tag:blogger.com,1999:blog-7123542260692860177.post6734439436871839541..comments2023-12-02T00:38:46.467-08:00Comments on House Hunt Victoria: 2012, she's dead folksHouseHuntVictoriahttp://www.blogger.com/profile/07456914359088891317noreply@blogger.comBlogger61125tag:blogger.com,1999:blog-7123542260692860177.post-18675318564004713512013-01-02T21:43:59.569-08:002013-01-02T21:43:59.569-08:00CS - I am in North OB as well and the house I am i...CS - I am in North OB as well and the house I am in went down $20K from last yr. Interesting.<br /><br />Many houses on Larkdowne that had a lot of problems sold in the $700Ks as recent as 2011.a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-73403027325057376512013-01-02T20:57:12.216-08:002013-01-02T20:57:12.216-08:00plus the "view" is a stretch and you can...plus the "view" is a stretch and you can't really walk anywhere of interest... Almost 600k for this place is certainly not a sign of some sort of new low...dasmohttps://www.blogger.com/profile/14638226799679794103noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-38254462563790309702013-01-02T20:40:53.668-08:002013-01-02T20:40:53.668-08:00The house on Middowne looked better on paper than ...The house on Middowne looked better on paper than in reality. It had no garage, just an open "storage area" beneath an added on master bedroom. It will need a major reno to bring it up to anything like the BC assessment valuation. <br /><br />Assessments in north O.B. have gone up, which seems nuts. The house next door sold last summer for more than $100K below assessment and a house round the corner went early last fall for 20% below assessment, so how come my hardly pristine bung. has increased in assessed value by 20 or 30 K? I doubt I could get more than 85% of the current assessment if I wanted a sale within 6 weeks. CShttps://www.blogger.com/profile/03399620869685840906noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-34142150111921640302013-01-02T20:30:10.660-08:002013-01-02T20:30:10.660-08:00This comment has been removed by the author.dasmohttps://www.blogger.com/profile/14638226799679794103noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-29843487311170004882013-01-02T20:30:05.743-08:002013-01-02T20:30:05.743-08:00I doubt it...maybe JJ knows what it last sold for....I doubt it...maybe JJ knows what it last sold for. I don't have such super powers...dasmohttps://www.blogger.com/profile/14638226799679794103noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-47372404045720152332013-01-02T19:59:46.752-08:002013-01-02T19:59:46.752-08:00The slope always fetches more money - and that is ...The slope always fetches more money - and that is reflected in the assessments. One or two years ago this house would have easily sold for over $700K.a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-82306082642615946682013-01-02T16:03:31.132-08:002013-01-02T16:03:31.132-08:00I just checked e-value for the assessed value on a...I just checked e-value for the assessed value on a family property on Saturna Island. It is unchanged!!!! That island has seen almost nothing sell for a couple years now. It is much deader than Victoria.<br /><br />go figure... reasonfirsthttps://www.blogger.com/profile/02787594578611685612noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-64753756373181250292013-01-02T15:27:15.558-08:002013-01-02T15:27:15.558-08:00More of a case of assessments gone wrong...2300 Mi...More of a case of assessments gone wrong...2300 Middowne has proximity to Camosun and UVic other than that I don't see 700k by a long shot...My assessment for my SFH in Vicwest is 340k. Case in point, they can be off by a lot...put 1116 CATHERINE (not my house) into evaluebc and compare by sold properties. You will see the wild swings in assessment and sale prices - both directions. They are just not accurate at all...dasmohttps://www.blogger.com/profile/14638226799679794103noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-10974102114806238652013-01-02T15:07:57.738-08:002013-01-02T15:07:57.738-08:00Relative to past sale values, the end of 2012 has ...Relative to past sale values, the end of 2012 has seen some fire sale prices.<br /><br />A second floor micro condo in the Mosaic selling for less than what is was previously bought for in March 2006.<br /><br />A townhouse in Langford purchased back in April 2005 for $235,000. And sold again for just $15,000 more.<br /><br />A Bear Mountain home along Danby selling for $85,000 less than it was purchased in October 2007.<br /><br />I can understand why, people are buying. Having been de-sensitized to high prices for so long, these recent sales look great.<br /><br />And since money is cheap, how low can prices go? A typical middle income household may have a mortgage payment of $2,500 a month. <br /><br />Could lower prices drop that to $1,500 a month?<br /><br />And if that happens - what will that do to the rental market?<br /><br />Most of the rhetoric on this blog says that this is unlikely. However, we are dealing with a marketplace that has been heavily in favor of sellers and out of sync with historic economic benchmarks. Why couldn't the market also shift to the extreme in a buyers market too?<br /><br />It's nice to think that there is some kind of intrinsic real estate value that sets the low end for prices. But, really there isn't one.<br /><br />Most of us would leap at the chance to buy Oak Bay waterfront for under a million dollars today. Because we are conditioned to past prices. However, if Oak Bay waterfront was down to $750,000 - why would you offer a million!<br /><br />If there was some magical formula that would show me the lowest price for a property, I would like to know what it is - and I think the banks would like to know what it is too!<br /><br />Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-17725473279216057562013-01-02T14:59:27.365-08:002013-01-02T14:59:27.365-08:00It actually went up, as reported by the listing th...It actually went up, as reported by the listing the 2012 assessment was $684K and BC assessment shows for 2013 it is $702K.a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-57481744417501977852013-01-02T14:52:49.306-08:002013-01-02T14:52:49.306-08:00a simple man
Can you find the 2012 assessment for...a simple man<br /><br />Can you find the 2012 assessment for the house on Middown? Then we can find out how much below peak assessment it sold.<br /><br />It sold for 15% below 2013 assessment. infohttps://www.blogger.com/profile/02848148105386213925noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-61469738694086119962013-01-02T14:45:56.184-08:002013-01-02T14:45:56.184-08:00Canada's housing bubble will make a full corre...Canada's housing bubble will make a full correction this time. There will be no massive, emergency intervention to stop it like the one we saw during the crash of 08-09.<br /><br />Price and income are tightly linked together when it comes to any housing market in the world. Housing bubbles happen when house prices grow too fast in relation to incomes. This happens when lax lending standards are made policy. Lax lending standards provide excess credit which allows house prices to rise too fast in relation to incomes. This results in a housing bubble where prices are no longer supported by incomes. <br /><br /><a href="http://leithwheelerblog.sitecm.com/uncategorized/housing-bubble/#more-341" rel="nofollow">This chart</a> shows what happens when house prices rise too fast. It shows this using 48 housing bubbles from different countries over the past 40 years. Note that these are national housing bubbles. That means that the chart deals with at least a thousand different cities. <br /><br />The housing bubble that developed in Norway in 1978 had its own unique set of lax lending standards that allowed house prices to rise too fast in comprison to incomes. Their bubble burst and house prices went back to the point where they were once again supported by incomes. <br /><br />The same thing happened in the US in 2005. Again, they had their own set of lax lending standards that caused house prices to rise too fast in comparison to incomes. They experienced a correction that brought prices down to the point where they were supported by incomes. <br /><br />The same thing happened in Great Britain in 1989. Again, they had their own unique set of lax lending standards. <br /><br />The same thing has happened in Canada. We had our own set of lax lending standards that pushed prices into bubble territory. Incomes no longer support house prices in Canada. We will experience a correction that will bring house prices down to the point where they are once again supported by incomes. <br /><br />infohttps://www.blogger.com/profile/02848148105386213925noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-39738450010683002132013-01-02T14:40:41.995-08:002013-01-02T14:40:41.995-08:00House on Middowne sells for $106K below 2013 asses...House on Middowne sells for $106K below 2013 assessment ($596K sale price).<br /><br />Needed cleaning and some paint, but is a solid house, with over 3000 sq ft of potential space, on the slope with views of the mountains. A new benchmark?a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-41759159562841945292013-01-02T10:50:24.933-08:002013-01-02T10:50:24.933-08:00My Victoria house is down by 5.1% y-o-y and is als...My Victoria house is down by 5.1% y-o-y and is also now assessed at slightly lower then when I purchased in late 2008.<br /><br />I've had to appeal the assessment twice (both successful) since buying as they kept bumping it up for bogus reasons.<br /><br />Won't be appealing this time around as I think that the 5.1% is probably representative of last summer and is very similar to neighbours changes.caveat emptorhttps://www.blogger.com/profile/15318994505715193523noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-6673165583061684942013-01-02T10:42:19.221-08:002013-01-02T10:42:19.221-08:00"According to B.C. Assessment’s examples of s..."According to B.C. Assessment’s examples of standard single-family homes, the largest decrease in the region was in Sooke at 7.4 per cent, followed by 6.95 per cent in rural areas of Victoria, such as East Sooke, Port Renfrew, and Otter Point. The city of Victoria showed the least amount of change, dropping by just 0.9 per cent, while Esquimalt only slipped by 1.5 per cent. This data represents a standard house and is not an average of home values in a particular area, the agency said."<br /><br /><a href="http://www.timescolonist.com/news/local/new-year-assessments-reveal-value-of-most-capital-region-homes-has-dropped-1.38031" rel="nofollow">http://www.timescolonist.com/news/local/new-year-assessments-reveal-value-of-most-capital-region-homes-has-dropped-1.38031</a><br /><br />koozdrahttps://www.blogger.com/profile/16879691936698695299noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-31686062070498323672013-01-02T10:38:55.259-08:002013-01-02T10:38:55.259-08:00Assessment drops are something that the consumer m...Assessment drops are something that the consumer market will likely react to. It was front page news in the Times Colonist this morning. <br /><br />For the average person in Victoria who does not follow real estate this is more of a benchmark than the daily statistical data. <br /><br />I expect Oak Bay will be impacted in the Spring Market. I'd be surprised if we did not see downward movement. Anonymoushttps://www.blogger.com/profile/08188115284116016130noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-56136730023953500272013-01-02T09:44:17.230-08:002013-01-02T09:44:17.230-08:00Assessment drops seem to depend on where you live....Assessment drops seem to depend on where you live. After entering in a half dozen properties (family, friends, etc.) around Greater Victoria - the drops seem to range from about 2% to 12%. Condos have dropped more than SFH and Saanich West and Victoria have dropped more that Saanich East and Oak Bay. Can anyone comment on Langford or Sooke?DavidLhttps://www.blogger.com/profile/00353906360642344879noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-49824415760661025342013-01-02T09:18:18.718-08:002013-01-02T09:18:18.718-08:00My assessment is $10k lower than last year's. ...My assessment is $10k lower than last year's. A 1.83% decrease.Introverthttps://www.blogger.com/profile/03333045260631104757noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-32984637743294853272013-01-02T08:15:29.269-08:002013-01-02T08:15:29.269-08:00My condo just dropped 9.4%My condo just dropped 9.4%Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-41199301097100290192013-01-02T08:11:58.514-08:002013-01-02T08:11:58.514-08:00My OB home that we rent also just dropped 20K. Re...My OB home that we rent also just dropped 20K. Remember, these values are an estimate for the value of the home last July.a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-26676818438506556102013-01-02T00:17:03.925-08:002013-01-02T00:17:03.925-08:00The 2013 BC Assessments are now available online:h...The 2013 BC Assessments are now available online:<a href="http://evaluebc.bcassessment.ca/" rel="nofollow">http://evaluebc.bcassessment.ca/</a>. My Saanich West SFH dropped by $20K, making the total drop of $50K over the past two years equal to a 10% reduction. <br /><br />I feel badly for a few neighbours who purchased in the past few years and now have negative equity in their homes... DavidLhttps://www.blogger.com/profile/00353906360642344879noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-67583630585968872972013-01-01T21:35:45.185-08:002013-01-01T21:35:45.185-08:00Wonder if the active listings given by VREB will b...Wonder if the active listings given by VREB will be higher than the final 3896. That is already 13.8 months of inventory. The spring market will be interesting. Last year we got down to 7.5 MOI in March.Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-20714316321701616962013-01-01T21:28:32.410-08:002013-01-01T21:28:32.410-08:00Even tea and crumpets is too risqué for some.Even tea and crumpets is too risqué for some.Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-47132675128844870442013-01-01T18:57:47.670-08:002013-01-01T18:57:47.670-08:00Is that some sort of sensitivity curse?Is that some sort of sensitivity curse?dasmohttps://www.blogger.com/profile/14638226799679794103noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-80920731527447070182013-01-01T18:23:08.028-08:002013-01-01T18:23:08.028-08:00One could expertly debate prices, listings, locati...One could expertly debate prices, listings, locations and other such factors, then graph months of inventory, sales ratios, trends, rolling averages, then debate some more until blue in the face. <br /><br />In my own opinion, there is nothing funny about wheelchairs, wheelchair friendly homes or molding away one's final days. <br /><br />Yup, sensitivity training; quod erat demonstrandum.Cosminhttps://www.blogger.com/profile/10622659369670618611noreply@blogger.com