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Victoria's housing market, home prices and values


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#3141 Victoria Watcher

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Posted 09 August 2020 - 10:18 AM

that's only partially correct.  

 

walmart sells bananas for $2.59 per kg. today.   if the government adds $100,000 in taxes per kg. what price does walmart now sell them for tomorrow?

 

because walmart also sells products at the highest price possible for their market and system.


Edited by Victoria Watcher, 09 August 2020 - 10:22 AM.


#3142 johnk2

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Posted 09 August 2020 - 10:58 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.

And the deed transfer swindle.



#3143 johnk2

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Posted 09 August 2020 - 10:59 AM

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.

Wilmot Place



#3144 spanky123

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Posted 09 August 2020 - 11:09 AM

that's only partially correct.  

 

walmart sells bananas for $2.59 per kg. today.   if the government adds $100,000 in taxes per kg. what price does walmart now sell them for tomorrow?

 

because walmart also sells products at the highest price possible for their market and system.

 

The price would still be $2.59. Walmart would either stop selling bananas until their costs aligned with the market or they would subsidize them.



#3145 Victoria Watcher

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Posted 09 August 2020 - 11:17 AM

they would never be willing to lose $100,000 per kg. of bananas.  and if they stopped selling them then a competitor would sell them for $100,002.69.



#3146 Mike K.

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Posted 09 August 2020 - 11:52 AM

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.


Of course. Why wait a year to sell if you can get your money out in eight months?

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#3147 spanky123

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Posted 09 August 2020 - 03:16 PM

New supply each year represents a very small % of the overall inventory. As a result, it has very little impact on overall pricing.



#3148 Mike K.

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Posted 09 August 2020 - 06:20 PM

New supply is a price leader, despite being in such small supply. A 25-year-old condo would not sell for 390k if the brand new one wasn’t $430k.

Due to the open market, if a developer could sell the brand new one for $380k he would in a heartbeat.
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#3149 Mike K.

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Posted 11 August 2020 - 08:11 AM

My mom's neighbours have sold their home and are moving up to the Comox Valley with their toddler son. The home sold in less than a week to a young physician who recently moved to the region, I believe.


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#3150 Citified.ca

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Posted 01 September 2020 - 11:47 AM

Victorias-red-hot-summer-of-real-estate-continued-into-August-with-another-$1M-house-price-average-nearly-1,000-sales.jpg

 

Victoria’s red-hot summer of real-estate continued into August with another $1M house price average, nearly 1,000 sales

https://victoria.cit...ly-1-000-sales/


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#3151 Redd42

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Posted 04 September 2020 - 02:05 AM

A friend of mine with a house in the Gorge-Tillicum area (Saanich & water view side) arrived home today to a note from a couple looking to buy in that area. Friend is planning on selling, just not right now. We saw it as reassurance the house will be easy to sell when we get around to it.



#3152 spanky123

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Posted 04 September 2020 - 07:27 AM

^ The market can be fickle. If the economy picks up and interest rates return to where they were a year ago then interest could dry up very quickly.



#3153 johnk2

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Posted 04 September 2020 - 08:21 AM

It seems like pent-up demand. Covid pretty well shut everything down for 3-4 months so we are in spring season real estate-wise.



#3154 Mike K.

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Posted 21 September 2020 - 08:24 AM

Bidding wars are becoming the norm in Sooke, it looks like. Quickly glancing at recent home sales in the sub-$700,000 range there are plenty of examples of homes selling for above asking. This is unheard of that subset of the real-estate market.


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#3155 Kapten Kapsell

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Posted 21 September 2020 - 08:35 AM

Bidding wars are becoming the norm in Sooke, it looks like. Quickly glancing at recent home sales in the sub-$700,000 range there are plenty of examples of homes selling for above asking. This is unheard of that subset of the real-estate market.

Mike, is that for all property types in Sooke or just single-detached ...?



#3156 Mike K.

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Posted 21 September 2020 - 08:42 AM

I have not checked other types to that level of detail, but condos are selling like hot cakes (however limited they are) from what I’m hearing, as are townhomes. I recall driving through the town centre recently where a condo project had five or six resales (that many 'for sale' signs at the corner of the intersection). A couple of weeks later, all were listed as sold.


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#3157 Barrrister

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Posted 21 September 2020 - 08:54 AM

Interesting times in the real estate market.



#3158 VIResident

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Posted 24 September 2020 - 10:37 AM

There is a "dangerous" oversupply of new, single-family homes in Calgary and Edmonton, on top of affordability issues in Vancouver and Toronto, the financial intelligence company said in a report this week.

 

"The housing market will no longer be able to escape the poor condition of the labor market," said the report, which used data from a Brookfield Asset Management Inc. subsidiary, RPS Real Property Solutions Inc.

 

"Not even lower interest rates will be enough to save the housing market."

 

Moody's report did not go into detail on how it created the forecasts, but said that its 2021 home price index also calls for a 6.7 per cent decrease for single-family homes and a 6.5 per cent decline in condo apartments.

 
Moody's forecast says the real estate sector will lose its momentum in the first half of 2021, and it’s not alone. Canada Mortgage and Housing Corp. economist Bob Dugan also predicted earlier this week that housing prices will fall going forward.

 

"Moody’s Analytics expects that the shortlived burst of growth in the third quarter will produce too few job gains to meaningfully reduce unemployment," the report said.

For instance, Moody’s said that housing starts - a closely watched statistic that has rebounded sharply this summer - partly reflects investments made before the pandemic.

"Builders have spent too much money on the projects to abandon them," the report said.

Moody’s forecast hits especially hard the Prairies, amid fading government supports, the end of mortgage payment deferrals and ongoing struggles with consumer debt and joblessness. The report notes that bankruptcy filings and insolvency proposals have been rising since late 2018.

 

"The pandemic will lead to even further widening in economic inequality, including housing," said the Moody’s report.

 

Read entire article here:  https://www.timescol...cast-1.24208973



#3159 Victoria Watcher

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Posted 24 September 2020 - 10:44 AM

oversupply of new homes in edmonton and calgary?  great send the homeless!



#3160 Nparker

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Posted 24 September 2020 - 10:54 AM

oversupply of new homes in edmonton and calgary?  great send the homeless!

As long as you mean send our homeless there and not vice versa.



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