Friday, May 4, 2007

Sign of the Times

If you buy through this realtor, they will pay the 1% land transfer tax and the legal fees.

And if you buy through this realtor, they will also pay the transfer tax and legal fees.

I seem to recall a discussion on Victoria's Truth a while back about skipping the buyer's agent and asking for their commission when you buy. Maybe this is as close as it gets?

Feel free to offer up your own commentary.


Anonymous said...

Those "creative advertising" agents should add up costs to buyer, and post in their ad. Without a tenant, they say costs $2722 per month. They say you have to make $5100 per mo to qualify to "buy" this castle.

So, far as I know, the person who earns $5100 per month is carrying home a net of JUST ENOUGH to buy a box of Kraft dinner every night.

I'm looking at a scenario of NO tenants for a while. Never mind IF and WHEN unexpected repairs pop up. I bet this house is also behind God's back, at the LOW, LOW price of $469k.

Anonymous said...

I don't get it. The average salary in Victoria is something like $45,000. This market is so strange. Spain fell apart because the same thing was happening there (and we know about the U.S.)

hhv said...

I think I read the median household income in Victoria is $65K somewhere recently.

Anonymous said...

I found this on Money Sense Victoria is $59,015

At the other end of the house-affordability spectrum is a cluster of British Columbia communities:

Median Price1 Median Household Income2 Years to Buy3
Vancouver, BC $699,000 $57,926 12.1
Parksville, BC 499,000 48,668 10.2
Victoria, BC 519,900 59,015 8.8
Squamish, BC 499,000 63,275 7.9
Abbotsford, BC 405,600 51,788 7.8
1. Single-family detached house
2. Median Household Income, 2001 Census
3. Years to buy a house.

The numbers here are sobering. In Vancouver, it would take more than 12 years of saving every penny of the median household income to buy a midrange house. If that doesn't impress you, consider this: three out of every 10 homes in Vancouver are now listed for more than a million dollars. Even in Toronto, another notably expensive city, the median price for a single-family detached house was only 5.3 times the median household income.

In contrast, Leamington, our No. 1 city, is a beacon of affordability. It would take only 2.9 years of a typical Leamingtonian's income to buy a median-priced house in the community.

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Anonymous said...

I have read also recently that the average household income is around $45,000 in Victoria. I suppose if the median is $59,000, then there are a lot of households in the very very low range. is that right?

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