Friday, February 23, 2007

Friday News Hunt

Fridays are particularly good news days to check in with the local goings on in the world of housing.

Please use the comments to add to sources if there are any glaring omissions.

More commentary on the Building a Housing Legacy Budget here, here and here.

VHB's abrupt self-declared end gains some noteworthy coverage. And his list of resources is a worthwhile weekly read.

Local news:

Vancouver Sun behind a firewall; if anyone has access, feel free to post highlights in comments... please don't bend any copyright laws.

Gotta say about the Hudson... who are they kidding? I'm guessing that the prices will be significantly higher than the current 30-40% premium we pay for new units on the market now. Yesterday in the TC a report suggested that an income of $135K is necessary to cover a mortgage on $520K (current victoria average); correct me if I'm wrong but the current average condo price is $350K... downtown is higher priced, Hudson will be selling in 2009-10 most likely, I don't know how any single person will be able to afford $1800-2300/month mortgage payments.

1 comment:

Village said...

I still believe a majority of condo owners are speculators. Mind you, I count speculators as those who buy a home and require continued above normal appreciation to make it work. But I'm all for them building more, better for me in the long run.

As a potential buyer, anything beyond $250k for me requires a suite to make it financially viable. Yet, most places I see with a suite are jacked up in price beyond the difference a suite will pay.

It's all very frustrating really. I would like to buy, start a family and have a mortgage payment that won't kill me if one of us loses a job in the next 30yrs of our working life. It is bound to happen at least once or twice over that timeframe. =)