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Victoria's housing market, home prices and values


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#741 Mike K.

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Posted 11 February 2015 - 08:15 AM

There is speculation the fed will cut rates even further very soon. The CAD has already reacted and dipped back over 26 cents.

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#742 gumgum

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Posted 11 February 2015 - 12:31 PM

Whatever happened to the the feds warning us that Canadians are WAYY too invested in real estate? All of a sudden they want us to pour more money into it in an attempt to water-down what happening to oil.

 

Just as long as the economy can stay afloat before the election!


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#743 pherthyl

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Posted 11 February 2015 - 05:55 PM

Whatever happened to the the feds warning us that Canadians are WAYY too invested in real estate? All of a sudden they want us to pour more money into it in an attempt to water-down what happening to oil.

Just as long as the economy can stay afloat before the election!


They don't want to stoke the real estate market. Lowering rates stimulates the economy as a whole. At the same time they've spent years tightening mortgage requirements to brake the real estate market. If this rate drop restarts the fire I bet more mortgage restrictions are coming

#744 Mike K.

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Posted 11 February 2015 - 06:27 PM

What would be an anticipated mortgage restriction?

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#745 Nparker

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Posted 11 February 2015 - 06:35 PM

What would be an anticipated mortgage restriction?

Larger down payments?



#746 pherthyl

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Posted 11 February 2015 - 07:21 PM

What would be an anticipated mortgage restriction?

 

Generally those come through changes to CHMC mortgage insurance restrictions or to lending guidelines for the banks.  In the past we've seen things like:

 

Reductions in maximum amortizations.  They went from allowing 40 year insured mortgages in 2008 to only 25 years today.

Increase in down payments.   No more 0% down mortgages

Tighter qualification standards.   In 2010 they introduced the requirement that borrowers have to qualify at the posted rate (generally 2-3% higher than what you actually end up paying).   Also reduced max TDS and GDS ratios for borrowers.

Reductions in the maximum loan to value for refinances (90% to 80% now).

Ceiling for insured mortgages ($1mil)

Fee increases for insurance and other various tweaks (tighter restrictions on self-employment and stated income, no more cash back, etc).

 

It's been one after the other since 2008 to try to counteract the stimulating effect of low rates on the real estate market.   It sort of worked in Victoria, didn't seem enough to slow down the market elsewhere too much.


Edited by pherthyl, 11 February 2015 - 07:22 PM.

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#747 Bingo

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Posted 04 March 2015 - 08:58 AM

Early spring-like weather and bursting blossoms provided a big boost to real estate sales in Greater Victoria last month.

The sale of single-family homes in Greater Victoria hit a seven-year high for the month of February as 285 of those properties were sold.

That’s the most for the second month of the year since 2008, when 295 single-family homes sold just before the start of the recession.

“The trees bloomed early in Victoria, and so did local real estate,” said board president Guy Crozier. “February was a busy month, with numbers closer to what we would expect to see in the spring.“

The board certainly anticipated an increase in sales for spring, but the increase we’ve seen exceeded my expectations,” Crozier added.

“The early spring combined with available low interest rates will likely create more demand for Victoria real estate as the rest of Canada digs out from winter.”

Crozier said although buyers are in a spring buying mode, the amount of available inventory may not be quite up to the pace.

- See more at: http://www.timescolo...h.drSB8ulZ.dpuf

 

 



#748 Bingo

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Posted 22 April 2015 - 03:20 AM

The Economist magazine estimates Canada’s housing prices overvalued by 35%

In fact, if the Economist's figures are any indication, experts warn, Canada could be facing the kind of devastation the U.S. went through when its housing bubble burst in 2006.says MacBeth, author of When the Bubble Bursts: Surviving the Canadian Real Estate Crash, noting U.S. investment in housing topped out at six per cent of GDP before the crash. 

"At seven per cent, our exposure as a percentage of total economic activity is higher, and then we've got this nationwide obsession with buying homes and condos," he said from Edmonton.

The Economist isn't alone in its assessment. Bank of Canada governor Stephen Poloz suggested in December that the country's housing market could be overvalued by as much as 30 per cent.

 

According to MacBeth, those best positioned to weather a possible market correction would be debt-free millennials — those between the ages of 18 and 34 — still looking to buy.

"If they haven't bought yet, their best strategy is to save up more for a down payment, and wait for the housing bubble to burst," he said. 

 

MacBeth also feels that those homeowners belonging to the baby boom generation, those between the ages of 55 and 69, "should be in good shape," so long as they've accrued healthy home equity over the years.

 

As for who may be in the toughest position?

"That would be people who bought recently," he said. "Those in the Generation X group, between 31 and 54, who, in my research, I discovered they have the highest exposure to real estate and the highest household debt levels, as well as the smallest amount of savings" in tax-free savings accounts, mutual funds and the stock market.

http://www.cbc.ca/ne...3042790?cmp=rss

 


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#749 29er Radio

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Posted 22 April 2015 - 07:37 AM

Hey Bingo great excerpt from The Economist. I was real excited to read an article in Apr 4-10 Economist about bad land use regimes and how it affects the economies of cities. It is a pretty complex subject and even though the writer was fundamentally against the way local government use zoning by laws to
restrict land use I found it hard to grasp how Victoria and CRD region could learn from the article. I know you VVers are a lot smarter than me so here is the link for your reading pleasure if you are so
inclined.


http://www.economist...-space-and-city
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#750 Mike K.

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Posted 25 May 2015 - 07:00 AM

Prior to Citified Victoria's launch, we're publishing this article directly on VV.

Victoria's 10 least expensive houses in May of 2015
 
MIKE KOZAKOWSKI, CITIFIED.CA
 
Greater Victoria is synonymous with mild weather, beautiful surrounds, ample recreational opportunities …and expensive real-estate. In a region full of $600,000 homes, are there opportunities to buy a centrally located house with a yard outside of the Westshore for less than $400,000? You bet. And several are absolute bargains if you're willing to overlook a few hiccups.
 
Below are the 10 least expensive houses currently for sale in Victoria's Urban Core as of May of 2015.
 
10-May-2015.jpg
Source: MLS.ca
 
#10 - $389,900
Address: 74 Regina Ave | Municipality: Saanich
Bedrooms: 2 | Baths: 1 | Square footage: 1,000

Built in 1917, the first home on our list features two bedrooms and a single bathroom in a 1,000 square foot single storey configuration. Situated in Saanich's Tillicum neighbourhood, the house is walking distance to Uptown Shopping Centre and just a stones throw to the Galloping Goose cycling thoroughfare. A unique perk of this 5,600 square foot lot is a standalone studio/workshop/rec room behind the home.
 
09-May-2015.jpg
Source: MLS.ca

#9 - $384,900
Address: 1229 Old Esquimalt Rd | Municipality: Esquimalt
Bedrooms: 2 | Baths: 1 | Square footage: 945
 
If a large lot is on your list, this property features 8,432 square feet affording plenty of yard space front and back. The 1949 home is only 945 square feet, although one of the bedrooms located below the main living floor has a separate entrance — perfect separation for a teenager or an in-law. Situated along Old Esquimalt Road at Rockheights Avenue, the location is desirable and in an established residential area with a mix of new and heritage homes.
 
08-May-2015.jpg
Source: MLS.ca

#8 - $369,000
Address: 1103 Lockley Rd | Municipality: Esquimalt
Bedrooms: 2 | Baths: 1 | Square footage: 815
 
Searching for a condo but just the right house might pique your interest? This could be the one. Updated kitchen, updated bathroom, a new roof, rear lane access — plus a landscaped yard — make this two bedroom and one bathroom layout in Esquimalt's Rockheights neighbourhood perfect as a starter home close to downtown Victoria and within walking distance to a variety of amenities.
 
07-May-2015.jpg
Source: MLS.ca

#7 - $359,999
Address: 1222 Lyall St | Municipality: Esquimalt
Bedrooms: 2 | Baths: 1 | Square footage: unknown
 
#7 on our list is a little bit of an anomaly. No description of the home is available, other than it's address, number of bedrooms and bathrooms, of which there are two and one, respectively, and photos indicate the home is empty (that's always nice). There is a decent sized yard, though, so if the location and the price are right, don't leave this home off your list.
 
06-May-2015.jpg
Source: MLS.ca

#6 - $350,000
Address: 518 Sumass St | Municipality: Victoria
Bedrooms: 3 | Baths: 1 | Square footage: 1,174
 
The first three bedroom home on our list clocks in at $350,000. And for a 1,174 square foot City of Victoria address within walking distance to a variety of amenities in the Burnside-Gorge neighbourhood, this is one to take into consideration. One note though, the third bedroom has a ceiling height of 5'10” and is tucked away in the attic. The home also features an unfinished basement that has potential to be upgraded and rented out or used for a teen's living area (or dad's man cave). Rear lane access makes parking easy, and for a family with kids, the next-door public playground will no doubt be a perk. The only downside for what is a relatively larger home is the single bathroom.
 
05-May-2015.jpg
Source: MLS.ca
 
#5 - $348,800
Address: 721 Admirals Rd | Municipality: Esquimalt
Bedrooms: 2 | Baths: 1 | Square footage: 884
 
Half way through our list of the 10 cheapest houses in Victoria's urban core we finally break the $350,000 barrier with this 1935 two bedroom, one bathroom, 884 square foot home in Esquimalt. If you work at CFB Esquimalt or NADEN, imagine being just minutes away from the gates. Admirals Road is currently undergoing a major upgrade which will help give the roadway a nice uptick in aesthetics. A variety of amenities are within walking distance, and you'll need them to keep that barbecue loaded on the nice deck overlooking a large yard. For under $350,000 in a neighbourhood undergoing gentrification and seeing interest from developers, this could be a good investment opportunity.
 

04-May-2015.jpg

Source: MLS.ca

#4 - $329,900
Address: 815 Old Esquimalt Rd | Municipality: Esquimalt
Bedrooms: 2 | Baths: 1 | Square footage: 1,021
 
Now we're talking. For under $330,000 two bedroom, one bathroom Esquimalt home with a large yard is a fantastic alternative to a condo. An absolute perfect starter home with ample storage room, an attic and a basement, all within walking distance to West Side Village in Vic West and in pleasant strolling distance to downtown Victoria. The home is move-in ready, and despite it's unassuming exterior, it packs quite a punch with over 1,000 square feet of usable living space.
 

03-May-2015.jpg
Source: MLS.ca

#3 - $319,900
Address: 2551 Prior St | Municipality: Victoria
Bedrooms: 2 | Baths: 1 | Square footage: 1,076
 
The Quadra-Hillside neighbourhood is full of amenities and is a short stroll to downtown Victoria. For just a hair under $320,000 this 1,076 square foot two bedroom, one bathroom home is a no-brainer for someone looking for a standalone house in the urban core of Victoria at a competitive price. A decently sized yard rounds out this listing.
 
02-May-2015.jpg
Source: MLS.ca

#2 - $299,900
Address: 271 Sims Ave | Municipality: Saanich
Bedrooms: 4 | Baths: 2 | Square footage: 1,871
 
Take it as it comes. This four bedroom, two bathroom 1,871 square foot home near the nexus of Tillicum Road and the Trans Canada Highway needs some serious elbow grease, but the possibilities are fantastic for the right buyer. Or just tear it down and build a brand new home on the nearly 6,000 square foot lot. Regardless, walking distance to Tillicum Centre and a quick drive to Uptown Shopping Centre is a perk, while the Galloping Goose cycling thoroughfare is nearby offering quick access to downtown Victoria.
 
01-May-2015.jpg
Source: MLS.ca
 
#1 - $299,000
Address: 778 Domion Rd | Municipality: Esquimalt
Bedrooms: 2 | Baths: 1 | Square footage: 778
 
Drumroll… we're finally at #1, officially the Urban Core's cheapest house! Clocking in at $299,000, this 778 square foot two bedroom and one bathroom home is situated on the border of Esquimalt and the City of Victoria's Vic West neighbourhood. But you'd better be ready for some upgrades as this 1912 home is starting to show
its age. C
 
© Copyright 2015 by Citified.ca. All rights reserved.


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#751 Sparky

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Posted 25 May 2015 - 07:15 AM

That's a good feature for Citified.
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#752 Mike K.

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Posted 25 May 2015 - 07:19 AM

You know, I'm surprised by just how much you can buy for less than $350k. #4 and #3 are great starter homes, IMO, as are #8 and #6. We often forget to look at the lower end of the spectrum because the industry tends to focus on what you CAN buy, i.e. in terms of what the bank will bankroll, and not necessarily what you could buy well within your budget.


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#753 Sparky

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Posted 25 May 2015 - 08:38 AM

I would buy one of those starter/retirement/fixeruppers in a heartbeat as opposed to a condo.

#754 sebberry

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Posted 25 May 2015 - 10:42 AM

I would buy one of those starter/retirement/fixeruppers in a heartbeat as opposed to a condo.

 

Indeed, but once you've brought them up to the standard of a comparably priced condo, you're in it for quite a bit of dough. 


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#755 Mike K.

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Posted 25 May 2015 - 11:44 AM

#3 and #4 seem like perfect little homes, they really do.

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#756 SamCB

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Posted 25 May 2015 - 12:41 PM

with 5% down you're better off buying a $500-600k house with a suite. Your mortgage payments can easily be less per month than buying one of these crack shacks with no suite.


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#757 Mike K.

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Posted 25 May 2015 - 12:54 PM

What's wrong with numbers 8 and 4 other than they're small? People pay $800,000 for a slightly larger home of the same age and of the same build quality in Oak Bay without batting an eye, but because the price is less they are automatically crack shacks in Esquimalt?


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#758 thundergun

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Posted 25 May 2015 - 01:47 PM

with 5% down you're better off buying a $500-600k house with a suite. Your mortgage payments can easily be less per month than buying one of these crack shacks with no suite.

 

Many people, myself included, have no desire to be landlords or have tenants living in a suite.


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#759 Mike K.

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Posted 27 May 2015 - 07:21 AM

The CMHC has released its 2015 outlook for Victoria. Prior to Citified's launch we'll be publishing select articles directly on VibrantVictoria.

 

CMHC predicts rise in Victoria housing starts and home values

MIKE KOZAKOWSKI, CITIFIED.CAPUBLISHED MAY 27, 2015

 

The Canada Mortgage and Housing Corporation's 2015 Housing Market Outlook is bullish on Victoria.

 

In 2015 housing starts are expected to rise 32% over 2014's total of 1,315. Some 650 of this year's 1,950 housing starts will be single family dwellings mostly on the region's Westshore. The Canada Mortgage and Housing Corporation (CMHC) anticipates an average home value of $508,000, a slight rise from 2014's $496,500.

 

Home sales through the Multiple Listing Service (MLS) will increase to 6,850 in 2015 from 2014's 6,371. 3,143 net unconditional sales have been recorded through the MLS as of May 25.

 

The rental property vacancy rate is expected to dip slightly from 1.5% to 1.4%, while average monthly rent for a two bedroom apartment will rise by $20 to $1,115.

 

For 2016 the CMHC sees a slight cooling off from this year's housing starts, anticipating a total of 1,850 homes. Average home prices will increase to $515,000 while MLS sales will cool to 2014 levels. The rental vacancy rate is expected to hold steady in 2016 at 1.4% with two bedroom apartments averaging another $20 higher at $1,135 per month. C

 

© Copyright 2015 by Citified.ca. All rights reserved.

 


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#760 Bingo

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Posted 28 May 2015 - 02:21 PM

I would buy one of those starter/retirement/fixeruppers in a heartbeat as opposed to a condo.

 

I did that 40 years ago and I'm not going to do it again.



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