unit rental at 1400 Vancouver?

What about Aryze’s 60-odd unit building on Fifth? Is nearly 250-units at Tresah just a figment of our imagination? And what about the nearly 50-unit Sparrow nearing a start on Cook and Hillside?

That’s 500-units just off the top of my head, and all within spitting distance of each other, and there are plenty of others. I’m really not sure what the issue is.

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#3127 Victoria Watcher

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Posted 11 July 2020 - 02:21 PM

casey edge is the ultimate glass half empty guy.

 

he's been in the job for 19 (!) years.  too long.  he's not good at boosting the industry.  just ******ing.



#3128 Kapten Kapsell

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Posted 11 July 2020 - 04:52 PM

I’ve heard similar statements from the VRBA in the past and they don’t square with what’s actually going on.

Did Cox not just start a 100-unit rental at 1400 Vancouver?

What about Aryze’s 60-odd unit building on Fifth? Is nearly 250-units at Tresah just a figment of our imagination? And what about the nearly 50-unit Sparrow nearing a start on Cook and Hillside?

That’s 500-units just off the top of my head, and all within spitting distance of each other, and there are plenty of others. I’m really not sure what the issue is.


Rhodo is now selling on Fairfield Road and the Unity Commons will start construction soon. Let’s not forget the units at the Firehouse (Johnson Street) and other projects approved to start soon (Hudson Place Two, Crosstown, etc.)...

#3129 Mike K.

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Posted 11 July 2020 - 05:39 PM

Indeed. There’s so much going on that I just can’t understand what the issue is. Could the starts be lower than in previous quarters? That’s quite likely. Is the sky falling? No.

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#3130 Nparker

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Posted 11 July 2020 - 05:47 PM

How about the 1400 Quadra @Johnson rental project, the 'slanty shanty" 1 block further east, the Beacon Arms and Bellewood Park? Each of these will bring a significant number of units onto the market in the next 18-24 months.

 

ps: it might be time to update the "Major Projects Underway" list.



#3131 Mike K.

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Posted 25 July 2020 - 09:00 AM

Quite the offer for this project in Langford: https://victoria.cit...le-in-langford/

 

The developer has set aside a two-bedroom unit where they'll pay the mortgage for six months, six months worth of property taxes, and strata fees for six months, plus the closing fees. The unit is priced at $455,000. The website: https://www.pinnacleinlangford.ca/dfh/


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#3132 Citified.ca

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Posted 05 August 2020 - 09:06 AM

Red-hot-real-estate-market-pushes-Victoria-home-prices-to-record-setting-$1.02M-average-as-sales-surge-39%.jpg
Downtown Langford (forefront) with downtown Victoria and the Salish Sea beyond. The Capital Region's real-estate sales throughout July saw the average price paid for a single-family-dwelling push past last month's record of over a $1 million, while transactions surged 39% in July compared to the same period last year.
 
July's red-hot real-estate market pushed Victoria home prices to record $1.02M average as sales surged 39%
https://victoria.cit...ales-surged-39/


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#3133 Victoria Watcher

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Posted 08 August 2020 - 11:12 AM

The Canada Mortgage and Housing Corporation (CMHC) is giving $250,000 to Generation Squeeze, an advocacy organization for young Canadians, to research ways to improve housing affordability. The group stated it will focus on “wealth generated by rising home values,” which incited fears the government is considering a home equity tax on the capital gains generated when Canadians sell their homes.

 

But more taxes won’t increase affordability. If the government really wants to know why housing is unaffordable, it could have saved the $250,000 and looked in the mirror. Governments at all levels drive up the cost of housing in two ways: by restricting the housing supply and by increasing housing costs through taxes and fees.

 

 

 

https://financialpos...taxes-wont-help


Edited by Victoria Watcher, 08 August 2020 - 11:15 AM.

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#3134 johnk2

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Posted 08 August 2020 - 12:51 PM

I'm seeing some odd asking prices, at least IMO.

A decent family house on Hampshire in OB (busy street, no real neighbourhood feel) asking $1.479 million with one bathroom.

For $120 thousand more there's a 4 BR 4 bath house on Margate, a 5-year old house on a better street in a better area.

On Victoria Road there's a 6 BR 3 bath house for $1.395 million.

I think some sellers/agents feel things are hot enough there are buyers who are in FOMO land.


Edited by johnk2, 08 August 2020 - 12:53 PM.


#3135 Victoria Watcher

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Posted 08 August 2020 - 01:10 PM

hampshire is a tale of two streets.  above oak bay avenue i agree it's not all that friendly.  could be make more attractive.  it gets better the further south you go.



#3136 johnk2

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Posted 08 August 2020 - 01:17 PM

hampshire is a tale of two streets.  above oak bay avenue i agree it's not all that friendly.  could be make more attractive.  it gets better the further south you go.

That house was above OB Ave but steps from OB Village. Hampshire is less busy south of OB Ave but not in the same league as St Pat, St. David or Oliver for desireabilty. Monterey is better, too. Just my opinion as a resident of OB Village.


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#3137 Victoria Watcher

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Posted 08 August 2020 - 01:57 PM

for me lincoln/heron is the prettiest streets of oak bay north of the avenue.  and just made very charming by the fact they are no-through.


Edited by Victoria Watcher, 08 August 2020 - 01:58 PM.

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#3138 Casual Kev

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Posted 08 August 2020 - 02:26 PM

 

The Canada Mortgage and Housing Corporation (CMHC) is giving $250,000 to Generation Squeeze, an advocacy organization for young Canadians, to research ways to improve housing affordability. The group stated it will focus on “wealth generated by rising home values,” which incited fears the government is considering a home equity tax on the capital gains generated when Canadians sell their homes.

 

But more taxes won’t increase affordability. If the government really wants to know why housing is unaffordable, it could have saved the $250,000 and looked in the mirror. Governments at all levels drive up the cost of housing in two ways: by restricting the housing supply and by increasing housing costs through taxes and fees.

 

 

 

https://financialpos...taxes-wont-help

 

 

...and rock-bottom interest rates? And begging monied foreign investors to come to Canada?

 

Am I reading the Financial Post or the Homeowner's Apologist? 



#3139 Mike K.

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Posted 08 August 2020 - 05:41 PM

$100,000 of the price of every condo in downtown Victoria is attributed directly to the bureaucratic process.

Then you gave GST on top.
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#3140 spanky123

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Posted 09 August 2020 - 10:13 AM

$100,000 of the price of every condo in downtown Victoria is attributed directly to the bureaucratic process.

Then you gave GST on top.


Sure but if the Government gave every developer $100k per unit back would they drop prices? Of course not, the market dictates pricing and everyone sells for the most they can get.

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