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Victoria's housing market, home prices and values


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#1861 Mike K.

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Posted 01 June 2017 - 12:38 PM

Some 55,000 Victorians are just several years away from retirement age, and tens of thousands are now retiring. This means local job prospects are going to make for some amazing opportunities, but they are also expected to push real-estate prices higher.
 
Some food for thought in here, anyways.
 
Perfect-storm-of-jobs,-housing-demand-and-population-growth-to-push-Victoria-real-estate-values-higher.jpg
British Columbia's Capital Region is experiencing a construction boom as population growth fuels demand for housing. Job prospects and an increase in boomers choosing southern Vancouver Island as a retirement destination are expected to keep the housing industry busy for years to come.
 
Perfect storm of jobs and population growth pushing Victoria real-estate values higher
http://victoria.citi...-values-higher/

 

The Capital Region’s run-up in housing prices is far from over as a near perfect storm of demand pressures continue to push values higher and squeeze new supply.

In March of this year Citified published an article outlining multiple factors fuelling Victoria’s new-build housing prices and forecasting a square footage rate rise from an average of $650 to $1,000 for high-end inventory by mid-2018.

Some 90 days later, home buyers are already seeing condominium prices climb well in excess of $700 per square foot with desirable units fetching prices at or above $1,000.

“I’ve never seen anything like the market we’re in now,” says Steve Cox of Cox Developments, one of many local developers building thousands of high-density condominium and purpose-built rental homes across the region.

“The housing boom we’re in is for the first time driven not only by a single major factor like retirees choosing Victoria as a retirement destination, but also young people flocking to the Island for jobs and downsizers turning to condos. On top of that, rising rental rates have also started to push people towards ownership.” [Full article]


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#1862 Nparker

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Posted 11 June 2017 - 07:43 AM

Edit...moved to correct thread.


Edited by Nparker, 11 June 2017 - 08:47 AM.

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#1863 johnk

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Posted 11 June 2017 - 10:47 AM

The Bowker in OB has cracked the $1000/sq ft price, PH unit advertised @$1.6 mil for 1600 sq ft.
Looked at a 1220sq ft condo in another bldg. (research for the future) that went for about $550K. We have about $475K total in our 3000 sq ft 1912er, renos included. Oy!

Edited by johnk, 11 June 2017 - 10:49 AM.


#1864 Nparker

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Posted 11 June 2017 - 11:45 AM

...We have about $475K total in our 3000 sq ft 1912er, renos included...

Are you saying your 3000 square foot 1912 home is only valued at $475,000? That doesn't sounded quite right to me, unless you are not in the CRD.



#1865 johnk

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Posted 11 June 2017 - 12:35 PM

Are you saying your 3000 square foot 1912 home is only valued at $475,000? That doesn't sounded quite right to me, unless you are not in the CRD.


No, its our total cash outlay. 300K purchase, about 175K in reno work.
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#1866 Awaiting Juno

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Posted 19 June 2017 - 02:13 PM

No, its our total cash outlay. 300K purchase, about 175K in reno work.

 

You've owned it for quite some time then.  Late 90's is my guess.



#1867 Fat Tug

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Posted 19 July 2017 - 10:26 PM

Lots going on in the write-up of this property... https://www.realtor....Columbia-V8T1K5

 

Seller will finance your purchase AND help you engage in tax avoidance!



#1868 VicHockeyFan

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Posted 20 July 2017 - 07:04 AM

It looks like a John Asfar property. Good luck with him holding that 2nd mortgage over you.

You'd be better off with the Grim Reaper as your mortgage lender.
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#1869 Citified.ca

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Posted 01 August 2017 - 09:42 AM

Real-estate-re-sales-drop-21-in-2017-january-through-july.jpg

Purchases of re-sale properties throughout the Capital Region have dropped by 21% year-to-date over last year as a lack of re-sale inventory and high prices suppress purchasing opportunities. The sales of un-built pre-sale offerings, however, remained buoyed

 

Real-estate sales drop 21% as Victoria market struggles with inventory squeeze, affordability

http://victoria.citi...-affordability/


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#1870 johnk

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Posted 01 August 2017 - 10:24 AM

You've owned it for quite some time then.  Late 90's is my guess.


May 1, 1995.

#1871 johnk

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Posted 01 August 2017 - 10:27 AM



Three weeks ago a 1958 split level on my street went for $200K over ask. All the neighbours thought even the ask was really high.
Still bizarro world out there.

Edited by johnk, 01 August 2017 - 10:30 AM.


#1872 FirstTimeHomeCrier

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Posted 01 August 2017 - 10:57 AM

I'd be curious to know how the sale price compared to the other offers on the table. Was it actually a bidding war, or was the buyer just so frustrated with losing bidding wars that they threw in everything they could offer?



#1873 Mike K.

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Posted 01 August 2017 - 11:17 AM

It's not usually that secretive, is it? I'd imagine several offers were received, and one buyer decided to outpace them all. As VHF says, if there's a bidding war the asking price was set too low.

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#1874 johnk

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Posted 01 August 2017 - 12:32 PM

I'd be curious to know how the sale price compared to the other offers on the table. Was it actually a bidding war, or was the buyer just so frustrated with losing bidding wars that they threw in everything they could offer?


AFAIK it was the first offer and seemed like a bully offer to me. No bidding war. It took less than 24hrs from the for sale sign going up so I imagine the sellers just grabbed it immediately.

Edited by johnk, 01 August 2017 - 12:34 PM.


#1875 lanforod

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Posted 01 August 2017 - 03:09 PM

At 200k over asking, it's a nice 'bully' offer. Sure, there is a small risk they could have gotten more, and possibly their closing dates are short, but for 200k, who is complaining?

 

Speaking of bully offers though, you'd think folks willing to spend so much would try offer any house they really like an amount - whether its for sale or not. Someone could bite. If someone were to offer me 200k more than I think I could get if I listed, I'd think hard about it (assuming we're talking under 7 figures here for asking).


Edited by lanforod, 01 August 2017 - 03:13 PM.

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#1876 Mike K.

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Posted 01 August 2017 - 03:44 PM

Do you think that such an offer would motivate you to sell for that offer, or motivate you to put your property on the market to see if you could get even more?

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#1877 VicHockeyFan

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Posted 01 August 2017 - 05:11 PM

At 200k over asking, it's a nice 'bully' offer. Sure, there is a small risk they could have gotten more, and possibly their closing dates are short, but for 200k, who is complaining?

 

Speaking of bully offers though, you'd think folks willing to spend so much would try offer any house they really like an amount - whether its for sale or not. Someone could bite. If someone were to offer me 200k more than I think I could get if I listed, I'd think hard about it (assuming we're talking under 7 figures here for asking).

 

Yup.  Good idea.


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#1878 lanforod

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Posted 01 August 2017 - 06:25 PM

Do you think that such an offer would motivate you to sell for that offer, or motivate you to put your property on the market to see if you could get even more?


More likely sell for that offer or counter it.

#1879 LJ

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Posted 01 August 2017 - 07:16 PM

Do you think that such an offer would motivate you to sell for that offer, or motivate you to put your property on the market to see if you could get even more?

Yeah I think most people have a figure in mind what they would sell their property for and if somebody offered 200K more you would probably jump at the chance. Especially now, with the NDP trying to run the show shutting everything down that makes money you know people are going to start moving out of province, reducing demand.


Life's a journey......so roll down the window and enjoy the breeze.

#1880 Matt R.

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Posted 02 August 2017 - 12:32 AM

For a half mil I've got a townhouse for you, and for another 3/4 I can offer up a profitable business on a desireable gulf island. Call me.

Matt.
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