tag:blogger.com,1999:blog-7123542260692860177.post558043125266825020..comments2023-12-02T00:38:46.467-08:00Comments on House Hunt Victoria: Monday market update: pre-holiday doldrumsHouseHuntVictoriahttp://www.blogger.com/profile/07456914359088891317noreply@blogger.comBlogger71125tag:blogger.com,1999:blog-7123542260692860177.post-32057763798163497982012-03-14T01:42:21.312-07:002012-03-14T01:42:21.312-07:00Wonderful blog & good post.Its really helpful ...Wonderful blog & good post.Its really helpful for me, awaiting for more new post. Keep Blogging!<br /><br /><a href="http://www.bestpropertyworld.com/property-for-sale-in-birmingham.html" rel="nofollow">apartments for sale in Leeds</a>kousalyahttps://www.blogger.com/profile/05572635148154652216noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-53426903608290805462011-12-14T16:19:04.206-08:002011-12-14T16:19:04.206-08:00Good point, Patriotize. I got out of my condo enti...Good point, Patriotize. I got out of my condo entirely because I was worried about how long the market could stay stable.happy renterhttps://www.blogger.com/profile/00797801196399164312noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-71275705778681985452011-12-14T14:40:10.073-08:002011-12-14T14:40:10.073-08:00"If you're going to move out of your cond..."If you're going to move out of your condo after a couple years, hold onto it and rent it out for many more to come"<br /><br />That doesn't make any sense. If the net rental yield on the market price of the old place is below borrowing costs on the new place, you're better off selling and using the money for a bigger DP on the new place.<br /><br /><b>Especially</b> when interest rates are at historic lows, which means the risk of them going up is greatest.<br /><br />Even if net rental yield were better (it sure isn't today), you'd be paying income tax on the net when you could get a tax free return on the capital in your principal residence.<br /><br />Oh and did I mention you'd be making a big bet on RE going up continuously or at the very least not going down? Loads of people in the US tried your strategy - how did it work out?<br /><br />If you're not planning on staying for the better part of a decade, you simply shouldn't buy.patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-43580284878843069972011-12-14T13:13:29.656-08:002011-12-14T13:13:29.656-08:00When you're dealing with a small space like th...When you're dealing with a small space like that out-of-suite storage becomes important. We have none, and that's one of the reasons why we're feeling cramped. For us it's camping gear too, but also Christmas stuff (tree, decorations, wrapping paper). Those two things take up almost an entire closet for us, but it would be great to put them in a storage locker if we had one.Fiduciaryhttps://www.blogger.com/profile/10657843466561214005noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-35716877874165001752011-12-14T12:55:16.559-08:002011-12-14T12:55:16.559-08:00I'm starting to think that $1575 for 1000sqft ...I'm starting to think that $1575 for 1000sqft of new condo downtown was a steal for the person I know who scooped it up a couple months ago... 1 bed + den, but very large.happy renterhttps://www.blogger.com/profile/00797801196399164312noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-52723881299544204672011-12-14T12:52:39.151-08:002011-12-14T12:52:39.151-08:00I've lived in a 600sqft condo with my spouse a...I've lived in a 600sqft condo with my spouse and it was fine for a couple of years. It's actually kind of nice to have everything arranged very efficiently so that it'll fit in there. But once we started to accumulate a bit more stuff (sports/camping gear), we started to lust after more space. And unless the market is really hot, there's no way to sell a condo 2 years after you bought it and not lose money on transaction fees, realtor fees, etc.. I would never recommend that anyone buy anything for the short-term anymore. If you're going to move out of your condo after a couple years, hold onto it and rent it out for many more to come.happy renterhttps://www.blogger.com/profile/00797801196399164312noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-86462992679464091282011-12-14T12:49:57.838-08:002011-12-14T12:49:57.838-08:00I'm in a ~700 sq.ft. 2 bedroom right now, and ...I'm in a ~700 sq.ft. 2 bedroom right now, and I'd classify it as small. Granted it's a 2 bath so that uses some living space. I'd still classify 725 as small, but, as we know, the trend on new development is to go smaller.Fiduciaryhttps://www.blogger.com/profile/10657843466561214005noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-62533370076218492512011-12-14T12:31:35.286-08:002011-12-14T12:31:35.286-08:00Its all about sex.
Young men are willing to pay g...Its all about sex.<br /><br />Young men are willing to pay gobs of money for a one bedroom downtown condo because their chances of scoring are better than driving their date back to Sooke. (What you thought it was because they wanted to be near the museums?)<br /><br />Single women are more frugal with the money they choose to spend on rent so they live farther out from the downtown core and buy better clothes. They don't have to rent downtown they just have to meet guys that rent downtown.<br /><br />Of course you can't forget the Gay element in Victoria. This is a government town. So it would be ridiculous to be Gay and live in the suburbs. You would have to wear tacky shorts, grow a pot belly and get a wiggly looking tattoo with lots of swirls (what the hell are those things suppose to be anyway - Art?) to fit in with the straight guys.<br /><br />So, you have to ask yourself - are you lucky guy or are you a GUD (Geographically UnDisirable)<br /><br />$1600 a month for a one-bedroom doesn't seem to bad now. <br /><br />And that's how these condos should be marketed instead of a sign that reads<br /><br />"If you lived here - you'd be home by now"<br /><br />it would be<br /><br />"If you lived here - you'd be digging finger nails out of your back by now"Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-71857204337255282702011-12-14T12:29:47.361-08:002011-12-14T12:29:47.361-08:00Another "deal" in Fairfield. Upgraded a...Another "deal" in Fairfield. Upgraded and close to schools. On the border of Oak Bay.<br /><br /><a href="http://www.realtor.ca/PropertyDetails.aspx?PropertyID=11392976&PidKey=873326943" rel="nofollow">435 Richmond </a><br /><br />Better act fast.....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-45738070899356252642011-12-14T12:26:32.551-08:002011-12-14T12:26:32.551-08:00Really don't see the point in these microboxes...Really don't see the point in these microboxes. Yes 500sqft is fine when you're on your own, but as soon as you have someone move in it gets tight. Condo market is flat at best. If you're going to be moving up in 5 years (many friends have been moving up much faster than that) you will be losing money.<br /><br />Some other friends picked up a 1100+ sqft 2br condo in a nice 90s building near Hillside mall for $300k. Way better value than some new place for more money and just over half the space.Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-71779777270610600192011-12-14T11:56:14.932-08:002011-12-14T11:56:14.932-08:00"But 725sqft strike me as an exceptionally sm..."But 725sqft strike me as an exceptionally small 2 bedroom. Maybe I'm wrong though? Is that square footage standard these days?"<br /><br />Depends on how much you want to spend. Take a look at the layouts for the Bayview Promontory which is currently in pre-sales. You have 2 bedrooms from 723 sq/ft to 1,160 sq/ft...or from around 345k to 550k+<br /><br />http://www.bosaproperties.com/promontory/interiors_floorplans.phpMarkohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-24974779678170708822011-12-14T11:37:58.530-08:002011-12-14T11:37:58.530-08:00"A 7th floor 725 sq/ft 2 bed, 1 bath with par..."A 7th floor 725 sq/ft 2 bed, 1 bath with parking rented for $1,600."<br /><br />That seems to be about the standard price for a newish 2 bedroom downtown with parking. But 725sqft strike me as an exceptionally small 2 bedroom. Maybe I'm wrong though? Is that square footage standard these days?happy renterhttps://www.blogger.com/profile/00797801196399164312noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-11616045606177763702011-12-14T11:35:50.130-08:002011-12-14T11:35:50.130-08:00Now this is crazy:
http://victoria.en.craigslist.c...Now this is crazy:<br />http://victoria.en.craigslist.ca/apa/2753028198.html<br /><br />$1395 for 573sqft in the 834 and no parking! But I guess people are renting these places? There is a nice view.happy renterhttps://www.blogger.com/profile/00797801196399164312noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-58941675152084322142011-12-14T11:21:38.537-08:002011-12-14T11:21:38.537-08:00I live in 1100sf (well, there's 3 of us). I co...I live in 1100sf (well, there's 3 of us). I couldn't stand living in such a small space as most of the newer condos. I think it would get old REALLY quickly.Chickinvichttps://www.blogger.com/profile/15439471247805303810noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-14400996686757842882011-12-14T11:13:50.669-08:002011-12-14T11:13:50.669-08:00Marko, that's great for you - I don't mean...Marko, that's great for you - I don't mean to judge. It's good that people are content with that little space, it's just not for me. Logically, I know that people make it work under 600 sq.ft., I just can't see myself doing it.Fiduciaryhttps://www.blogger.com/profile/10657843466561214005noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-38895874801117625742011-12-14T10:59:07.526-08:002011-12-14T10:59:07.526-08:00"There's a flood of new condos for rent (..."There's a flood of new condos for rent (mostly in the 834, it seems), but they are outrageously priced."<br /><br />I moved into my unit at the 834 three weeks ago and have been surprised at what has rented in the building.<br /><br />A 7th floor 725 sq/ft 2 bed, 1 bath with parking rented for $1,600.<br /><br />Someone I know also rented a $209,900 unit (pre-sale price) for $1,175.<br /><br />Mortgage, property taxes, and strata fees combined I am under $900 (I put down 20%).<br /><br />"It still baffles me how many people seem content living in 600 sq.ft. or less."<br /><br />My unit is 530 sq/ft and it has everything I need.Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-55777288289190694202011-12-14T10:47:48.432-08:002011-12-14T10:47:48.432-08:00If you are looking for a rental this mapping site ...If you are looking for a rental this mapping site will help. Scans all the usual sites and maps them for you. You can filter by price and #bedrooms...<br /><br /><a href="http://www.google.ca/url?sa=t&rct=j&q=padmapper%20victoria&source=web&cd=1&ved=0CB0QFjAA&url=http%3A%2F%2Fwww.padmapper.com%2Fsearch%2Fapartments%2FBritish-Columbia%2FVictoria%2F&ei=vO3oTsyYI-WWiAK-hpj4Cw&usg=AFQjCNGqcH3GPZOusdnp8HC8x51XzW1jVw" rel="nofollow">Victoria padmapper</a><br /><br /><br />This is a great site and was posted here awhile ago by someone else. Thought it deserved a repost.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-80830396296770546782011-12-14T10:44:46.189-08:002011-12-14T10:44:46.189-08:00I heard ya. I fit the typical profile for someone...I heard ya. I fit the typical profile for someone that would live downtown (young professional, works downtown, no kids), but a) there's no value to what you get downtown, and b) I just don't want to be there. I like the little hubs you get in the various neighborhoods.Fiduciaryhttps://www.blogger.com/profile/10657843466561214005noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-1082948309098375372011-12-14T10:27:38.326-08:002011-12-14T10:27:38.326-08:00Fiduciary, the best "deal" I've hear...Fiduciary, the best "deal" I've heard of recently was a 1000sqft newish downtown condo for $1575. That certainly beats the $1350-$1400 for 600sqft (with parking) that I've been seeing a lot of, but it still sounds a little insane.happy renterhttps://www.blogger.com/profile/00797801196399164312noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-21704255021123268132011-12-14T10:21:59.713-08:002011-12-14T10:21:59.713-08:00cbc.ca:
TD Bank has lowered its outlook for the C...cbc.ca:<br /><br />TD Bank has lowered its outlook for the Canadian economy next year to 1.7 per cent growth, followed by 2.2 per cent in 2013.<br /><br />The bank’s latest forecast, issued Wednesday, knocked its 2012 prediction down by 0.2 percentage points from its last look ahead in September, and the following year’s by 0.4 points.<br /><br />TD blamed Europe for the direr outlook.<br /><br />Unemployment rates in Canada<br />“An escalation of the European financial crisis and a deepening recession in the region will exert a significant drag on the global economy,” the bank said.<br /><br />“Canada will be negatively impacted through weaker commodity prices, confidence and export growth."<br /><br />TD predicted the unemployment rate — now 7.4 per cent — will increase, to a range of between 7.5 and eight per cent.<br /><br />Although TD expects Canadian economic activity will improve in late 2012 and into 2013, “high household and government debt, rising interest rates and slowing housing activity will limit the speed of Canadian real GDP growth.”a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-7609609842390763802011-12-14T10:21:35.463-08:002011-12-14T10:21:35.463-08:00Happy renter, I've seen the same thing - if yo...Happy renter, I've seen the same thing - if you're going to rent downtown, you're going to pay a big premium, and probably get a tiny box. It still baffles me how many people seem content living in 600 sq.ft. or less.Fiduciaryhttps://www.blogger.com/profile/10657843466561214005noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-39797437570889875322011-12-14T10:15:19.860-08:002011-12-14T10:15:19.860-08:00I've been helping a friend (the same one who a...I've been helping a friend (the same one who asked about the stigma of owning after becoming a renter) to find a new place since he just sold his 2 bedroom condo. He wants to rent out something pretty similar to what he just sold. Not necessarily in the same building, but something that's also downtown and relatively new. He's having a really hard time coming up with something and so am I. There's a flood of new condos for rent (mostly in the 834, it seems), but they are outrageously priced. It's actually kind of shocking how few good newish downtown condo rentals there are out there right now. There's lots of stuff in older buildings. But maybe people just don't tend to want to move around the holidays?happy renterhttps://www.blogger.com/profile/00797801196399164312noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-15338120404468332312011-12-14T10:01:13.438-08:002011-12-14T10:01:13.438-08:00The vacancy rate calculated by CMHC is only for mu...The vacancy rate calculated by CMHC is only for multi-unit buildings. Condo, house/townhouse and basement suite rentals are not included. You only have to go to Craigslist or any one of the property management sites to see that these are a large segment of the rental pool.<br /><br />I found this part of the TC article revealing...<br /><br /><i>Al Kemp, CEO of the Rental Owners and Managers Society of B.C., said Victoria's vacancy rate is "significantly understated." Following conversations with owners and managers of rental properties, he estimates the figure is closer to four or five per cent across the entire rental market.<br /><br />Kemp questions the accuracy of information going to the CMHC, saying he thinks resident managers in apartment buildings may be under reporting vacancy rates. Amounts of rent charged may also be somewhat understated, but not as much as vacancy rates, he said.<br /><br /></i>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-36326118479759116202011-12-14T09:46:13.050-08:002011-12-14T09:46:13.050-08:00Funny - I was just on the phone with a researcher ...Funny - I was just on the phone with a researcher from the prairies and she said "Victoria - a very nice place, but I could never live there."<br /><br />It is true that not everyone dreams of an Oak Bay existence.a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-30135534787237753532011-12-14T08:19:07.083-08:002011-12-14T08:19:07.083-08:002.1 percent vacancy rate for Victoria is very high...2.1 percent vacancy rate for Victoria is very high. Up until 2007, purpose built apartments had a vacancy rate at 0.5%. This "old" stock rental market represents low income workers and new single people to the city.<br /><br />This is another pre-cursor showing the weakness of our real estate market. Soon, we'll see stats showing that more people are leaving Victoria than moving here. And that would blow a hole through the argument that everyone wants to live here.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.com