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Victoria's housing market, home prices and values


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#3461 Mike K.

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Posted Today, 06:23 AM

It’s a good thing Councillor Colin Plant rejected the condominium on Tillicum at TCH. More housing supply leads to higher prices. We must address the housing issue by building fewer homes in this region, and one way we can do that is to protect hobby farms, and treat forests logged multiple times since the 1850s as untouched wilderness we must never build on, for we might break into developing 1% of this Island’s land mass.
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#3462 Rob Randall

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Posted Today, 06:49 AM

224 Crease Ave:

 

1979: $48,000

2006: $358,888

2021: ?


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#3463 Mike K.

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Posted Today, 07:16 AM

Lol, Rob. Big Texas Forumer!  :banana:


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#3464 spanky123

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Posted Today, 08:52 AM

 

New figures show Canadian housing prices outpacing those in other developed countries.

 

 

 

No surprise. We have printed more money than anywhere else in the developed world and now are forced to keep interest rates artificially low so that our debt doesn't overwhelm us.



#3465 Rob Randall

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Posted Today, 08:53 AM

Since this forum was launched house prices have doubled. Does that mean an entry-level house will be $1.6 million in 15 years?


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"[Randall's] aesthetic poll was more accurate than his political acumen"

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#3466 spanky123

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Posted Today, 08:54 AM

It’s a good thing Councillor Colin Plant rejected the condominium on Tillicum at TCH. More housing supply leads to higher prices. We must address the housing issue by building fewer homes in this region, and one way we can do that is to protect hobby farms, and treat forests logged multiple times since the 1850s as untouched wilderness we must never build on, for we might break into developing 1% of this Island’s land mass.

 

We have more housing supply than at any time in our history yet housing prices are rising as fast as ever. Unless supply becomes starts to represent a meaningful amount of total inventory (which it never will) then prices will be based on market. 



#3467 Victoria Watcher

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Posted Today, 09:00 AM

we also have more houses per person than any time in history too.  we could double our housing supply if doubled up inside existing homes.

 

28.2% of our homes contain only 1 person.  and 49.59% have 2 or 3 people.

 

we average 2.45 people per home.

 

https://en.wikipedia...r_of_households


Edited by Victoria Watcher, Today, 09:05 AM.


#3468 spanky123

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Posted Today, 09:41 AM

^ Those stats are for Canada. Victoria has an average household size of 1.8 and 50% of all private households are occupied by 1 person (and that is 2016 data, some reports are that the number is now 60%). All City Hall has to do is require households to have at least two people and voila, 22,000 spaces open up eliminating our problem!

 

If you want to see why we have a 'housing crisis' there is no better example than the reduction in household size. 

 

https://www12.statca...&TABID=1&type=0


Edited by spanky123, Today, 09:42 AM.


#3469 Victoria Watcher

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Posted Today, 09:59 AM

^ ah yes very good spanky.

 

 

screenshot-www12.statcan.gc.ca-2021.04.19-13_58_48.png

 



#3470 Rob Randall

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Posted Today, 10:01 AM

Are suites captured in those stats? Because you could have a house with two basement suites, each "household" might have only one person but there are actually three people living in the dwelling.


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#3471 lanforod

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Posted Today, 10:03 AM

A good chunk of this is due to smaller familes too. It's a lot rarer now to see 4+ kid families.



#3472 Mike K.

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Posted Today, 11:09 AM

We can thank individualism for this. All by design as far as our society is concerned.

And remember, Victoria has one of the lowest ratios of vacation homes among notable Canadian cities: https://victoria.cit...tistics-canada/

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#3473 Mike K.

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Posted Today, 11:12 AM

Since this forum was launched house prices have doubled. Does that mean an entry-level house will be $1.6 million in 15 years?

They’ve doubled just in the last five years. They’ve tripled since 2006, when you could buy a suburban Saanich home for $450k. Today that home is $1.5 million.

$1.6M might get you into Fairfield with a half-decent home, but expect to pay much higher for something newer and with favourable variables.

I still remember the guffaws directed at houses on Bear Mountain going for $400-$500k. New builds are selling for $1.2M at their lowest entry point today.

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#3474 Rob Randall

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Posted Today, 12:23 PM

I chose Crease Ave. more or less at random as an example of an entry-level neigbourhood. Lots of old, small houses in the Tillicum/Colquitz area.

 

Here's another one, 79 Crease, 940 sq. ft.:

 

1958: $6,800

1979: $49,900

1998: $145,000

 

A house like that today is going to be around $700,000.


"[Randall's] aesthetic poll was more accurate than his political acumen"

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#3475 Mike K.

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Posted Today, 05:12 PM

It’s not so entry level along Crease. It’s the next high density zone in Saanich’s urban core so land assemblies are driving value, plus that’s the “good” side of the TCH.

Crease and area is firmly million dollar territory, and two homes just sold there for $1.17 and $1.0M. A handful of others sold for $815k-$900k.

South of the TCH along Sims and Battleford the asking prices can be lower, like $700-$800k for the 1,000 sq ft war era homes that were $400k circa 2017. But don’t let the listing prices fool you, as they can get bid up pretty quick.

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#3476 rmpeers

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Posted Today, 10:41 PM

^ Those stats are for Canada. Victoria has an average household size of 1.8 and 50% of all private households are occupied by 1 person (and that is 2016 data, some reports are that the number is now 60%). All City Hall has to do is require households to have at least two people and voila, 22,000 spaces open up eliminating our problem!

If you want to see why we have a 'housing crisis' there is no better example than the reduction in household size.

https://www12.statca...&TABID=1&type=0


Enter the Red Cedar Dating Service. Let's pair those singletons up and free up some housing.

 



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