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Victoria's housing market, home prices and values


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#761 MarkoJ

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Posted 29 May 2015 - 05:51 AM

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

 

Have to love their 2016 predictions.....100% guess in my opinion.


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#762 Mike K.

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Posted 09 July 2015 - 05:21 AM

Housing-starts-first-half-2015.jpg

 

Housing starts rise 65% throughout south Island

By Mike Kozakowski, Citified.ca

http://victoria.citi...t-south-island/

 

Housing starts throughout metropolitan Victoria rose sharply in the first half of 2015 compared to the same period last year, according to the Canadian Mortgage and Housing Corporation's (CMHC) preliminary housing start data.

 

Construction started on 984 homes in the first six months of the year, a rise of 65% over 2014's 596. The biggest jump was in multi-unit housing projects totalling 681 units compared to 336 the year before, an increase of 103%. Single family home construction rose by a comparatively small 17% to 303 starts from the previous year's 260. Throughout the province housing starts increased over last year's 2,324 by 30% to 3,010. [Read more]


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#763 Mike K.

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Posted 29 October 2015 - 08:32 AM

Victoria receives sole perfect score in CMHC real-estate assessment

http://victoria.citi...ate-assessment/

 

Victoria has achieved the only perfect score in a Canada Mortgage and Housing Corporation assessment of 15 Canadian real-estate markets.

 

The assessed period covers August through October and describes Victoria's housing supply and demand ratio as evenly balanced with no concerns regarding upwards price pressures or overbuilding. [Full article]


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#764 johnk

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Posted 29 October 2015 - 10:32 AM

A mortgage broker told me yesterday that banks were being tough on lending but demand was crazy. A realtor friend also said demand was nuts right now.

#765 Szeven

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Posted 29 October 2015 - 10:52 AM

Vancouver had no overvaluation in July but it does as of August? lol what?


Edited by Szeven, 29 October 2015 - 10:52 AM.


#766 lanforod

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Posted 29 October 2015 - 11:22 AM

I don't think anyone can argue that Vancouver hasn't been overvalued for a long, long time.



#767 Mike K.

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Posted 29 October 2015 - 11:27 AM

Overvalued is now the new normal in Vancouver :)


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#768 Mike K.

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Posted 02 November 2015 - 10:15 AM

October property sales surge 20%; inventory dampens

http://victoria.citi...entory-dampens/

 

The start to the fourth quarter of 2015 showed no signs of let up for Victoria real-estate.

 

According to statistics released by the Victoria Real-Estate Board, 734 homes on the Multiple Listing Service (MLS) sold in October, beating out last October's total of 602 sales by 20%. These figures, however, do not include pre-sales of condos, townhomes or single family dwellings which are rarely listed on the MLS.

 

Victoria REALTOR® Marko Juras says 2015 has been a pivotal year in the local real-estate industry since the market crash of 2008. [Full article]


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#769 Mike K.

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Posted 04 November 2015 - 03:20 PM

Downtown Victoria building boom to deliver nearly 1,000 housing units by 2018

http://victoria.citi...-units-by-2018/

 

Nearly 1,000 condos and rental apartments are currently under construction in downtown Victoria as a fever pitch building boom continues.

 

A seemingly insatiable appetite for purpose-built rental homes is the driving force behind construction activity totaling 643 units across five projects. From affordable to condo-like quality apartments, developers are rushing to address a multi-decade lull in purpose-built rental construction with lenders eager to invest in stable, long-term opportunities as a hedge against low interest rates.[Full article]


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#770 Mike K.

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Posted 24 November 2015 - 12:15 PM

Latoria-Road-construction-November-2015.jpg

 

Buyers flock to Latoria Road corridor's semi-rural suburban housing

http://victoria.citi...burban-housing/

 

The Latoria Road corridor cutting through the southern edge of the municipalities of Colwood and Langford is undergoing an explosive transformation as buyers turn to the semi-rural suburban community on the Westshore.

 

The four kilometer long east-west connector, once lined with farms and acreages, links Metchosin Road in Colwood and Happy Valley Road in Langford, respectively, and represents one of the most active development areas on the south Island where nearly 700 homes are in-planning, under construction or have been recently occupied. In addition to that figure approximately 450 homes have been earmarked for development at Colwood's Olympic View Golf Club, accessed off Latoria Road, and 1,800 residences are envisioned for the Royal Bay community soon to get underway at the east end of Latoria Road (recently realigned and renamed Latoria Boulevard). [Full article]


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#771 nagel

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Posted 24 November 2015 - 12:21 PM

Future unhappy TCH commuters.


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#772 Mike K.

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Posted 24 November 2015 - 01:13 PM

It's one of those things, I guess. Either you pay $800,000 plus high taxes for a home with a yard in the centre of the urban core, or you pay $650,000 with lower taxes for a larger home with a larger yard that requires a commute. Damned if you do, damned if you don't.


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#773 nagel

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Posted 24 November 2015 - 01:55 PM

It's one of those things, I guess. Either you pay $800,000 plus high taxes for a home with a yard in the centre of the urban core, or you pay $650,000 with lower taxes for a larger home with a larger yard that requires a commute. Damned if you do, damned if you don't.

Totally damned both ways.  I chose the former and if I hadn't I'm sure I'd be a TCH complainer too.  Aren't the taxes about the same though?  I thought the taxes in Colwood for instance are quite high, $ for $.



#774 Mike K.

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Posted 24 November 2015 - 02:38 PM

Could be, for sure. I guess I'm making an assumption based on what peeps in Langford are saying.

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#775 johnk

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Posted 24 November 2015 - 04:37 PM

It's one of those things, I guess. Either you pay $800,000 plus high taxes for a home with a yard in the centre of the urban core, or you pay $650,000 with lower taxes for a larger home with a larger yard that requires a commute. Damned if you do, damned if you don't.


And most likely another car if one of the couple works somewhere else. Hard to own and operate a decent car for less than $500/month.

#776 Szeven

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Posted 24 November 2015 - 05:31 PM

Not to mention a 30 minute drive for a good cocktail or a coffee. Although that close to the world's best 1.50 hot dog? Pros and cons..... pros and cons.......


Edited by Szeven, 24 November 2015 - 05:33 PM.


#777 Mike K.

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Posted 24 November 2015 - 06:01 PM

I quite like that area myself, actually. Royal Bay is going to be insanely popular. Think Bear Mountain+Royal Oak+Dean Park but oceanside. It's going to be spectacular.


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#778 Szeven

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Posted 24 November 2015 - 06:05 PM

You know more about what is planned than I do so I hope you are right. Given housing prices I thought the demand would be 2500 sq ft houses on 2500 sq ft lots, not like dean park.

#779 Sparky

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Posted 24 November 2015 - 06:26 PM

 the world's best 1.50 hot dog

 

Ok, I'll bite (sorry) Where exactly is the infamous $1.50 hot dog served up?



#780 LJ

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Posted 24 November 2015 - 06:35 PM

Sparky, on 24 Nov 2015 - 7:26 PM, said:

Ok, I'll bite (sorry) Where exactly is the infamous $1.50 hot dog served up?

You're kidding me Sparky. Get thee to Costco.


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