I've heard that there are line-ups almost as long as the passport office one's for new condos in Vancouver's trendy neighbourhoods. What's the story in Victoria? Victoria's Truth has an insight into price reductions in the Victoria condo market. What did we find? Two general trends:
- Either the doors on the display suite offices were locked
- Or the display suite office was open and there were people inside, but they were staff and not potential buyers
We live not too far from the Richmond Gate development and we've watched it go up with curiosity. We've discussed it as a potential home for us for the long term. We like the neighbourhood and could see ourselves staying here, but not at those prices.
They started selling small one-beds at $250K. Now, you get a one-bed, 1.5 bath plus a computer closet for $340K (at 750SF). My friend sold his 2000 SF house with mortgage helper last year at the peak, just around the good corner from there, for $430K.
The marketing for RG seems diminished. There is no "lifestyle" pushing going on. Instead it's being touted as "affordable luxury". Considering you can get the same "affordable luxury" for $100K less on Goldstream Avenue in The Strathmore (you can spend the extra $10K yourself to swap out the fixtures and counter tops that make the difference there), what incentive is there to be in town? And does it equal a $100K premium?
The housing markets are more balanced between Langford and Saanich (in our market segment anyway). Why the big difference in condo prices?