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Victoria's housing market, home prices and values


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#3301 Redd42

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Posted 06 October 2020 - 09:25 PM

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

 

This! 

 

But wondering about the situation LJ mentioned - Oak Bay possibly?

 

In the late 90s, I lived in a basement suite in Saanich that a neighbour got their shorts in a knot about. Saanich Bylaw came around. If the full stove was removed it would be ok. Wonder what they would say these days?



#3302 Tom Braybrook

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Posted 06 October 2020 - 09:44 PM

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?

one way to look at it is how much of your mortgage does $900/mnth pay...right now at 4% it would pay $175k of mortgage


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#3303 max.bravo

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Posted 07 October 2020 - 12:44 AM

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

This!

But wondering about the situation LJ mentioned - Oak Bay possibly?

In the late 90s, I lived in a basement suite in Saanich that a neighbour got their shorts in a knot about. Saanich Bylaw came around. If the full stove was removed it would be ok. Wonder what they would say these days?


Similar situation a couple years ago in Saanich. Nosy neighbour complained about a rental house of students had too many occupants. It made the paper, council discussed it and they changed the bylaw asap.

I really cannot imagine any municipality wanting to enforce this right now. People would be really pissed if a nimby caused a renter to be displaced.
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#3304 Mike K.

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Posted 07 October 2020 - 02:13 AM

Enforcement is complaint driven. If your suite is not permitted technically you are taking a risk, and the home on LJ’s block is an example of that risk. And if there are modifications to a home not in the permitting a complaint could yield the need for bringing the home up to code, which might end up being a $20-$50,000 pursuit like nobody’s business.

The Saanich scenario Max refers to was too many unrelated occupants in a home, ie a boarding house scenario. The neighbours probably complained due to parking and noise issues, as you’ve got four or five or six people living there, unrelated, with four or five or six friends visiting at any and all hours. I’m not saying I agree with the complainant but those were the motivators, I believe. Saanich changed the bylaw to allow larger numbers of unrelated people to live in a home. If that’s not it I hope someone can correct this.

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#3305 Victoria Watcher

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Posted 07 October 2020 - 03:19 AM

I concur with what you say mike. that was the particular issue at that home.

it wasn’t a simple illegal suite situation.

Edited by Victoria Watcher, 07 October 2020 - 03:20 AM.

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#3306 dasmo

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Posted 07 October 2020 - 12:42 PM

Toronto in trouble.

 

Condo Listings Surge 215% in Signal of Downtown Toronto Weakness

 

https://www.bloomber...of-new-listings



#3307 Citified.ca

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Posted 09 October 2020 - 12:56 PM

2020 real-estate sales on-track to blow past 2019; townhome purchases headed for record territory

https://victoria.cit...cord-territory/


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#3308 Citified.ca

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Posted 22 October 2020 - 08:16 AM

The shift from downtown Victoria as a dominant condominium focus to periphery areas or the suburbs is one of the most notable trends to emerge locally amid COVID-19's market impacts.

 

Victoria condo buyers turn to emerging neighbourhoods amid COVID's market reset


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

#3309 Kapten Kapsell

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Posted 03 November 2020 - 04:23 PM

CHEK news website is running a poll: Should there be restrictions on real estate sales to non-Vancouver Island residents?
I voted “no” but the majority of respondents are in favour. See https://www.cheknews.ca/

#3310 lanforod

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Posted 03 November 2020 - 04:24 PM

Jeepers. Really? Definitely, 'no'.



#3311 Nparker

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Posted 03 November 2020 - 04:34 PM

CHEK news website is running a poll: Should there be restrictions on real estate sales to non-Vancouver Island residents? I voted “no” but the majority of respondents are in favour...

This is the same mentality that gave the NDP 55 seats in last month's election.



#3312 Sparky

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Posted 27 November 2020 - 08:20 AM

I don't know where else to put this so here goes.

 

Canada is about to become overwhelmed with imigration. 

 

We are just .....too nice.

 

https://www.okotokst..._campaign=Email



#3313 Matt R.

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Posted 27 November 2020 - 01:07 PM

Remitly is a company foreigners use to send money back home. They are the author of this study.

Matt.
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#3314 Sparky

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Posted 27 November 2020 - 01:48 PM

^ That's interesting. People just don't email money anymore?

 

Is there some sort of under the table thing going on?



#3315 Victoria Watcher

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Posted 27 November 2020 - 01:49 PM

it’s not easy to email money to many/most countries.

#3316 Sparky

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Posted 27 November 2020 - 01:50 PM

Oh I see...it's all about the exchange rate hustle. 



#3317 spanky123

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Posted 27 November 2020 - 01:50 PM

^ That's interesting. People just don't email money anymore?

 

Is there some sort of under the table thing going on?

 

Hard to email money to the Philippines.

 

There is no question the Liberals are opening the door wide on immigration. I have no issue with that as we need worker for our aging population but we should also have a plan as to where these people are going to live and if we are dropping our threshold on skills and training then we will also need a plan on how to financially support them when they arrive.



#3318 Sparky

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Posted 27 November 2020 - 01:53 PM

There was a time when you had to show some worth in order to immigrate to Canada. You couldn't just wander in.

 

You needed a skill or money....? no?

 

I slid in the easy way...via the hospital.



#3319 Nparker

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Posted 27 November 2020 - 01:56 PM

...I slid in the easy way...via the hospital.

You still sound like a settler to me.


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#3320 lanforod

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Posted 27 November 2020 - 01:56 PM

Just use Venmo...


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