Tuesday, February 26, 2008

Why Not Rent?

Here's a challenge, perhaps a dare. Find me a home to rent. It needs to be in View Royal, Langford, Colwood, Mill Bay, Shawnigan, maybe Cobble Hill. It must have 3 bedrooms up, 3 bedrooms (or 2 bedrooms and den / office) down (down is a suite). They must be separate living spaces. The lower suite must be above ground, with minimum 8 foot ceilings and large windows. The house must have a garage and a decent sized yard. The house must be available to rent April 1st or later.

All this for $2500 a month.

If you can find me this house, I will seriously consider renting it. I don't think it exists. I'd love to be wrong.

Saturday, February 23, 2008

Why Rent?

I need to vent a little.

Unfortunately, the time has come for my wife and I to find a new rental. Reasons being that she works a couple days a week in Duncan, and we live south end of Victoria, so the commute is long, costly, and I don't really like her driving the Malahat so often (I'm a bit of a worry-wart). Also, we are hoping that in the next year or two, we will require more space, as in another bedroom. And so, we are looking for a 2 bedroom and den or 3 bedroom rental that is west of View Royal.

Rentals of that sort are not easily come by! And the prices! Yikes! Are any of you looking for the same thing these days? Unbelievable!

Three-quarters of available rentals are 1 or 2 bedroom. A 3 bedroom rental will be either an entire house, or the upper portion (there are a few 3 bedroom lower rentals, but I imagine them to be dungeons.) Monthly rent for a 3 bedroom does go as low as $1100 / month, but most are more that $1400 / month, the average probably being around $1800 / month. A lot of those don't meet our location criteria.

I'm just tired of renting. Tired of fighting for parking spots. Tired of our minuscule little kitchen. Tired of living in basements. Tired of trying to find a rental for one month from now because our rental agreement states we must give one month notice, yet 90% of all the rentals available are available immediately. Tired of not putting our roots down anywhere.

You guys had better keep me on the straight and narrow. I'm on the verge of going to the bank to see what we what size of mortgage we may qualify for. I feel like we are getting close to the point where for the sake of personal happiness, we may go against better judgement.

Sunday, February 17, 2008

Deception Part 2

Remember June last year? I ranted over the deceptive scheme being used to sell the Reflections development in Langford. Advertised was a purchase plan for a $335k condo with zero down for $995 per month. Not even in the small print did the ad say that your payments would double after one year.

Well, correct me if I'm wrong, but it looks like Peter Gaby is up to his deceptive ways again this year. This time the development is The Aspen in View Royal. He's advertising a 3 bedroom condo (also 1 bedroom and 2 bedrooms for less) for $1034 per month, with 10% down, 40 year amortization, and a discounted variable rate of 5.25%. At least, the ad does mention that the scheme is "cash back to offset payments over 12 months".

The least expensive 3 bedroom condo in that development has an asking price of $409900. After putting 10% down, your mortgage would be $368910. 40 year amortization, 5.25% rate, gives you a monthly payment of $1826.40.

This year, I'm not as floored over this scheme as I was last year. Truthfully, I'm not surprised. I guess I'm getting jaded.

Saturday, February 9, 2008

Bold Advertising

I thought today's Tuscany Village ad in the TC was quite bold, considering that RE in Victoria always only goes up. I wonder how choked other developer's are with this ad. Those poor folks who bought years ago for list price - they must be kicking themselves. If you are one of them, don't worry, there will be others in your shoes in the future!

Housing inventory continues to climb. There are 122 more properties for sale since my last posting on January 27. That includes 56 more condos, 57 more SFH, 2 more townhomes. The last 7 must be lots, or trailers, or some other category. Looking at the SFH graph, it's easy to see that inventory is rising faster this year than last.