5642 replies to this topic

[Victoria Watcher]

yes there seems to be no advice.

 

and lots of "this may not be sustainable".  the percentage increases?  or the current high prices?

[DavidL]

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?

 

 

It's a pick your narrative adventure.  8 months ago housing was going to drop 18% by the end of the year, according to CMHC, so anyone heeding that "advice" waiting to buy has earned the opportunity to spend significantly more in most markets for most products, albeit at a lower interest rate.  The people who write reports exist to write reports, on a quarterly basis, using a limited lexicon so as to provide continuity over products over time.  Accuracy over time matters not, forecasts matter not, only that the quarterly report is issued quarterly.  Same reason why we're told what the price of oil is 12 times a day.  I wouldn't ask that citified guy though.....

Edited by DavidL, 18 December 2020 - 08:55 AM.

[Citified.ca]

Sooke, West Shore lead rise in 2021 real-estate value assessments as Victoria's core yields tempered uplift

https://victoria.cit...empered-uplift/

[Citified.ca]

$6.53 billion in transactions propelled Victoria’s real-estate market to record highs in 2020

https://victoria.cit...-highs-in-2020/

[Matt R.]

Nice looking reno on this one, but 1.5m for a house in Vic west?

https://www.realtor....9H-4Fx0lz_0jWzg

Matt.

[Mike K.]

Or $11M for penthouse condo. Take your pick!

[sebberry]

Nice looking reno on this one, but 1.5m for a house in Vic west?

https://www.realtor....9H-4Fx0lz_0jWzg

Matt.

 

What, no garage?

[LJ]

Never a good idea to be the most expensive house in the neighbourhood.

[Citified.ca]

The only way up for the condominium market has to be up, given the discrepancy between single-family-home prices and condominium prices.

 

$1.2 million average sets new record for Victoria house prices as 2021 starts with a bang

https://victoria.cit...ts-with-a-bang/

[Citified.ca]

And rise they did.

 

Condominiums and townhomes saw their averages and medians lift to record highs in February as the cascading effect of high single-family-home prices, and the lack of townhomes, lead to growing demand for condominiums (particularly larger units).

 

Now while we may view Victoria's home prices as high, with SFDs averaging $1.16M last month, consider what the market looks like in Vancouver or Toronto.

 

Condos and townhomes set new price records as Victoria's housing market sees busiest February, ever

https://victoria.cit...uary-2021-ever/

[Mike K.]

Consider that an average condo purchased in February was at the average price of a single-family-dwelling in 2015.

[sebberry]

Those tantalizing interest rates won't be so tantalizing come renewal time in 5 years and you're living in a half-million dollar shoebox. 

[Mike K.]

Well, you could still be renting a half-million dollar shoebox. 

[Citified.ca]

Could this be the most expensive urban raw land land sale in the Capital Region on a per-acre basis?

 

$32 million 4.2-acre Colwood Corners land offering one of the priciest in Capital's history

https://victoria.cit...ital-s-history/

[spanky123]

^ I should list my house for $1B and set a record!

[mbjj]

How the hell can young couples compete in this town. Someone I know found a reasonably priced townhouse. She and her partner put in a bid well over but still within their budget, then some builder/contractor swooped in and got it. She thinks he'll probably strip it, redo and sell for a lot more. It's so discouraging for young couples. This place was a good starter home, nothing fancy, decades old. She just doesn't know what to do now. They don't have a car so don't want to be stuck way out somewhere. If said builder is reading this, just please, let some young couples and families have a chance for pete's sake. 

[Victoria Watcher]

How the hell can young couples compete in this town. Someone I know found a reasonably priced townhouse. She and her partner put in a bid well over but still within their budget, then some builder/contractor swooped in and got it. She thinks he'll probably strip it, redo and sell for a lot more. It's so discouraging for young couples. This place was a good starter home, nothing fancy, decades old. She just doesn't know what to do now. They don't have a car so don't want to be stuck way out somewhere. If said builder is reading this, just please, let some young couples and families have a chance for pete's sake. 

 

oh boy.

 

here is the great news.  the canadian birth rate has never been lower.    so more people inherit homes than ever before!

[Mike K.]

What if the builder was a young builder?

And what if the young couple outbid a young single person?

[tanker]

Maybe time to buy a car.

[Darren14]

Taking a step back from the house search. My gf and i went to a place last weekend debated about putting in a offer slightly over asking, but decided not too for couple reason.

 

126k over asking..

 

There been more than a few we have been interested in that have gone for 100k over, it's just outrageous.