Jump to content

      












Photo

Victoria's housing market, home prices and values


  • Please log in to reply
3156 replies to this topic

#3141 Victoria Watcher

Victoria Watcher
  • Member
  • 15,413 posts

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

johnk2
  • Member
  • 107 posts

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

johnk2
  • Member
  • 107 posts

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

spanky123
  • Member
  • 14,216 posts

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

Victoria Watcher
  • Member
  • 15,413 posts

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.

Mike K.
  • Administrator
  • 57,939 posts

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?

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#3147 spanky123

spanky123
  • Member
  • 14,216 posts

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.

Mike K.
  • Administrator
  • 57,939 posts

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.
  • Redd42 likes this

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#3149 Mike K.

Mike K.
  • Administrator
  • 57,939 posts

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.


Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#3150 Citified.ca

Citified.ca
  • Administrator
  • 1,753 posts
  • LocationVictoria, BC

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/


Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.

#3151 Redd42

Redd42
  • Member
  • 664 posts

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

spanky123
  • Member
  • 14,216 posts

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

johnk2
  • Member
  • 107 posts

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.

Mike K.
  • Administrator
  • 57,939 posts

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.


Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#3155 Kapten Kapsell

Kapten Kapsell
  • Member
  • 2,783 posts

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.

Mike K.
  • Administrator
  • 57,939 posts

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.


Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#3157 Barrrister

Barrrister
  • Member
  • 120 posts

Posted 21 September 2020 - 08:54 AM

Interesting times in the real estate market.



 



1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users