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Victoria's housing market, home prices and values


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#5821 Mike K.

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Posted 02 April 2024 - 04:19 PM

Do you live in a tin can under a bridge, bruh? :banana:

In Victoria, the PTT for an average house is $24,000, or $400/month for a five year term mortgage. Do that 2-3 times in your life and you'll be handing over $100,000 for no good reason, at all (inflation factored in).
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#5822 Citified.ca

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Posted 02 April 2024 - 05:26 PM

Real-estate activity from March shows house sales are still king, but the downtown condo market is facing headwinds.

 

Victoria's March real-estate market delivered house sales at a $1.29M average, while property listings rose 35% over last year


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#5823 m3m

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Posted 02 April 2024 - 05:48 PM

Do you live in a tin can under a bridge, bruh? :banana:

In Victoria, the PTT for an average house is $24,000, or $400/month for a five year term mortgage. Do that 2-3 times in your life and you're handing over $100,000 for no good reason, at all.


You’re not really saving that money. Would the home be $24000 less if there was no PTT? No, the homeowner would sell it for $24000 more in most circumstances.

I have no desire to own a $1+ home. I’ve only ever owned condos. If I’m buying a million dollar home, my money goes much further overseas.

#5824 Mike K.

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Posted 02 April 2024 - 07:34 PM

Of course it would be less. All these fees and taxes add up.

A $500k condo racks up $8k in PPT. A $750k condo is $13k.

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#5825 Victoria Watcher

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Posted 02 April 2024 - 07:38 PM

You’re not really saving that money. Would the home be $24000 less if there was no PTT? No, the homeowner would sell it for $24000 more in most circumstances.

.


It might not be $24,000 less. But your logic here defies economics 101 principles.

Your logic suggests if the GST or PST on general purchases was lowered or raised there would be no change in the total cost of products including tax.

#5826 Mike K.

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Posted 02 April 2024 - 07:48 PM

It makes buying a home that much harder, having to pay the PTT up front. So you’ve spent a decade saving up that $200k to make a jump from condo life to an SFD.

Congratulations, you then get to pay an extra $24,000 if you bought an average priced home. So you’re going to do the smart thing, and have your real-estate agent price your condo for sale at $500,000, plus $24k, plus the realtor fees, plus closing costs, so you’ll list it at $579,900.
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#5827 dasmo

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Posted 02 April 2024 - 08:57 PM

Do you work for the government m3m?
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#5828 m3m

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Posted 03 April 2024 - 10:26 AM

Do you work for the government m3m?


Hahah no.

#5829 Mike K.

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Posted 03 April 2024 - 06:10 PM

Flipping tax coming Jan 1, 2025. From the Province:

B.C. is taking action to target housing speculation to make sure more people can find an affordable home in the communities where they live and work.

“Buying a home is one of the biggest milestones in people’s lives – whether it is their first apartment or sizing up for a growing family – everyone wants to find a place to call home and build a good life,” said Katrine Conroy, Minister of Finance. “We don’t think families should have to compete against wealthy speculators when they are purchasing a home, which is why we’re taking action against investors who use the housing market as a stock market.”

B.C. is introducing the Residential Property (Short-term Holding) Profit Tax Act, commonly referred to as the B.C. home-flipping tax. The legislation discourages investors from buying housing only to turn a quick profit. Income from residential property resold within two years will be subject to the tax.

“Homes are meant to be lived in by people in our communities, not used for speculation,” said Ravi Kahlon, Minister of Housing. “While some want to allow speculation in the housing market, allowing speculators to make a quick profit – we know that people can’t afford that. We will keep building up supply and take action on the driving forces behind rising prices, including speculation.”

In a year, approximately 4,000 properties are expected to be subject to the tax. All revenue from the tax will go directly into strengthening housing programs and building new homes in B.C.

“We see the Province has been putting policies in place that will make homeownership in multi-family communities affordable,” said Tony Gioventu, executive director, Condominium Homeowners Association of BC. “The tax will slow the speculator frenzy that happens when a flippable property is listed for sale frequently, resulting in unauthorized, unpermitted rushed alterations, leaving communities with a legacy of building failures and conflict. This new tax, partnered with the expanded first-time homebuyers benefit, will help give people the boost they have been needing to be able to purchase their first home and support sustainable communities.”

People who face unavoidable life changes, including divorce, death, illness, relocation for work, job loss or a change in household membership, will be exempt from the tax. Builders will also be eligible for exemptions if they are adding to the housing supply, including building housing on residential property with no existing housing, or adding an additional suite or housing unit to a property that has an existing home.

The tax goes into effect on Jan. 1, 2025, once legislation is passed.

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#5830 Nparker

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Posted 03 April 2024 - 07:22 PM

More socialist BS.



#5831 dasmo

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Posted 03 April 2024 - 07:46 PM

It’s too late for that hahaha. The time for that was at least ten years ago. How many people are making a killing buying a house for a million and flipping it for 1.1 million?
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#5832 Matt R.

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Posted 03 April 2024 - 09:19 PM

How many ndp mla’s have flipped homes in the past?

#5833 dasmo

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Posted 03 April 2024 - 09:56 PM

They should get their hands out of our pockets, focus on infrastructure and helping rebuild an actual prosperous economy not based on real estate. Energy, tech, manufacturing, tourism, entertainment. The only way out of the housing crisis is to stop importing students by the millions and to let wages increase to catch up. This is how balance has always been restored. Instead they are stifling our economy, importing more people, increasing taxes, and over regulating us.
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#5834 Nparker

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Posted 03 April 2024 - 09:59 PM

In other words, government is basically doing everything wrong, and ensuring that we may never get out of the current mess.


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