5833 replies to this topic

[MarkoJ]

Anyone out there house selling or shopping right now? Is it still just as hot as it was last month?

 

It's hotter...we'll break last months record this month.

[Mike K.]

 

Victoria's 10 cheapest houses for sale, Spring 2016 edition

http://victoria.citi...g-2016-edition/

 

In a real-estate market synonymous with escalating real-estate prices driven by same-day sales and bidding wars with unconditional cash offers, is it possible to buy a starter home in Victoria's urban core (encompassing the City of Victoria, Esquimalt, Oak Bay, Saanich and View Royal) for under $500,000? How about south of $400,000?

 

Citified's spring 2016 cheapest homes list looks at the ten least expensive properties currently on the market and shows what's available for buyers looking to secure urban real-estate on a budget. Of course, given the recent fast-paced nature of the local real-estate scene, these homes may sell within days — at above asking price. [Full article]

[SamCB]

Super interesting, thanks for the article.
Might be interesting if it included DOM as well. Anything recent to the market at those prices is fishing for an over-asking price war. But if the listings are older they could be genuinely cheap.

[LeoVictoria]

Maybe a followup with the sold prices of each?   In this market asking price means little.

[LeoVictoria]

The CMHC says there is weak (what they call no) evidence for overvaluation, overheating, overbuilding, and price acceleration in Victoria.  The only market in Canada where they came to that conclusion.  

 

I think they haven't been paying attention.

 

http://househuntvict...s-out-to-lunch/

 

[spanky123]

The CMHC says there is weak (what they call no) evidence for overvaluation, overheating, overbuilding, and price acceleration in Victoria.  The only market in Canada where they came to that conclusion.  

 

I think they haven't been paying attention.

 

The CMHC has always downplayed the risk of price declines. They are hardly a neutral 3rd party though. A major housing price decline would have severe financial consequences to the organization.

[LeoVictoria]

The CMHC has always downplayed the risk of price declines. They are hardly a neutral 3rd party though. A major housing price decline would have severe financial consequences to the organization.

 

I don't think we are at risk of a price decline in the near future here in Victoria.  I just found it mind boggling how they looked at the current market insanity and concluded there was no evidence of even price acceleration.  

[Mike K.]

Maybe a followup with the sold prices of each? In this market asking price means little.

I do think it's a great idea to make a follow-up. I'll keep track of the properties and hopefully they all sell within a reasonable amount of time.

That being said I highly doubt we'll see bidding wars on low-end properties. If anything the offers will be below asking price.

[Mike K.]

April sets new Victoria real-estate sales record as buying frenzy continues

http://victoria.citi...enzy-continues/

 

1,286 sales surge 53% ahead of last April and nearly 15% ahead of March which itself was a record-breaking month with 1,121 sales. Could we see another record-breaking month, I wonder?

[Nparker]

...Could we see another record-breaking month, I wonder?

Perhaps, but eventually we are going to run out of inventory! 

[Mike K.]

What we're likely to see next year is a huge push for new single family dwellings on the Westshore. We're also going to start seeing the lands along the Westshore Parkway open up to development, stretching Langford's urban area further west.

[Danma]

That seems likely. The folks building out Royal Bay are likely pretty pleased with the timing of this as they get down to building that neighbourhood as well. 

[Nparker]

As pleased as I am to see the economic boost from new SFH construction, it does seem rather 20th century to constantly be expanding the suburbs. The CRD needs to push harder to densify and urbanize its core.

[jklymak]

Benchmark up 17.7%  http://www.vreb.org/current-statistics

 

^ While I agree, I think its hard for families to find appropriate dense housing. Some will say the demand is not there, but I talk to lots of families that want to live in town, and even in a  condo, but can't find anything large enough without buying a penthouse.  I really think conventional wisdom is wrong, and that more 3-bedroom condos would sell downtown if developers gave them a chance.  

[Nparker]

... I really think conventional wisdom is wrong, and that more 3-bedroom condos would sell downtown if developers gave them a chance.  

Agreed. I think we also need to look at how to make more townhouse/rowhouse developments feasible in or near the core.

[lanforod]

^^ I think that is somewhat right. A developer needs to design for families though. Don't just make a building with lots of 2 and 3 bedroom units. Plan better - where do families with 2 or 3 kids keep the toys, the bikes etc - account for that. Include kid friendly amenities, lots of green space, playground etc.. Design the condo layouts well - no bedrooms opening directly into living rooms. Soundproof as well as you can.

 

Ultimately, that takes a bite out of the bottom line, as doing all of that, if the demand to sell isn't there... It's hard to do a mixed development that would also include 1 bedrooms and bachelor suites - why would folks interested in those types of units buy in a clearly family oriented development...

 

It's much easier to deal with all that in a townhouse/row home development.

[jklymak]

^^ Yes, and the city certainly doesn't make it easy for infill.  We live in an infill where two 3000-sqft lots had one house, and then the developer tore it down and made into a pair of homes.  However, even this was like pulling teeth.  In particular the homes had to have parking to accommodate potential basement suites.  And the parking had to be in the back for some reason.  So instead of a little drive in the front, there was long shared driveway to the back, and two tiny spots.  Its pretty dumb, and doesn't make increasing density any easier.  To this day, I have absolutely no idea why the parking has to be in the back.  

[Mike K.]

Developers are not forcing the market, they are responding to the market and acting within the confines of our bureaucracy.

 

There is very, very little demand for three bedroom condos. The demand that is there is from people with a lot of money who can pay a premium for additional space. Some families would like to live in a condo or an apartment but it's simply not feasible for all of the reasons (and more) that have been listed above: extra soundproofing, additional storage, lots of green space (how would that work in downtown?), a playground (again, where do you put a playground?), bedrooms not linked with living rooms, etc.

[VicHockeyFan]

^^ I think that is somewhat right. A developer needs to design for families though. Don't just make a building with lots of 2 and 3 bedroom units. Plan better - where do families with 2 or 3 kids keep the toys, the bikes etc - account for that. Include kid friendly amenities, lots of green space, playground etc.. Design the condo layouts well - no bedrooms opening directly into living rooms. Soundproof as well as you can.

 

That sounds tough to pull all that off.

[jklymak]

Developers are not forcing the market, they are responding to the market and acting within the confines of our bureaucracy.

 

There is very, very little demand for three bedroom condos. The demand that is there is from people with a lot of money who can pay a premium for additional space. Some families would like to live in a condo or an apartment but it's simply not feasible for all of the reasons (and more) that have been listed above: extra soundproofing, additional storage, lots of green space (how would that work in downtown?), a playground (again, where do you put a playground?), bedrooms not linked with living rooms, etc.

 

Thats really hard to say, because there are really no three bedroom condos out there (that aren't penthouses).  Trust me, I looked for years.  An extra bedroom, with extra hallway etc, is at most 300 sqft extra, or ~$120k more.  We'd have gladly paid $120k more for a three bedroom place in our old building.  It didn't have anything special by way of greenspace or extra storage.  What we had already was fine.  We just needed that third bedroom.  (Well, "need" may be pushing it; strongly desired is more appropriate).  

 

People underestimate the advantages of living in a condo with kids.  As long as the town has enough playgrounds, living right downtown and walking places w/ your kids is a great lifestyle.  (I always thought the courthouse lawn would make a nice spot for a playground; oh well).