tag:blogger.com,1999:blog-7123542260692860177.post1498942564246527827..comments2023-12-02T00:38:46.467-08:00Comments on House Hunt Victoria: Monday market updateHouseHuntVictoriahttp://www.blogger.com/profile/07456914359088891317noreply@blogger.comBlogger70125tag:blogger.com,1999:blog-7123542260692860177.post-76229596841822231032011-11-03T21:50:16.491-07:002011-11-03T21:50:16.491-07:00To attempt to answer Joe's question about dist...To attempt to answer Joe's question about distribution of sales in different areas, I pulled off the annual sales figures (all house types) from VREB and plotted the %sales by area from 2003 to 2010. Unfortunately the data isn't specific to SFH nor does it have 2011 to date.<br /><br />I'll pass the results on to HHV for a potential post. Here is my initial read on the graph/data:<br /><br />1. relative amount of sales for Saanich East has stayed remarkably similar, ranging only between 20.5 and 22% of total (if anything decreasing between 2003 and 2010)<br /><br />2. relative sales has increased by far the most in Langford (going up from 11 to 13%).<br /><br />3. Oak Bay, View Royal Sales vary the most of any areas. <br /><br />4. Interestingly, high points for North Saanich, Victoria/Victoria West and Oak Bay (all of which have higher average prices) occurred in 2010.<br />4. Three of the lower average areas - Esquimault, Sidney and Saanich West had relatively low sales volume in 2010. <br /><br />So, without 2011 data easily trollable, I would say that Joe could be partially right -there may have been a shift to more expensive selling areas - at least in 2010. <br /><br />Nothing conclusive though.Animal Spirithttps://www.blogger.com/profile/14290032551579947421noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-73499487134831598842011-10-31T10:13:52.589-07:002011-10-31T10:13:52.589-07:00It's not the weather. Its the economy.
Vic...It's not the weather. Its the economy. <br /><br />Victoria has better weather than Fort McMurray, yet home prices are higher in Fort McMurray.<br /><br />Vancouver has more rain than Victoria, yet prices in Vancouver are higher than Victoria.<br /><br />The Gulf Islands have the same weather as Victoria, yet the prices are lower.<br /><br />The only time weather has an affect on prices is when you bend over and sunshine comes out of your butt.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-38832521162387169532011-10-31T09:49:44.084-07:002011-10-31T09:49:44.084-07:00@Introvert, where I bought, price to rent ratio on...@Introvert, where I bought, price to rent ratio on a SFH is almost even, factoring in maintenance, taxes etc... In Victoria, well, not so much. I'm not an advocate of long term renting, just an advocate of not paying an ownership premium like the one that exists in Victoria currently.HouseHuntVictoriahttps://www.blogger.com/profile/07456914359088891317noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-33249584182480331232011-10-31T09:47:44.837-07:002011-10-31T09:47:44.837-07:00While the rest of us live like parasites off the s...<em>While the rest of us live like parasites off the soft underbelly of society by renting, he is standing tall and keeping this community alive.</em><br /><br />There's a lot of truth in this (sarcastic) statement. <br /><br /><em>Without his gracious tax paying and job providing, Victoria would likely be no better than (gasp!) Halifax.</em><br /><br />No, no. It's not my gracious tax-paying and job-providing that's making Victoria better than Halifax; it's Victoria's mildest climate in Canada. Victoria is a relative oasis in an otherwise frozen, blizzard-ridden northern country.Introverthttps://www.blogger.com/profile/03333045260631104757noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-22393017609187239902011-10-31T08:13:54.166-07:002011-10-31T08:13:54.166-07:00Monday, October 31, 2011 8:00am
MTD October
...Monday, October 31, 2011 8:00am<br /><br /> MTD October <br /> 2011 2010 <br />Net Unconditional Sales: 457 467 <br />New Listings: 1,015 976 <br />Active Listings: 4,504 4,046 <br /><br />Please Note<br /><br />Left Column: stats so far this month <br />Right Column: stats for the entire month from last yearMarkohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-17128335504323122582011-10-31T08:10:36.642-07:002011-10-31T08:10:36.642-07:00I shudder at paying hundreds of thousands of dolla...<i>I shudder at paying hundreds of thousands of dollars to landlords for decades, and then ending up with nothing material.</i><br /><br />Where and when you invest your money is the point of this blog, not that you shouldn't invest it.<br /><br />RIM at $70 a share a couple of years back looked like a great place to put a bunch of money. Now, it looks like a bad investment. Why is that? Times change. Markets change.<br /><br />All indicators are that housing is no longer the good investment it was a few years back and that it probably won't be a good investment again for some time.<br /><br />The old housing as forced savings arguement? <br /><br />Not in a downturn, if you have to; borrow to the limits of what you can afford, you probably need money in the next five years for retirement or to seek other life opportunities (like starting a business, going back to school, moving to where the work is) or just realize it is smart to have a contingency fund in case life doesn't go as smoothly as planned, (which it often doesn't). <br /><br />I shudder when I read blanket statements that ignore current realities or over-simplify decision making on the biggest asset most people will buy in their lives.Mindsethttps://www.blogger.com/profile/16898125754772581488noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-38998516334097018312011-10-31T07:59:38.102-07:002011-10-31T07:59:38.102-07:00Not to mention, employing contractors is good for ...<i>Not to mention, employing contractors is good for the economy and therefore the community.<br />Taxes are what we pay for civilized society.</i><br /><br />Yes, let us all give thanks to Introvert. While the rest of us live like parasites off the soft underbelly of society by renting, he is standing tall and keeping this community alive. Without his gracious tax paying and job providing, Victoria would likely be no better than (gasp!) Halifax. Instead we are the best place on earth.Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-88826329367387942432011-10-31T07:41:23.928-07:002011-10-31T07:41:23.928-07:00And hows that downtown condo real estate doing?
T...And hows that downtown condo real estate doing?<br /><br />The Astoria was one of the first high rise towers that caused a sensation with its pricing. Back in 2006 you would have bought a one-bedroom for a whopping $272,000 or $470 per square foot. Then re-sold it 6 months later for $319,000.<br /><br />Wow, that's how to invest in real estate!!<br /><br />But now that same condominium sold this week for $279,000.<br /><br />Wow, that's how not to invest in real estate!!Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-42473357301099838122011-10-31T04:38:54.476-07:002011-10-31T04:38:54.476-07:00"I shudder at paying hundreds of thousands of..."I shudder at paying hundreds of thousands of dollars to landlords for decades, and then ending up with nothing material."<br /><br />Your fallacy is assuming that people who would rather rent than buy at today's prices have an irrational bias against buying, and would not buy at some future point at a lower price.<br /><br />That is the mirror image of your irrational bias towards owning. You can't see those who don't share your bias as being rational.<br /><br />This is the sort of nonsense that bubbles are made from - we heard plenty of it from the US five years ago - and we all know what happened to people who paid attention to that nonsense.patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-26834116621665865712011-10-31T00:18:26.750-07:002011-10-31T00:18:26.750-07:00I hope you shudder at paying hundreds of thousands...<em>I hope you shudder at paying hundreds of thousands of dollars to banks in interest payments and taxes to municipalities and maintenance fees to strata corps and contractors over decades and decades and in the end being lucky to break even.</em><br /><br />First of all, HHV, you're in the same boat as me: you're a homeowner. If renting is so great relative to buying, why aren't you still renting?<br /><br />Second, I don't mind paying taxes. Taxes are what we pay for civilized society. I'm happy to pay them, especially at the municipal level.<br /><br />Third, paying a contractor for home repairs and renos is not a terrible burden (or at least it doesn't have to be). Not to mention, employing contractors is good for the economy and therefore the community.<br /><br />Lastly, I can't wait to see how this current crop of "genius renters" will have made out in 30 years' time (the ones on this blog, that is). Too bad we'll never be able to find out. So I guess all anybody can do is argue now and speculate about the future.Introverthttps://www.blogger.com/profile/03333045260631104757noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-70766293415388371632011-10-30T20:10:29.880-07:002011-10-30T20:10:29.880-07:00"I shudder at paying hundreds of thousands of...<i>"I shudder at paying hundreds of thousands of dollars to landlords for decades, and then ending up with nothing material."</i><br /><br />I hope you shudder at paying hundreds of thousands of dollars to banks in interest payments and taxes to municipalities and maintenance fees to strata corps and contractors over decades and decades and in the end being lucky to break even.HouseHuntVictoriahttps://www.blogger.com/profile/07456914359088891317noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-25930245784329744612011-10-30T19:23:49.268-07:002011-10-30T19:23:49.268-07:00I shudder at paying hundreds of thousands of dolla...I shudder at paying hundreds of thousands of dollars to landlords for decades, and then ending up with nothing material.Introverthttps://www.blogger.com/profile/03333045260631104757noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-35570448578210337042011-10-30T17:52:54.999-07:002011-10-30T17:52:54.999-07:00Happy Halloween everyone!
Get into the holiday mo...Happy Halloween everyone!<br /><br />Get into the holiday mood by touring one of our many abandoned tear-downs, and shudder at the thought of the size of the mortgage you would have to take to own it.Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-61183266885694771722011-10-29T08:47:38.609-07:002011-10-29T08:47:38.609-07:00I wouldn't call the Millgrove property a tear-...I wouldn't call the Millgrove property a tear-down either. The home is rent-able at competitive current levels and the improvemnets appear to add significantly to the value of the property as a whole. <br /><br />What seems to be happening is that the value of the underlying land is dropping.<br /><br />But, vacant land prices may be appear to be stable or even increasing.<br /><br />That's because this is the tale of two markets. Fewer, developers and builders are looking at homes to tear-down because these properties are to costly to hold until it becomes economically viable to demolish and construct a new home. That allows those people looking for a home to live in to have less competition in buying. <br /><br />If your the only bidder, your going to get a good price.<br /><br />The builders and developers are lagging the home owner market.<br /><br />As prices for homes that are just a few years old decline, builders<br />and developers will have to buy land at lower prices or go broke building their homes.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-81331772553291501042011-10-28T18:27:01.970-07:002011-10-28T18:27:01.970-07:00Also 3074 Millgrove. Sold for $350,000, $100k und...Also 3074 Millgrove. Sold for $350,000, $100k under assessment. Maybe it's a teardown, but it wasn't described as such (new roof, new thermo windows, etc).Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-49744108549545797712011-10-28T17:44:55.035-07:002011-10-28T17:44:55.035-07:00This week is looking pretty sad....if things don&#...This week is looking pretty sad....if things don't improve by tomorrow, this will be one of the lowest weeks within my criteria for total sales and it will see the lowest average price since I began tracking a year and a half ago. Right now the avg sales price of a SFH with a min of 2 beds & 2 baths priced between $375K & $775K in the areas of Vic, OB, Esq, SE & SW is at $495,250!! <br /><br />There have been only 8 sales and the avg price would have been considerably lower if not for the one sale of $719K.Alexandraherehttps://www.blogger.com/profile/13100843258061373047noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-81538275721978928312011-10-28T16:45:27.911-07:002011-10-28T16:45:27.911-07:00For those who have been watching our prices roll b...For those who have been watching our prices roll back to 2008, 2007, and 2006 levels in condominiums and homes mostly in the western communities it seems the market decline has crossed over the bridges into Victoria.<br /><br />In July 2007, a property on Regents Place in Rockland sold for $787,000. And now 4 years later it re-sales for $790,000.<br /><br />The need for a basement suite to make ends meet for most buyers is most evident in sunny Fernwood. While properties in better areas may have rolled back to 2007 levels, Fernwood is bucking the trend. A property on Adanac that sold in January 2007 for $418,000 has just re-sold for $452,000.<br /><br />The benefits of a mortgage helper soon disappear when you have to mortgage more money.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-25569668751391796152011-10-27T20:45:18.181-07:002011-10-27T20:45:18.181-07:00Thanks Chickinvic. Will definitely check them out...Thanks Chickinvic. Will definitely check them out.<br /><br />In other news, I had to laugh at 544 Davida.. Doesn't sell for a month at $485k? Drop it to $449k.. Still no sale after another couple months? Up it to $492k!!Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-63838899840426237742011-10-27T17:20:47.819-07:002011-10-27T17:20:47.819-07:00If houses were horses someone would shoot them to ...If houses were horses someone would shoot them to put them out of their misery.<br /><br />Like 723 Princess<br />and 855 Craigflower<br /><br />For God's sakes would somebody buy these things so I never have to see them again!Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-70258333048198433412011-10-27T17:05:48.505-07:002011-10-27T17:05:48.505-07:00The one thing about condominiums is that they are ...The one thing about condominiums is that they are boringly similar once you get inside one. There really isn't much that you can do to make 700 square feet different from the next skybox. That, and that there are so frigging many of them.<br /><br />Perhaps thats why if you had bought one in "City Place" on Fairfield Road back in April 2006 for $290,000, You would have had to wait almost 50 days to get your best price today of $305,000.<br /><br />Doesn't really seem worthwhile to have paid 1.5 times market rent for five and a half years to earn $15,000 and then give that to the agents for selling it. <br /><br />Likewise if you had bought a town home in Langford (WHY!)in June of 2006 for $355,000 (including GST!) you would have had to wait close to 200 days to sell the "dream" for $328,000 today.<br /><br />It seems some people failed Tom Vu's course on how to be a rich home investor. (check out his videos on youtube)Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-76837009057222398142011-10-27T16:43:48.586-07:002011-10-27T16:43:48.586-07:00Thanks a bunch for the little writeups Chickinvic,...Thanks a bunch for the little writeups Chickinvic, it's good to learn a bit about co-ops.Fiduciaryhttps://www.blogger.com/profile/10657843466561214005noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-29643005232612918002011-10-27T16:36:10.234-07:002011-10-27T16:36:10.234-07:00Oh yes, I also thought I would add - there are no ...Oh yes, I also thought I would add - there are no "waitlists" as such (we do keep applications for 6 months, but the person who applied 4 months ago isn't ahead of you in any line or anything). You could apply tomorrow and get interviewed for the next available unit even though someone else applied before you. It really depends on who is suitable for the unit. It doesn't matter when you applied - has no bearing on when you might be selected.<br /><br />Some advice for those interested in co-op. It helps to learn about/understand the principles of co-op living and what it is. Some people have weird ideas about what co-op life involves (we don't have communal kitchens, etc). You have all the privacy of any other type residence.<br /><br />It is also helpful to have some sort of volunteer experience (even if it was just helping out with your kid's field trip or anything little). Every little thing helps. They are just looking for clues that you will be a willing participant (pull your weight, lol).Chickinvichttps://www.blogger.com/profile/15439471247805303810noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-9465709097086214492011-10-27T16:30:46.604-07:002011-10-27T16:30:46.604-07:00I think we heard back from this place about 3-4 mo...I think we heard back from this place about 3-4 months after applying and were in here a couple months later (they interview suitable applicants when a vacancy is coming up and the membership committee makes recommendations based on the interviews). <br /><br />It really just depends. We had several vacancies come up lately (people bought houses I think - ouch!). Sometimes you can go a year without a vacancy. It is easiest if you are looking for a 2 bedroom in our particular co-op (because there are internal waitlists for 3 and 4 bedroom units from people who have expanded their family after moving in).<br /><br />I was just going to keep applying to the ones that interested me until I got in somewhere (you usually have to re-apply or let them know somehow you are still interested every 6 months at most co-ops). I feel very lucky that we have such affordable housing, it is a real community feeling too. <br /><br />Most co-ops (including ours) ask for you to participate (which means serving on a committee and helping out). The average is supposed to be 4 hours per month. I consider it a pretty small price to pay for what we get, but as with everything in life some people end up doing more than that and some don't pull their weight. We really try to get people in who actually want to contribute and not just take.Chickinvichttps://www.blogger.com/profile/15439471247805303810noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-89417787391256190162011-10-27T15:29:55.903-07:002011-10-27T15:29:55.903-07:00Thanks Chickinvic. That's really useful infor...Thanks Chickinvic. That's really useful information. How long did it take between filling in applications and getting into a place? I assume the waiting lists are long..<br /><br />Might have to go for some drive-by's this weekend.Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-87902537542391904712011-10-27T14:33:56.346-07:002011-10-27T14:33:56.346-07:00We also have funds that go into a replacement rese...We also have funds that go into a replacement reserve fund. We are one of the very well-funded co-ops, and roofs have been replaced, exterior painting is done on a schedule, appliances were replaced last year, etc. It is all part of our Capital Plan. They are replacing the downstairs carpets with laminate (2-3 units per year). The unit we live in already has the laminate (which I really like).Chickinvichttps://www.blogger.com/profile/15439471247805303810noreply@blogger.com