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Victoria's housing market, home prices and values


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#4001 dasmo

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Posted 13 January 2022 - 11:47 AM

I don't know how much your dad was making to afford a house with one year's wages but here is one outside of Calgary for $240K which seems quite reasonable. Problem is that people want $240K on the inner harbour with a ocean view.

 

For sale: 304 Madison Drive, Irricana, Alberta T0M1B0 - A1168719 | REALTOR.ca

 

I don't know how much your dad was making to afford a house with one year's wages but here is one outside of Calgary for $240K which seems quite reasonable. Problem is that people want $240K on the inner harbour with a ocean view.

 

For sale: 304 Madison Drive, Irricana, Alberta T0M1B0 - A1168719 | REALTOR.ca

I think their 40 acre acreage was 30K. Moving away is a possible option yes. Market dynamics will always be at play. This is a desirable place to live. It is now more than ever desirable to live with more space and outside space making it even more desirable. I have no idea what the solution is but I do see the problem. 



#4002 Mike K.

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Posted 13 January 2022 - 11:50 AM

That’s $150k today.

You can buy a lot of land in Alberta for $150k. But that $30k 55 years ago went a heck of a lot further than $150k does today. Just think of how much more taxation there is today.

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#4003 dasmo

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Posted 13 January 2022 - 02:45 PM

That’s $150k today.

You can buy a lot of land in Alberta for $150k. But that $30k 55 years ago went a heck of a lot further than $150k does today. Just think of how much more taxation there is today.

That is partly why I use one years wages. They have not kept up with house prices. Also this was close to the city so one could commute with minimal time. Car was bought with cash. Parking was probably free. 



#4004 lanforod

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Posted 13 January 2022 - 03:54 PM

^ i'll play devil's advocate for a minute here. Who determines what ratio of one years wages to house prices is the correct one?  :teacher:


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#4005 Victoria Watcher

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Posted 13 January 2022 - 03:56 PM

^ i'll play devil's advocate for a minute here. Who determines what ratio of one years wages to house prices is the correct one?  :teacher:

 

I was going to say the same too.



#4006 Mike K.

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Posted 13 January 2022 - 03:57 PM

It's not, is it?

 

If you built a house in the 1970s to the standards and code requirements of a house in 2022, it would have cost you a lot more back then, too. Everything from environmental to safety standards is different today, and much more expensive.


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#4007 Mattjvd

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Posted 14 January 2022 - 10:06 AM

It's not, is it?

If you built a house in the 1970s to the standards and code requirements of a house in 2022, it would have cost you a lot more back then, too. Everything from environmental to safety standards is different today, and much more expensive.


Not to mention architecture. Ensuites, walk in closets, a tub and shower as separate units? Unheard of, outside of mansions, until the 90s.
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#4008 dasmo

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Posted 14 January 2022 - 10:13 AM

It's not, is it?

 

If you built a house in the 1970s to the standards and code requirements of a house in 2022, it would have cost you a lot more back then, too. Everything from environmental to safety standards is different today, and much more expensive.

Yep, The step code going to net zero will make the SFH totally out of reach for most. The added engineering involved with trying to attach things through 6 inches of foam will add a bunch alone.... 


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#4009 dasmo

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Posted 14 January 2022 - 10:30 AM

^ i'll play devil's advocate for a minute here. Who determines what ratio of one years wages to house prices is the correct one?  :teacher:

No one should determine this. This is maybe part of the problem. People determining things and then meddling to find it only makes it worse. It is so complicated because we are not in a true free market. IF we were the banks would have collapsed and a reset of sorts would have happened during the financial crisis. I think one should separate the problem from the soliton. There IS a problem. It's also not just going from say 4X earnings to 10X earnings. There is a lot more debt with that so it's actually more since that is the price of the house not the cost of ownership. So it is an even worse ratio increase than that.  Things change. So it is inevitable that as a place grows it will have to deal with this. Another thing I see that has exasperated this is what we have built over the last little while. A lot of micro lofts for AirBnB investors and Condos with SFHs. There should have been A LOT more row houses in the mix. Can't raise kids in a micro loft with a pull out couch... This puts strain on the little inventory that is suitable for family living. 

If I was making decisions I would have put in the tram to the west hills and made that mostly row houses as it's back bone. And don't say it's not feasible. trillions of dollars just materialized out of nowhere. I'm sure a few million for a few trams isn't too much to ask. 

And stop sending people letters telling them their house is worth 30% more this year! 



#4010 Mike K.

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Posted 14 January 2022 - 11:36 AM

If only we had land available for development... I've added the CRD border to Vic Watcher's residential footprint image.

 

And why can't the Galloping Goose Regional Trail have a train/buses running all the way to Sooke? The ROW is there.

 

Capital-Region.jpg


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#4011 Victoria Watcher

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Posted 14 January 2022 - 11:48 AM

Because in the history of the world a former train ROW has never been converted back.

That ship has sailed. That reminds me.

We have the Royal Bay ferry coming online soon right?

Edited by Victoria Watcher, 14 January 2022 - 11:49 AM.


#4012 Mike K.

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Posted 14 January 2022 - 04:49 PM

That’s why I suggested buses, too. Train is a pipe dream, for sure.

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#4013 dasmo

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Posted 14 January 2022 - 05:01 PM

That’s why I suggested buses, too. Train is a pipe dream, for sure.

Fit busses with train wheels. 



#4014 dasmo

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Posted 14 January 2022 - 05:03 PM

but ya, the no track over the bridge is a problem. 



#4015 Victoria Watcher

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Posted 17 January 2022 - 11:59 AM

House Price Index rose 26% in 2021, fastest pace on record

 

Average home price hit $713,500 in December, Canadian Real Estate Association says

 

 

 

 

The Canadian Real Estate Association's House Price Index rose by 26.6 per cent in the 12 months up to December, the fastest annual pace of gain on record.

 

The group, which represents more than 100,000 realtors and tabulates sales data from homes that listed and sell via the Multiple Listings Service, said the supply of homes for sale at the end of the month hit an all-time low.

 

After pausing for a few weeks in the early days of the pandemic, Canada's housing market has been on an absolute tear for the past two years, as feverish demand from buyers wishing to take advantage of rock-bottom interest rates has drastically outpaced the supply of homes to buy.

 

That imbalance is a major factor contributing to higher prices, as buyers have to pay more and more to outbid others because of the lack of alternatives.

 

https://www.cbc.ca/n...ember-1.6317503


Edited by Victoria Watcher, 17 January 2022 - 12:00 PM.


#4016 Victoria Watcher

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Posted 20 January 2022 - 06:00 AM

Victoria’s residential construction sector broke a 45-year-old homebuilding record last year, but housing experts say even that is cold comfort in a region facing historically low inventory levels and ever-increasing demand.

According to the Canada Mortgage and Housing Corporation, homebuilders in the region started 4,809 new homes in 2021, eclipsing the record of 4,439 set in 1976, and burying 2020’s total of 3,209

Casey Edge, executive director of the Victoria Residential Builder’s Association said the numbers look good but the region is still digging itself out of a housing deficit.

“It’s just not enough to keep up with demand,” he said. “Over the decades, we’ve averaged around 2,200 new homes annually and last year we built more than double that.


https://www.timescol...-supply-4974256

Of the 4,809 starts last year 1,741 were in Langford, 1,204 were in Victoria and 440 were in Sooke.

Saanich, one of the largest municipalities, had just 376 starts.

Edited by Victoria Watcher, 20 January 2022 - 06:03 AM.


#4017 Victoria Watcher

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Posted 20 January 2022 - 06:07 AM

Saanich should identify a segment for some urban renewal and some high density.

I’d recommend the area between the Trans Canada highway, Tillicum, Burnside, and Boleskine.

It’s got no real character now.

Second would be the area bounded by Rogers, Pat Bay Highway, and Quadra.

Then do McKenzie, Shelbourne, Cedar Hill X Rd. and Gordon Head Road.

I can probably find something around Glanford and Mann too.

Edited by Victoria Watcher, 20 January 2022 - 06:14 AM.

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#4018 Mike K.

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Posted 20 January 2022 - 07:58 AM

Housing starts are such a misleading figure.

These “starts” may not be delivered for many years, or in some cases ever. What they should be reporting are completions.
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#4019 Mike K.

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Posted 20 January 2022 - 09:07 AM

Mum’s home insurance just showed up ahead of its renewal. It has risen 55% compared to last year.

There have been no changes, no insurance claims, etc. And that’s the claimed best rate the broker can offer.

What is everyone else seeing?

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#4020 Nparker

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Posted 20 January 2022 - 09:38 AM

With no changes to my condo policy (claims, coverage etc.) my premium is going up 45% this year. I will be speaking to my insurance provider about this.



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