4990 replies to this topic

[Victoria Watcher]

why is it outrageous? that the seller priced it too low in the listing?

In many cities that’s just the way it’s done. but it’s normally listed several hundred thousand dollars low.

https://www.cbc.ca/n...homes-1.5957595

https://www.homeligh.../price-my-home/

https://www.citynews...-estate-market/

https://torontorealt...-strategy-work/

Edited by Victoria Watcher, 22 March 2021 - 03:30 AM.

[Nparker]

Supply and demand. It's not rocket science.

[spanky123]

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.

No idea why this would be happening. The Mayor and City staff tell us that blanket rezoning of properties to allow for triplexes will have no impact on land or housing values!

[Mike K.]

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.

It can be pretty daunting, that’s for sure.

You may want to expand your horizons a bit and go with pre-sale. There is less pressure, you either go with the listing price or not, and you usually have some time to get more money for a down payment or structure your life in anticipation of the new home.

There are pocket subdivisions all over the place, but your best value will be in Sooke (I know, not everyone’s cup of tea) and Shawnigan (definitely not everyone’s cup of tea, due to the transit issues).

For you guys, you’ll need to weigh continued renting vs just going with something, and starting down the equity road. Most importantly, house #1 is rarely your forever house or dream home.

[Citified.ca]

$100,000 per door is the listing price for 98-units of duplex and SFD dwellings in Sooke.

 

Sooke's red-hot real-estate market draws flurry of interest for $9.8 million mountainside subdivision

https://victoria.cit...de-subdivision/

[Darren14]

why is it outrageous? that the seller priced it too low in the listing?

In many cities that’s just the way it’s done. but it’s normally listed several hundred thousand dollars low.

https://www.cbc.ca/n...homes-1.5957595

https://www.homeligh.../price-my-home/

https://www.citynews...-estate-market/

https://torontorealt...-strategy-work/

 Well they bought the place a year ago, made a solid 220k profit in 13 months.

That's why it's outrageous in my mind. 

Fully aware its a strategy, been in this house search for over a year now. 

 

 

It can be pretty daunting, that’s for sure.

You may want to expand your horizons a bit and go with pre-sale. There is less pressure, you either go with the listing price or not, and you usually have some time to get more money for a down payment or structure your life in anticipation of the new home.

There are pocket subdivisions all over the place, but your best value will be in Sooke (I know, not everyone’s cup of tea) and Shawnigan (definitely not everyone’s cup of tea, due to the transit issues).

For you guys, you’ll need to weigh continued renting vs just going with something, and starting down the equity road. Most importantly, house #1 is rarely your forever house or dream home.

 

Most pre-sale we've seen are very cookie cutter and that's something we're trying to avoid. 

 

i have over quarter million as a downpayment, i don't need to save more for that. 

 

We're very set on the area's we want to live, and that house was pushing that boundary.

 

Yeah both my girlfriend and i both grew up in the forever home, and that's want we're hoping for, but that house was a 5 year plan. 

 

We're trying to make it work and be flexible but the market is too big of a cluster ****. 

 

This vaccine can hurry up and hopefully bring more inventory, and higher interest rates. 

[Mike K.]

There would be more inventory if more buyers were also local sellers, but we're seeing something like 25% of sales going to newcomers. Marko will have a better idea of the actual stats on that but that’s quite a lot of buying without adding the old home into the pool.

[Barrrister]

My friend from Toronto is looking here and he is just finding a lack of inventory available. He is looking for a solid SFH and he has bumped his purchase price from 3 to over 4 already but is not seeing much he fancies, 

[qv]

There would be more inventory if more buyers were also local sellers, but we're seeing something like 25% of sales going to newcomers. Marko will have a better idea of the actual stats on that but that’s quite a lot of buying without adding the old home into the pool.

I've heard this mentioned a lot recently, but shouldn't there be parts of the country with lots of inventory and falling prices if people are leaving to come here? Seems like prices are high and real estate stock is low everywhere.

[Mike K.]

We’re only talking 200-250 units a month, so it’s big here but not a noticeable impact anywhere else.

[Victoria Watcher]

My friend from Toronto is looking here and he is just finding a lack of inventory available. He is looking for a solid SFH and he has bumped his purchase price from 3 to over 4 already but is not seeing much he fancies, 

 

what does this person do a for a living, barrister?

[Victoria Watcher]

I've heard this mentioned a lot recently, but shouldn't there be parts of the country with lots of inventory and falling prices if people are leaving to come here?

 

New Brunswick — ocean vistas, friendly locals and cheap, cheap real estate — wants you

 

Suddenly, a historically have-not province has it all

 

 

In February, 824 homes were sold in the province, a year-over-year increase of almost 400 per cent. The average sale price year-to-date is $198,472. The market in Fredericton is red hot, Saint John is blazing, Moncton, too.

 

https://financialpos...state-wants-you

Edited by Victoria Watcher, 25 March 2021 - 05:46 AM.

[marks_28]

We've all seen a huge surge in demand for SFHs in the region, houses going for over 100k over asking. Has there been a similar rise in demand in the condo market? I keep my eye out for condos in the area, but nothing is jumping out at me just yet. But maybe I'm missing something?

[Mike K.]

This will give you a good recap on what’s happening with condos: https://victoria.cit...uary-2021-ever/

In short, over the last few months large condos on the West Shore have seen some bidding wars as people pushed out of SFDs and pushed out of townhomes are now pursuing larger attainable condos, lots of which are out west.

Prices have also struck new records. 2021 is going to be the year of the condo unless macro issues emerge.

[sebberry]

I'm very disappointed in the number and quality of condos on the market View Royal and east.  There's so much junk in Langford and the better ones really are getting ridiculous prices.  

[Barrrister]

VicWatcher

 

My friend is a recently retired CMO for one of the banks. He will be here for another couple of weeks looking around and is enjoying the trip. 

[Sparky]

I've been to New Brunswick. 

 

Come for the frostbite and stay for the black flies.

 

If they were going to give the world an enema....that's where they would shove in the hose. 

[AllseeingEye]

Just across the NB - NS border in the Windsor-Falmouth area - which happens to be where I have a lot of family - I recently saw a 3200 s/f completely updated home on six acres, 3-car garage, massive deck, hot tub, and a brook running through the back of the property < 500K all in. I'm sure folks from everywhere else not called Vancouver or Toronto must be experiencing massive sticker shock when they see prices here - and for a lot less "home".

 

Was recently talking to a friend in 'north' Calgary by Nose Hill Park, for those who know the city; he's close to retirement and while they'd like to check out the coast their 2900 s/f home with 5 bedrooms and 4 bathrooms + a very large mortgage helper suite, is assessed at barely $400k. Not easy at all for non-locals to get into this market unless as mentioned they want to pay premium prices for a condo.

Edited by AllseeingEye, 25 March 2021 - 09:58 AM.

[Mike K.]

Assessed values will be disconnected from real-world home prices, so your friend is likely to fetch much more.

Check out the listings in north Calgary around Nose Hill, they’re not cheap. Larger, nicer homes are listed for $800k and some are way north of there.

What tends to smoke people upside the head when they move here and can already afford to buy in isn’t the real-estate, but the cost of living. Groceries way up. Consumer items way up. Gasoline 50% higher. Air fare for travel way higher. And the big kicker is wages tend to actually be lower. I’ve known two doctors now who moved here, real-estate wasn’t a problem, but after the fact cash flow suddenly became one when the family tried to maintain the same lifestyle they had in Alberta.

[Sparky]

^ The higher the cost of living....the better...otherwise we would be crawling all over each other if it was cheap to live here. 

 

Look we live on a little tiny island in the Pacific Ocean with the best weather in the country. We live at the end of the track....and then some. We have to float everything we use here from somewhere else...but we can't convince the rest of the country not to come here. 

 

….now if we could only control immigration...