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UNDER CONSTRUCTION
Customs House
Uses: condo, commercial
Address: 816 Government Street
Municipality: Victoria
Region: Downtown Victoria
Storeys: 7
Condo units: 57 (1BR, 2BR, 3BR, penthouse)
Sales status: pre-sales
The Customs House development encompasses a full restoration of the historic Customs House building at Wharf a... (view full profile)
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[Downtown Victoria] Customs House | Condos; commercial | 7- & 5-storeys | Under construction


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494 replies to this topic

#481 Bob Fugger

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Posted 30 December 2018 - 10:19 PM

^I am guessing his new plan is for his parents to die and he inherits the house!

 

sad to say I think that is how most people are planning to fund their retirement

He's an only child: I suggested to him that since his parents haven't had a mortgage on their home for decades, to have them put up the down payment on a multi-family (or even a SFD with a suite) as an investment.  Their wealth isn't going to anyone else.  He said that he's not comfortable with that...just before he finished his coffee and grabbed the bus back to his childhood home.

 

:banana:


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#482 Mike K.

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Posted 30 December 2018 - 10:31 PM

That scenario is extremely common these days. It’s one thing if you’re saving up a down payment and your living situation be damned, but it’s quite another if you’re dithering about and waiting for unicorns to appear like that major market crash that has been just around the corner since since 2006.

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#483 spanky123

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Posted 31 December 2018 - 08:44 AM

That scenario is extremely common these days. It’s one thing if you’re saving up a down payment and your living situation be damned, but it’s quite another if you’re dithering about and waiting for unicorns to appear like that major market crash that has been just around the corner since since 2006.

 

Agree with you on that one Mike. Many people, including myself, have predicted that housing prices would fall several times over the past couple of decades. It hasn't happened. The pattern here has been a flattening of prices of a period of time while economics catch up as opposed to any declines. With our loonie approaching peso territory I think the likelihood of a decline is even less now. In USD our housing is very attractively priced a there are no shortage of retirees who want to move here.



#484 MarkoJ

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Posted 31 December 2018 - 10:25 AM

With our loonie approaching peso territory I think the likelihood of a decline is even less now. In USD our housing is very attractively priced a there are no shortage of retirees who want to move here.

 

20% foreign buyer tax pretty much takes out the soft loonie.

 

Foreign buyers in Victoria are down 90%. 


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2018 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#485 spanky123

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Posted 31 December 2018 - 10:49 AM

20% foreign buyer tax pretty much takes out the soft loonie.

 

Foreign buyers in Victoria are down 90%. 

 

Not compared to where the loonie was 5-10 years ago! I suspect that most "foreign buyers" avoid the tax by actually moving here and/or having their kids who are attending school put the properties in their names. I don' think that there was ever much of a market for foreigners just buying property here and having it sit empty.

 

I find it ironic though that the solution to a failed tax and spend, anti-resource policy which has driven the loonie to the basement, is to tax foreigners to try and deal with the symptom of their self-inflicted  problems.


Edited by spanky123, 31 December 2018 - 10:51 AM.


#486 jonny

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Posted 31 December 2018 - 11:21 AM

Yeah, that's a common story. One of my best friends dithered for years and ended up paying $800k for a Gordon Head house he could have bought for $550k even just a couple of years earlier.

Heck, I'm guilty. Should have bought that one bedroom condo at 834 when I had the chance, but back then prices seemed ridiculous.

#487 MarkoJ

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Posted 31 December 2018 - 11:37 AM

Yeah, that's a common story. One of my best friends dithered for years and ended up paying $800k for a Gordon Head house he could have bought for $550k even just a couple of years earlier.

Heck, I'm guilty. Should have bought that one bedroom condo at 834 when I had the chance, but back then prices seemed ridiculous.

 

I bought a $198,900 crappy layout on bedroom at 834 when really, I should have bought a $264,900 one bedroom + den that was a much better deal but I was reading too much Garth Turner in 2009 and thought everything might tank. I figured I would lose less on the $198,900 unit.


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Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2018 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#488 Nparker

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Posted 31 December 2018 - 12:44 PM

I bought a $198,900 crappy layout on bedroom at 834 when really, I should have bought a $264,900 one bedroom + den....

Those prices seem like real bargains today.



#489 gstc84

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Posted 10 January 2019 - 12:54 PM

Looks like the crane is going up soon. It's laying along Government St next to the pit currently.


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#490 thundergun

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Posted 10 January 2019 - 01:18 PM

The hole is looking quite deep. How many levels underground are expected - 3 or 4?



#491 Gary H

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Posted 11 January 2019 - 02:05 PM



Looks like the crane is going up soon...

 

Indeed...

 

31764599677_a9ac3e0e2b_k.jpg

 

 

32831125458_dc7f536af2_k.jpg


Edited by Gary H, 11 January 2019 - 02:06 PM.

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#492 tjv

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Posted 11 January 2019 - 02:31 PM

The sign on the crane says "Banyan", they are from Victoria by a quick google search, but I have no idea who they are.  I'll have to ask around next week, unless someone here might know

 

https://www.banyangroup.ca/



#493 Victoria Watcher

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Posted 11 January 2019 - 02:35 PM

what percentage has sold here? mike?

#494 Mike K.

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Posted 11 January 2019 - 03:17 PM

85%.
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#495 Greg

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Posted 11 January 2019 - 04:27 PM

I'll be glad with the teeth-rattling blasting is over.



 



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