tag:blogger.com,1999:blog-7123542260692860177.post7285473085798360624..comments2023-12-02T00:38:46.467-08:00Comments on House Hunt Victoria: Ya Think?HouseHuntVictoriahttp://www.blogger.com/profile/07456914359088891317noreply@blogger.comBlogger47125tag:blogger.com,1999:blog-7123542260692860177.post-19820832634834798872008-07-14T11:29:00.000-07:002008-07-14T11:29:00.000-07:00Mutual funds are of course never protected, but ba...Mutual funds are of course never protected, but bank deposits are.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-3147173854567638792008-07-13T09:42:00.000-07:002008-07-13T09:42:00.000-07:00Village,Answers @ CDIC siteVillage,<BR/><BR/>Answers @ <A HREF="http://www.cdic.ca/1/5/2/7/index1.shtml" REL="nofollow">CDIC site</A>Rogerhttps://www.blogger.com/profile/08266466833259484873noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-54940954997501722212008-07-13T08:28:00.000-07:002008-07-13T08:28:00.000-07:00So the bank failure of IndyMac raises the followin...So the bank failure of IndyMac raises the following question for me. I have RRSPs with RBC.<BR/><BR/>With money in split in Mutual Funds, GIC's and in Savings. Would/what of it would be protected. Not that I'm expecting RBC to fail anytime soon. But you know, knowledge is power and all that.Villagehttps://www.blogger.com/profile/01880618948392892946noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-48825742662097833822008-07-12T23:29:00.000-07:002008-07-12T23:29:00.000-07:00A "balanced market" is the lie they can claim unti...A "balanced market" is the lie they can claim until EVERYONE knows it's truly a bear buyers' market.<BR/><BR/>Kind of like "It's the best time to buy" is the lie they can claim ALL THE TIME by concocting up other lies like "Buy now or be priced out of the market" or "Real Estate always appreciates" or "We're now in a balanced market" so "It's the best time to buy!"<BR/><BR/>The only "best time to buy" is truly at the bottom of a crash, AFTER the initial inevitable dead cat bounce on the way down.<BR/><BR/>Like Patriotz said, when prices are slowly hedging up for the <I>second</I> time, and have been for awhile.<BR/><BR/>Then you can be sure you're at the real bottom on the way up.<BR/><BR/>That's the only best time to buy, and the rest is BS.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-37008327378095197612008-07-12T23:09:00.000-07:002008-07-12T23:09:00.000-07:00Arguably, some types of housing are in a buyer’s m...<I>Arguably, some types of housing are in a buyer’s market.</I><BR/><BR/>Not this buyer.<BR/><BR/><I>The Market Conditions are reported as a balanced market with a falling price trend.</I><BR/><BR/>Er, a falling price trend is a bear market, not a "balanced market".patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-46771177855415083602008-07-12T21:40:00.000-07:002008-07-12T21:40:00.000-07:00Hey Roger, thanks for the heads up... my spam filt...Hey Roger, thanks for the heads up... my spam filter was working extra overtime, both your comments got caught in it... should be better now... :(Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-14202706467642523582008-07-12T21:10:00.000-07:002008-07-12T21:10:00.000-07:00One of the local Victoria REALTORS® publishes exte...One of the local Victoria REALTORS® publishes <A HREF="http://www.propertiesinvictoria.com/newsletter/quarterly-report.htm" REL="nofollow">extensive quarterly reports</A> on RE market conditions.<BR/><BR/>The <A HREF="http://www.propertiesinvictoria.com/docs/quarterly-reports/Newsletter-Summer%202008_RLCC_Ethier&Witt.pdf" REL="nofollow">summer 2008 issue (pdf)</A> is interesting reading. <BR/><BR/><I>There has been a general weakening in the market for all price categories and for all types of housing. Overall, we have clearly moved into a balanced market. Arguably, some types of housing are in a buyer’s market. Even the usually strong market for moderately priced SFDs has weakened significantly. For example, the sales to listings ratio for SFDs priced less than $450,000 was a rather weak .54<BR/>in the 2 Qtr of 2008, compared to .84 in the 2 Qtr of 2007.</I><BR/><BR/>The <A HREF="http://realtytimes.com/rtmcrcond5/British_Columbia~Victoria~treiberggrambart" REL="nofollow">Market Conditions are reported</A> as a balanced market with a falling price trend.Rogerhttps://www.blogger.com/profile/08266466833259484873noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-51469711882235143662008-07-12T20:23:00.000-07:002008-07-12T20:23:00.000-07:00What's the difference between the Vancouver Sun an...What's the difference between the Vancouver Sun and the Real Estate Weekly?<BR/><BR/>The Real Estate Weekly is free!patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-21431565182144541252008-07-12T19:56:00.000-07:002008-07-12T19:56:00.000-07:00I just read the Special to the Sun article from Pe...I just read the Special to the Sun article from Peter Simpson. <BR/><BR/>I think I just threw up a little in my mouth.<BR/><BR/>It isn't a surprise although it sickens me. You really have to look at the source. I mean what else is he and everyone in the article going to say. Geesh!<BR/><BR/>I'm surprised now to hear quite often people saying that it is slowing. <BR/><BR/>They can flog it all they want but people are starting to notice it isn't red hot anymore. <BR/><BR/>S2Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-38549582282974968632008-07-12T19:11:00.000-07:002008-07-12T19:11:00.000-07:00Will potential purchasers be smart enough to rent ...<I>Will potential purchasers be smart enough to rent until house prices reset and thus tighten the rental market keeping prices high?</I><BR/><BR/>This is a fallacy, because new supply has to be either sold to a former renter (who vacates his old rental) or sold to an investor and rented out itself. It makes no difference to the net rental supply and demand whether renters buy or keep on renting.<BR/><BR/>All that matters is the total number of dwelling units versus the total number of households.patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-82340942762427453042008-07-12T16:48:00.000-07:002008-07-12T16:48:00.000-07:00The rental market is very tight and has been for d...<I>The rental market is very tight and has been for decades, it's not my opinion, it's simply a fact.</I><BR/><BR/>I can't disagree more. I have been renting in this market for the past two years. <BR/><BR/>My target is 3 bed homes and there is an incredible number of them available. Some seem to be priced correctly. Some <A HREF="http://victoria.en.craigslist.ca/apa/745712172.html" REL="nofollow">totally out to lunch</A>.<BR/><BR/>I feel the rental market is looking good right now. <BR/><BR/>The question is -- will enough new product come onto the market to lower rents? <BR/><BR/>Will potential purchasers be smart enough to rent until house prices reset and thus tighten the rental market keeping prices high?<BR/><BR/>Or, will job losses and recession force this all in an entirely new direction?Aaronhttps://www.blogger.com/profile/03507072299723016016noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-50325092979267860442008-07-12T16:28:00.000-07:002008-07-12T16:28:00.000-07:00Garth was calling the top of the market in summer ...Garth was calling the top of the market in summer of 2004 and every year since he has been wrong. He is bound to be right sometime.<BR/><BR/>Canada has oil, wheat/corn, uranium, coal etc etc...which is what the whole world wants.<BR/><BR/>We don't have sub-divisions full of unsold homes & unsold high rises like down south.<BR/><BR/>The rental market is also strong with really low vacancy rate.<BR/><BR/>Plus we are the gateway to China & Indian. This will be China's/India's century.<BR/><BR/>We will temp. slow volume wise, but prices will remain stable (ish) IMHO.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-91704927248806373562008-07-12T15:53:00.000-07:002008-07-12T15:53:00.000-07:00Sorry, I meant:The only alternative is to pay the ...Sorry, I meant:<BR/><BR/>The only alternative is to pay the money to fix it yourself, and then you have the records for proof to potential <I>buyers.</I>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-88188413144145285762008-07-12T15:46:00.000-07:002008-07-12T15:46:00.000-07:00Patriotz is right. If a house doesn't sell after a...Patriotz is right. If a house doesn't sell after a certain time on the market, it's priced too high, and the longer it sits, the more ridiculous the price.<BR/><BR/>A house priced perfectly in relation to the current market and to its neighbors for similar value will sell, and quick, in any market.<BR/><BR/>Sellers: just keep lowering until you sell. Couldn't be simpler. <BR/><BR/>And if you've got a dog that you know an inspection will find $100,000 or more of problems so you have to up the asking price, look for a buyer that will make an as-is where-is offer; true an inspection will have to be made and the problems found, but your buyer will have agreed to not lower the offer based on what was found during that inspection and priced their offer accordingly and you can count on getting what they've offered.<BR/><BR/>If you have to price your house above the repair costs an inspection will uncover, you will NEVER SELL.<BR/><BR/>The only alternative is to pay the money to fix it yourself, and then you have the records for proof to potential sellers.<BR/><BR/>It would be far easier to find an as-is where-is buyer and PRICE ACCORDINGLY.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-70156602899964476752008-07-12T15:18:00.000-07:002008-07-12T15:18:00.000-07:00I remember the leaky condo fiasco and it seemed li...I remember the leaky condo fiasco and it seemed like that no matter what price they were at they were not selling. <BR/><BR/>They did sell pretty much when they hit rock bottom. I remember some of them selling for $35,000.<BR/><BR/>Sometimes in a correction houses can be priced really well and they just sit and sit and sit. It can happen.<BR/><BR/>S2Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-61862192092447990432008-07-12T11:09:00.000-07:002008-07-12T11:09:00.000-07:00womp,I made a couple of posts on your site about P...womp,<BR/><BR/>I made a couple of posts on your site about PCS and other real estate client software. It hasn't posted yet. Is there a delay on your system?<BR/><BR/><BR/>#50211Rogerhttps://www.blogger.com/profile/08266466833259484873noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-65609485447546902932008-07-12T11:01:00.000-07:002008-07-12T11:01:00.000-07:00Roger - great screencaps. From my stats we're alr...Roger - great screencaps. From my stats we're already at the same inventory level as we were at the end of last month before the expired listings dump.<BR/><BR/>This week saw a significant jump in inventory (+169 listings) with almost 50 listings in one day... if it continues even for another 3 days, we definitely didn't peak in June ...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-69856111295571934742008-07-12T10:45:00.000-07:002008-07-12T10:45:00.000-07:00Homes that are priced right are selling.Wow Cam is...<I> Homes that are priced right are selling.</I><BR/><BR/>Wow Cam is so profound.<BR/><BR/>Houses that are priced right sell, by definition. All the time.patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-58827600263384593722008-07-12T10:30:00.000-07:002008-07-12T10:30:00.000-07:00Lets not rule out the Israel/Iran threats that hav...Lets not rule out the Israel/Iran threats that have reared their ugly head,this is serious shit. Should things get worse over there, oil prices would blow thru $200, then what ? global economies would tank big time. <BR/><BR/>From a big picture outlook this is the worst time in many moons you should be buying overvalued real estate.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-76325489625028566302008-07-12T10:02:00.000-07:002008-07-12T10:02:00.000-07:00uh-oh the boom is over!Rents - they obviously jump...uh-oh the boom is over!<BR/><BR/>Rents - they obviously jumped up quite a bit a couple years ago, but from looking at the ads in the past year they seem to have levelled off and don't seem to be increasing anymore (hey just like real estate prices)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-33379439508553198232008-07-12T09:57:00.000-07:002008-07-12T09:57:00.000-07:00Here is the latest RE news:From our favourite inve...Here is the latest RE news:<BR/><BR/><B>From our favourite investigative reporter at the TC - Carla Wilson:</B><BR/><BR/><A HREF="http://www.canada.com/victoriatimescolonist/news/business/story.html?id=7ea7297f-cdd1-4649-8ead-953bebaa8537" REL="nofollow">B.C. and Alberta markets lead house price slowdown</A><BR/><BR/><I>But year-to-year figures for Victoria show prices are holding steady<BR/><BR/>Surging home prices in recent years have prompted many buyers to start not with a detached house but a condominium instead. </I><BR/><BR/>That's good because now they have so many condos to choose from. But they better bring that 5% down payment with them.<BR/><BR/><B>More denial from the leading RE shill Cameron Muir, CMHC and RE agents</B><BR/><BR/><A HREF="http://www.canada.com/vancouversun/news/westcoasthomes/story.html?id=d85e88a6-4365-4b61-bd36-ad003b853674" REL="nofollow">The resale market has its challenges, but prices still rise</A><BR/><BR/><I>Yes, the resale market is having its challenges, as listings significantly outpace sales, transferring the upper hand from sellers to buyers and taking the panic out of the purchase.<BR/><BR/>But Cameron Muir, the respected chief economist for the B.C. Real Estate Association, said: "There is no evidence of any kind of substantial decline in prices."<BR/><BR/>Also, I believe some of the homes lingering on the market were listed above true value, due to lofty expectations by homeowners and inexperienced agents. Homes that are priced right are selling.<BR/><BR/>Canada Mortgage and Housing Corporation predicts prices in Metro Vancouver will increase eight per cent this year and five per cent in 2009. Not heady numbers, but not bad either. Our situation here is a far cry from the misery experienced in many U.S. housing markets.</I><BR/><BR/><B>From the lost touch with reality department</B><BR/><BR/><A HREF="http://www.canada.com/vancouversun/news/westcoasthomes/story.html?id=d09c64d9-660f-4701-9dfc-44876f891df0" REL="nofollow">Home Thoughts</A><BR/><BR/><I>Despite reports to the contrary, American real estate is still considered a sound investment for the affluent, a study done for Architectural Digest and Sotheby's suggest.<BR/><BR/>Some 85 per cent of survey respondents agreed with the statement, "I think real estate continues to be one of the better investments a person can make." </I><BR/><BR/><B>The law has caught up to real estate developer Mark Chandler again</B><BR/><BR/><A HREF="http://www.canada.com/vancouversun/news/business/story.html?id=26357c85-1320-4e50-a2b1-f6c4e8f70067" REL="nofollow">Easy come, easy gone</A><BR/><BR/><I>For Chandler, this is yet another brush with the law. In 2000, he was indicted on 13 charges of fraud, theft and forgery in Arizona. In May 2003, he entered into a plea agreement and was ordered to pay $189,500 in restitution. He was also placed on three years' probation and deported back to Canada.<BR/><BR/>After he returned to Vancouver, Chandler began developing a 21-townhouse development at 37th Avenue and Oak Street called Hamlin Mews, and was looking for a financial partner.<BR/><BR/>The catering manager of a local restaurant introduced him to real estate marketing whiz Bob Rennie. Rennie, who said he had no idea about Chandler's background, introduced him to his long-time stockbroker, George Dengin.</I><BR/><BR/><BR/><BR/>#4302Rogerhttps://www.blogger.com/profile/08266466833259484873noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-80828893131472637592008-07-12T09:38:00.000-07:002008-07-12T09:38:00.000-07:00As for why are rents not relatively higher with th...<I>As for why are rents not relatively higher with the higher house prices, that's a good question, and maybe it'll simply take a few years to catch up.</I><BR/><BR/>It's a good question with an easy answer - there is a housing bubble.<BR/><BR/>And it will simply take a few years for <B>prices to come down</B>. Housing stock in Victoria is growing faster than the number of households, which means rents aren't going anywhere. Just wait until the RE boom is over and government cutbacks happen because of the recession. This perpetual motion machine can't go on forever.patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-43922540505565130742008-07-12T09:24:00.000-07:002008-07-12T09:24:00.000-07:00Another week of price reductions in Saanich & Vict...Another week of <A HREF="http://photoshare.shaw.ca/messages/viewshow/12871962609-1212511343-88592/parm/page/" REL="nofollow">price reductions in Saanich & Victoria</A> in all price ranges.<BR/><BR/><B>Why is this happening??:</B><BR/>a) Sellers are unrealistic.<BR/>b) Buyers won't pay those prices any more.<BR/>c) Fewer buyers and more competition.<BR/>d) Prices are dropping in Victoria.<BR/>e) Some sellers are getting desperate.<BR/>f) Uh-oh the boom is over.<BR/>g) RE market wants HHV to have a beer party.<BR/>h) All of the above<BR/><BR/>#42012Rogerhttps://www.blogger.com/profile/08266466833259484873noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-20290419121045581932008-07-12T07:27:00.000-07:002008-07-12T07:27:00.000-07:00Are you serious? You could also find something fo...Are you serious? You could also find something for $600 but you wouldn't want to live there either. The rental market is very tight and has been for decades, it's not my opinion, it's simply a fact. Have a look around, and every add you produce as example could be matched with "housing wanted" adds. Many basement suites are now renting over $800 plus util.<BR/><BR/>As for why are rents not relatively higher with the higher house prices, that's a good question, and maybe it'll simply take a few years to catch up. Rents in SFHs have gone up considerably over the same boom period.<BR/><BR/>Our rentals are up about 25-30% over 4-5 years including that we no longer provide any utilities - tenants were leaving water hoses running for days and windows wide open with the furnace running. We have been told that even with those increases we are still $200 / month under market for each suite. We stay somewhat beleow market because we believe that higher rents simply lead to higher turnover and more opportunity for problems. <BR/><BR/>What might make a difference is if the Feds brought in a change to the capital gains tax. Bring that back to zero and maybe more land holders would choose to afford to build rental accommodation,.. maybe.<BR/><BR/>It truly is the government that has helped to create the rental situation years ago with both the tax structure (interest deductibility) and the RTO, market restrictions do not favour the tenant. Look at the new mobile home laws in some local municipalities. Although I haven't followed it closely, I understand that landholder's have to pay market value for people's mobile homes should they wish to remove them and change the use of the land.<BR/><BR/>How many new mobilehome parks and therefore affordable accommodation will we see in that sector in the next 50 years? Zero. It's not worth the landholder's risk. What's the result? More people competing for rentals.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-86498666831874807712008-07-12T02:36:00.000-07:002008-07-12T02:36:00.000-07:00Demand remains very high for both rental and purch...<I>Demand remains very high for both rental and purchase property.</I><BR/><BR/>Yeah OK, so why does it cost 1/2 as much to rent the same house as it does to buy it? If demand for rentals were so high why aren't rents higher? Remember there are no controls on rents to new tenants.<BR/><BR/>High demand means high prices.<BR/><BR/><A HREF="http://victoria.en.craigslist.ca/apa/751469028.html" REL="nofollow">$800 WE ACCEPT DOGS (DOWNTOWN)</A><BR/><BR/>Don't tell me there's a tight rental market when you see ads like this.patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.com