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Moving to Victoria - Ask Your Questions Here.


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#641 tjv

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Posted 18 August 2018 - 01:25 PM

What's going on with the condo market? The prices seem incorrectly inflated.  Did they recently spike and people are actually paying up? 

I see this tiny apartment listed at 469k https://www.rew.ca/p...perty_click=map

 

It was assessed in 2017 for $354,800. In 2014 it was bought for $219,000.  More than doubling in four years?  :whyme:

 

Then I see this article in July "Greater Victoria real estate sales are down from the same month in 2017 for the seventh month in a row as the once-hot market cools. A total of 708 properties sold through the Victoria Real Estate Board’s multiple listing service in June. That’s a 29.8 per cent drop from June 2017, when 1,008 changed hands." ... Sellers must be delusional. 

no, that sounds about right given the market.  Just like Vancouver, prices have risen substantially and a lot of people are selling their Vancouver west side house for ~$4 million and buying a nice house in Oak Bay for $1.5 to 2 million.  Both of my moms neighbours in Oak Bay are from Vancouver and ecstatic about how cheap they bought here

 

Prices have also surged because of lack of inventory which last year were less than half of normal, which also affected the amount of sales since there is nothing to sell there is nothing to buy.  Inventory has risen recently, but it still remains substantially under normal levels

 

I see lower prices coming especially once these new buildings come on the market.  https://www.timescol...ales-1.23357257

sorry don't hold your breath.  Construction costs are out of control and developers are simply passing these costs on to the consumer.  I don't have numbers to back it up, but I would guess construction inflation costs are running between 1.5 to 2% a month (I am in the commercial construction business btw)



#642 jonny

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Posted 18 August 2018 - 01:42 PM

Waiting to buy is the biggest financial mistake I ever made. I could and should have bought a downtown condo in 2012ish but didn't pull the trigger. I'd be laughing today.
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#643 1vanguy

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Posted 18 August 2018 - 04:37 PM

Waiting to buy is the biggest financial mistake I ever made. I could and should have bought a downtown condo in 2012ish but didn't pull the trigger. I'd be laughing today.

 

Laughing if you were able to sell and move to a cheaper city.  Otherwise you can't just take the profits out and move, as other places have gone up too much as well. 



#644 exc911ence

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Posted 18 August 2018 - 04:40 PM

Oh look, another comment to how Victoria has become a mini-Vancouver.  Insert GIANT EYE ROLL here.

 

Oh look, another rude person in Victoria.  :rolleyes:



#645 1vanguy

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Posted 18 August 2018 - 04:50 PM

Curious if anyone knows micro areas to avoid for earthquake safety (soil issues)?  Also are there are any resources to see which of the older brick buildings downtown have been seismically upgraded? I was thinking of renting an office on Herald Street to work out of but want to make sure it won't crumble.  Thanks ya'll. 



#646 AllseeingEye

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Posted 18 August 2018 - 08:27 PM

Curious if anyone knows micro areas to avoid for earthquake safety (soil issues)?  Also are there are any resources to see which of the older brick buildings downtown have been seismically upgraded? I was thinking of renting an office on Herald Street to work out of but want to make sure it won't crumble.  Thanks ya'll. 

Here you go and do note the vulnerability of the Fairfield/Cook Street Village area. Nice neighborhood in which to live, not such a great option if the Cascadia Subduction Quake aka "The Big One" hits:

 

http://www.empr.gov....es/default.aspx



#647 1vanguy

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Posted 18 August 2018 - 09:56 PM

Here you go and do note the vulnerability of the Fairfield/Cook Street Village area. Nice neighborhood in which to live, not such a great option if the Cascadia Subduction Quake aka "The Big One" hits:

 

http://www.empr.gov....es/default.aspx

 

 

 

looks like vic west is the worst due to liquification? http://www.empr.gov....iquefaction.pdf I don't see cook st village having a problem on this map. 


Edited by 1vanguy, 18 August 2018 - 10:09 PM.


#648 AllseeingEye

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Posted 18 August 2018 - 10:10 PM

/\....yup but I survived 5+ years there just fine, heh. Besides if we get smacked with a quake of that magnitude it really won't matter where you live......



#649 1vanguy

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Posted 18 August 2018 - 10:33 PM

From what I hear from experts is properly newer or retrofitted buildings will survive any big earthquake and that a tsunami is the biggest risk (not sure how much of victoria could be hit by one)....but maybe soil liquidification throws a wrench in that? Although I remember people saying richmond is really bad for that here, but it's not like you'd be killed, it's that the building would be unlivable in afterwards?



#650 Casual Kev

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Posted 18 August 2018 - 11:10 PM

Re: When to buy - if it's a place you will call home for the foreseeable future and you aren't tying up most of your money in bills, then you buy. People worry too much about maximizing financial profit decades down the road; basically anywhere in the world that is desirable and growing will have its real estate appreciate over time. In a low interest world rent will never be that much cheaper than a mortgage.


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#651 1vanguy

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Posted 23 August 2018 - 07:22 PM

Just got back from a few days in Victoria..had a nice time besides the smoke.  No luck finding a rental, yet..but I do know I'm interested in a newer unit in Vic West, Fernwood, Cook St Village, Inner Harbour, or maybe downtown (not around Harris Green Park) or Oak Bay. if anyone here knows of anything reasonably priced I'd love to hear about it! 


Edited by 1vanguy, 23 August 2018 - 07:24 PM.


#652 tjv

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Posted 24 August 2018 - 07:41 AM

^I would suggest waiting another week until the first of the month and as people give their notice new places will always come onto the market

 

Also remember right now is an extremely busy time as university students return to town and look for places to rent.  That will ease off quickly


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#653 Mike K.

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Posted 24 August 2018 - 07:47 AM

Did you check with the folks at Yello and V1488?

Both are in Harris Green, brand new buildings, with rental inventory still available (I think). V1488 is located across from a future Save On Foods that will open next year and the building is pet friendly. I’m not 100% sure on Yello and pets. You can check out both towers on Citified.ca.


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#654 GabriolaGirl

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Posted 24 August 2018 - 08:49 AM

Just got back from a few days in Victoria..had a nice time besides the smoke.  No luck finding a rental, yet..but I do know I'm interested in a newer unit in Vic West, Fernwood, Cook St Village, Inner Harbour, or maybe downtown (not around Harris Green Park) or Oak Bay. if anyone here knows of anything reasonably priced I'd love to hear about it! 

 

Friends of ours wrote emails to every building they wanted to rent in.  Explained who they were, what they did for a living etc, etc.  Basically a resume with a personal touch.  They were contacted by 4 of the 5 places they wanted within 3 weeks & the 5th place in 2 months.



#655 1vanguy

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Posted 24 August 2018 - 02:24 PM

Friends of ours wrote emails to every building they wanted to rent in.  Explained who they were, what they did for a living etc, etc.  Basically a resume with a personal touch.  They were contacted by 4 of the 5 places they wanted within 3 weeks & the 5th place in 2 months.

 

 

How do you find an email for a building? Isn't it property managers or condo owners?



#656 1vanguy

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Posted 24 August 2018 - 02:25 PM

Did you check with the folks at Yello and V1488?

Both are in Harris Green, brand new buildings, with rental inventory still available (I think). V1488 is located across from a future Save On Foods that will open next year and the building is pet friendly. I’m not 100% sure on Yello and pets. You can check out both towers on Citified.ca.

 

Yello had a ridiculous 12 lb weight limit for dogs. I didn't like the V1488 neighborhood. 



#657 GabriolaGirl

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Posted 24 August 2018 - 02:31 PM

How do you find an email for a building? Isn't it property managers or condo owners?

I think they just drove past towers that had rental office info on a sign out front and either called first or if they had email info. 

I didn't ask the specifics, my friend was just telling me that they didn't have a problem finding a rental in the tight rental market because of this technique.



#658 Bob Fugger

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Posted 24 August 2018 - 06:27 PM

Just got back from a few days in Victoria..had a nice time besides the smoke.  No luck finding a rental, yet..but I do know I'm interested in a newer unit in Vic West, Fernwood, Cook St Village, Inner Harbour, or maybe downtown (not around Harris Green Park) or Oak Bay. if anyone here knows of anything reasonably priced I'd love to hear about it! 

 

What do you consider "reasonably priced" for these highly sought after core areas?  Note that a "newer unit" pretty much puts you in a condo and I see in your photo that you have a dog.  It will be exceedingly difficult to find something with some green space, if that is a priority.



#659 1vanguy

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Posted 24 August 2018 - 07:53 PM

What do you consider "reasonably priced" for these highly sought after core areas? Note that a "newer unit" pretty much puts you in a condo and I see in your photo that you have a dog. It will be exceedingly difficult to find something with some green space, if that is a priority.


1800 would be pushing it for a nice one bedroom but I’d accept it with parking.

#660 sdwright.vic

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Posted 24 August 2018 - 09:23 PM

Our you can downgrade yourself to the Gorge. My building is 1978... but replacing all the elevators and balconies... redoing the drain thing around the building... starts $1350 a month with pool and "gym".

10 minutes from downtown by bus. Underground parking. Not alot in the hood... but the local bars have no issue with gay people (not saying you are- I am). Accept dogs Nd no size limit. Not the worst hood... Not the best. But if you want to get here and have different priorities.. it's not bad.

I am part of a DINK relationship... so dont care if I get my deposit back.... so have painted (better than what was here before) and done my own "upgrades" that will make them actually able to rent this place for more when I leave.

I do get to vacation for several times a year and spend a month in Mexico by not being downtown...
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