Give or take a few dollars. No disrespect meant to past, current or future owners.
MLS #231126 current price: $409,900 1200 SF 2 bed 2 bath in Langford
MLS #231281 current price $419,900 2470 SF 5 Bed 3 Bath in Fernwood
MLS #231271 current price $405,000 1877 SF 3 bed 2 bath in Esquimalt
MLS #231037 current price $387,900 1600SF 4 bed 2 bath in Saanich West
MLS # 228907 sold for 362,000 (ask was 389,900) 1590 SF 3 bed 1 bath in Saanich East
Just thought it'd be fun to have a look at what constitutes entry-level SFH around this town now. It wasn't that fun. Really kind of sad.
A Side Note: we'd like to say thanks to all who read this blog. This weekend, while I was in Vancouver watching the World Cup Triathlon, this site rolled over the 10,000 visitors mark! Not too shabby for barely 4 months worth of work. We estimate based on the site meter reports that 1 in 10 visitors stick around to read it and a total of 10 or so of you engage in discussion on the posts. We thank you. We enjoy doing this and will continue to do so for the foreseeable future.
UPDATE: Further to the discussion going on in comments, here's what it looks like financially. You can use the link on the sidebar to run your own numbers.
Using the How much can I afford calculator:
That's it folks. And that's using 25% down (on a $400K place) and assuming no other debt. I'm thinking the output is conservative and that a mortgage seller can get you "better" (read more) $. Sure you can amortize longer, why would you?
Here it is using the mortgage calculator:
Assuming household income of $72K (which is likely close to average in Victoria) $1830/month represents 30.5% of gross household monthly income.
Conclusion: given 25% down, over 25 years, at 5.5% interest, the average family can't afford the average home; instead, they can by a home that will require work in a neighbourhood that may be less than appealing.