The Times Colonist states:
The Oak Bay property that set the record last year for the highest sale price in Greater Victoria is on the market again - but for $7 million moreAm I the only one that doesn't get this logic? For $#@& sakes Sylvia, they've done nothing to the property in a year and you price it up by 60%. And an even bigger what the $&#% to the TC for not questioning this one bit. No market in Canada has grown by 60% in the past year. Victoria's hasn't even gone up 10%. Sizzling, yah right.
It is one of several Greater Victoria properties on the multiple listing service with price tags topping $10 million as Victoria's real estate market continues to sizzle.
"There are definitely more properties listed at this price point," said real estate agent Sylvia Therrien, who is selling the estate at the corner of Rutland Road and Beach Drive.
Within this group, the Rutland property, with more than 215 metres of waterfront, three islets, a private woodland, seven bedrooms and 10 bathrooms, is the "crown jewel," she said yesterday when asked to explain the $7-million jump.
Record sales sure. Record sale prices too. Don't forget record number of listings. Rising interest rates. A forestry industry that is all but shut down. An economy that has inflationary pressures that could lead to recession. A stock market that has lost over 700 points (4%) in four days. Keep it up pumpers, keep it up.
OK. I shouldn't get myself worked up over this stuff. So I'm going to do two things today: a long ride to de-stress after my Last University Exam Ever; and show the MSM of this town just what I think of this sewer, ahem, real estate pumpage with a taste of soccer-inspired hooliganism left over from the U-20s...
Updater: CBC is on it today... look out.
UPDATERER: That 4% loss in a week has almost doubled today; we're now talking about a loss on the week of close to 7%. And we still have a day of trading left. I genuinely hope you all aren't losing too much savings today.
The U.S. subprime mortgage sector has been a source of worry in the United States for several months, as rising interest rates have led to more people falling behind on their mortgages or going into default.
In addition, the failure of a group of banks to a sell a debt package for Cerberus Capital's acquisition of Chrysler prompted worries about corporate lending.