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Victoria's housing market, home prices and values


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#3321 Victoria Watcher

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Posted 27 November 2020 - 02:07 PM

Just use Venmo...

 

you are probably just assuming these 2nd and 3rd world countries have a secure and safe banking system with friendly local branches in every community and a government that welcomes all kinds of money transfers in. 

 

that's not likely the case.


Edited by Victoria Watcher, 27 November 2020 - 02:09 PM.

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#3322 Matt R.

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Posted 27 November 2020 - 03:42 PM

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

 

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

 How the heck do you email money to India or Mexico?

Matt.



#3323 Matt R.

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Posted 27 November 2020 - 03:46 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.

 

You still do.

 

You can't work here without proving a Canadian doesn't want the job.  There are some exceptions for seasonal farm workers as well as special programs that have allowed low-skilled immigrants to come as well to fill jobs Canadians don't want. 

 

I think with enough money you can still buy a business and immigrate but I'm not familiar with that.

 

Matt.


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#3324 johnk2

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Posted 27 November 2020 - 04:37 PM

IIRC an investment of $300K or $500K was required. A business could be purchased but had to be held for three years and staff had to be retained. I recall a bookshop that was purchased by a prospective immigrant and all was ok. It was sold again about three years and a week later and an employee just rolled her eyes when we chatted about it.


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#3325 Sparky

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Posted 27 November 2020 - 05:11 PM

How the heck do you email money to India or Mexico?
Matt.


https://www.rbcroyal.../emt/about.html

#3326 Sparky

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Posted 27 November 2020 - 05:14 PM

Ok wait for the India version. I’m on my phone.
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#3327 Matt R.

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Posted 27 November 2020 - 05:16 PM

 

From the link:

 

An Interac e-Transfer allows you to send money to anyone who has an email address or mobile phone, and an account at a Canadian financial institution. To send money, all you need is access to RBC Online Banking and the email

 

Anyhow, I don't know anything about it, but what I do know is that Remitly is very common with foreign workers who are sending money home, and that Canada is pretty awesome and Remitly has a vested interest in having more foreign workers here using their service to send money home.

 

Matt.



#3328 Sparky

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Posted 27 November 2020 - 05:19 PM



https://www.scotiaba...OhoCzSwQAvD_BwE
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#3329 Victoria Watcher

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Posted 27 November 2020 - 06:37 PM

^ the bank at the receiving end has big fees though.

trust me - the foreign workers know the best fastest and safest and cheapest way to send. it’s not from their Canadian bank. they also like less record keeping. nobody wants the money easily tracked or taxed.

Edited by Victoria Watcher, 27 November 2020 - 06:38 PM.

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#3330 m3m

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Posted 27 November 2020 - 10:07 PM

I use XOOM to send money overseas.

#3331 Nparker

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Posted 27 November 2020 - 10:12 PM

I wish someone would e-transfer this thread back on topic.


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#3332 Citified.ca

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Posted 01 December 2020 - 05:18 PM

Of note, single-family-home values averaged $1.091M, and townhomes broke a new record with an average of $677,142.

 

Victoria home prices skyrocketed to $1.1M average in November as sales and price records toppled


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#3333 Casual Kev

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Posted 02 December 2020 - 09:13 AM

How has the commercial land market done lately? I'd imagine they're a lot worse off than residential right now.



#3334 Mike K.

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Posted 02 December 2020 - 10:42 AM

Lots of land acquisitions at the moment. Commercial real-estate has a much longer-term outlook, and big players are now looking to Victoria as a growth opportunity (population growth on the rise, wealth on the rise due to influx of wealthy retirees, etc).


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#3335 Victoria Watcher

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Posted 18 December 2020 - 06:17 AM

Victoria’s housing market is stable now, but the region could soon be dealing with price ­acceleration and ­overheating, according to a study released Wednesday by ­Canada Mortgage and Housing ­Corporation.

 

The third quarter housing-market assessment labelled Victoria as moderately vulnerable, the same label it got in the second quarter of the year, as there was little evidence of price acceleration, overheating or overbuilding, although there was some evidence of overvaluation.

 

https://www.timescol...says-1.24256526



#3336 Mike K.

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Posted 18 December 2020 - 06:20 AM

Does anyone even know what any of that actually means? The CMHC doesn’t have accurate data and it’s publishing vague statements that could be interpreted in several ways.

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#3337 Victoria Watcher

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Posted 18 December 2020 - 06:24 AM

Does anyone even know what any of that actually means? The CMHC doesn’t have accurate data and it’s publishing vague statements that could be interpreted in several ways.

 

i think the cmhc has to get their head around the fact that not every community in canada has X number of X-paying jobs and therefore this is what the housing should/will cost.

 

that might work in edmonton or saskatoon but it's not valid here or vancouver or toronto.

 

they need to take into account offshore purchases, domestic investment purchases, international students, and retirees and remote workers.


Edited by Victoria Watcher, 18 December 2020 - 06:28 AM.


#3338 Mike K.

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Posted 18 December 2020 - 06:42 AM

And multi-generational purchases. The bank of mom and dad has a lot of impact here.

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#3339 Barrrister

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Posted 18 December 2020 - 06:47 AM

CHMC is the usual government economic garbage that is spewed out in an effort to justify a number of meaningless jobs. Their reports are seemingly vague but often just meaningless,


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#3340 Mike K.

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Posted 18 December 2020 - 07:05 AM

I’d like to see what effect even a single one of these quarterly reports has actually had on the market in 20 years, other than giving newspapers quick story content.

So we’re moderately vulnerable, they say, whether we’re overheating or not overheating. As a purchaser, what does that even mean? Do I not buy a house today, and wait six months? Argue over the asking price and risk losing it to someone else? Buy less house? More house? Decide to rent for another year? Put down a larger down payment? A smaller down payment? Ask the Citified guy for advice?
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