6072 replies to this topic

[Mike K.]

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.

[Rob Randall]

224 Crease Ave:

 

1979: $48,000

2006: $358,888

2021: ?

[Mike K.]

Lol, Rob. Big Texas Forumer! 

[spanky123]

 

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.

[Rob Randall]

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

[spanky123]

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. 

[Victoria Watcher]

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.

[spanky123]

^ 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.

[Victoria Watcher]

^ ah yes very good spanky.

 

 

 

[Rob Randall]

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.

[lanforod]

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

[Mike K.]

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/

[Mike K.]

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.

[Rob Randall]

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.

[Mike K.]

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.

[rmpeers]

^ 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.

[Mike K.]

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.

[spanky123]

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

[spanky123]

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.

[Mike K.]

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.