tag:blogger.com,1999:blog-7123542260692860177.post4368159134531177760..comments2023-12-02T00:38:46.467-08:00Comments on House Hunt Victoria: Orange Crush: Can government kill the housing market?HouseHuntVictoriahttp://www.blogger.com/profile/07456914359088891317noreply@blogger.comBlogger56125tag:blogger.com,1999:blog-7123542260692860177.post-40930995240879300192012-09-04T23:34:41.123-07:002012-09-04T23:34:41.123-07:00Nice post. I was checking constantly this blog and...Nice post. I was checking constantly this blog and I am impressed! Very useful info specially the last part :) I care for such information a lot. I was looking for this certain <br />info for a long time. Thank you and good luck.Savannahedwardhttps://www.blogger.com/profile/07351217013272087006noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-53050505245136195832012-08-28T12:22:25.021-07:002012-08-28T12:22:25.021-07:00Great news. Compared to the most overpriced and un...Great news. Compared to the most overpriced and unaffordable city in all of Canada, Victoria is affordable.<br /><br /><a href="http://www.timescolonist.com/business/Housing+affordability+improves+Victoria/7154528/story.html" rel="nofollow">http://www.timescolonist.com/business/Housing+affordability+improves+Victoria/7154528/story.html</a>koozdrahttps://www.blogger.com/profile/16879691936698695299noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-81715628760331282252012-08-28T01:05:02.273-07:002012-08-28T01:05:02.273-07:00@JustWatching @Marco
Thanks for the stats! Are 92 ...@JustWatching @Marco<br />Thanks for the stats! Are 92 more sales achievable in the next 5 days?! It looks like the SFH average and median have been sliding a lot this month. <br /><br />@Alexandrahere<br />Thanks for the stats and condo review links... Very interesting. DavidLhttps://www.blogger.com/profile/00353906360642344879noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-20299050098592998632012-08-27T22:41:50.447-07:002012-08-27T22:41:50.447-07:00In Austria for a few more days before heading back...In Austria for a few more days before heading back to Victoria. I checked out quite a bit of real estate in Croatia and some here in Austria, I'll have a few youtube videos coming up when I get back.<br /><br />Monday, August 27, 2012 8:00am<br /><br /> MTD August<br /> 2012 2011<br />Net Unconditional Sales: 358 542<br />New Listings: 810 1,200<br />Active Listings: 4,813 4,944<br /><br />Please Note<br />Left Column: stats so far this month<br />Right Column: stats for the entire month from last year<br /><br />SFH MTD Average = 583k<br />SFH MTD Median = 525k<br /><br />Condo MTD Average = 328kMarkohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-82317553363051978482012-08-27T22:14:52.391-07:002012-08-27T22:14:52.391-07:00simple man,
Marko may be MIA in Croatia. Here ar...simple man,<br /><br />Marko may be MIA in Croatia. Here are the stats you requested.<br /><br />Victoria BC Real Estate Month-to-Date Statistics August 27 <br /><br />Net Unconditional Sales: 358 <br />New Listings: 810 <br />Total Active Listing Count: 4,813<br /><br />We will probably see 450 sales this month. Last August there were 542. VREB will need to bring in a spinmeister.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-57805564396794746922012-08-27T18:29:37.108-07:002012-08-27T18:29:37.108-07:00It's all about the ability to finance. If you...It's all about the ability to finance. If you can't finance it, it won't appreciate.<br /><br />Such as cooperative condominiums and some of the older manufactured homes. The last decade is a market boom that should never have happened.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-39721018872043209302012-08-27T17:31:18.921-07:002012-08-27T17:31:18.921-07:00Ouch! Only 50K more than in 1993? Maybe it hadn...Ouch! Only 50K more than in 1993? Maybe it hadn't been kept up? It must have been pretty nice in 1993 to fetch almost a million back then! dasmohttps://www.blogger.com/profile/14638226799679794103noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-13496183053292334162012-08-27T16:16:28.120-07:002012-08-27T16:16:28.120-07:00@Just Jack
Thanks for these updates. Keep them ...@Just Jack <br />Thanks for these updates. Keep them coming.koozdrahttps://www.blogger.com/profile/16879691936698695299noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-67971799349614003262012-08-27T15:44:17.662-07:002012-08-27T15:44:17.662-07:00Are the new CMHC regulations making lenders nervou...Are the new CMHC regulations making lenders nervous on financing condominiums in excess of million bucks?<br /><br />I think any banker is out of his/her or their collective gourd to okay a loan for a million bucks in Greater Victoria for a strata condominium or town house. Not that we don't have some very nice water views, but so does Prince Rupert. We just don't have the population size to support a stable market for million dollar sky boxes.<br /><br />Would that be the reason why a strata town home with an exemplary water view complete with access to a sandy beach in Cordova Bay sold for $975,000. Which is $50,000 more than the same town home sold during the last real estate boom in 1993.<br /><br />Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-10112391984382768172012-08-27T14:03:31.653-07:002012-08-27T14:03:31.653-07:00RE 1035 Thistlewood Dr... classic case of over pri...RE 1035 Thistlewood Dr... classic case of over pricing. $685 seems a bit much unless the place had been updated throughout which it wasn't. Assessment is high IMO. the place is probably due for a bunch of upgrades. dasmohttps://www.blogger.com/profile/14638226799679794103noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-49327560291229820462012-08-27T12:34:58.282-07:002012-08-27T12:34:58.282-07:00Kind of an interesting Web Site.....if only it was...Kind of an interesting Web Site.....if only it was used more often.<br /><br />"Condo Advisory Rate & Review"<br /><br />Scroll down to 1061 Fort St at the Mosaic.<br /><br />Only one review but the responses to it tells the story. I like the one comment of "at night you can see light coming through the top of the drywall"Alexandraherehttps://www.blogger.com/profile/13100843258061373047noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-62435562487056401252012-08-27T12:14:04.397-07:002012-08-27T12:14:04.397-07:00Here are my stats for last week 20-26 Aug:
SFH: I...Here are my stats for last week 20-26 Aug:<br /><br />SFH: In Vic, OB, Esq, SE & SW with a min of 2 beds and 2 baths & priced between $375K & $775K.<br /><br />Sold: 18 <br />Avg Sale Price: $555K<br />Med Sale Price: $540K<br /><br />Four sold with 2ndary suites (much less than usual of over 50%)<br /><br />50% sold under BC assessment<br /><br />Condos' & Townhomes:<br /><br />Min 2 beds & 2 baths in Vic (including downtown), Esq, Oak Bay, Saanich East & most of Saanich West.<br /><br />Condos: <br />Sold 14<br />Avg Sale Price: $322K<br />Med Sale Price: $298K<br /><br />71% of these condos went for less than BC assessment.<br /><br />Townhomes: Sold 2<br />One went for $359K (well below assessment) and the other sold for $400K.<br /><br />Average single family dwelling sales since the beginning of the year were down but condo sales were up considerably.Alexandraherehttps://www.blogger.com/profile/13100843258061373047noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-2353780791753469012012-08-27T10:38:40.159-07:002012-08-27T10:38:40.159-07:00When it comes to Langford and Colwood, 65 percent ...When it comes to Langford and Colwood, 65 percent of all the sales are for homes that were built after 2000. That does not leave a heck of a lot of demand for homes built before then.<br /><br />So what about those love shacks that were built in the 1990's and have never been updated.<br /><br />Like the recent sale on Bellamy. This 1995 built home with a mortgage helper in the basement sold for $20,000 less than it was bought for in June 2007.<br /><br />Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-18459430903885136962012-08-27T10:32:53.488-07:002012-08-27T10:32:53.488-07:00Desperate sale? I see that 1035 Thistlewood Dr. (M...Desperate sale? I see that 1035 Thistlewood Dr. (MLS 310181) sold for $560K - which is $98K (14%) less than the assessed value and $125K (18%) less than the original asking price.DavidLhttps://www.blogger.com/profile/00353906360642344879noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-18066807781355882472012-08-27T10:24:07.535-07:002012-08-27T10:24:07.535-07:00Any stats, Marko?Any stats, Marko?a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-41809114718840463612012-08-27T10:12:31.004-07:002012-08-27T10:12:31.004-07:00Yes, with the end of the building boom, a new roof...Yes, with the end of the building boom, a new roof on your home might just come down from $10,000 to $3,500 where it should be.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-31161126911719469412012-08-27T10:10:42.976-07:002012-08-27T10:10:42.976-07:00A look at condominium construction is made more di...A look at condominium construction is made more difficult because of pre-construction sales.<br /><br />Better to concentrate on new and built condominiums in the Victoria core districts.<br /><br />There are 35 condominiums for sale that were built in 2011. Last month 3 sold and 11 more were listed. That is 11.7 months of inventory and almost 4 condos being added for each sale. Which is a bit better than pre-owned condos built between 2008 to 2010, that had 16.4 months of inventory and 2 new listings for each sale.<br /><br />Pre-construction sales should follow the new and built market closely - but that is not what the numbers show. The month of inventory and rates for pre-construction are half of those for new and built condos which makes pre-construction condos appear to be a sellers market.<br /><br />But, in my opinion, I don't think that is the case. When it comes to pre-construction sales - trust nothing.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-44164015604787552392012-08-27T09:44:15.646-07:002012-08-27T09:44:15.646-07:00Well the building boom is over but there are plent...Well the building boom is over but there are plenty of roofs to be redone, knob and tube to be upgraded, and a lot of failing drain pipe out there. Maybe now everyone with a small reno can actually get a quote....dasmohttps://www.blogger.com/profile/14638226799679794103noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-92195189151306382332012-08-27T09:34:26.010-07:002012-08-27T09:34:26.010-07:00Are builders meeting the demands for new homes in ...Are builders meeting the demands for new homes in Langford and Colwood?<br /><br />There are 48 new homes listed for sale in Langford and Colwood and in the last 30 days only 2 have sold. At the same time 9 more have been listed for sale.<br /><br />15 months of inventory and new homes being listed at the rate of 4.5 for every single sale. <br /><br />At the same time the sale of pre-owned homes built between 2007 to 2011 had 7.9 months of inventory with 10 sales in the last month and 16 new listings or 1.6 new listings for each sale. Still a bearish market, but not the start of a slaughter like what is happening in the trades. <br /><br />Not good news for those in the trades as unemployment will continue to rise. It's time to pull the plug on that plumbing, electrician or roofer job and either re-locate to Alberta or change vocations to something like a credit counselor or repo man.<br /><br />Because the trades in Greater Victoria are becoming a sunset industry.<br /><br />Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-89162589485258167092012-08-27T09:06:30.348-07:002012-08-27T09:06:30.348-07:00Housing affordability eroding, RBC says
Higher hom...<a href="http://www.cbc.ca/news/business/story/2012/08/27/rbc-housing-affordability.html" rel="nofollow">Housing affordability eroding, RBC says</a><br /><i>Higher home prices coupled with slightly higher mortgage rates to make home ownership slightly less affordable over the past three months, Canada's largest bank said Monday.<br />...<br />Indeed, Vancouver is skewing the numbers for the rest of the province. In Victoria, for example, the bank figures the percentage of income needed to carry the costs of a mortgage at market prices is almost half the share in Vancouver for some housing types.</i>DavidLhttps://www.blogger.com/profile/00353906360642344879noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-90750659442138805282012-08-26T15:19:16.752-07:002012-08-26T15:19:16.752-07:00I agree J $699K is more like list price than a sal...I agree J $699K is more like list price than a sale price. They aren't that motivated I guess.dasmohttps://www.blogger.com/profile/14638226799679794103noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-16896265219301077842012-08-26T13:10:31.575-07:002012-08-26T13:10:31.575-07:00The cost of constructing the home along with the c...The cost of constructing the home along with the current value of the land is a nice starting point. But with more and more homes selling below their cost to build, the cost "new" becomes irrelevant.<br /><br />The home with the garage and landscaping might cost $450,000 to $500,000 to build today. And if had to buy land in that location TODAY it may cost you $250,000. That makes the asking price of almost $700,000 seem attractive. <br /><br />But when the Vendors built the home, the owners bought the land for around $165,000. So, the vendors are still likely above their "actual" construction costs.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-5371307071218973092012-08-26T09:37:38.894-07:002012-08-26T09:37:38.894-07:00120 doesn't sound too far off, it is cheaper t...120 doesn't sound too far off, it is cheaper the larger it is. A place might cost a similar price if it was 2500 sq ft. 120 would make the place about $450k to build. It doesn't look custom to me. Standard Vinyl windows, heat pump with forced air, wall panel construction with prebuilt roof trusses and a cheap roof saves more money than a hot tub, a granite countertop, and a sprinkler system costs ;-) Especially when the developer can buy all this in bulk.<br />$250k for the lot sounds about right for there. <br />dasmohttps://www.blogger.com/profile/14638226799679794103noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-2415101889260002912012-08-26T09:12:06.403-07:002012-08-26T09:12:06.403-07:00$120 sq ft? - now that makes me happy.
New house ...$120 sq ft? - now that makes me happy.<br /><br />New house in Oak Bay that much closer.a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-9203868569577193812012-08-26T09:01:17.274-07:002012-08-26T09:01:17.274-07:00@Marko
"You could get a similar house built ...@Marko<br /><br />"You could get a similar house built for around $120 per sq.ft."<br /><br />You could if you are in the business or have the right contacts, but could anyone? I mean if I went to two or three contractors for a quote, is it likely I'd get a price that low?CShttps://www.blogger.com/profile/03399620869685840906noreply@blogger.com