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Victoria's housing market, home prices and values


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#3721 lanforod

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Posted 02 November 2021 - 08:51 AM

Seb, your place sounds like a nightmare. I'd get out; but you may have a major problem selling.

 

Also, you need a plan for when you do sell, which likely involves compromises of some sort as well.



#3722 sebberry

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Posted 02 November 2021 - 08:55 AM

Also, you need a plan for when you do sell, which likely involves compromises of some sort as well.

 

I did find a place last year that checked more boxes than anything else that I've seen and I probably would have been happy with, but I had nearly zero interest in my place at the time.


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#3723 lanforod

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Posted 02 November 2021 - 09:02 AM

You may need to 1. sell, 2. rent while you look/wait to buy



#3724 Citified.ca

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Posted 01 December 2021 - 11:38 AM

Victoria real-estate sets $1.33M record average for houses, $649k for condos in November


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#3725 marks_28

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Posted 01 December 2021 - 10:34 PM

“BC and Ottawa Reject Changes to Reduce Inequality between Renters and Homeowners.

Task force report called for an end to homeowner grants and review of capital gains tax exemptions.”

https://thetyee.ca/N...campaign=210621

That’s unfortunate. I know it’s very unlikely to ever change, but don’t see why homeowners should continue to get these subsidies.
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#3726 Mike K.

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Posted 10 December 2021 - 10:35 AM

CHEK NEWS MAY 1

 

"......But what they aren’t finding is a lot of buyers. COVID-19 has pushed Greater Victoria’s real estate market off a cliff. Compared to April of last year, overall real estate sales are down by 59%.  Single-family home sales are down by 56%.  And condo sales dropped by a massive 64%.   The average price of a single-family home is down by $4,458.  The biggest tumble is condo prices, down $49,797."  https://www.cheknews...andemic-665886/

 

TIMES COLONIST MAY 2

 

"......Despite a global pandemic that has decimated economies around the world, Victoria’s real estate market continued to chug along in April, albeit at a much slower pace.

 

Selling prices in some categories actually increased last month compared with both last year and March, according to numbers released Friday by the Victoria Real Estate Board."

https://www.timescol...ease-1.24128265

 

 

Mainstream press vs. the little guy:

 

 

COVID-19 paused Victoria's real-estate market, but the month still ended on positive terms as buyers showed signs of accepting the limitations posed by social distancing and working around them.

 

The average price for the month still landed above 2019's annual average, a feat considering some projections expected sharp valuation declines. 

 

Hardly the market crash some feared, Victoria's April 2020 real-estate activity beat expectations

https://victoria.cit...t-expectations/

 

This aged well, eh?

 

All of the market crash foamers almost had their day  :cheers:


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#3727 Szeven

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Posted 10 December 2021 - 04:42 PM

Market crash foamers never learned the government changes the rules every time the economy is confronted with reality. They have always been right that this is not sustainable, but miss the fact that whenever there's a crisis world governments will just move the goal posts. Sound familiar?

Edited by Szeven, 10 December 2021 - 04:43 PM.


#3728 Nparker

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Posted 10 December 2021 - 05:46 PM

...whenever there's a crisis world governments will just move the goal posts. Sound familiar?

Never has that been more evident than during the past 21 months. At the current rate of goal post relocation, it won't be long before they are back where they started.



#3729 Sparky

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Posted 10 December 2021 - 06:00 PM

Mike I heard the word “benchmark” used to refer to real estate pricing on the CTV news tonight.

How is “benchmark” calculated?
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#3730 Moderation

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Posted 10 December 2021 - 06:46 PM

VREB benchmark info.

 

https://www.vreb.org...stics#gsc.tab=0


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#3731 Mike K.

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Posted 11 December 2021 - 12:36 PM

It’s like a proprietary calculation. I don’t bother with that stuff, since median and average need no explanations.

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#3732 Moderation

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Posted 11 December 2021 - 02:42 PM

VREB also reports median and mean in their monthly summaries. Pick what works for you.

 

They do explain its general meaning and why it may be useful. They also added the benchmark concept as an additional aid since especially  averages can be can be greatly affected by the the sale of a larger than usual number of houses especially at the high end and extreme values...Their benchmark numbers tend to be have less variations than the average numbers. Other than the the unknowns involved in their calculations it may be of use to some people.



#3733 Mike K.

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Posted 11 December 2021 - 03:18 PM

Totally.

Generally speaking the mid-point between the average and the median gives you a solid enough number that doesn’t stray too far from reality.

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#3734 AllseeingEye

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Posted 11 December 2021 - 09:01 PM

Not exactly Victoria but Duncan, so not far off; buddy bought a brand new 1800 sf town-home a few blocks from Duncan/Cowichan District Hospital for just under $600k eighteen months ago; one neighbor who purchased at the same time, has already taken the cash as a result of rapidly escalating real estate values and run away by selling last month, and my pal will do likewise, listing his unit probably in February-March - for $800k. That's a nice return.

 

Who would have dreamed just a few years ago that a home - not even a detached one at that - five minutes from the highway through the main drag in Duncan, with no particular view of anything beyond neighboring back yards, would command that kind of $?



#3735 Victoria Watcher

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Posted 15 December 2021 - 07:43 AM

The average selling price of a resale home in Canada last month was $720,850, beating the all-time high that was set in March of this year.

 

The Canadian Real Estate Association said Wednesday that the volume of sales was strong, too, with sales increasing by 0.6 per cent from the previous month's level.

 

____________________

 

CREA, which represents more than 100,000 real estate agents across the country, says that the average selling price figure can be misleading because it is easily skewed by sales in big, expensive cities such as Toronto and Vancouver. So, it calculates a different number, known as the Multiple Listing Service House Price Index or HPI, that adjusts for sales volumes and the type of housing to give a better gauge of the market.

 

But the HPI is also increasing at a torrid pace. The index has risen by 25.3 per cent in the past year — also the fastest pace on record. 

 

https://www.cbc.ca/n...ember-1.6286491


Edited by Victoria Watcher, 15 December 2021 - 07:43 AM.


#3736 Mike K.

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Posted 15 December 2021 - 08:04 AM

Those expensive markets are still part of the equation. There’s nothing misleading about the average, but the funky math of proprietary calculations can be misleading. Everyone just wants you to quote their proprietary number.

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#3737 spanky123

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Posted 15 December 2021 - 08:51 AM

Not exactly Victoria but Duncan, so not far off; buddy bought a brand new 1800 sf town-home a few blocks from Duncan/Cowichan District Hospital for just under $600k eighteen months ago; one neighbor who purchased at the same time, has already taken the cash as a result of rapidly escalating real estate values and run away by selling last month, and my pal will do likewise, listing his unit probably in February-March - for $800k. That's a nice return.

 

Who would have dreamed just a few years ago that a home - not even a detached one at that - five minutes from the highway through the main drag in Duncan, with no particular view of anything beyond neighboring back yards, would command that kind of $?

 

So where do your neighbour and his pal plan to live?!



#3738 AllseeingEye

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Posted 15 December 2021 - 09:06 AM

So where do your neighbour and his pal plan to live?!

 

Well there is no "pal", its just him. For medical reasons he needs to re-locate back to Victoria to be closer to his specialists; he's currently looking at downsizing to a condo anywhere from Esquimalt-West Bay to his old  neighborhood near Jubilee. He's fixed up and sold 2-3 properties locally in the last 15 years so cash is no problem for him, especially if he tacks on $200K above the purchase price of the Duncan place......


Edited by AllseeingEye, 15 December 2021 - 09:06 AM.


#3739 Mike K.

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Posted 15 December 2021 - 09:10 AM

With that sort of equity you can easily move back into the city.

As the old adage goes, buy where you can. Then work your way back.

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#3740 A Girl is No one

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Posted 15 December 2021 - 03:45 PM

With that sort of equity you can easily move back into the city.

As the old adage goes, buy where you can. Then work your way back.

That wisdom seems to have been lost over time by certain groups of people…
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