MLS numbers courtesy of the VREB via Marko Juras. These numbers are for the Victoria Real Estate Board's reporting area, including Sooke, Shawnigan Lake and the Gulf Islands.
Month to date March 2011 (last week's numbers in brackets)
Net Unconditional Sales: 266 (119) +147
New Listings: 647 (279) +368
Active Listings: 3,765 (3,638) +127
Weekly sales to new listings ratio: (40%)
Month-to-date sales to new listings ratio: 41% (40%)
March 2010 totals
Net Unconditional Sales: 789
New Listings: 1,719
Active Listings: 3,712
Sales to new listings ratio: 46%
Sales to active listings ratio: 21% or 4.7 MOI
Despite the relatively high sales to new listings ratio, the true story about current market state in Victoria is being told in the low sales and listings volumes. Active listings volume typically peaks in Victoria in the spring. We're not seeing enough new listings to create significant negative price pressure. Nor are we seeing sales volumes at a level necessary to create upwards price movement.
Things look to be shaping into a dull spring market punctuated by a lack of quality offerings and a dearth of active buyers.
81 comments:
Went through an open house this week end. It's too soon to start looking, there isn't enough inventory to select from. It's just aggravating seeing the left over winter crap.
I know there are nice homes out there, they just aren't listed for sale right now.
Last week 46 Howe went big time over asking. A number of homes in Gordon Head went at or over asking.
Sales are slow but whenever anything decent comes along buyers are quick to snap it up.
Not seeing the March 18th rush in the condo market whatsoever.
What do you all think of 1274 Centre Rd.? It just came up today on my PCS.
Hi all. I haven't got time today to do the full stats from my pcs. However, for SFH min 2 beds & 2baths in Victoria,OakBay,Esquimalt,Saanich EAst & Saanich West priced between $375K and $775K there were:
New: 58
Sold: 30
P/C: 20
8 out of the 30 sold went for under BC assessment.
There was about an even number of sold & new listings in condos.
Sorry....those stats were for last week, i.e. 6 March - 13 March
1274 Centre Road. I think if it had a 5500 sq/ft standard city lot it would be more appealing. None the less I think it will probably sell given the price and the fact that it does not appear to be a tear down.
46 Howe Street was set up as an auction by Re/max Camosun. They got $690,000 for the home. Not that good when you consider that 122 Howe sold in December for $896,000.
Sure, the home that sold in December was updated. But another hundred grand for renovations on 46 Howe would give the home a WOW factor.
So in my opinion, the auction was a flop. And I would say a longer exposure, than four days, to the market would have gotten the estate a higher price. Especially after I looked at the house in the 300 block of Richmond that is listed in the mid $800K mark. 46 Howe was a "steal" of a price.
Thanks for you opinion on the Centre Rd. house, Marko. I agree that the lot size is an issue, but it does look like a pretty reasonable small house in Fernwood, all things considered. I think it'll sell fairly quickly because of the price and quality compared to most places I've seen come up in that area lately.
my spidey-sense tells me that we will see a listings surge soon with flat sales.
No evidence, just a sense.
Yup, I looked at that house on Howe. It was extremely under valued as it stood. It is much bigger, with a better floor plan than the fixed up ones that have sold recently, or are currently for sale.
I don't see any pressure for price drops until fall. The threat of rising rates won't hit home, until they actually do.
Jeez, I look at the location of that rancher and think it could be a tough sell. I think that's probably the worst area of Fernwood with a lot of low rent apartments and transients. It's not a neighborhood, I would feel comfortable living in, I'd be eye balling everyone in the neighborhood - wondering what they were up too.
This is where you find people with facial tattoos - not that there is anything wrong with that.
Ha ha -- yes, Just Jack, maybe you're right that it isn't the absolute nicest part of Fernwood. I just looked at the Google street view of it, though, and the street and surrounding houses look pretty descent. It was more the inside of the house that surprised me since I'm used to seeing absolute pieces of crap when anything in that area comes up on my PCS for under $500,000.
"But another hundred grand for renovations on 46 Howe would give the home a WOW factor."
I don't think 100k would get you there on 46 Howe. Your are looking at 15 to 40k just to remove and dump everything depending on your luck as far as abestos goes.
Imagine that. To renovate 1,900 square feet being more than a hundred thousand dollars or $50 a square foot. Makes you wanna cry.
Didn't know about the asbestos. Even a small 3' x 3' board behind a furnace will cost $3,000 to $5,000 to have removed by a team. Including ventilation equipment, etc.
Strange thing is, I would tear out the carpet, refinish the floors, paint, new kitchen counter tops and add a bathroom to the upper floor. Since I own a chainsaw, I could do most of the delicate finishing work myself.
Oh well, one can only dream.
I did not go inside the house but given the vintage there is a high probability something in there contains 1% asbestos content (1% or more is considered a health hazard by WCB).
Looking at the pictures I certainly hope whoever bought it had the vinyl floors tested. The underlay can sometimes be 30-40% asbestos content. $$$ to remove.
Would you bother removing the vinyl tiles? Why not float a coat of gypcrete concrete over top. Then do an acid wash on the concrete. It would level out all of the floor imperfections and give a nice finish to the floor.
The co-host of an HGTV show about turning unsightly properties into attractive real estate has been charged with extortion.
Barrington Anthony Sayers — who co-hosts The Unsellables and was also the featured carpenter on the W Network series Me, My House and I — was arrested on the weekend, Toronto police announced Monday.
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Does anyone need anymore proof that the housing market is finished.
So far, about 250 couples from Manhattan to Victoria have registered for a down payment on homeforthehoneymoon.com, which was launched in January by Christina Carrick and Patricia Kiteke, both real estate agents at Pemberton Holmes.
"This is a new idea. It's the first registry of this kind in Canada," Kiteke said Thursday.
Specializing in first-time buyers, the pair said while couples may be able to afford mortgage costs, they often need help to come up with a down payment.
"That's usually the most challenging part of home ownership," Carrick said.
--------------------------
Why wait till their betrothed. Why not get them at the kindergarten level. Parents should be holding back 10 percent of their allowance for a down payment. I'm sure someone at Pemberton is working on it right now. Their slogan could be:
"If your child can sign their name with a crayon - they can be mortgage free before they're 40"
Does anyone need anymore proof that the housing market is finished[?]
Yes. Yes, I do.
That brings up a good point.
What is it that would make people believe that the bull real estate market is finished? That prices have crested in most areas and types of properties and are now on the downward slide?
I think for most Americans it came as a shock to them that on one day the press was saying the real estate market is fine and it's a good time to buy and the next day the paper is telling how prices have dropped 10, 15 percent. I think for most people they won't accept the change in the market until it happens to them. When they go to the bank and the bank tells them that they don't have enough home equity for the loan. Otherwise they will make excuses such as that home on our street sold below market because it was an:
estate
divorce
foreclosure
bad real estate agent
they just wanted to sell quickly
Which are the excuses I'm hearing today.
^^You raise an interesting point here, Just Jack. You say that Americans only realized that the housing market was a bust once they read it in the press. If the TC keeps pumping out overblown articles on the wonderful state of real estate that they've just copied and pasted from realtors, most people will continue to believe it. There is very little critical thinking that goes into reading the newspaper, although there absolutely should be. Once the press jumps on the housing market slide bandwagon, tides will really start to turn. I can't tell you how many people tell me that I'm wrong that the market will likely drop because "the Times Colonist says that it will only go up." For most people, newspaper = truth.
A lot of quirky things happen when there are not enough buyers. A property on Claremont just sold this week.
Originally listed 131 days ago for $689,000 and assessed at $675,000. Just sold for $600,000. When less than a year ago a smaller home without a water view a couple of houses up from this property sold for $645,000.
So how many offers would you think were made on this property. I'm guessing only one (1).
That's what happens when you're the only bidder. After 131 days on the market, sellers get really nervous and any offer looks good.
http://www.realtor.ca/propertyDetails.aspx?propertyId=10365122&PidKey=-344278889
"WATERFRONT BEACHES"
wtf?
What always surprises me is the # of listings with spelling and grammar mistakes.
FTB's rush in and buy before Mortgage rules kick in.
http://www.cbc.ca/news/canada/calgary/story/2011/03/15/calgary-starter-home-mortgage-rules.html
Can we create a consortium and start a marketing campaign to spread the truth about this ridiculous housing market?
@Sudden Valley I'm in.
"You say that Americans only realized that the housing market was a bust once they read it in the press."
The ones who do read the press, that is.
Americans in general only really got clued in around 2007 or even 2008 and I would expect it would take a couple of years of falling prices plus double digit unemployment (which we will get, just wait) until the message sinks in here.
Sudden Valley, I'm in too but you won't make any friends.
I tried a few times once and got lambasted. No one wants to hear that their sure thing isn't so sure.
S2 (JJ's better half)
I am very careful with who I share my beliefs here - I have the same experience as S2 - people, understandably, don't want to hear that their largest asset may not always go up in price indefinitely.
People need to hear it nonetheless. I have told all my good friends here so that the can decide for themselves - it clears my conscience.
"People need to hear it nonetheless. I have told all my good friends here so that the can decide for themselves - it clears my conscience."
Thank god your friends have you to watch out for them as they flounder through their lives...
Back in 2005, 2006, 2007, 2008, 2009, 2010 the bears also tried to "save" their friends. The ones that ignored the bears enjoyed huge gains in their real estate. So this year, FOR SURE, is the year to stay away from real estate?
@ EatMe - just so we are clear, I have only been a "bear" here for the last year or so. I enjoyed tremendous gains in previous properties that I have owned.
I am not saying that one can never make a profit off of a property (although that was never my intent - they were always homes, not investment vehicles) - I am just saying that the signs are showing that this may not be one of those times.
Your name really says it all, and maybe mine does as well.
Why don't you put forth an argument of why real estate is a smart purchase in Victoria today, in 2011.
Eatme deduces a common err,
That everyone here was always a bear.
If only he knew how many of us were bulls,
While he was likely the bear.
Thank god your friends have you to watch out for them as they flounder through their lives...
Despite the abrasive nature of your post, I would tend to agree. The information is out there for anyone interested enough to look. If someone is not interested enough to do a little looking for both sides of the story, why would I want to try and cram it down their throat?
I tend to stay away from arguing about real estate with my friends. All I can say is that it doesn't make sense for us to buy at the moment, and I believe it is overvalued. However, who am I to say that it won't go up more? Vancouver is far more insane than here, and yet the market has continued to increase at an incredible rate just in the last 6 months.
I'm pretty certain we will be flat or declining, but I'm not going to pretend to give expert advice to friends. The truth is, no one knows.
OK - white flag up. I try to inform my friends because I care about them. Nothing more. I don't hawk over them or try to tell them how to live their lives.
If you had a good friend in this market that was going to buy a home wouldn't you take them aside for a moment and tell them what you think?
I do. And I think that is what makes me a good friend.
If you get into your car and the oil warning light is on - what do you do?
One, find out what is going on.
Two, keep driving because no one knows?
Most people have just kept on driving, and the warning light has gone off. This has lead people, like Eatme, to believe that its just a faulty light indicator. While what has happened is that the government has "fixed" the engine with longer amortizations, looser lending policies and crashed interest rates.
Well, the warning light is again on - but this time the mechanic has gone home.
If you get into your car and the oil warning light is on - what do you do?
One, find out what is going on.
Two, keep driving because no one knows?
Terrible analogy. The housing market is not a simple deterministic thing like an oil warning light.
Here's a better one if you really want a car analogy. You have a car with 300,000km on it. The farther you go the more likely it is to experience engine failure. So do you keep driving and hope for the best, or sell the thing? Yes that car is getting long in the tooth, but there's other people saying it's different cause it's a diesel, or it's an asian car, they go forever.
Could go either way.
"Terrible analogy. The housing market is not a simple deterministic thing like an oil warning light."
True.
Okay, say your splitting atoms in your basement ....
Property stool or property ladder?
Ahhhh, nothing says location, location, location like a home in South Oak Bay. An area, most think is impervious from sliding prices.
Well, one just sold for $755,000. A cute little home on Bartlett that was updated and sold some 3 1/2 years ago in August 2007 for $745,000.
Hey, I never said this was a good time to buy - just making a point about the confidence some bears show.
PS: and of course most of you played the markets perfectly! Bought at the right time, sold at the right time, rich beyond measure but love blogging the day away making the rent vs. buy arguments! I’m guessing everyone switched to oil and gold stocks and sold those at just the right time too?
So what are you guys recommending? Wait, rent and then buy...when? Everyone has to pay for shelter so we have to either pay rent or paying a mortgage (yeah, yeah and those that live in their parents basement or are rich and without a mortgage). Personally I think values may go down, at some point, by about 50% from where they are today. I just can't determine when that will happen and how much they may rise in the mean time! Boomers are crazy about real estate and may support the market much longer than any of us anticipate. They may look at all dips as buying opportunities - this is what happened with the internet stocks when the boomers were focused there. There was an opportunity to make huge money in those risky stocks and lots of people did. The pundits were telling us how crazy it was years before the final meltdown. They were right in the end but missed out on huge gains.
Make your own decision depending on your wants and needs.
If I won the lottery, I'd buy a home. It's not like I earned the money. Same if I made 200 or 300 large on a house and had oodles in my retirement funds. Big deal, I'm just trading mortgages.
But, if your neither of these cases then this might be the goose that laid the golden egg. Because, you can ALWAYS buy a house but few of us will have a quarter million in a bank account when we retire.
For the last couple of years, most people have coasted with the market and not had to make a choice, but that's coming to an end.
As Monty Hall would say:
"Do you want door number 1, 2 or 3"
@Eatme:
"I’m guessing everyone switched to oil and gold stocks and sold those at just the right time too?"
Kind of. Exited stocks after the first 5% downturn back in 2008, switched to gold & silver and am up 40%+ since then. Wasn't wise enough to get into oil, but I think a good opportunity is being setup right now. Japanese disaster on = Stock Markets down = Oil down. After Japenese catastrophy calms down a bit, it's back to Arabic revolts and oil up. Watch and see.
So what are you guys recommending? Wait, rent and then buy...when?
Rent, put some of your downpayment into silver and a little into gold. Buy oil soon, uranium stocks are on sale too. Keep your money out of US dollars, Euro and Yen. As for when to buy a house, I'm waiting for this global economic insanity to blow up. Take your pick on the possible triggers:
1. Arabic revolts spread to Saudi Arabia & cause oil to go to $150-$200. This starts Global Recession (Depression?) Part Deux. This time around, non-US countries won't have any reserves left to stimulate their economies so European style Austerity will be the name of the game. Taxes up, pensions cuts, Government lay-offs, Food inflation, Higher unemployment & in short less money to buy houses = real estate prices down.
2. European Domino Debt collapse - Portugal was just downgraded this morning, heading to IMF next more than likely. I give Europe a max of 2-3 years.
3. US muni-bond crisis - Expect massive Austerity in US in Q3/Q4 of this year if Fed doesn't step in with Helicopter dollars. US state debt crash = mass layoffs = less demand for Canadian Imports = Canadian Businesses suffering = lay offs in canada = less money to spend on real estate.
4. US QE3 - In order to prop up global stock markets, after June 30th QE2 being in theory finished, expect QE3 to arrive shortly there after. QE3 = futher debasement of US dollar. US Stocks go up, but because US dollar goes down, from our perspective it's like a flat-line or so. At some point around end of QE3 or QE4 - Globe loses confidence in US dollar, and US goes into full economic implosion. Maybe the Mayans were right about Dec 21st 2012. All the starts are starting to align. Once US tanks, given 70-80% of Canadian imports go to US, Canada's economy will crash too. Weak economy = no money for sheeple to buy real estate = real estate down.
5. China Crash - With 3 times more stimulus money injected into the Chinese economy than even the Bernank could print in the USA. China is now seeing 10-20% inflation. To curb that, they are raising interest rates FAST. Given some cities the house values are betwween 10 to 22 times gross income / year of average citizen. You don't need a Phd in economics to figure out that a massive real estate crash is only a question of time. RE crash in China = no money to buy US T-bills to prop up the trade imbalances & keep the US economy afloat. This will result in US Fed going from purchasing 70% of bond market T-bills to nearly 100%. When that happens, it will become beyond obvious that the US dollar is one massive ponzi scheem. US economy crashes & Canadian right after.
"Boomers are crazy about real estate and may support the market much longer than any of us anticipate."
Do you seriously believe this, or are you being sarcastic. You might want to look into how many boomers actually have any bank savings or RRSPs. If you think they can live on Federal or Corporate pensions that keep up with CPI inflation index (avg. 2% per year), when real inflation is 5 times higher and may end up going parabolic for basic life necessities (food, oil, clothing, etc).
Correction for #4. Canadian exports (not imports).
Also, no, not time to sell gold, silver or oil. Oil will be a sell between $130-$200. Somewhere in that range if it remains sustained for more than a few months, we'll hit a tipping point. Probably when you start seeing daily headlines one after the other that Oil will cause another global recession and hurt the (fake) recovery.
Hang on to that silver and gold until the very end, it will be worth... well, gold!
Well, Eatme, last month I was going to buy Uranium stocks. But I got busy with other things and didn't get around to it.
Did my inactivity make me a good investor or just lucky? What if I had planned to sell instead of buy?
Is inactivity in the real estate market making you a good investor or are you just lucky?
If your relying on just gut feelings, then you're gambling. And that's fine - just remember the table has been rigged for the last couple of years by the government.
Yeah the pundits were saying the dot com companies were over priced. And if you sold years earlier you would have not made the gains others did - but what would have happened if you sold a day late?
You have to sell to make the gains. So the question shouldn't be "when should I buy real estate" it should be "when should I sell real estate".
When I'm playing blackjack, I leave the table when I'm winning - not when I'm losing. Because, I know that I'll always want to play one more hand to get back what I just lost.
So do you split two fives?
Effective March 18, 2011, the following changes mandated by the Department of Finance, will be implemented.
New Guidelines:
1. The maximum amortization for insured mortgages with a loan to value greater than 80% will be reduced to 30 years (previously 35 years).
2. The maximum loan to value for refinances will be reduced from 90% to 85%.
Some lenders will continue to offer 35 year amortizations for conventional mortgages, as long as it is CMHC insured.
If your mortgage has been approved prior to March 18th lenders will be honour the mortgage amount and amortization as originally submitted. If revisions are made after the 18th prior to settlement, such as increasing the mortgage amount or changing the property, the new mortgage will fall under the new guidelines. All refinances will fall under the new guidelines effective Friday morning, March 18th.
Pre-Approvals:
Pre-approvals issued prior to March 18, 2011, that have NOT become live purchase and sale contracts by the 17th, will be re-qualified using the new guidelines when they purchase a property. All new pre-approvals, or changes to existing pre-approvals will fall under the new guidelines. The maximum amortization for conventional pre-approvals will be 30 years. However, when the a purchase for sale contract becomes lived it may qualify for 35 years with an “insurable” response from CMHC low ratio.
Switch/Transfers:
Insured mortgages with remaining amortizations greater than 30 years may be transferred by most lenders, as long as the existing terms of the mortgage are not altered. Conventional switches with an “insurable” response may have an amortization up to 35 years.
Ports:
For a straight port of an existing mortgage the borrowers can maintain their remaining amortization if it exceeds 30 years. For a port and increase, we may be able to look at a blended amortization, however, this will be on an exception basis only.
Stopped into the 834 show suite in the bottom of the Juliet, just out of curiosity. The salesperson was pitching me a 2 bedroom by telling me that this is the perfect time to buy because the market has dropped and so they can offer me great value. I found it pretty interesting that part of a sales pitch these days involves citing market devaluation.
"Wait, rent and then buy...when?"
When it's cheaper than renting. If buying is more expensive than renting, you're better off putting your money somewhere other than RE.
No more to it than that.
I bought a unit in there 2 years ago come August for under 200k and now they are asking 240k for a similar unit.
Unit 1105 (450 sq/ft, no parking) sold yesterday for $259,000 and I can see that unit 804 which is 491 sq/ft, identical layout just a tad bigger, same orientation sold for $219,900 back in 2009 so 1105 was probably $224,900 or $229,900 when the building launched.
I don't see the "devaluation."
They had a 680 sq/ft one bed + den, nice layout - den had floor to ceiling window as well, for $264,000 when it launched plus it was on MLS so an opportunity to get another $5,000 back if you were smart enough to pay a realtor $500 to write the deal up for you.
I thought that was the best deal in the building just too cheap to spring forward the extra cash.
^^ That's very interesting, Marko, because the salesperson was acting like prices have dropped and I should therefore get into the market now. According to your information, 834 prices haven't dropped, it seems, but the woman I spoke to obviously thought that that was a good way to pitch things. She also mentioned that they were able to offer units in the 834 at much cheaper prices than the what they had previously asked for units in the Juliet because of what she called the "drop in the market."
"Unit 1105 (450 sq/ft, no parking) sold yesterday for $259,000"
That's just insane.
I bought a unit in there 2 years ago come August for under 200k and now they are asking 240k for a similar unit.
That's the reward for taking on the risk of a pre-sale. Not reflective of what the market has been doing (which is nothing).
Now that they are close to occupancy that risk is basically zero so the prices come up.
Also, this is hilarious: Olympic Village owners sue Vancouver
"This is not my fault," said the unidentified owner. "All I did — I just paid $1.3 million for this unit."
"She also mentioned that they were able to offer units in the 834 at much cheaper prices than the what they had previously asked for units in the Juliet because of what she called the "drop in the market.""
The units at the834 are on average smaller than the ones at the Juliet so they are cheaper for the most part.
^^ Yes, I noticed that. The two bedrooms there are somewhere in the 775sqft range. Given that fact, it's again interesting that she was pitching the 834 as a bargain because of the "drop in the market." I'm just puzzled as to why someone in the RE business would think that a good strategy around here.
Drove by the Hudson today and noticed their "One Price Sales Event." All one bedrooms are $349,900 and all two bedrooms are $499,900. Does anyone remember what these places were going for originally?
The $349,900 unit was originally $399,900.
@Leo S That's a shocking story about the Olympic Condos (Story Here). 1.3 m for that?? Why would you ever?
@Just Jack and @Waiting - Thanks for the support.
@Everyone on HHV, What would you say are the top 10 Vic RE myths?
EG: #1 Buy now or get priced out forever. etc..
@Sudden Valley
This is similar to the one that you've already mentioned, but I constantly hear "You just have to get into the market."
"The $349,900 unit was originally $399,900."
Thanks, Marko. Maybe the original purchasers in the Hudson will take to suing someone Olymic Village-style...
Then lets add the Finlayson Reach condos on Bear Mountain - down 65% for new condo?
Victoria RE myth: It is different here.
Wow...this is a good start, TC.
Our version of HAM
Hot Albertan Market
Hot American Market
Hot Retiree Market
Hot "Anybody" Market just to scare the locals into buying. Fear is a prime motivator, especially if it is attached to greed.
You beat me to it, Simple Man. I just read that TC article and was pleasantly surprised. (The article doesn't, of course, say that prices might go down, but at least it highlights the affordability problem.)
"I showed the home this morning to a nice couple and I think they will be making an offer this afternoon."
Or when you ask your agent how much you should bid?
"The home is well priced and you should offer close to list price."
Or
"You should make your offer without subject clauses, then you have a better chance in getting the home."
Or
Are you from the neighborhood? Do you have an agent?
Do you need to sell your house?. Because I can take a look at it to see what its worth?
Or
"Yes, its a little small, back you can always add on."
Or
"A 6 feet 7 inches basement is normal for the neighborhood?"
And as your leaving the open house.
"I'm showing it again - this afternoon!"
"Did I tell you the owners are splitting up"
"They're willing to look at all offers"
"The cats are negotiable"
Why you should buy in Sooke.
Because it makes you younger.
By buying a home in Sun River Estates today, like the recent sale on Demamiel, you would have saved yourself four years of bank payments, taxes and maintenance. Because that's the same price the sellers bought the home for in March 2007.
So, who doesn't want to roll the clock back four years! Come to SunRiver Estates where people just keep on getting younger and younger every day!
At a recent open house I saw efflorescence on the basement foundations walls and a few large cracks that had been recently poorly patched (both vertical and diagonal cracks). I mentioned this to the realtor and he said he hadn't noticed. Either a very bad realtor because he hadn't seen what I did in a one-minute inspection, lying, or both.
Amazing what fools some realtors take the general public to be.
Me(after noticing water in the 1928 era basement after a heavy rain):What's the situation with the perimeter drains?
Realtor: I'm not sure but I do know the owners have installed a brand new sump pump.
Thanks for the numbers Marko. That's about all you contribute to this board. When it comes to real estate valuations you are as drunk on these BS prices as the rest of them. BC with especially Vancouver and then Victoria are fundamentally overpriced by any metric. It's especially laughable given that most countries are in correction mode but for some reason Canadians think we are running out of land. Such stupidity!!! I'm not sure when the correction is going to happen but it will be ugly. The less interested you are in this bag of sh!t investment, the more you have to gain in the long run. Be strong!!
Lina, thanks for the mortgage info....gonna pass that on to a friend....
Marko, thanks for the actual stats on the condo suites; I know someone who bought there....I wasn't aware of the price ranges for those things but one thing I do know: never buy a condo without at least TWO bedrooms and never get a place without at least ONE parking spot...
;-)
I'm sorry Worldtravellerplus, I fail to see your meaningful and informative contributions on this board to date. Marko has enlightened me considerably with respect to bi-laws/construction costs and overall general real estate. Marko is a breath of fresh air in the industry.
Marko is appreciated by me for more than just the numbers.
Tomorrow is another nail in the coffin of this morbid RE scene.
I like Marko too, he makes me think twice before I hit the send button.
"never buy a condo without at least TWO bedrooms and never get a place without at least ONE parking spot..."
Okay fair enough, I also know one thing, never buy a house without a double car garage, at least 5 bedrooms, a media room, a large deck overlooking the ocean and at least FIVE bathrooms.
"It's especially laughable given that most countries are in correction mode but for some reason Canadians think we are running out of land. Such stupidity!!!"
We aren't running out of land. Plenty of places in Canada where you can buy an acre under $10,000.
D-day tomorrow. Would love to see a graph showing daily sales running from mid-January to mid-April. Could be a roller-coast drop tomorrow. Might not be as well.
We've been averaging 30 sales a day for the first two weeks of March. Any over under for the average sales from now on in?
My inlaws live in a small prairie town. The houses there are largely 1940-1960's built. You can get a standard model for about $10,000 and a deluxe for $25,000.
Marko's game is that he realizes this board is full of bears that WANT to buy real estate but hate the prices. So his goal is to convince you that MAYBE there are good opportunities out there in the right neighborhoods. And I fundamentally disagree with that. The entire asset class is overvalued by 30-40% in Victoria so no matter where you buy, it will be a bad investment decision in the end. If you are buying for reasons other than investment then just go ahead and do it already...
but I do agree with your valuation of 30-40% overpriced.
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