5833 replies to this topic

[Mike K.]

As for what do i want? A small loan of a million dollars.

 

What's your collateral?

[Mike K.]

If that is too expensive, then look for a condo. If it still to expensive, look to Sooke.

 

I'm not sure Sooke is going to be more affordable. The cheapest re-sale home in Sooke right now is $600k, and new-builds are in the $650k range and up.

 

There are some small bungalow-style, seniors-focused strata homes at Sunriver for around $400k, but that's a different ballgame altogether.

[Victoria Watcher]

there are some 3-bedroom "starter homes" at westhills from $569,900.

 

https://www.buzzbuzz.../starter-series

 

i also see westhills has some brand new homes complete with a rentable 1-bedroom carriage houses over the detached garage.

 

https://westhillsbc....rhood/carriage/

 

those start at $859.

 

 

i wonder how much you might be able to rent that out for.

Edited by Victoria Watcher, 02 October 2020 - 01:21 PM.

[exc911ence]

Sound like the ones they built in Saanichton on East Saanich at Jeffree:

 

https://centralsaani...61B48310E827290

 

$859,000 though.... I'd sell my Sidney rancher on 0.24 acres for that! The line starts here ->

 

[VIResident]

I'm not sure Sooke is going to be more affordable. The cheapest re-sale home in Sooke right now is $600k, and new-builds are in the $650k range and up.

 

There are some small bungalow-style, seniors-focused strata homes at Sunriver for around $400k, but that's a different ballgame altogether.

 

Those strata homes in Sunriver...$400k - on leased land and the strat fee (lease fee) is $500/m - I imagine with increases etc.

[Mike K.]

Right! I forgot about the land being a lease. That explains the low pricing.

[Mike K.]

Over the last two-three months it appears as though the Sooke affordability ship has sailed. If you can’t make $700k work, it’s going to be tough to find a home that doesn’t require some elbow grease or a huge yard makeover, or both. To think 2,000 sq ft 1/4-acre homes were going for $500k only two years ago is enough to make your head spin.

And even then, there is virtually nothing on the market below $800k as listings get snapped up immediately.

[Sparky]

^ The South Island is one of the most sought after locals in our country.

Weather, lifestyle, safety, (except DTVic).

The incomers are going to push our children off this rock.

[Rob Randall]

safety, (except DTVic).

 

Most CRD murders took place outside the City of Victoria, true or false?

[Redd42]

^going to push our children off this rock.

 

Going to?

[Victoria Watcher]

Most CRD murders took place outside the City of Victoria, true or false?

oak bay screwed it up. but if we set side domestic homicide and look at random murder Victoria city wins.

oak bay tends to drive you to murder your own family.

Edited by Victoria Watcher, 04 October 2020 - 08:03 PM.

[Rob Randall]

Well then, I say if you eliminate drug/homeless/punk-on-punk homicides Victoria's rate is much better.

[Mike K.]

So you’re saying if we got rid of crime in Victoria, Victoria would have no crime?

[Citified.ca]

We take a look at the cheapest houses on the market. 
 
Bring cash. Lots of it.
 
Fall 2020: Here's what $499,998 "won't buy" in Victoria as we count down Capital's 7 cheapest houses
https://victoria.cit...heapest-houses/
 
Now compare the above to the fall of 2015 https://victoria.cit...dition-offline/ and the fall of 2019 https://victoria.cit...00-000-dollars/

[johnk2]

Does anyone have an informed guess as to how much value a suite adds to the sale price of a house?

I have a small suite in my basement that brings $11,000/year. I look at it as paying my heat and taxes. I could get more but prefer nice, stable people.

It's not a legal suite though I had it built to code. Because its not totally legal I would not put it in the listing blurb but instead let the agent whisper it.

Would it add $50K on a $1.5 million house?

[Redd42]

Lots of ways suites are described in real estate listings - think the most common I see is "additional accommodation".

 

You shouldn't be so wary of mentioning the suite - otherwise people (like me) who only want a house with a suite might not see the listing. There is a house I really wish I was able to buy at the time it was listed 2 years ago. It got put on the market twice and took a while to sell. It had a huge, beautiful suite - exactly what I'm looking for. Just wasn't in the position to buy then. The reason it took so long to sell - the realtor did not tick the box that said 2 kitchens! 

 

I've learned from that and look at any listing in the area where I'm looking, not just those that say they have a suite. And I will make damn sure when the house I'm selling is listed the 2 kitchens are mentioned - even though it is not legal (or up to code). Don't thing there is any by laws that say you can't have 2 kitchens!

[LJ]

^A house down the street from me had a roof fire. Insurance wouldn't pay up because of an illegal suite in the basement.

3 years of litigation and the house is finally being torn down, at a snail's pace.

[Redd42]

So is there someone on here with more knowledge of building rules that can say exactly what is an illegal suite? Because it is rented? Is it really a problem having 2 kitchens? I have toured upscale houses that had several kitchens, all meant for the owners use.

[Mike K.]

An illegal suite is a domicile within a single family home that is not formally approved by the municipality as a stand-alone residence.

[max.bravo]

Afaik in most municipalities around here you’re allowed to have a secondary suite in most residential zones as long as it has a separate entrance, parking on site, a separate hydro meter, and permits for the construction.

Without those in place you’re technically “illegal” as far as the municipality is concerned.

But the residential tenancy act doesn’t discriminate, so you’re free to rent out that illegal basement suite under the RTA, with all the rights it afford to renters. That means if a muni inspector ever came knocking and asked you to close your illegal suite, but you had tenants in there, basically- you can’t. And no municipality (on the west coast, except oak bay, maybe) would ever risk the public outrage resulting from displacing renters over a mere technicality.

Tl;dr- nobody cares. Most suites arent legal.