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Victoria's housing market, home prices and values


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#61 Mike K.

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Posted 02 October 2012 - 10:06 PM

Really? I think the very high ferry prices give people pause when considering to come here for vacations, etc.


Vancouver Island isn't a cheap place to live no matter how you shake it. If someone chooses to cancel their move to the Island because of rising ferry rates they wouldn't have stuck around here for long anyways.

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#62 Baro

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Posted 02 October 2012 - 10:30 PM

I was about to spend over half a million dollars but that extra $50 pushed me over the limit :(
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#63 pherthyl

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Posted 03 October 2012 - 04:42 AM

I was about to spend over half a million dollars but that extra $50 pushed me over the limit :(


Haha. Not too far from the truth though. People buy half a million dollar houses and then get concerned about a $600 bill coming in at one time to fill up the oil tank.

Almost 60% live paycheque to paycheque.

So with a home ownership rate of 70%, that means ~40% of home owners live paycheque to paycheque. This is where the danger lies. A favourite argument for the housing bulls is that most people don't need to sell, and that is true. But there are many that cannot afford to carry any negative cashflow rentals during a downturn, and if they experience a personal economic shock have no recourse. Those are the people that drive a market like this one.

#64 true blue oak

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Posted 03 October 2012 - 08:32 AM

Was not that just the ferry would break people, but just the overall increasing cost of living here. Plus, we depend on tourism.

#65 jklymak

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Posted 03 October 2012 - 08:52 AM

Ok, we'll compare your approach with mine next August.


Your approach will only have been proven correct when you lock in your "savings". If things drop 10% by next August will you lock in your $53k of "savings"? Or will you wait a few more months to see if prices drop further? Once its pretty clear prices are actually going up, will you still have saved $53k? Then we'll compare our approaches.

#66 pherthyl

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Posted 03 October 2012 - 07:53 PM

Your approach will only have been proven correct when you lock in your "savings". If things drop 10% by next August will you lock in your $53k of "savings"? Or will you wait a few more months to see if prices drop further? Once its pretty clear prices are actually going up, will you still have saved $53k? Then we'll compare our approaches.


Fair enough. We'll compare when we buy. We backed out of our accepted offer yesterday after the building inspection revealed some bigger ticket items so well have a realistic comparison between a place we just almost bought and the place we end up buying in the future.

#67 true blue oak

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Posted 03 October 2012 - 07:55 PM

Fair enough. We'll compare when we buy. We backed out of our accepted offer yesterday after the building inspection revealed some bigger ticket items so well have a realistic comparison between a place we just almost bought and the place we end up buying in the future.


Sorry to hear that, pherthyl.

#68 skeptic

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Posted 03 October 2012 - 08:35 PM

Fair enough. We'll compare when we buy. We backed out of our accepted offer yesterday after the building inspection revealed some bigger ticket items so well have a realistic comparison between a place we just almost bought and the place we end up buying in the future.


Why didn't you try to negotiate the price down to account for the deficiencies? Serious buyers would have said "fix this or it's $X less."

#69 pherthyl

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Posted 03 October 2012 - 08:50 PM

Why didn't you try to negotiate the price down to account for the deficiencies? Serious buyers would have said "fix this or it's $X less."


Multiple offers. No significant movement on their side

#70 pherthyl

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Posted 03 October 2012 - 08:52 PM

Sorry to hear that, pherthyl.


Don't be, we're so relieved in retrospect. Gonna rent a nice house for another year or two. Baby coming in feb, it's gonna be exciting.

#71 Mike K.

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Posted 03 October 2012 - 09:16 PM

Fair enough. We'll compare when we buy. We backed out of our accepted offer yesterday after the building inspection revealed some bigger ticket items so well have a realistic comparison between a place we just almost bought and the place we end up buying in the future.


Good to hear your inspector caught the issue and you backed out of the purchase.

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#72 Mike K.

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Posted 04 October 2012 - 07:32 AM

I renamed this thread to be a little bit more easier on the search engines. Please remember it is now called "Will Victoria's house prices fall or rise between summer of 2012 and summer of 2013?" If someone can suggest another name please let me know.

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#73 true blue oak

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Posted 04 October 2012 - 10:23 AM

TC has a story on local real estate.

Interesting quote at the end - predicting Canada's housing bubble will burst in the next year or two with drops around 25% (not my words).

#74 true blue oak

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Posted 04 October 2012 - 01:31 PM

hmmmm. If you [edited out by admin] you can vote again. Interesting. However, also disappointing.

#75 Mike K.

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Posted 04 October 2012 - 03:50 PM

Interesting, even we didn't know about that little loophole. In any case I'll edit Blue's comment to keep peeps from getting ideas :) I hope you don't mind?

Generally speaking I don't think there's too much in the way of vote sabotage on this forum. I don't think it's that kind of place.

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#76 true blue oak

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Posted 04 October 2012 - 06:19 PM

Interesting, even we didn't know about that little loophole. In any case I'll edit Blue's comment to keep peeps from getting ideas :) I hope you don't mind?

Generally speaking I don't think there's too much in the way of vote sabotage on this forum. I don't think it's that kind of place.


Don't mind at all - and make sure to get the quote below that post as well - but please know that I voted two more times for my choice to see if it would actually register, which it did, so please take that into consideration.

#77 sebberry

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Posted 04 October 2012 - 06:46 PM

Don't mind at all - and make sure to get the quote below that post as well - but please know that I voted two more times for my choice to see if it would actually register, which it did, so please take that into consideration.


I removed the post and rolled your poll vote back by 2. Thanks for letting us know :)

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#78 skeptic

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Posted 04 October 2012 - 07:19 PM

I removed the post and rolled your poll vote back by 2. Thanks for letting us know :)


Wow, you guys takes yourselves way too seriously. Do you think anyone really cares enough to bother stuffing the poll? It's not as if it's going to affect anything!

#79 sebberry

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Posted 04 October 2012 - 07:28 PM

Oh come on, let me have some fun ;)

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#80 true blue oak

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Posted 04 October 2012 - 07:42 PM

I removed the post and rolled your poll vote back by 2. Thanks for letting us know :)


thanks - I appreciate your fixing my experiment.

Skeptic - life is a beautiful! We should meet for coffee sometime.

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