tag:blogger.com,1999:blog-7123542260692860177.post7159843574255177047..comments2023-12-02T00:38:46.467-08:00Comments on House Hunt Victoria: Bear Mountain - Victoria's Vegas - Part 1HouseHuntVictoriahttp://www.blogger.com/profile/07456914359088891317noreply@blogger.comBlogger54125tag:blogger.com,1999:blog-7123542260692860177.post-28807764200094950212013-05-09T18:40:10.666-07:002013-05-09T18:40:10.666-07:00The Toronto Condo offers a unique and customized a...The Toronto Condo offers a unique and customized approach that will guide you through the Toronto condo market helping you achieve a profitable condominium investment. We manage the day to day operations of your condo property leaving you free to enjoy your life- safe in the knowledge that your Toronto condo investment is being taken care of. <br /><br /><a href="http://www.toronto-condo.net/Toronto-condo-investment.php" rel="nofollow">Condo Investment</a>Toronto Condohttps://www.blogger.com/profile/09258506292015992029noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-68664456086718113652011-10-01T11:01:06.381-07:002011-10-01T11:01:06.381-07:00"Please don't be so quick to blame this w..."Please don't be so quick to blame this writer."<br /><br />OK, Sorry.CShttps://www.blogger.com/profile/03399620869685840906noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-61611542864464500382011-10-01T10:52:39.818-07:002011-10-01T10:52:39.818-07:00@Canspeccy... found your missing comments... they&...@Canspeccy... found your missing comments... they're on the previous post <a href="http://househuntvictoria.blogspot.com/2011/09/mls-numbers-courtesy-of-vreb-via-marko_26.html" rel="nofollow">here</a>. My guess is your browser's back button is getting trigger happy.HouseHuntVictoriahttps://www.blogger.com/profile/07456914359088891317noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-86009617297924330472011-10-01T10:48:53.691-07:002011-10-01T10:48:53.691-07:00Canspeccy,
Not sure... but I'm guessing eithe...Canspeccy,<br /><br />Not sure... but I'm guessing either there's an issue with Blogger or your not doing it right somehow. Please don't be so quick to blame this writer. If I delete a comment, you'd see a message like the one above<br /><br />@Nancy... my dad is a snowbird from Victoria. He leaves every year in late October and won't come back till late April. He hates the wet, winter weather. As does the Mrs HHV, who grew up elsewhere and never took to Victoria's mild (please read as cold, wet, moldy window) winters.HouseHuntVictoriahttps://www.blogger.com/profile/07456914359088891317noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-15005259416917261652011-10-01T10:44:52.122-07:002011-10-01T10:44:52.122-07:00This comment has been removed by the author.HouseHuntVictoriahttps://www.blogger.com/profile/07456914359088891317noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-7714964700649782212011-10-01T10:34:51.310-07:002011-10-01T10:34:51.310-07:00When I said "What would drive house prices do...When I said "What would drive house prices down" I should have said "home prices." The future for Victoria is intensified development and a transition from a small town with many single family homes on large lots to a large city with many people living in multi-family developments. This transition is already evident downtown. It should be encouraged throughout the city. <br /><br />Those who want the quiet life can go to Salt Spring - plenty of places for sale there now, apparently.CShttps://www.blogger.com/profile/03399620869685840906noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-59302008467731065202011-10-01T10:29:46.453-07:002011-10-01T10:29:46.453-07:00"If everybody wanted to live here, and restri..."If everybody wanted to live here, and restricted amounts of land was a real issue, we wouldn't see the inventory or days on market increases that we are today."<br /><br />The restricted availability and hence high cost of lots in Victoria explain, in part, the current relatively high price of Victoria property. But if inventory and days on market are both increasing, that implies that prices are decreasing. <br /><br />But the question is whether these trends will persist? <br /><br />Personally, I hope they do. It seems outrageous that most young people wishing to own a house in Victoria, have to take on horrendous risk in order to do so. But wishing does not make anything so. <br /><br />What would drive house prices in Victoria down would be rezoning to increase density. Along Beach Drive, for example, there are a number of large waterfront properties that would be ideal for condo development. Oak Bay Avenue also seems an excellent place for further development. <br /><br />It is not difficult to see how population density in Oak Bay could be double, tripled or multiplied by four. With similar intensification of development in other core municipalities, Victoria would not need to spill out onto the Saanich Peninsular for decades, there would be no need for multi-billion-dollar subsidies to urban sprawl with rapid transit to the Western communities, etc., and one could greatly improve the frequency and hence convenience of public transit within Victoria.CShttps://www.blogger.com/profile/03399620869685840906noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-29736491031888068342011-10-01T10:23:49.683-07:002011-10-01T10:23:49.683-07:00House Hunt Victoria,
I know many people who left ...House Hunt Victoria,<br /><br />I know many people who left because they don't like the rain. My friend's parent's were going to retire here but they could not stand the rainy winter and the drug addicts downtown.<br /><br />They moved to US instead - they are there 1/2 the year and Winnipeg the other half.<br /><br />Not everyone thinks this place is amazing.Nancyhttps://www.blogger.com/profile/13756361299909314983noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-87875222874727130922011-10-01T10:07:04.520-07:002011-10-01T10:07:04.520-07:00"Comments aren't moderated here Canspeccy..."Comments aren't moderated here Canspeccy..."<br /><br />OK. so where did they go?<br /><br />When I posted <a href="http://www.zillow.com/homedetails/2456-Santa-Clara-St-San-Luis-Obispo-CA-93401/15389242_zpid/#%7Bscid=hdp-site-map-list-address%7D" rel="nofollow">a link to a 700 K house</a> in the small California town of St. Luis Obispo, an hour or so ago, it appeared as a blog comment. Now it has gone. <br /><br />Likewise, my comment about Saskatoon prices versus Victoria, was a repeat of another comment that I made, which at first appeared among comments here and then disappeared.CShttps://www.blogger.com/profile/03399620869685840906noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-85659686999971392982011-10-01T09:43:56.314-07:002011-10-01T09:43:56.314-07:00Comments aren't moderated here Canspeccy...Comments aren't moderated here Canspeccy...HouseHuntVictoriahttps://www.blogger.com/profile/07456914359088891317noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-73852187532655530632011-10-01T09:35:28.096-07:002011-10-01T09:35:28.096-07:00It seems hopeless attempting to engage in discussi...It seems hopeless attempting to engage in discussion here. My posts keep disappearing!<br /><br />Is the moderator trying to skew the discussion, or what?CShttps://www.blogger.com/profile/03399620869685840906noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-27923318848621931282011-10-01T09:24:12.281-07:002011-10-01T09:24:12.281-07:00Canspeccy, I don't think anyone is debating th...Canspeccy, I don't think anyone is debating that Victoria is worth a premium over Saskatoon, it's just whether or not Victoria is now over-valued from a Canadian RE perspective.<br /><br />Sure Victoria has warm winters and oceanfront (well, so does the whole coast up to Parksville and Sooke), but Sask has a lot more good jobs, affordable housing (comparibly), a much younger population (labour force, taxation base), and what looks to be a very strong and vibrant future (ours forecast appears pretty weak).<br /><br />Let's put aside San Fran for a moment. Salt Spring has great weather, ocean front properties and building restrictions. Yet like Victoria, the inventory keeps increasing. <br /><br />If everybody wanted to live here, and restricted amounts of land was a real issue, we wouldn't see the inventory or days on market increases that we are today.Mindsethttps://www.blogger.com/profile/16898125754772581488noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-63208953929137072522011-10-01T08:29:59.178-07:002011-10-01T08:29:59.178-07:00"As of July 2011, Saskatoon was Canada's ..."As of July 2011, Saskatoon was Canada's fastest growing city. And maybe it still is. So why, then, is the average SFH in Saskatoon still stuck around $300,000? With more immigrants than any other city in the country, why aren't Saskatoon's prices in the $600,000 range, like ours?"<br /><br />There's a big difference between a town on the prairie and a town on a peninsula surrounded by water. <br /><br />Victoria, has filled up except up the Saanich Peninsula, which is mostly zoned agricultural or around the corner on the West side, which for most people would entail a difficult commute.<br /><br />And Saskatoon has no oceanfrontage, whereas Victoria never gets so cold you cannot even skate.CShttps://www.blogger.com/profile/03399620869685840906noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-21379617676793076982011-10-01T04:57:48.998-07:002011-10-01T04:57:48.998-07:00"And you're seriously comparing San Franc..."And you're seriously comparing San Francisco, a city with 10 times the population and economic importance of Victoria?"<br /><br />Metro San Fransisco (a.k.a Bay Area) has a population of about 7 million, which is over 20 times that of Greater Victoria.<br /><br />This kind of self-importance has been de rigour in Vancouver for some time and seems to have jumped the strait. Next, they'll be comparing Nanaimo to Santa Barbara.patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-39719289721939557642011-09-30T23:37:50.633-07:002011-09-30T23:37:50.633-07:00I just noticed that 851 McKenzie Ave (MLS 300004) ...I just noticed that 851 McKenzie Ave (MLS 300004) is listed at $400K - $48K less that its assessment. Anyone know what the "story" is on this house is (flooding, termites, etc.)? I am genuinely surprised to see a house listed this low in Saanich (by Swan Lake). Granted, it is right along a very busy part of McKenzie Ave ...DavidLhttps://www.blogger.com/profile/00353906360642344879noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-5989082587051459902011-09-30T21:44:29.344-07:002011-09-30T21:44:29.344-07:00Or look at this on a 3000 square foot lot for $8 m...<i>Or look at this on a 3000 square foot lot for $8 million!</i><br /><br />Wow, thats like saying a Honda Minivan is worth a premium because Ferrari's are selling out.<br /><br />Silicon Valley is a world leader in technology and innovation. Houses are pricy there because it is one of 'the' places on the planet to be. See any headquarters around here like Lockheed, Apple, Intel, HP, Adobe or Google? There are thousands of head offices for world leading organizations in the area.<br /><br />The technology industry has also faired very well in the downturn.<br /><br />Sure, you pay a premium for San Fran, but don't forget that prices there have come off the peak as well. Peak condo prices are off 33% based on Case Shiller, one of the better price change measures going.Mindsethttps://www.blogger.com/profile/16898125754772581488noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-39440225256770424362011-09-30T21:00:16.253-07:002011-09-30T21:00:16.253-07:00"So why, then, is the average SFH in Saskatoo...<i>"So why, then, is the average SFH in Saskatoon still stuck around $300,000?"</i><br /><br />Likely for the same reason that Victoria's average price has been stuck around $600K for 4 years... the market is flat for the same reasons: availability of credit being the primary one.<br /><br />Victoria isn't different because it can sustain $600K prices while Saskatoon can sustain $300K prices precisely because Victoria cost more to begin with. If you look at the two cities on percentages, rather than dollar amount, they're basically the same, except that Saskatoon's house price inflation more accurately reflects their immigration data. <br /><br /><i>"If almost all Canadians agree Victoria is mild and agreeable"</i> <br /><br />I haven't seen any data/survey that supports this statement, just a BS "poll" that has 6 cities ahead of Victoria on the "desirability" meter, Saskatoon being one of them...HouseHuntVictoriahttps://www.blogger.com/profile/07456914359088891317noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-42064821784979567782011-09-30T20:47:18.687-07:002011-09-30T20:47:18.687-07:00of course canspeccy is comparing San Francisco to ...of course canspeccy is comparing San Francisco to Victoria. He or she wants to make the argument that Victoria's is not overvalued - either to obfuscate the arguements others or making or to self convince that prices indeed should be at the levels they are at. A diversionary 'hey, look over here' tactic.<br /><br />Prices are too high. It is that simple. No other argument is needed.Animal Spirithttps://www.blogger.com/profile/14290032551579947421noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-89942006773599539102011-09-30T19:03:11.789-07:002011-09-30T19:03:11.789-07:00Um, well how about this? One could do as well as t...<i>Um, well how about this? One could do as well as that for seven hundred grand in Victoria, surely?</i><br /><br />Forgive me for not stumbling on the exact example you had in mind. <br /><br />And you're seriously comparing San Francisco, a city with 10 times the population and economic importance of Victoria?Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-40952733235720018962011-09-30T19:02:44.654-07:002011-09-30T19:02:44.654-07:00Victoria prices like everywhere are sticky, but th...Victoria prices like everywhere are sticky, but they are coming unglued.<br /><br />On wages and immigration. The latest numbers show BC is now the laggard in both.<br /><br />BC had the worst wage growth y-o-y to July of all provinces at 0.9%. The Canadian average is 2.2%.<br /><br />For immigration, BC had the largest decline of any province y-o-y to July, from the previous year. It now has one of the slowest population growth rates of the provinces.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-51561013894350984322011-09-30T18:27:12.253-07:002011-09-30T18:27:12.253-07:00As of July 2011, Saskatoon was Canada's fastes...As of July 2011, Saskatoon was Canada's fastest growing city. And maybe it still is. So why, then, is the average SFH in Saskatoon still stuck around $300,000? With more immigrants than any other city in the country, why aren't Saskatoon's prices in the $600,000 range, like ours? The two aren't even in the same league!<br /><br />Wouldn't that make Victoria "different" if it can sustain $600,000-range prices with very low influxes of people? Because that's what Victoria is doing.<br /><br />If almost all Canadians agree Victoria is mild and agreeable, then maybe only the rich among them tend to actually pick up and move here, thus maintaining our high prices?Introverthttps://www.blogger.com/profile/03333045260631104757noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-81205276827213960232011-09-30T17:08:17.569-07:002011-09-30T17:08:17.569-07:00"Um, well how about this? One could do as wel..."Um, well how about this? One could do as well as that for seven hundred grand in Victoria, surely?"<br /><br />You're <b>really</b> clutching at straws when you pick a house in one of San Francisco's most exclusive neighbourhoods to try to make Victoria look cheap.<br /><br />Don't stop there, you can make Victoria look even cheaper if you pick, say, the East Side of Manhatten.patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-29646501439269644982011-09-30T17:00:48.533-07:002011-09-30T17:00:48.533-07:00"So my argument goes: we will always have a p..."So my argument goes: we will always have a premium"<br /><br />A premium of price/rent? Why? Does the climate make the landlord's losses any different?patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-66257423231000236432011-09-30T15:52:59.904-07:002011-09-30T15:52:59.904-07:00HHV, that last point is exactly what I'm talki...HHV, that last point is exactly what I'm talking about. Immigration stats, population growth, those are objective things that should measure whether it's different here. Anecdotal arguments about how "people love to retire here" or how "people love our weather" don't make it different here.Fiduciaryhttps://www.blogger.com/profile/10657843466561214005noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-61089164891319770172011-09-30T15:37:14.068-07:002011-09-30T15:37:14.068-07:00"we will always have a premium (even after a ...<i>"we will always have a premium (even after a crash"</i><br /><br />No argument from me here. Victoria has, for a very long time (30 years or more) cost more, so history supports this assertion.<br /><br /><i>"and, after any crash, the likelihood of our prices bouncing back to above normal is far greater while the time it would take for them to do so is far shorter here than in Saskatoon"</i><br /><br />I beg to differ. Saskatoon over history has been less prone to boom bust cycles in their real estate market. Furthermore, in less than 4 years, between 2004 and 2008, Saskatoon witnessed approx. 100% price appreciation to Victoria's approx. 66%. So I'd say history doesn't support your statement.<br /><br />And now here's a question for you: if Victoria is different, and we agree that different means more attractive to Canadians than most other cities, then why does Victoria's immigration rate lag the Canadian average and the BC average. I would expect that if Victoria was "the" city to live in in Canada, it'd be growing faster and be experiencing a higher rate of migration/immigration than all those other "ordinary" cities.HouseHuntVictoriahttps://www.blogger.com/profile/07456914359088891317noreply@blogger.com