
Victoria's housing market, home prices and values
#3461
Posted 19 April 2021 - 06:23 AM
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#3462
Posted 19 April 2021 - 06:49 AM
224 Crease Ave:
1979: $48,000
2006: $358,888
2021: ?
#3463
Posted 19 April 2021 - 07:16 AM
Lol, Rob. Big Texas Forumer!
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#3464
Posted 19 April 2021 - 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
Posted 19 April 2021 - 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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#3466
Posted 19 April 2021 - 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
Posted 19 April 2021 - 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, 19 April 2021 - 09:05 AM.
#3468
Posted 19 April 2021 - 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, 19 April 2021 - 09:42 AM.
#3469
Posted 19 April 2021 - 09:59 AM
^ ah yes very good spanky.
#3470
Posted 19 April 2021 - 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.
#3471
Posted 19 April 2021 - 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
Posted 19 April 2021 - 11:09 AM
And remember, Victoria has one of the lowest ratios of vacation homes among notable Canadian cities: https://victoria.cit...tistics-canada/
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#3473
Posted 19 April 2021 - 11:12 AM
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.Since this forum was launched house prices have doubled. Does that mean an entry-level house will be $1.6 million in 15 years?
$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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Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#3474
Posted 19 April 2021 - 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.
#3475
Posted 19 April 2021 - 05:12 PM
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.
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#3476
Posted 19 April 2021 - 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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#3477
Posted 21 April 2021 - 09:15 AM
I had some lumber priced out yesterday for a woodshed I need to build. Holy Jesus Murphy, I think I'll build the thing out of cinder blocks the way prices are going.
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#3478
Posted 21 April 2021 - 09:22 AM
I had some lumber priced out yesterday for a woodshed I need to build. Holy Jesus Murphy, I think I'll build the thing out of cinder blocks the way prices are going.
Check out plastic and other alternative building materials
#3479
Posted 21 April 2021 - 09:28 AM
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.
If you had put the same amount of money into the stock market (dow jones) in 1958 you would have $530K today. When you factor in that the owners of the house have likely spent hundreds of thousands in maintenance and upgrades since 1958 stocks would have been a far better bet.
#3480
Posted 21 April 2021 - 09:39 AM
I don't think it's likely to have cost hundreds of thousands to maintain that home, though. Most houses don't need much more than basic maintenance over the the first 30-40 years.
And unlike the stock market, you don't have to pay primary residence capital gains on your earnings (yet) but the stock market would present you with a massive tax burden if you invested $6,800 with a profit of $520k.
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