Tuesday, March 4, 2014

It's March

High time for the spring market to get going.   So how is it looking?  Well not that great.  The VREB has the details as always.


Marginally better sales than last year but that's nothing to write home about.   We're still far off any semblance of a good market.   

More graphs coming later, for now, here's an advertisement idea I saw for you, Marko.  Maybe hand out some flyers?


Courtesy of the League of Gentlemen.

251 comments:

«Oldest   ‹Older   201 – 251 of 251
dasmo said...

"..almost Mediterranean-like..."
Exactly...
Valladolid /Spain

Over the course of a year, the temperature typically varies from 0°C to 29°C and is rarely below -4°C or above 34°C.

The cold season lasts from November 13 to February 29 with an average daily high temperature below 12°C. The coldest day of the year is December 19, with an average low of 0°C and high of 8°C.

Victoria
Over the course of a year, the temperature typically varies from 2°C to 20°C and is rarely below -3°C or above 24°C.

The cold season lasts from November 22 to February 20 with an average daily high temperature below 8°C. The coldest day of the year is December 13, with an average low of 2°C and high of 5°C.

SJ said...

@Just Jack
"to lead Canada into its worst financial disaster"
@Jack and Cate
"15 minutes of fame flying the flaming economy"

The Jacks should lay off the pessimism pipe.
Canada will continue to lead the advanced world. Our next door neighbour has one of the fastest growing regions on the planet.

http://business.financialpost.com/2014/02/28/canada-gdp-surges-2-9-in-final-quarter-blowing-past-expectations/

http://www.theglobeandmail.com/report-on-business/economy/housing/alberta-housing-market-set-to-surge-bmo/article17493280/

reasonfirst said...

Dasmo,

Are you trying to say they are similar? 20 vs 29, 24 vs 34???...but I guess as your definition of flat is pretty liberal too, that makes sense.

Also, Valladolid is 500 km north of the Med. and nowhere near any other ocean/sea.

dasmo said...

..."the city of Valladolid experiences the continental Mediterranean climate"

0°C to 29°C is pretty close to 2°C to 20°C. It shows a mild climate that doesn't go to extremes.

You can balance their high temp with our shorter cold season and higher low temp ;-)

info said...

@ Marko

"This is the first year in my personal business that I've actually had a lot of people from Alberta, Saskatchewan and Ontario buying in Victoria."

You haven't provided a source or any numbers for your claim.

Let's leave our personal experiences (that are not backed by hard numbers) out of the conversation. I could have mentioned that I know a number of Albertans that bought condos in Arizona and Florida over the last 4 years, but I left that out. (I asked them if they considered buying in Victoria and they said that they had not because Victoria's winters are cold in comparison to southern US cities and prices in Victoria are ridiculously high).


"The winter out east definitely swayed one guy into buying out here sooner than he thought he would."

There is no evidence that Canadians from other cities are buying a lot of properties in Victoria.

There is evidence that many Canadians are buying properties in warm US cities. Canadians are the largest group of foreigners buying properties in the US.

Canadians from other cities are not buying a lot of properties in Victoria. There is no evidence that out-of-town buyers have positively affected house prices in Victoria over the last number of years.

Anonymous said...
This comment has been removed by the author.
Anonymous said...

"There is no evidence that out-of-town buyers have positively affected house prices in Victoria over the last number of years."

Here’s some recent record-setting evidence.

…penthouse has sold for $5 million, a record high for a condominium in the capital region… An out-of-town buyer is the purchaser…

http://www.timescolonist.com/news/local/sale-of-david-foster-s-5m-victoria-penthouse-would-set-new-record-1.856558

info said...

@ dasmo

"0°C to 29°C is pretty close to 2°C to 20°C. It shows a mild climate that doesn't go to extremes".

"You can balance their high temp with our shorter cold season and higher low temp ;-)"

As I have said a number of times, it isn't uncommon for Victorians to wear winter coats, toques and gloves from November to March.

Victoria, BC weather (temperatures in degrees Celsius)

December 2013:

Date___High___Low
3______ 3.9___ -0.9
4______ 2.8___ -5.4
5_____ -0.2___ -5.8
6_____ -1.3___ -4.7
7_____ -0.9___ -8.8
8_____ -0.4___ -8.1
9______ 1.3___ -2.3
10_____ 2.6___ -0.6
11_____ 4.3___ -0.6
12_____ 4.2___ -1.3

19_____ 2.9___ -1.6
20_____ 2.4____0.3

23_____ 6.1___ -0.9
24_____ 5.6___ -0.2

28_____ 6.5___ -0.8
29_____ 7.3___ -0.5

January 2014:

Date___High___Low
3_____ 8.1____ -0.7
4_____ 5.4____ -3.3
5_____ 5.3____ -1.8
6_____ 3.8____ -1.0

February 2014:

Date___High___Low
1_____ 4.9___ -0.8
2_____ 5.0___ -1.3
3_____ 3.7___ -0.4
4_____ 0.3___ -3.0
5____ -0.8___ -3.8
6____ -0.5___ -4.6
7_____ 0.8___ -5.8
8_____ 2.4___ -6.7
9_____ 2.6___ -2.5

21____ 6.3___ -0.5
22____ 2.6____ -1.0
23____ 1.4____ 0.1
24____ 1.0____ -0.3
25____ 6.1____ 0.0

Obviously, temperatures in Victoria from November to March are not comparable at all to temperatures in states such as California, Arizona and Florida. Many Canadians have bought properties in warm US states over the last 4 years. Southern US cities have warm winters and prices there are no longer in bubble territory (since reverting back to the mean). House prices in Victoria are clearly in bubble territory.

Beach/ocean activities are extremely limited in Victoria from November to March, in comparison to Florida, for example. Even in summer, the ocean water around Victoria is too cold for swimming. Most Victorians would agree with that.

Many Victorians vacation in Hawaii, California, Arizona and Florida each year to escape the rain and cold in Victoria from November to March. That says a lot about Victoria's winters.

LeoM said...

Wikipedia for Victoria has some excellent climate information charts and graphs for Victoria's "Mediterranean climate". If you're using a smartphone to view this information look under the heading 'Geography' then Climate.

Victoria on Wikipedia

info said...

@ SJ

"There is no evidence that out-of-town buyers have positively affected house prices in Victoria over the last number of years."

"Here’s some recent record-setting evidence."

"…penthouse has sold for $5 million, a record high for a condominium in the capital region… An out-of-town buyer is the purchaser"

One sale does not prove that out-of-town buyers have positively affected house prices in Victoria over the last number of years.

Consider the source. Pump-a-roo!!

dasmo said...

@ LeoM... from Wikipedia "Victoria has a temperate climate with mild, rainy winters and cool, dry and sunny summers. The Köppen climate classification places it at the northernmost limits of the cool, dry-summer subtropical zone (Csb) or cool-summer Mediterranean climate, due to its dry summers"

dasmo said...

@ info, people have also been known to wear shorts and t-shirts in the winter...
https://www.youtube.com/watch?v=NR_3zTOOANo

info said...

@ Marko

"6-7 years of flat in Victoria while other markets have appreciated doesn't hurt either"

Prices have not been flat in Victoria over the last 6-7 years. This chart makes that clear.

. . . . . . . . . . . . . Percentage Price Decline From Peak . . . . . . . . . . . . . .
. . . . . . . . . . . . . Greater Victoria Single Family Homes. . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . .0%. . . . . . . . . . . . . . . . . . . . . . . . . .*. . . . . . . . . . . . . . . . . . . . . . . . .
- 1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 3.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 4.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *. . . . . . . . . . . . . . . . . . . . .
- 5.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 6.0%. . . . . . . . . . . . . . . . . . . . . . .*. . . . . . . . . . . . . *. . . . . . . . . . . . . . .
- 7.0%. . . . . . . . . *. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 8.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .* . . . . . . . .
- 9.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-10.0%. . . . . . . . . . . . . . . .*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-11.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *. .
-12.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-13.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-14.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-15.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-16.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-17.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-18.0%. . . . *. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-19.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-----------------------------------------------------------------------------------------------
. . . . . . . . . 06. . . . .07. . . . .08. . . . .09. . . . .10. . . . .11. . . . .12. . . . .13. .

Source: index

December single family home index price levels and the peak (May 2010) have been plotted on this chart.

Clearly, single family homes prices in Victoria have been declining since 2010. There have been 39 consecutive months of (year over year) price declines for Greater Victoria single family homes.

reasonfirst said...

Coolest average sea temperature in the Med: 16.6C around Victoria 9.9C brrr.

dasmo said...

Lakes are for swimming...

neo said...

@ dasmo

Halibut wearing a troll suit ? :-)
Having just spent 10 days in Southern California @ Laguna, Newport, Santa Monica, etc beaches I think you are reaching a bit. Lakes are cold here in Victoria (did you try the Polar bear swim this year @ Thetis ?) year round, but ok in the summer when the air heats up.

Thousands (10's of thousands easily) people were in the *ocean* water; surfing, swimming, splashing, and not freezing :-)

Temperatures ranged from 20C-32C during the day. Lows @ ~13C a few nights. Seriously awesome weather. No lakes required :-)

No link provided as google.com works well.

dasmo said...

Just because I don't share your world view and enjoy pointing out it's flaws does not make me a troll... Who's says you are not the troll in this relationship?

"(a troll is a person who sows discord on the Internet by starting arguments or upsetting people,) by posting inflammatory, extraneous, or off-topic messages in an online community,"

Speaking of surfing, Tofino is continually being ranked as one of the best places to surf in North America...

freedom_2008 said...

I used to work for a big hi-tech company in San Jose, so traveled to CA lots times in the past. We also have a condo in AZ now, and spend one to two months there each winter.

We drove across Canada and US before, from east to west and back, we also drove along 101/1 from Victoria to San Diego, in winter and in summer. Only when we got into CA coastlines, we felt that it could be similar or more beautiful than those in Victoria/Vancouver Island.

CA beaches are nice of course, AZ sun are bright and warm in winter for sure, but none of them are home to us, we were there only visiting. Visiting a place and living in a place are two totally different things, trust me.

The above is not about the housing price or its changes, as we are just observers, and we did what Garth did, only have less 30% wealth in houses.

To us, Victoria is the best, weather wise and people wise, in Canada. And Canada is our home, no matter what.

neo said...

@ dasmo

The smiley's are real; I was gently kidding. I don't think you are a troll, and I'm not trying to be one either.

Sometimes I get bored with the 'best place on earth' vibe I get in Victoria. I've lived here most of my life, but have lived & worked (years) in Australia, and traveled and lived in other countries (Europe, US, New Zealand, etc) and many parts of Canada. Many places have been fantastic for a variety of reasons (climate, housing, food, public transport, etc).

Victoria has lots going for it, but the climate is not exclusively great (not that you said it was).

I try to only discuss empirical data; empirically Victoria is pretty good overall (climate, crime rates, jobs, etc). That is not a world view, just fact.

But, other places have 'good' attributes too, e.g. the Okanagan has hot summers and snowy cold winters - which many people like for outdoor recreation. And on topic, some have cheaper housing.

Anyhow, I'll drop off here as I was trying to balance what I saw as some tilted comparisons and I seem to have missed the mark. There is little in the world that is black and white (other than black and white :-) and with so many facets to housing comparisons are tricky.

Ps. I have been more of a bear, but being a halibut is looking more realistic and prescient so I might be leaning/swimming ? to halibut land :-)

CS said...

Prices have not been flat in Victoria over the last 6-7 years. This chart makes that clear.

What "this chart makes clear" is that prices have been plus or minus 6% of the mean since 2008.

As most markets go, whether for stocks, commodities, fresh fruit and vegetables, or whatever, that's as close as things get to flat.

If you look at a flat surface closely enough, or if you look at only one section of a graph, as you are doing by not showing zero on the x axis, then it won't look flat.

dasmo said...

True CS, Even a flat surface is rough when viewed through a microscope

Marko said...

A buyer from Grand Prarie just dropped $2,800,000 on a property in Saanich....imagine what they could have bought in Florida.

info said...

@ Marko

"A buyer from Grand Prarie just dropped $2,800,000 on a property in Saanich....imagine what they could have bought in Florida."

Proof?

I know of a Victoria couple that moved to Alberta last September after the husband lost his job. They have had no luck finding a buyer for their house. They have an underwater mortgage which obviously complicates things.

I know a lot of people in Alberta. Several of them have bought properties in warm US cities over the last 4 years. None of them even considered Victoria. In fact, it wasn't even part of the thought process for them. They know Victoria's winters are cold and wet.

They bought properties in Arizona and Florida as many Canadians have over the last 4 years.

Victoria's winter weather doesn't compare to the warm weather in California, Hawaii, Arizona, Florida, etc.

As you have acknowleged, property prices in Victoria are a lot more expensive than in Florida.

House prices in Victoria are extremely overvalued and will be much less expensive 2 to 3 years from now. Those who have recently bought in Victoria will be forced to deal with falling property values in the years ahead.

In contrast, those who recently bought in Florida can probably expect the value of their properties to increase over the next year or two.

info said...

@ CS

"prices have been plus or minus 6% of the mean since 2008."

Incorrect. Prices increased until 2010, peaked, then turned around and have fallen 10% since then. It is not a fluctuation with multiple passes through a mean as you seem to think. Instead it is an upside down V, which means that prices increased, peaked, then turned around and fell. It is incorrect to draw a mean through this upside down V and claim that prices have adhered to it.

As I recall, CS, you refuse to acknowledge that overvaluation of a housing market can exist. Now you come up with some mean that you think Victoria prices have adhered to since 2008. I think you definitely live in your own world. This is delusional thinking.

"As most markets go, whether for stocks, commodities, fresh fruit and vegetables, or whatever, that's as close as things get to flat."

House prices in Victoria have not been flat since 2008. Not even close.

"If you look at a flat surface closely enough, or if you look at only one section of a graph, as you are doing by not showing zero on the x axis, then it won't look flat."

I think you are confused. Do any of these mountain look flat to you?

My graphs are fine.

caveat emptor said...

How does Alberta and all the economic activity there affect our RE prices here.

In a positive way:
(1) Families live here, but one family member commutes to Alberta to earn oil patch wages. Don't know how common this is but you read a lot of anecdotes about this and I personally know 2 families doing this.
(2) Benefits to business here. In my little field I know several consultants living here that do nearly 100% of their work for Alberta based projects.
(3) Folks who have made their bucks in Alberta moving here or buying property here for the lifestyle.

In a negative way:
Folks who sell and move away to pursue superior job opportunities in Alberta.

Almost completely irrelevant:
Alberta folks purchasing a winter getaway spot. Albertans (and other Canadians) who want a warm winter vacation spot have always looked south. I am fairly sure that there was NEVER a point in time where Albertans flocked to purchase Victoria property thinking they could lounge around on the beach all winter.

caveat emptor said...

"Do any of these mountain (sic) look flat to you?"

On a relevant scale yes. Earth looks pretty flat even from as close as low Earth orbit. If you shrunk the Earth to billiard ball size it would be smooth enough to qualify as a billiard ball. Alas not round enough though thanks to equatorial bulge.

info said...

Single family home sales across Greater Victoria have been in the tank since 2010.

In 2010, total yearly SFH sales were 28% below the 30-year average.

2011: - 32%
2012: - 36%
2013: - 33%

House prices in Victoria are too high and not enough potential buyers can qualify for mortgages even with emergency level interest rates.

Now that prices are down at least 10%, many first-time buyers (who bought from 2007 to 2013) have underwater mortgages and have effectively been eliminated as potential move-up buyers (see the chart I posted earlier).

As well, I think many Victorians are beginning to understand that prices are falling and are probably willing to wait for lower prices.

This is all part of the process of the deflation of a housing bubble.

Yearly sales totals were population adjusted.

caveat emptor said...

Following on my earlier post we know from Stats Canada figures that more people are leaving BC for Alberta than are leaving Alberta for BC. We also know that Alberta is by far the number 1 destination for BC'ers leaving and BC is by far the number 1 destination for Albertans leaving Alberta.

The net drain to Alberta would suggest a net depressing effect on BC real estate though that doesn't take account of the other wealth boosting effects of Alberta's economic activity. Then there is the purchase of vacation properties.

Marko said...

Proof?

Providing proof to you is along the lines of spending my time arguing and providing proof against those that are anti-vaccination.

Don't have time for either as no matter how much proof I provide it doesn't change the mindset.

You are of the mindset that the market in Victoria will crash. There is no proof I can provide that will change your mindset.

If don't believe basic facts I provide then there is no point for further discussion with you.

patriotz said...

Well then Marko, just tell the rest of us open minded folks the MLS number or address.

No doubt the listing realtor is crowing about it on his web page, not to mention the "sold" sign in the front yard, so I'm sure he/she won't mind you telling us.

info said...
This comment has been removed by the author.
info said...

@ Marko

"You are of the mindset that the market in Victoria will crash."

I did not say that. I said that house prices in Victoria could drop, on average, 5% a year for 8 to 10 years. The total price decline would be 40% to 50%. Many would consider that to be the same as a crash.

"If don't believe basic facts I provide then there is no point for further discussion with you."

It is a general expectation from most regulars on this blog that "facts" are supported with evidence that others can look at.

I try to do this myself.

Why should we blindly accept your "facts"?

info said...

@ caveat

"The net drain to Alberta would suggest a net depressing effect on BC real estate"

This is backed by Victoria's rising vacancy rate. That rate is more than 600% higher than a decade ago.

This is part of the reason house prices in Victoria have been falling since 2010.

"though that doesn't take account of the other wealth boosting effects of Alberta's economic activity."

Alberta's economy isn't as strong as many would think. I know of many Victorians who had moved to AB for jobs who have lost those jobs within the last year.

Alberta's (stronger) economy has, arguably, caused many Victorians to move there for work over the last 4 years. If anything, this has probably had a net negative effect on Victoria's economy and house prices. Less people renting and buying houses in Victoria has (probably) resulted in lower house prices. Less people spending money in Victoria would weaken Victoria's economy, which would weaken house prices (the Canadian economy is based 70% on consumer spending).

"Then there is the purchase of vacation properties."

Again, you provide no numbers or data to support your claim.

What percent of properties sold in Victoria are to Albertans?

There is no evidence that buyers from Alberta or any other Canadian province have had a positive effect on house prices in Victoria.

As I said, SFH sales in Victoria have been in the tank since 2010. Extremely low sales is a big part of the reason that house prices have been declining since 2010.

HAM is a thing of the past in Victoria and the rest of Canada. The Immigrant Investor Program was recently axed.

If anything there will be a lot less sales to foreign or (out-of-town) buyers moving forward in Victoria. More on this in another post.

dasmo said...

You are the master of cherry picking your stats info... Sure a .6 vacancy rate to 3.7 is 600% but .6% is crazy low and 3.7% is normal. Since you are so into "population adjusting" your sales stats why wouldn't you adjust this stat with the added inventory? A lot of rental housing has come on line since then...So once you inventor adjust the vacancy rate you might find it actually stayed to same...

dasmo said...

I guess Leo is too busy mowing his lawn to make a new post..

Marko said...

MLS: 326107, 5991 Old West Saanich

Asking: $2,999,000
Sold: $2,800,000

LeoM said...

Watch this StatsCan website tomorrow for the latest update on deflation.

StatsCan CPI Update

dasmo said...

Marko, cool post an beam... The original asking was $3,725,000 though... ;-)

caveat emptor said...

@info

my previous discussion/conjecture was not specific to Victoria and I really wasn't making any claims just speculating on the net effect across BC of the being adjacent to the strongest economy in Canada.

If you want Victoria specific data on movement of people you can see that Victoria was a net gainer in population moving from elsewhere in BC (intraprovincial) and a net gainer from other provinces (interprovincial) in 2012. So if we lost people to 1 province (Alberta) we more than made that up from other migrants.

see http://www.bcstats.gov.bc.ca/Files/1290e36e-dbb1-4ba8-911e-e6df69fb84fa/BCRegionalDistrictDevelopmentRegionMigrationComponents.pdf
top of 2nd page is CRD.

Victoria may have become a slightly more attractive destination for interprovincial migrants since then, as prices here have fallen slightly while they have risen elsewhere in Canada.

Given a net flow to CRD from other provinces I would dispute your claim that "There is no evidence that buyers from Alberta or any other Canadian province have had a positive effect on house prices in Victoria."

Rather I would suggest that there is a small net positive effect on house prices relative to where we would be with no net migration. The positive effect from migration is smaller in 2012 than in recent years before that.

info said...

@ dasmo

"You are the master of cherry picking your stats info..."

A false accusation.

"Sure a .6 vacancy rate to 3.7 is 600%"

My information is factual.

10 years ago, Victoria's rental market was tight. Today, there is plenty available for renters to choose from. It is evidence that many Victorians have moved away to find work elsewhere. I used this information to make a point.

Stating the percent increase from a decade ago is not cherry picking stats.

"but .6% is crazy low and 3.7%is normal."

You accuse me of cherry picking stats because I didn't state what might be the normal vacancy rate for Victoria.

Only in your world would this be considered cherry picking stats.

"Since you are so into "population adjusting" your sales stats why wouldn't you adjust this stat with the added inventory?"

I think I remember that you had problems in the past understanding population adjustment.

An increase in inventory has nothing to do with adjusting sales totals for population increases.

The population of Greater Victoria grew by almost 40% from 1986 to 2012. There are a lot more houses in Victoria than there were in 1986. Obviously there should be more sales than there were 28 years ago. No trickery. All very valid.

Adjusting yearly sales totals for increases in population is not a new concept. I'm not the only one who does it. It has been done by governments, economists, etc. for hundreds of years.

"A lot of rental housing has come on line since then...So once you inventor adjust the vacancy rate you might find it actually stayed to same..."

The vacancy rate does not need to be population adjusted. I would like to hear how you would do this.

Basically, the vacancy rate is calculated by dividing the number of unoccupied rental units by the total number of available rentals. It is the opposite of the occupancy rate.

A sudden, significant increase in Victoria's population would probably result in a dramatic drop in the vacancy rate.

The vacancy rate is affected by population increases and decreases.

Most of what you wrote makes no sense at all.

I'm sure many of the regular readers of this blog would appreciate it if you would stop with the constant (false) accusations. They add no value to the conversation.

caveat emptor said...

According to this
http://housing-analysis.blogspot.ca/2014/01/bc-interprovincial-and-international.html the net loss of people to Alberta (from all of BC) has been slowing quite dramatically in 2013 (fifth graph down)

dasmo said...
This comment has been removed by the author.
dasmo said...

I was making a point info... Put more simply, the rise in the vacancy rates has nothing to do with people leaving Victoria and everything to do with an increase in inventory.

dasmo said...

"constant (false) accusations."
As you would say... Please give proof...

info said...

@ caveat

"Given a net flow to CRD from other provinces I would dispute your claim that "There is no evidence that buyers from Alberta or any other Canadian province have had a positive effect on house prices in Victoria."

I'm correct. You are incorrect.

Again, there is no evidence that buyers from Alberta or any other Canadian province have had a positive effect on house prices in Victoria.

What you have provided is speculation, but no facts that relate to actual sales numbers, etc.

I'm sure that Victorians also buy properties in Calgary and Edmonton.

Victoria's market is a buyer's market, meaning that buyers have the advantage over sellers as there is a lot of inventory and not enough demand. Prices are falling as a result.

Again, HAM is a thing of the past in Victoria. It would be difficult to argue that this will not result in less sales to out-of-town buyers. In terms of out-of-town buyers, the loss of HAM is important news.

The whole Alberta sales thing has been drastically overused for decades by those who make their living by selling houses in Victoria. Sales have been in the tank since 2010. It's interesting that some of the regulars of this blog attempt to take attention away from Victoria's weak sales numbers and falling prices by constantly bringing it up.

The increased talk on this blog about Alberta sales is a sure sign that Victoria's housing market is in serious trouble.

info said...
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info said...

@ dasmo

""constant (false) accusations."
As you would say... Please give proof..."

You are the accuser. It is incumbent upon you to provide proof.

info said...

@ dasmo

"I was making a point info... Put more simply, the rise in the vacancy rates has nothing to do with people leaving Victoria and everything to do with an increase in inventory."

Are you talking about the vacancy rate of apartment buildings only, or are you including houses and condos?

It would make a big difference.

info said...
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Unknown said...

Vancouver have been the best place, that I have been in so far. I faced problem with roofing operation till the time I didn't find the best Roofers Vancouver. But know alls fine.

Unknown said...

Nice report for the March. I hope it should be more better for the April month.

Premier property management

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