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Victoria's housing market, home prices and values


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#3501 UDeMan

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Posted 30 May 2021 - 10:55 AM

No one could have predicted these low mortgage rates. I have seen sub 1 percent variable mortgage rates from HSBC and the lowest I have seen is 0.95 from an alternative lender.

#3502 Rob Randall

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Posted 30 May 2021 - 11:14 AM

I remember 20 years ago when mortgage rates were around 4% thinking, boy, I should lock in because these crazy low rates can't last forever.


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#3503 qv

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Posted 30 May 2021 - 05:20 PM

Its easy with hindsight to say what was the 'obvious' path for real estate prices.

I can't tell you where prices will be 10 years from now, and I don't believe anyone else who says they can. It wouldn't surprise me if prices were higher, but doubling over a decade is a far from certain.

#3504 Mike K.

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Posted 30 May 2021 - 05:41 PM

Is there a 10-year period where real-estate prices in Victoria were lower in year ten than in year one?

 

Househunt was betting on a collapse to 2000 levels in 2009. He bet against the house, and the house predictably won.

 

We've got easy access to average data from 1980 to the present, so here we go.

 

1980: $92,033

1990: $179,150 +94.66%

2000: $251,398 +40.33%

2010: $629,925 +150.57

2020: $1,004,077 +59.4%

2030: who's going to bet prices will be below $1,004,077 in 2030?


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#3505 VIResident

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Posted 31 May 2021 - 04:25 PM

motion to give density bonuses just to non-profits in some areas could be a game-changer.

Behind all those syllables lies a big idea. One that could generate thousands of permanently affordable housing units, perpetually withdrawn from the ravages of our real estate markets. Enough, in time, to make sure this city has enough affordable housing for everyone who needs it.

And just to underscore what’s clear: It’s only those making median wages or below who need below-market housing. Above that wage level, Vancouver housing is pricey but affordable. Below that level, it’s not.



#3506 Jackerbie

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Posted 31 May 2021 - 04:28 PM

^ That motion was defeated, BTW
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#3507 Citified.ca

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Posted 01 June 2021 - 01:25 PM

Townhomes have surged in value since 2020, increasing by 22.46% since May, 2020. Single-family-homes set a new median price record, too.

 

Victoria townhome prices surged to new highs as single-family-homes set record median in May

https://victoria.cit...-median-in-may/


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#3508 Citified.ca

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Posted 03 June 2021 - 06:39 AM

It would appear that Victoria's private rental industry is becoming an even more critical component of Victoria's rental housing equation, where those who can purchase condominium units and make them available for rent are, in turn, opening up opportunities for individuals who may not yet be able to do so themselves.

 

Interest fact from this article is that 35% of renters at Devon Properties (which manages 20% of Victoria's rental housing inventory) are above the age of 35, meaning a third of renters are likely to remain renters for long periods beyond the typical home buying age of 30-40.

 

The period between 2015 and the first quarter of 2021 saw the largest infusion of purpose-built rental inventory in recent history, according to Citified’s data, which indicates some 7,200 new-build units targeting the entire housing spectrum were delivered over the span of six years. Yet, despite a forecasted buoyancy in housing availability from a delivery rate of over 1,000 new rental homes annually and anticipated lower demand on rentals during COVID-19, the situation for renters continues to feel much like it did in years prior.

 
Victoria's rental apartment vacancy rate back to all-time lows as new housing supply lags demand
https://victoria.cit...ly-lags-demand/


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#3509 Victoria Watcher

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Posted 16 June 2021 - 07:28 AM

HERE IS A GREAT OPPORTUNITY TO SHARPEN YOUR CREATIVE IDEAS. This rare small vacant lot is available for the first time in years. Even though it is little, it offers a wonderful chance to have a condo life but with all the privacy of a single family home. Build your tiny gem of a place and you will be close to all amenities like shopping downtown, walking the Victoria Breakwater, strolling through Beacon Hill Park with your dog or just relaxing on a VERY quiet laneway. A great place to start your dreams.

 

2280 sq. ft.

 

$670,000

 

410 Heather Street

https://www.realtor....toria-james-bay

 

 

screenshot-www.google.com-2021.06.16-11_31_40.png

 

screenshot-www.google.com-2021.06.16-11_29_55.png

 

 

 

 

have a condo life but with all the privacy of a single family home

 

 

 

i don't know how big a house you can build here but seems you are starting out $670,000 down before you build.  can you build 1,000 square feet?   that might cost $400,000.  so now you have a $1M+ "condo-like" house.  


Edited by Victoria Watcher, 16 June 2021 - 07:35 AM.


#3510 Mike K.

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Posted 16 June 2021 - 07:40 AM

There is no such property in the BC Assessment database. Odd. But the parcel does exist at: https://www.bcassess...TAwMDBITjkxUw==

Assessed at $606k. By the looks of it same sized lots have homes of 1,000 square feet ground level. So you could build 1,500-2,000, I guess.

But why would you? If you can afford a $650k lane buy (for cash) you can probably afford a larger lot elsewhere in the CoV, that might come with a view and a better location.
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#3511 Victoria Watcher

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Posted 16 June 2021 - 07:46 AM

yes.  probably not much chance of significant variances to go over allowable FSR or setbacks.  with the neighbouring properties close.  


Edited by Victoria Watcher, 16 June 2021 - 07:46 AM.


#3512 Greg

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Posted 16 June 2021 - 08:46 AM

There is no such property in the BC Assessment database. Odd. But the parcel does exist at: https://www.bcassess...TAwMDBITjkxUw==

Assessed at $606k. By the looks of it same sized lots have homes of 1,000 square feet ground level. So you could build 1,500-2,000, I guess.

But why would you? If you can afford a $650k lane buy (for cash) you can probably afford a larger lot elsewhere in the CoV, that might come with a view and a better location.

 

If your goal in life is to live as close to the Bent Mast as possible, this is a real find.

 

/there are worse goals


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#3513 rjag

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Posted 16 June 2021 - 08:49 AM

Chatting with a realtor in Toronto last night

 

 

Market is still quite hot in Toronto, especially for freehold homes. I sold one in Forest Hill last week with 8 offers & $905,000 over ask. There is simply no supply in good neighborhoods & lots of demand fueled by cheap interest rates.

 



#3514 Moderation

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Posted 16 June 2021 - 09:33 AM

Sold price over asking is not always very informative. I have family in in Toronto currently renting. Owner has just put the unit up for sale. Asking price was offered and declined. Owner said they were hoping for 30% or more over the listed price.



#3515 Rob Randall

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Posted 16 June 2021 - 11:04 AM

^Imagine retail using that tactic. How much is this short-sleeve shirt? It's $29.95, like it says on the label. OK, I'll take it. Oh, sorry, that's not enough, we were hoping for $35.


“I mean I just don’t understand the big Texas part, like maybe he’s from Texas? I want to know the back story.”


#3516 Victoria Watcher

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Posted 18 June 2021 - 04:47 AM

Outrage over developer's plan to buy single-family homes reveals a Canadian fixation

 

Nonetheless, many in the real estate business have been surprised by the reaction — including those at Core Development, the very company that is planning to sink $1 billion into buying, fixing up and renting out around 4,000 ground-level suburban homes across Ontario, B.C., Quebec and Atlantic Canada over the next five years.

 

"I really am shocked," said Faran Latafat, president of single family developments at the Toronto-based Core Development, which has historically focused on building condos.

 

While interested in making a profit, like any other business, when Latafat announced the company's plans, she was convinced Core was effectively performing a public service, answering a need by creating more affordable rental homes in places where people wanted to live.

 

"For each single-family rental house that comes on the market, two rental units are provided, thus doubling the rental supply," she wrote in an email after we had spoken by phone. 

____________________

 

For anyone who understands what drives the property game, an op-ed in the Globe and Mail Thursday referring to Core as "profit-mongers" bordered on the absurd. Whether you call it "mongering" or something that sounds nicer, earning a profit is at the indispensable heart of creating housing in Canada.

 

Earning a profit is why builders constructed the home most of us live in now. It's also why giant real estate investment trusts buy or build most Canadian rental apartments — and have for years, said BMO economist Robert Kavcic.

 

https://www.cbc.ca/n...ittis-1.6069021


Edited by Victoria Watcher, 18 June 2021 - 04:50 AM.


#3517 Mike K.

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Posted 18 June 2021 - 05:49 AM

Why does the CBC so rarely mention in these thinly veiled anti-capitalism articles that provincial and federal employee pension funds are major players in Canada's rental housing industry, and those of other nations?


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#3518 Victoria Watcher

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Posted 18 June 2021 - 06:15 AM

Why does the CBC so rarely mention in these thinly veiled anti-capitalism articles that provincial and federal employee pension funds are major players in Canada's rental housing industry, and those of other nations?

 

i think this CBC piece was kind of defending the idea as no big deal.  which it really isn't.

 

the article states that the fund won't be buying in toronto and Vancouver.  it makes no financial sense.  and that's the only areas where buyers are in bidding wars etc. and prices are still rising and "pushing people out" of the ownership market.  where this fund will buy say in regina there is no problem finding a house.


Edited by Victoria Watcher, 18 June 2021 - 06:43 AM.


#3519 Mike K.

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Posted 18 June 2021 - 06:36 AM

Ah, but it takes a swipe at the ol' profit motive.

 

The CBC needs to be more upfront on the nature of the big players in the housing industry. They are doing their readership a disservice by not connecting the dots between rental housing, real-estate investment and pension funds.


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#3520 Victoria Watcher

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Posted 18 June 2021 - 06:44 AM

Ah, but it takes a swipe at the ol' profit motive.

 

it actually takes a swipe at the globe and mail's swipe.  defends it.

 

 

 

For anyone who understands what drives the property game, an op-ed in the Globe and Mail Thursday referring to Core as "profit-mongers" bordered on the absurd. Whether you call it "mongering" or something that sounds nicer, earning a profit is at the indispensable heart of creating housing in Canada.

 

Earning a profit is why builders constructed the home most of us live in now.

 


Edited by Victoria Watcher, 18 June 2021 - 06:45 AM.


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