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Victoria's housing market, home prices and values


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#4421 spanky123

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Posted 06 July 2022 - 07:57 AM

^ 3 flights a day to Calgary, 6 to Vancouver and 1 to Toronto. Not bad for a regional airport.

 

You can spend a million dollars for a home in Nanaimo or Qualicum Beach these days without looking to hard. Less expensive than Victoria for sure but catching up.


Edited by spanky123, 06 July 2022 - 07:57 AM.


#4422 Barrrister

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Posted 06 July 2022 - 08:06 AM

They have decided that spending winters in Santa Barbara with a condo in Toronto is more their cup of tea. Considering what crappy winter weather we have,, I am not sure that they are wrong.



#4423 Mike K.

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Posted 06 July 2022 - 08:43 AM

95% of Canada would think they are wrong, but hey, different strokes...


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#4424 spanky123

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Posted 06 July 2022 - 09:00 AM

95% of Canada would think they are wrong, but hey, different strokes...

 

Hey I know people who snowbird in the US simply so they can pay for a private medical insurance policy and actually get treatment when they need it.


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#4425 Mike K.

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Posted 06 July 2022 - 09:31 AM

Oh sure, but the deciding on retiring “to Toronto” is hair brained by Canadian standards. You must -really- like the Raptors to do that sort of thing.

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#4426 spanky123

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Posted 06 July 2022 - 10:09 AM

^ Depends what you are looking for. If arts, entertainment, culture, dining and activities are important to you then Toronto isn't a bad place to be when it isn't snowing. 



#4427 Citified.ca

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Posted 10 July 2022 - 01:33 PM

Some food for thought on changing mortgage rates.

 

Ten-on-the-10th-July-2022.jpg

Peter Fast of Canada ICI Capital discusses the changing interest rate environment, and opportunities in a market undergoing change.

 

Q&A on changing mortgage rates and the current lending environment with Peter Fast of Canada ICI Capital

https://victoria.cit...da-ici-capital/


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#4428 Barrrister

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Posted 10 July 2022 - 06:26 PM

For half the year Toronto is a great city with lots going on in way of theater, culture and sport, Victoria cannot even begin to compete. . If you snowbird down south then it is miles ahead of living in Victoria year round. On the other hand maybe a walk down Pandora is your idea of culture. One of the big assets Victoria had was a certain charm and small town feel. That is quickly eroding and disappearing. 



#4429 Citified.ca

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Posted Yesterday, 03:13 PM

Marko has observed an interesting phenomenon, which could be helping buoy local real-estate prices and helping keep inventory levels suppressed.

 

As interest rates rise, Victoria’s high-priced rental market a newfound stabilizer for residential real-estate

https://victoria.cit...al-real-estate/


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#4430 spanky123

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Posted Yesterday, 03:39 PM

^ I don't know if rental prices are supporting real estate prices as much as owners, unable to get what they want in this market, are renting for a while in the belief that prices will bounce back.

 

Even if  you can rent your one bedroom for $2,000 a month, you probably have $800 a month plus in carrying costs (strata fees, property taxes, insurance, etc) leaving you a gross annual profit of $15,000 on an asset worth $700K.  Maybe that made sense when interest rates were 0.25% and property values were rising, but you can get a better return these days leaving your $700K in a savings account!



#4431 Mike K.

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Posted Yesterday, 05:21 PM

Although, most people will have a lot less than 100% invested, and it can take several years in market movement to make up PTT, agent fees, legal fees, etc. If you can rent out the unit and have more equity gained, it really helps.
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