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?
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)