tag:blogger.com,1999:blog-7123542260692860177.post5312385194673898642..comments2023-12-02T00:38:46.467-08:00Comments on House Hunt Victoria: Monday market updateHouseHuntVictoriahttp://www.blogger.com/profile/07456914359088891317noreply@blogger.comBlogger74125tag:blogger.com,1999:blog-7123542260692860177.post-67243863817276500272011-02-18T10:01:10.974-08:002011-02-18T10:01:10.974-08:00This comment has been removed by the author.SJhttps://www.blogger.com/profile/11421821610882545660noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-91364264468529575292011-02-17T18:21:46.193-08:002011-02-17T18:21:46.193-08:00Brown Family, I have to agree with omc when I move...Brown Family, I have to agree with omc when I moved here two years ago I bought in a core area a few blocks from the beach even though it was more $ than I wanted to spend at the time. When I purchased there were a number of houses for sale in this area, but since the middle of 2009 after that inventory dried up only three houses have hit the market and all sold in days. People love it and do not move and the prices appear more stable than out in the western communities. So it may be worth considering a bigger mortgage and live in the core.Reidhttps://www.blogger.com/profile/07973559884255280736noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-1171064125062852962011-02-17T17:41:08.233-08:002011-02-17T17:41:08.233-08:00That is the thing about real estate- location cost...That is the thing about real estate- location costs. In a few years you might have to sell. You are far more likely to do ok with a better location.<br /><br />Might as well get used to the idea of holding a BC sized mortgage now, it will save you a lot of time.omchttps://www.blogger.com/profile/11570216584047858772noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-87377402173762568952011-02-17T17:36:09.599-08:002011-02-17T17:36:09.599-08:00Ideally we'd like to live in Metchosin. Howeve...<i>Ideally we'd like to live in Metchosin. However, proximity to schools/Rec Centers/Kids to play with is our priority right now. When I was in Metchosin I didn't notice many kids. Property values are high, most people are retirees.</i><br><br />You've really come to the wrong place for advice--few of these bloggers own property and they can hardly be called "objective." Have you checked Garth Turner's blog recently? It would be about as useful as this one--i.e., not.<br><br />There is one thing Garth says that I agree with--in the future, real estate in the core of cities will flourish while real estate in the suburbs and rural areas may well fall significantly in value. This is because (a) most jobs are in cities and people don't like commuting for two or more hours a day to get to and from work and (b) families can get more of the services (schools, shopping, rec centres, etc.) and social facilities (kids' friends, adult recreation, etc.) easily in the core of cities, not so much in far-flung rural areas. You may be able to avoid the commute but if you're concerned about property values you should be looking at central areas in the Victoria region.Bubble 'n Fizz(le)https://www.blogger.com/profile/15071478437153577622noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-43381792576383755052011-02-17T17:20:38.274-08:002011-02-17T17:20:38.274-08:00If you're thinking of Langford/Colwood, I woul...If you're thinking of Langford/Colwood, I would definitely wait until the fall. The new CMHC rules will at least have a sizable effect there.omchttps://www.blogger.com/profile/11570216584047858772noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-73681646877487647302011-02-17T17:01:37.883-08:002011-02-17T17:01:37.883-08:00Ideally we'd like to live in Metchosin. Howeve...Ideally we'd like to live in Metchosin. However, proximity to schools/Rec Centers/Kids to play with is our priority right now. When I was in Metchosin I didn't notice many kids. Property values are high, most people are retirees.<br /><br />We would like something close to our inlaws (Cliff Drive) but within walking distance of a pre-school/elementary school.Brown Familyhttps://www.blogger.com/profile/13039003930293165812noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-57207177358137392202011-02-17T16:56:32.321-08:002011-02-17T16:56:32.321-08:00I should mention Metchosin is not very development...I should mention Metchosin is not very development friendly. Many find value in living there compared to langford/colwood. Of course it is farther to commute into town, but as you said that isn't an issue.<br /><br />Been to east sooke park yet?omchttps://www.blogger.com/profile/11570216584047858772noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-65804069837464235352011-02-17T16:51:10.642-08:002011-02-17T16:51:10.642-08:00Brown Family,
The next blog post will be for you....Brown Family,<br /><br />The next blog post will be for you.HouseHuntVictoriahttps://www.blogger.com/profile/07456914359088891317noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-53639234732195449362011-02-17T16:50:27.107-08:002011-02-17T16:50:27.107-08:00brown family,
Be aware that many of the people th...brown family,<br /><br />Be aware that many of the people that live in Langford/Colwood are younger families with the primary wage earner some how dependent on the housing industry. Lots of people out there hold very big mortgages with little or no equity. Most expect that if the market drops, this could be an area that sees the worst of it. When we had our mini housing drop, this was true.<br /><br />Lots of kids out there though, especially compared to the core areas. We some times refer to Victoria as old Victoria and the communities as young Victoria.omchttps://www.blogger.com/profile/11570216584047858772noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-76948249322327770302011-02-17T16:32:43.817-08:002011-02-17T16:32:43.817-08:00I don't think we are in the market for an acre...I don't think we are in the market for an acreage at this time. From what I can tell the acreage market out there is hit and miss. If you wanted to sell the property it may take quite a while. <br /><br />I prefer Colwood because it seemed to be a more mature neighborhood with larger lots. My wife liked Langford because the houses seemed newer. One thing I'm worried about is the quality of the new houses. In AB over the last few years the quality of the new houses is terrible.Brown Familyhttps://www.blogger.com/profile/13039003930293165812noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-83993236445176430272011-02-17T16:30:31.106-08:002011-02-17T16:30:31.106-08:00Brown Family
No worries, I only mentioned the job...Brown Family<br /><br />No worries, I only mentioned the job market as one indicator of a weakening property market.. especially in W. Communities. Could be some good deals by summer/fall. My estimate is property out there falls by 25-35% by 2013/14 depending how high rates go. It’s about half as affordable as say Calgary.. very few high paying jobs out here.. zippo blue-collar.SJhttps://www.blogger.com/profile/11421821610882545660noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-48675948675725907732011-02-17T16:08:34.262-08:002011-02-17T16:08:34.262-08:00Well Mr and Mrs Brown.
Metchosin is a semi-rural ...Well Mr and Mrs Brown.<br /><br />Metchosin is a semi-rural area of homes on acreage. The acreage ranges from steep, rocky and heavily treed land to low lying agricultural land used as forage. If you like horses, sheep and privacy this may be what you're looking for. Two vehicles are a must as nothing is in walking distance.<br /><br />Langford and Colwood are built up areas. It seems half the homes in the area are less than 5 years old and the other half is over 30 years old. You can live on a mountain top with a golf course and its own micro climate or a condo in the town core. There is no such thing as a three bedroom condo in these areas as most are about the size of a two stall barn with about as much attention to detail.<br /><br />Big box stores thrive here. Everything is within 10 minutes of each other, unless you drive a car and then its 40 minutes. Lots of good schools, lots of good kids. Very little pan-handling (note: see Victoria City). You can bi-cycle to most areas - however, you might not arrive in most areas. Victoria drivers are not the worst in the world (note: see Vancouver) but they try harder. If you see cars with only a little tuft of gray hair visible - you're in Oak Bay.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-49965471946182539132011-02-17T16:00:04.484-08:002011-02-17T16:00:04.484-08:00Reilly
My job allows me to work from home for 6-8...Reilly<br /><br />My job allows me to work from home for 6-8 months of the year. Only need to be in AB for 4 months or so. The job market on the Island isn't a concern for me. More concerned about whether property values out there are going to drop significantly. Considering not buying until late summer/fall to see how the housing market plays out. <br /><br />Thanks for the response though.<br /><br />TBBrown Familyhttps://www.blogger.com/profile/13039003930293165812noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-2088546893792974682011-02-17T15:51:00.042-08:002011-02-17T15:51:00.042-08:00Brown Family, anywhere Alberta to Western commmuni...Brown Family, anywhere Alberta to Western commmunities V.I., is likely the worst 'trade' in the country right now. Reasons are many, but one is Alberta's creating all the jobs again while BC is now losing the most. I know several ex-Albertans who live in those areas you mentioned who are now planning to move back home.. two are contractors. I suspect the ebb back to Alberta to last quite a few years, somewhat like the period a decade ago.SJhttps://www.blogger.com/profile/11421821610882545660noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-79518127866130540112011-02-17T15:39:38.098-08:002011-02-17T15:39:38.098-08:00How about liquidity in real estate for the rich an...How about liquidity in real estate for the rich and famous?<br /><br />Can you imagine having your home listed for 6 1/2 years! That's $19,250,000 for 11,000 finished square feet of polished granite or $1,750 per square foot. Makes you think twice where you place your Home Depot waste basket!<br /><br />Of course you have to be "qualified" before you can view this property on Lands End Road. A coupon clipped from your orange juice box doesn't cut it.<br /><br />Still don't know what to do with those lottery winnings and the commute from North Saanich by a personal helicopter getting you down. Well come on down to South Oak Bay and save yourself $8,000,000. Of course the home needs to be aired out from all the hockey gear. But for $950 per square foot its a steal of a deal as this property screams wealthy entrepreneur. Of course leave your ego at the door, as the home already has one.<br /><br />Still not finding anything of quality in your price range. Need something to say - I'm different. How about a property for you to roam around on your horse in full Knights regalia. Where you can entertain in medieval fashion. Comes with medieval stooks to lock up those peasant neighbors. All yours for a meager $13,000,000 Canadian. But hurry because they will be showing it this afternoon and I think the couple are going to make an offer.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-36311757202696226332011-02-17T15:14:23.725-08:002011-02-17T15:14:23.725-08:00Just Jack, time to do your magic on this new neigh...Just Jack, time to do your magic on this new neighbourhood, like you did for Victoria a couple of months ago...Zidanehttps://www.blogger.com/profile/12692924794960411583noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-92081118647373350472011-02-17T14:58:53.467-08:002011-02-17T14:58:53.467-08:00My family and I are moving from Albera to the Isla...My family and I are moving from Albera to the Island. We are looking to get in the market in the Metchsoin/Colwood/Langford Area. The In-laws have a place in Metchosin. We don't know the area all that well - does anyone have an opinion on which area would be better for a family? We have 3 young children - proximity to schools etc.. is important. <br /><br />Any thoughts?Brown Familyhttps://www.blogger.com/profile/13039003930293165812noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-7292224233453880772011-02-17T14:29:03.938-08:002011-02-17T14:29:03.938-08:00How about that shortage of land. Well, not in Soo...How about that shortage of land. Well, not in Sooke. Because asking prices for 6,500 square foot lots in new subdivisions is $125,000.<br /><br />That doesn't scream shortage to moi, especially when there are another 139 lots for sale.<br /><br />Of course the argument can be made, that the lot is so low in price because people don't want to live in Sooke - anymore? <br /><br />But that can't be happening in Victoria? Well don't tell the fella who had his lot listed in Maplewood for the last 5 months and dropped his price by $50,000 to get a sale at $378,000.<br /><br />That's a heck of a large adjustment for location between Sooke and Maplewood. A quarter million dollars over 40 kilometers or about a grand a month in financing costs at current interest rates. That's a month in France for the family every year or you can roast wieners in your backyard in Maplewood. <br /><br />Ever wonder what someone would pay for waterfront in Oak Bay over a regular building lot?<br />The answer is an additional million dollars or twice the price of similar sized upland lot. At current interest rates that's almost another $4,000 each and every month or $50,000 a year to look at the water. No wonder they get mad at me when I take my shirt off and sun tan on the beach, that's gotta cost them a couple of hundred bucks in lost view amenity. If I went skinny dipping that could put them into foreclosure.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-80854950182898816452011-02-17T13:29:42.007-08:002011-02-17T13:29:42.007-08:00Where the hell did the retirement market go in Vic...Where the hell did the retirement market go in Victoria?<br /><br />Case in point - 10 mile point.<br /><br />Wedgwood Estates is a luxury condominium complex. The suites are about 1,900 finished square feet, many with views. But if you have kids under 19, they will have to live somewhere else.<br /><br />I like this complex, and I would live there if I met the age restrictions. Well, one just sold for $540,000 or about $280 a square foot for 1,931 finished square feet. The same condo was bought new in 1993 for $289,000.<br /><br />So in 18 years, the property has gone up only 86 percent, while houses have tripled in price.<br /><br />So the retires aren't moving this market.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-9798625780564106842011-02-17T10:13:01.190-08:002011-02-17T10:13:01.190-08:00Bizarre how these commodity bubbles are like clock...Bizarre how these commodity bubbles are like clockwork. Looks like peaks in 1920, 1951, 1980. Wierd if 2011 turns out to be the next peak. Even stranger, check out how oil peaked in 1948, three years prior to the agricultural commodities in 1951. Maybe history does repeat? <br /><br />http://imf.org/external/pubs/ft/weo/2009/01/c1/box1_5_1.csv<br /><br />PS I think you have to have microsoft excel to view itPhilhttps://www.blogger.com/profile/00550264432110709714noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-66046088879317924272011-02-17T08:30:25.674-08:002011-02-17T08:30:25.674-08:00... nothing to worry about ...
Household debt su...... nothing to worry about ...<br /><br /><a href="http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/household-debt-surpasses-six-figure-mark/article1911236//" rel="nofollow">Household debt surpasses six-figure mark</a><br /><br />The debt-to-income ratio is now at a whopping 150%! And a full 1/3 of that debt isn't even mortgage debt...dubhttps://www.blogger.com/profile/03964624662656587411noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-25630711595194035272011-02-17T08:17:03.019-08:002011-02-17T08:17:03.019-08:00Leo. Yeah I couldn't believe that article. Who...Leo. Yeah I couldn't believe that article. Who's stupid enough to store bars of precious metals at home?<br /><br />Oh well whatever, I'm almost up $1/oz this morning. Did your house also appreciate 3% overnight? ;-)Mr.4AMhttps://www.blogger.com/profile/06939742036749753862noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-70802512315269408162011-02-17T07:52:41.344-08:002011-02-17T07:52:41.344-08:00Mr. 4AM.... I predict your future...
What a geni...Mr. 4AM.... I predict your future...<br /><a href="http://www.theprovince.com/mobile/iphone/story.html?id=4300052" rel="nofollow">What a genius</a>Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-74673763265130158632011-02-17T00:03:43.237-08:002011-02-17T00:03:43.237-08:00Last link, and now I'll shut up for a while :)...Last <a href="http://www.reuters.com/article/2011/02/16/us-icbc-gold-idUSTRE71F1MO20110216" rel="nofollow">link</a>, and now I'll shut up for a while :)<br /><br />Mr.4AM<br /><br />PS. What happens when gold will get too expensive for 1.3 billion poor chinese people to buy? They turn to "poor man's gold". Aka: element AG ;-)Mr.4AMhttps://www.blogger.com/profile/06939742036749753862noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-67543857460541542522011-02-16T22:20:17.146-08:002011-02-16T22:20:17.146-08:00Kabloona... that's ok I'm hedged when I bo...Kabloona... that's ok I'm hedged when I bought a similar ammount at $13/oz ;-)Mr.4AMhttps://www.blogger.com/profile/06939742036749753862noreply@blogger.com