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Victoria's housing market, home prices and values


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#4021 Matt R.

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Posted 20 January 2022 - 12:48 PM

Up up and away! Rebuild costs are through the roof and the insurer is passing these on to the consumer. I’m sure flood and heat dome are joining in on the party, too.

#4022 Nparker

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Posted 20 January 2022 - 01:08 PM

Insurance is such a rip-off.



#4023 Barrrister

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Posted 20 January 2022 - 01:13 PM

I have not bothered having insurance for a few years now.  But my peoperty is actually worth more without the house on it. 



#4024 Nparker

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Posted 20 January 2022 - 01:14 PM

I don't really have a choice regarding insurance as part of a strata corporation.



#4025 sebberry

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Posted 20 January 2022 - 01:39 PM

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.

 

In the recent minutes, my strata communicated the insurance increase as being the result of the 'building being worth more now' rather than the rebuild costs are through the roof.  Just a little subtle wordsmithing to try to make themselves look good...


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#4026 Barrrister

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Posted 20 January 2022 - 03:10 PM

Dont worry about the insurance costs since inflation is low according to the Ottawa.



#4027 Citified.ca

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Posted 01 February 2022 - 02:33 PM

January was the first month, ever, when condos outsold single-family-homes. Could this be beginning of the mighty titan winding up in second place behind condos?

 

Victoria’s $1.41 million record average house price delivers pivotal market shift in January as condos outsell SFDs


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#4028 Victoria Watcher

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Posted 01 February 2022 - 03:02 PM

Mighty Titan has a few select gigs this summer in support of Tinto Rocks.
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#4029 dasmo

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Posted 01 February 2022 - 05:11 PM

Mine also went up by about 45%.... 



#4030 Victoria Watcher

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Posted 02 February 2022 - 06:04 AM

As Canadian housing prices continue their dizzying climb to record highs, the federal Conservatives are defining the problem as a "housing inflation crisis."

That description dovetails neatly with the ongoing debate about Canada's inflation rate, now at a 30-year high of 4.8 per cent. But some experts warn that pairing housing costs with inflation could obscure the actual causes of surging home prices.

"These issues have predated our conversations about inflation, or even concerns about inflation," said Murtaza Haider, a professor in real estate management at Ryerson University.

https://www.cbc.ca/n...tives-1.6335633

Poilievre said that what he calls Canada's housing bubble is set to burst if no change is made to government policy.


Wouldn’t a burst be just what we need, to put prices back down the 33% they rose?

Edited by Victoria Watcher, 02 February 2022 - 06:05 AM.


#4031 Mike K.

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Posted 02 February 2022 - 12:42 PM

Researchers are now worried about loss of lawns and private green spaces in cities.

Doesn’t this counter the drive for densification, if we are to be concerned about the lack of backyards and urban trees making way in order to redevelop property?

Statistics Canada used satellite imagery to estimate the amount of green space in Canadian cities — parks, urban trees, even backyards and lawns. The data has existed for years, but it was used for this purpose.

"[We're] getting a sense of the condition of vegetation in urban areas," Wang said. "It's the first time we've done that."



They found about three-quarters of large and medium-sized cities were less green in 2019 than they had been 20 years earlier.

"You end up seeing less green as you walk down the street," Wang said.

- https://www.cbc.ca/n...cline-1.6336439

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#4032 Nparker

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Posted 02 February 2022 - 12:49 PM

 

They found about three-quarters of large and medium-sized cities were less green in 2019 than they had been 20 years earlier.

Were they looking at photos of Beacon Hill Park from 2019 and 2021?



#4033 Victoria Watcher

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Posted 02 February 2022 - 12:50 PM

For every tree a homeowner takes down, there is nothing stopping cities from requiring a development fee to cover the cost of another one planted on other private property or public lands.



#4034 marks_28

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Posted 02 February 2022 - 03:19 PM

Doesn’t this counter the drive for densification, if we are to be concerned about the lack of backyards and urban trees making way in order to redevelop property?
 

 

Not necessarily. I think a lot of the densification fans will also argue that green space is very important, just maybe not in the traditional sense of backyards. Put a row of townhomes and an apartment building around a park. You'll fit more homes than traditional SFHs over the same space, and everyone still has access to greenspace. Heck, build a new park downtown, the space could definitely use one. You can have green space and densification.



#4035 Mike K.

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Posted 02 February 2022 - 03:56 PM

Not as much as with SFDs, though. That’s why Statistics Canada says cities are losing greenery at a fast pace, as they grow and densify. That’s something that will be expedited as we introduce missing middle zoning into our cities.

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#4036 marks_28

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Posted 02 February 2022 - 09:37 PM

Not saying we aren’t losing it. Which is why it should be a priority for cities to create new green space to make up for fewer backyards.

#4037 Mike K.

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Posted 03 February 2022 - 08:46 AM

I wish it were that simple. A significant amount of ‘green’ land is devoted to densification. Consider 1080 Pandora, it was built overtop of a multi-acre schoolyard. The City also can’t just flip over land for parks, especially if there remains so much housing pressure.

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#4038 m3m

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Posted 03 February 2022 - 10:12 AM

I wish it were that simple. A significant amount of ‘green’ land is devoted to densification. Consider 1080 Pandora, it was built overtop of a multi-acre schoolyard. The City also can’t just flip over land for parks, especially if there remains so much housing pressure.

 

Probably not the best example. I'm not sure they had to cut down a single tree to build this building.  

 

Lots of trees and vegetation in the new courtyard. (although that's probably fake grass and its only available to residents - still lots of small trees and gardens.)

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#4039 Mike K.

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Posted 03 February 2022 - 11:18 AM

Here's an overhead without the deceptiveness of wide angle lenses.

 

The astra-turf on the roof is maybe a fifth of the playing field? If that?

 

And believe me, I'm not begrudging the densification in any way, but densification does mean less green space. Green roofs are also not the same, they are off-limits and cannot be enjoyed by the public-at large (like private gardens can; they're a visual amenity even if you can't walk through it).

 

Ultimately there is a price for everything. Densification is not without its balancing act challenges.

 

1080-pandora.jpg


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#4040 Nparker

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Posted 03 February 2022 - 11:39 AM

I lived near that "green space" for nearly 2 decades before it was redeveloped. Except during school hours, it was almost never occupied. I am not sure anyone really misses it, except in theory.



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