5833 replies to this topic

[Sparky]

^ We have been on a warming trend since the ice age.

[Stephen James]

We have a bit of an inferiority complex around here. I’ve only travelled a little, but the south west coast here stacks up very well and is a really beautiful place to be, and it should come as no surprise that other people might want to live here, too.

And they bring money with them.

Yes. Some leave (because prospects in the 1980s were limited), travel the world, and bring money back in order to afford to live here.

[Mike K.]

^ We have been on a warming trend since the ice age.

Don’t forget the little ice age!

[Victoria Watcher]

After plunging due to interest rate hikes throughout last year, the average price of a Canadian resale home has now increased for four months in a row, new numbers showed Monday.

The Canadian Real Estate Association said Monday that the average selling price of a home that sold on its MLS system in April went for $716,000. That's the fourth monthly increase in a row, and it marks a collective increase of more than $100,000 since the start of the year.

After peaking at just over $816,000 in February 2022 — right before the Bank of Canada began its aggressive campaign of rate hikes — Canada's housing market went ice cold for much of last year, as drastically higher mortgage rates made it more expensive to finance the purchase of a home.


https://www.cbc.ca/n...-data-1.6843592

Edited by Victoria Watcher, 15 May 2023 - 11:20 AM.

[davidN]

After plunging due to interest rate hikes throughout last year, the average price of a Canadian resale home has now increased for four months in a row, new numbers showed Monday.

The Canadian Real Estate Association said Monday that the average selling price of a home that sold on its MLS system in April went for $716,000. That's the fourth monthly increase in a row, and it marks a collective increase of more than $100,000 since the start of the year.

After peaking at just over $816,000 in February 2022 — right before the Bank of Canada began its aggressive campaign of rate hikes — Canada's housing market went ice cold for much of last year, as drastically higher mortgage rates made it more expensive to finance the purchase of a home.


https://www.cbc.ca/n...-data-1.6843592

To those who advocated that the Victoria market would crash and the sky would fall. I would suggest that they research Victorias housing market for the last 50 years. We are "prime" real estate in the world and while we go through our peaks & valleys (as all markets do) the crash is yet again postponed. Be practical and far thinking - land costs, and construction costs will not decline enough to contribute to a "crash" in your lifetime. Oh and be ready to welcome the world - newly arrived immigrants are in no rush to populate the far flung reaches of cold Canada. They see what your see in Victoria.

[Matt R.]

Those same people will say what they always say, “just wait”.

Meanwhile, people waited and the market passed them by, in a hurry!

[Mike K.]

The prophets of doom and gloom just refocus on another generation of people.

[Stephen James]

To those who advocated that the Victoria market would crash and the sky would fall. I would suggest that they research Victorias housing market for the last 50 years. We are "prime" real estate in the world and while we go through our peaks & valleys (as all markets do) the crash is yet again postponed. Be practical and far thinking - land costs, and construction costs will not decline enough to contribute to a "crash" in your lifetime. Oh and be ready to welcome the world - newly arrived immigrants are in no rush to populate the far flung reaches of cold Canada. They see what your see in Victoria.

 

Me (at the HFL YYJ mass con prior to election) asking one of the saviours:

"This is a pretty desirable place to live isn't it?"

 

Saviour:

"Oh yeah, love the lifestyle, the values."

 

Me:

"Lots of people moving here to retire from around the world; 2 from California on my street. Do you think this will continue?"

 

Saviour:

"Don't know. Maybe.

 

Me:

"So... you guys are talking about homes for 30-40% of income (they're confused about GDSR and TDSR). How does that work if the demand stays strong like it is now?"

 

Saviour:

"We need at least 50% non-market (government purchased) housing!!!"

 

Me;
"Wow! 50%. How much would you need to raise taxes to purchase and maintain half of Van Isle residences as government owned and managed?"

 

Saviour:

"Well... late stage capitalism... predatory landlords... racist corporations... settler values... oppressive police..."

 

Got lots of votes for the NDP provincially and municipally... lol, but I think the base is wising to the con....

[Victoria Watcher]

 

 

 

Views of U.S. Housing Market Reach New Depths

 

https://news.gallup....new-depths.aspx

 

 

Last year, a similar 70% expected home prices to increase. Americans’ 2021 and 2022 predictions were generally accurate, with home prices reaching record highs in the fourth quarter of 2022, when the median home sales price in the U.S. was $479,500.

 

Now, as home prices have begun to fall in many areas of the country, to a median of $436,800 in the first quarter of 2023, fewer Americans expect home values in their area to rise in the coming year. Currently, 56% hold this view, while 25% believe prices will stay the same and 19% think they will decrease.

Edited by Victoria Watcher, 16 May 2023 - 09:36 AM.

[dkuitu]

^ We have been on a warming trend since the ice age.

 

The real estate market?

[Victoria Watcher]

A recent report by think-tank C.D. Howe Institute analyzed housing prices and construction costs and concluded that excessive regulatory burden contributes to prices being much higher than the cost of producing new dwellings. The gap should not exist or be small in competitive markets with little or no undue regulatory burdens, but that’s not the case in Canada.

 

The report estimated that the price of single-family detached housing in Vancouver was $1.3 million more than the cost of producing the same house in a market without excessive regulatory barriers. In Toronto, the gap was $350,000. Stated differently, single-family detached housing prices in Vancouver were 60 per cent higher than the cost to build such homes.

 

 

 

https://financialpos...cost-regulation

Edited by Victoria Watcher, 23 May 2023 - 05:52 AM.

[Citified.ca]

Average home prices jumped across the board in May, as sales activity outpaced the previous year for the first time since June of 2021.

 

May's real-estate activity delivered $1.3M average house price, as sales eclipsed 2022

https://victoria.cit...-eclipsed-2022/

[Matt R.]

This must be the market crash we've been waiting for.

[Matt R.]

How's Leo doing these days I wonder?

[Mike K.]

Last prognosis we saw was how the market would become a renter’s market. 🤷🏼

[Matt R.]

I guess we're still waiting.

[Victoria Watcher]

[Nparker]

Our left-leaning governments of the past 5+ years have really made a difference* when it comes to housing affordability in Canada.   

*perhaps just not the difference they promised

[dasmo]

Maybe if they do more of the same thing we will get different results? 

[GaryOak]

We've been doing the same thing for the past 30-40 and that's what got us into the mess. And 4 years is no where enough time to turn the ship around on housing affordability. We're not going to see housing affordable relative to income for the majority of people for at least a decade.