tag:blogger.com,1999:blog-49695145218023046122024-03-27T22:46:49.354-07:00Victoria Housing and Real Estate Market BlogYet another blog dedicated to the current housing and real estate market. Only this one is different.Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comBlogger175125tag:blogger.com,1999:blog-4969514521802304612.post-7700007825955844802009-07-18T10:47:00.000-07:002009-07-18T21:34:00.492-07:00Vested...This will be my final post.<br /><br />We've bought a house. The deal is done, conditions are removed. We're about to become home-debtors, no longer renters. My father put it nicely, we'll be renting from the bank, not from a landlord. So true...<br /><br />We're happy. We're excited to move into the new place. I'm already making a list of things I'd like to do around the house. I'm looking forward to cutting the grass, planting a garden (next year of course), painting, having our own bedroom, a garage to work on the car, a place to put down roots and really become a part of the larger community.<br /><br />I think we got a half decent deal on the house, as far as deals go. Can you really call any deal these days a good deal? I've already noticed within myself my lack of interest in the real estate market. It's become boring to me. I now don't want to see prices crash, as we are now vested. My attitude has changed in that way. Before buying and becoming vested in the market, I wanted to see the market tank. I even wanted the economy as a whole to tank. I thought that we'd make it through the tough times and come out better on the other end. But today, I no longer wish these things. I don't really care if housing prices rise, because it won't affect us - we're in this for the long term, not to make a profit. I now find myself cheering the economy on, believing that this will stabilize the housing market, and that there will be lots of work for everyone!<br /><br />Thanks to everyone for participating and reading this blog. I've enjoyed having it and providing a forum for discussion. I think I've learnt through it (although, some of you may disagree!), and had a place to vent my opinions. Unfortunately, my zealousness has severely decreased since my wife and I welcomed our little prairiegirl into the world. I love the quote that Just Jack gave after her birth "Astronomers are unable to find the centre of the Universe. You just found yours." Exactly! I hope that another forum for discussion can be found. I think it's great how HHV is broadening his blog to include financial topics.<br /><br />I feel like today is a bit of an end of an era for me. This blog has been a part of my life for quite a while and become a small community in itself. However, it has now run it's course. It would be interesting to meet a lot of you, but I think that some feel like I've betrayed the readers of this blog, and I don't care to deal with that negativity. I don't believe I've betrayed anyone. My purpose of the blog was not to be a doomsayer or trash the real estate market, but rather to have a better understanding of it. We've bought because it was the right time for us, and that is the only reason.<br /><br />Thanks again. Have a great summer, enjoy our beautiful city and country, and God bless!Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-81878229660466111392009-07-01T09:45:00.000-07:002009-07-01T10:10:14.147-07:00Early June Sales NumbersOf course, June sales numbers won't be out until tomorrow at the earliest. So here are my SFH sales estimates. Average price should be close to $600000, probably between $590k and $600k. June 2009 average will be higher than June 2008. Median looks to be around $535000. Total SFH sold in June will be slightly lower than May. I'd estimate that total VREB sales for June will also be a little lower than May, but higher than June 2008. It's a wide range, but sales should be between 750 and 850 for June. Inventory has also dropped - last night I recorded 4126 properties for sale, as per this <a href="http://www.propertiesinvictoria.com/homes-victoria-canada/search-listings.htm">realtor's website</a>. This morning they show 3911 properties for sale. Inventory is significantly lower this June than June 2008.<br /><br />We've put an offer on a house. They countered, we countered, they countered, and we couldn't agree on a price. We were disappointed, but in hindsight, I firmly believe it was a blessing in disguise. The search continues....Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-75995532544053276282009-06-14T11:05:00.001-07:002009-06-14T11:22:18.049-07:00Where we're at...I'll try to jot down a couple thoughts before the little one wakes from her nap.<br /><br />Thus far, we've gone through approximately a dozen open houses and seen 6 homes with our realtor. We haven't been wowed by anything yet, probably due to our expectations, which I feel are likely unrealistic for today's market. Yesterday at an open house, people were swarming like flies on poop, and the showing realtor said that the previous day, 7 offers had been submitted. Hearing that, our stay was not very long. It looks like with the current low mortgage rates, every <span id="SPELLING_ERROR_0" class="blsp-spelling-error">FTB</span> has come out of the <span id="SPELLING_ERROR_1" class="blsp-spelling-error">woodwork</span>. Frustrating, needless to say.<br /><br />And the business is showing - so far this month, I'm estimating 15 <span id="SPELLING_ERROR_2" class="blsp-spelling-error">SFH</span> sales per day, with the average price hovering around $590000, the median at $540000.<br /><br />We've also seen a mortgage broker. I was somewhat surprised at what we got <span id="SPELLING_ERROR_3" class="blsp-spelling-error">pre</span>-approved for. A little scary in fact. My wife and I aren't comfortable with the debt load we are allowed to carry, so I doubt we'll be pushing the envelope with our purchase - when it happens. I've been happy with our mortgage broker experience thus far. He didn't want to push us off a cliff, which was nice. Funny though how the approval went straight to a 35 year amortization - no talk even of anything less. It does appear that 35 years is the new norm. With it being that way, I don't see the price of entry level homes coming down much at all for many years - at least until mortgage rates rise <span id="SPELLING_ERROR_4" class="blsp-spelling-corrected">significantly</span>. There are simply more <span id="SPELLING_ERROR_5" class="blsp-spelling-error">FTBs</span> looking for 3 bedroom homes around $350k to $450k than there are homes available.Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-58318308870463113522009-05-24T11:46:00.000-07:002009-05-24T12:03:01.179-07:00The Debate Continues...I appreciate all the comments following my announcement in my last post. Thanks to those wishing us luck, we'll need it, and to the others that think it's a stupid decision, that's ok too. I lost some sleep last night thinking about it all.<br /><br />I do continue to debate within myself whether this is the right decision for my family. At this point, I do believe it is. My frustration comes from fellow renters who brag about how cheaply they have been renting a house for the past 5, or 7, or 10 years! Yes, rent was much cheaper then, and your landlord can only increase your rent to a max of 4% annually. Try finding the same place today - I don't think you can. A quick scan of homes for rent on Craigslist, UsedVic, and the TC, shows that you only get shiite for $1600 / month. So, you can rent from the bank or you can rent from a landlord. You know, I am tired of this debate. Both are not great options. I've owned a house in my past - I am not naive to all that is involved. I know that when we find the right place for the right price, the happiness level for our family will be higher than if we move into another rental. That is worth something - for everything else there is Mastercard! hahaha...<br /><br />Looking at sales throughout Greater Victoria thus far this month, we are on pace to have around 430 SFH sales. The average sale price thus far is around $585000, the median is around $535000. Low interest rates are definitely affecting home sales.<br /><br />We're off to some open houses... stay tuned.Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-71925686168341207012009-05-18T11:50:00.000-07:002009-05-18T12:33:33.068-07:00Phase ShiftLike the new title? At the request of you guys, we'll try it out. I can't say I'm a gold bug, so you'll have to further spur on the conversation.<br /><br />I am slightly shifting the focus of my blog from this point on. Reason being, I've recently completed some career enhancing studies, and it's time for the next phase in the life of my family. This is the year that we will be purchasing a home of some sort in Greater Victoria. I can already hear the boos and hisses, but that's ok. Little Prairiegirl is getting bigger every day, and we are out-growing our little apartment suite. Sure, we could find a house to rent, but quite frankly, I am tired of moving around and what to put roots down. If it were possible to time the market, and if we could wait longer, we would. But you can't time the market, and we have to move this year, so we're going to jump in, with eyes wide open.<br /><br />Our search criteria is quite wide at this point - we will be examining a number of options including building new (which would include putting in some sweat equity), buying a fixer upper, buying with a suite, however, preferably without a suite. Our goal is to find a place that we can realistically afford, to be in a good family neighbourhood, and to plan to stay in our place for 10 years. Sounds easy, right? We'll see.Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-298924114441295892009-04-21T17:20:00.001-07:002009-04-21T17:30:04.760-07:00What's up with this market?I don't know what to make of Victoria's real estate market. The lower interest rates do appear to be having an effect on the bottom end of the single family home market. Prices are not receding as I thought they would. And inventory is certainly not rising as I thought it would.<br /><br />Today, there are 4257 properties for sale in Greater Victoria, according to this <a href="http://www.propertiesinvictoria.com/homes-victoria-canada/search-listings.htm">realtor's website</a>. On March 22, I recorded 4311 properties for sale from the same website.<br /><br />At the pace of sales so far this month, there should be approximately 330 - 340 SFH sold in April. Yes, this is less than last year, but not by much. Average sale price is hovering around $565000, the median around $525000.<br /><br />The market peak for the year is usually in April and May. Perhaps what we are seeing is exactly to be expected. Any observations from the condo market?Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-31527759302995131302009-04-01T20:44:00.000-07:002009-04-01T20:48:39.265-07:00March Sales NumbersThe VREB has released the <a href="http://www.vreb.org/mls_statistics/current_statistics.html">March real estate sales numbers </a>for Victoria. I got dizzy reading their report because of all of the spin!<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdPrQMnmAE1DHKg0aNiLqk8YGO83Ix4tYUFP1ny2okEI8IZ12COqk0U8j5rXxHvdKneCwIhYp_M44ktAxvCtOKpQaGkuuNg7-SGz9OOK3V4_CAQnClt7rSkQWxsPpJQydOeLmU84RC9OWP/s1600-h/GV+SFH+Sales+Mar09.bmp"><img id="BLOGGER_PHOTO_ID_5319935727276021042" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 400px; CURSOR: hand; HEIGHT: 219px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdPrQMnmAE1DHKg0aNiLqk8YGO83Ix4tYUFP1ny2okEI8IZ12COqk0U8j5rXxHvdKneCwIhYp_M44ktAxvCtOKpQaGkuuNg7-SGz9OOK3V4_CAQnClt7rSkQWxsPpJQydOeLmU84RC9OWP/s400/GV+SFH+Sales+Mar09.bmp" border="0" /></a>Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-72353899430181784702009-03-29T20:43:00.000-07:002009-03-29T20:56:45.057-07:00March MadnessMarch is going to be touted by the VREB as another month of a stable and balanced real estate market in Greater Victoria. They will likely continue to compare stats month-to-month, as that spins them in their favour.<br /><br />Of the stats I'm keeping, it looks like March will have approximately 290 SFH sales, with an average between $535k and $540k. The median will be around $515k. Month-over-month this looks impressive. What about year-over-year? Last March, there were 374 sales, with an average of $597k and a median of around $530k. Now this March doesn't look so impressive.<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg91ChCQ8XxJhy0jLPEzFX39ekJxJEyME16Kf3N0WyAQRwp-JluL6WZ2A1cIaGJpLKo68k55y6cAncVQk-B5VGrnr9GnBQqs_X1a7iLiRSbc88HbOq5amjisWAnJ-7rMtH6Y6jnMl7sJhU6/s1600-h/GV+SFH+Sales+Feb09.bmp"><img id="BLOGGER_PHOTO_ID_5318824461068765778" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 400px; CURSOR: hand; HEIGHT: 219px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg91ChCQ8XxJhy0jLPEzFX39ekJxJEyME16Kf3N0WyAQRwp-JluL6WZ2A1cIaGJpLKo68k55y6cAncVQk-B5VGrnr9GnBQqs_X1a7iLiRSbc88HbOq5amjisWAnJ-7rMtH6Y6jnMl7sJhU6/s400/GV+SFH+Sales+Feb09.bmp" border="0" /></a><br /><br />Sorry, I don't have any info regarding townhomes and condos.Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-52801779174673395402009-03-17T22:26:00.000-07:002009-03-17T22:44:14.033-07:00Deal... or No Deal?Due to the <a href="http://www.timescolonist.com/business/Condo+auction+misses+goal/1397381/story.html">underwhelming success </a>of the auction at <a href="http://www.liveatreflections.ca/">Reflections</a> in Langford, they have again lowered prices. This time, they are following the cues of Finlayson Reach and St. Andrew's Walk by chopping their prices by up to 40%. Good discount, but are they now good prices? What is the fair market value?<br /><br />Some feel that fair market value is equal rent to ownership costs. I'll go with that. What would a 1 bedroom and den unit at Reflections rent for? Maybe $1100 / month? Strata fees and taxes for that unit would be maybe $250 / month. Subtract those from the rent = $850 / month mortgage payment. Today, you can get a 5 year fixed for 4.09%. With a 35 year amortization, you'd have a $180000 mortgage. Of course, you'd still need to cover a down payment and other associated fees (CMHC, property transfer tax, etc). The cheapest unit advertised is still $199000. That price is close, but still too high.Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-75891866597850741152009-03-15T12:04:00.000-07:002009-03-15T12:49:51.244-07:00Bear Market at Bear MountainBear Mountain is calling it a bear market and slashing prices at <a href="http://www.bearmountain.ca/Promotions/FinlaysonReachPriceAdjustments.aspx">Finlayson Reach </a>and <a href="http://www.bearmountain.ca/Promotions/SawPricing.aspx">St. Andrews Walk</a>. This was mentioned over at Vibrant Victoria a couple days ago, just haven't had the time to post it yet. H/T to anonymous for mentioning it in the comments of the last post.<br /><br />Also, H/T to anonymous regarding the auction at Reflections - Chek6 reported that 15 of the 40 units sold. So, 25 condos left. When's the no reserve auction?<br /><br />Apparently, a local realtor sent out the following email recently. I thought it was good for a laugh.<br /><br /><em>"You may already know, but I wanted to ensure that you were aware of two significant developments that occurred last week in the Victoria Real Estate Market.<br /><br />Firstly, Bank of Canada interest rates dropped by another half point followed by most Chartered Banks. Prime Rate now stands at 2.5% which is unprecedented in a generation.<br /><br />Secondly, the Victoria Real Estate Board announced that the number of sales in the Greater Victoria Region had risen substantially during the month of January over the previous two months.<br /><br />The reaction in the marketplace to these two events was immediate and dramatic. Buyers sensed that the market was turning and that prices would now begin to stabilize after months of decline and uncertainty. This combined with record low mortgage rates resulted in an amazing number of accepted offers over the weekend on listings that in many cases enjoyed multiple offers. It has been a while since this kind of market activity has been evident in the Greater Victoria Region.<br /><br />It is a great time to buy and more and more people are recognizing the opportunities that are available."</em><br /><em></em><br />P.S. Just saw the <a href="http://www.foxnews.com/video/index.html?playerId=videolandingpage&streamingFormat=FLASH&referralObject=3479955&referralPlaylistId=playlist">money printing video</a>, thanks HHV for the link. These are scary times. Thanks Obama.Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-19239809014818774912009-02-26T22:44:00.000-08:002009-02-26T22:45:40.434-08:00It's Auction Time!<a href="http://www.liveatreflections.ca/">Reflections in Langford is having an auction</a>! Who's bidding? And who's next?Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-39224494770753400982009-02-23T22:00:00.000-08:002009-02-23T22:06:14.777-08:00New Post, YEAH!Ok, here's a new post.<br /><br />Picked up today's Macleans. Front cover was the housing bust. Read it <a href="http://blog.macleans.ca/2009/02/23/the-shocking-truth-about-the-value-of-your-home/">online</a>, it's ok.<br /><br />I've been enjoying <a href="http://www.greaterfool.ca/">Garth Turner's </a>posts these days. Seems that since he lost his political seat, he has much more time for his blog. Maybe he found his calling.<br /><br />Oh yeah, real estate in Victoria. At this point, it looks like February average SFH sales price should come in around $520k, median at $485k. Total SFH sales should be around 200 for the month, big improvement over January, a far cry from previous Februaries.Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-34985568780799767192009-01-31T10:34:00.000-08:002009-01-31T11:05:24.975-08:002008 Poll ReviewThe little one is finally asleep for a Saturday morning nap. I thought I'd take a look at the old blog. Holy Crap! 215 comments, better write a new post.<br /><br />First, from my SFH sales monitoring, it looks like January will have an average selling price of around $525000, with the median coming in around $475000. I'd estimate around 130 SFH sales for the month.<br /><br />I've been meaning for the past month to review the poll I put out there at the beginning of 2008. Of course, it hasn't happened, till now. The results were posted in my <a href="http://victoriastruth.blogspot.com/2008/01/2008-poll-results.html">January 9, 2008 blog</a>.<br /><br />At the beginning of 2008, 53% of you were pessimistic about 2008. It all depends on how you look at it. For me, it was a good year. How about for you?<br /><br />73% thought that Victoria's average SFH selling price would be lower in 2008 than 2007. It wasn't. The average for 2007 was $565904. The average for 2008 was $585701.<br /><br />52% thought that Canada would enter a recession in 2008. I believe that remains to be seen, as Stats Canada has not released numbers for December yet.<br /><br />95% knew that the U.S. would enter a recession in 2008.<br /><br />78% thought that the loonie would remain above par with the greenback. Nope.<br /><br />13% of us were close to predicting how high oil would rise - $150. The final peak for the year was just over $147 (correct me if I'm wrong).<br /><br />62% thought we'd go to the polls in 2008. We almost went twice!<br /><br />92% believed the next U.S. president would be a democrat. How right they were.<br /><br />January sales numbers come out in a couple days. They should be interesting. Have a great weekend.Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-23006012974544255692009-01-10T15:17:00.001-08:002009-01-10T15:34:59.997-08:00Holding their breathI have a quick question (or two).<br /><br />These days, how long can a developer hold on to the hope of selling their condo units for nearly the full price after a project has been completed?<br /><br />How long is it, after a building is completed, yet not sold out, until a developer has a fire sale?<br /><br />Here's a partial list of developments in Victoria that are completed, or near, and still have units for sale - Bayview, Chelsea, Dockside Green, Aria, Juliet, Redstone, Breakwater, Palladian, Pearl, Vicino, Gateway, Aspen, Tuscany, Centennial Walk, Richmond Gate, Julia, Madrona Creek, Carriage Pointe, Finlayson Reach, Reflections, Stonehaven, Goldstream Station, Strathmore, Tara, La Vie, and I've probably missed some.Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-87582743086557520492009-01-03T20:57:00.000-08:002009-01-03T21:07:01.685-08:00Happy New Year! 3 days late...Happy New Year everyone. God bless, and we'll see what 2009 brings, right? I love roller coasters.<br /><br />VREB has released the numbers for <a href="http://www.vreb.org/mls_statistics/current_statistics.html">December</a>. Slow sales, ever so small price increase in SFH and condos. The new VREB prez, Chris Markham, put the usual spin on the numbers. It may be just me, be he doesn't appear to be the eternal optimist that Tony Joe was.<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcfuv_nn2u_J-Uc-SL8VCRZzcIyX6pZftZGNIOCC7X7btvAvTwbX6pG7G8kStO8Fkhl_UF8SL46QFmuEKrC8pj20hwD6Hl1eQA7b0hc-Yq0Jm4xbar-SsgfCcACpcJV5LXSPWrMxDU4tpf/s1600-h/GV+SFH+Sales+Dec08.bmp"><img id="BLOGGER_PHOTO_ID_5287299952551657346" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 400px; CURSOR: hand; HEIGHT: 219px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcfuv_nn2u_J-Uc-SL8VCRZzcIyX6pZftZGNIOCC7X7btvAvTwbX6pG7G8kStO8Fkhl_UF8SL46QFmuEKrC8pj20hwD6Hl1eQA7b0hc-Yq0Jm4xbar-SsgfCcACpcJV5LXSPWrMxDU4tpf/s400/GV+SFH+Sales+Dec08.bmp" border="0" /></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZB0B9tmL2Ks4uiV_69GwrYDXNXKJYJYKeW6xE4oPoXjPLho9c9eKjaAAcxWLhZI9MuDmmNpbvziax5XdiDL5e3FhwW62a_T1EsfESboTNQhzc-9sIY7OjJiTsHvXFYBSxF9lPNROyxF7e/s1600-h/GV+condo+sales+Dec08.bmp"><img id="BLOGGER_PHOTO_ID_5287299856419566354" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 400px; CURSOR: hand; HEIGHT: 211px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZB0B9tmL2Ks4uiV_69GwrYDXNXKJYJYKeW6xE4oPoXjPLho9c9eKjaAAcxWLhZI9MuDmmNpbvziax5XdiDL5e3FhwW62a_T1EsfESboTNQhzc-9sIY7OjJiTsHvXFYBSxF9lPNROyxF7e/s400/GV+condo+sales+Dec08.bmp" border="0" /></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEheCtC5gFUOGfE2AOnT70SskrMbYeGJheU6LzTK-e15oAktDSIAcnhqFWEVLk-KPODCufmll4W9frI43vYnOttzD-XdqUrieVhWyPD6zACzGCGLKkv0HpEtmJegB3_br0U9wJO6h1ht02vJ/s1600-h/GV+Townhome+sales+Dec08.bmp"><img id="BLOGGER_PHOTO_ID_5287299719513296594" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 400px; CURSOR: hand; HEIGHT: 219px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEheCtC5gFUOGfE2AOnT70SskrMbYeGJheU6LzTK-e15oAktDSIAcnhqFWEVLk-KPODCufmll4W9frI43vYnOttzD-XdqUrieVhWyPD6zACzGCGLKkv0HpEtmJegB3_br0U9wJO6h1ht02vJ/s400/GV+Townhome+sales+Dec08.bmp" border="0" /></a>Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-37786657646150098952008-12-14T12:02:00.000-08:002008-12-14T12:13:55.063-08:00Little Prairiegirl<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjlkicrtZBDhDEe6hW55KweLVK4WlI0gkRGoX1l5XrQiInheflbk7Ccr8WCiDjTIkMCkpEkrYJBUDbgXpbS444JCfv_Dvaqc9FU13BLkK5rR5EDxrIFH5ctI1QK83Q1taWnwhti608Bv8yj/s1600-h/baby.jpg"><img id="BLOGGER_PHOTO_ID_5279741314976358562" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 200px; CURSOR: hand; HEIGHT: 152px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjlkicrtZBDhDEe6hW55KweLVK4WlI0gkRGoX1l5XrQiInheflbk7Ccr8WCiDjTIkMCkpEkrYJBUDbgXpbS444JCfv_Dvaqc9FU13BLkK5rR5EDxrIFH5ctI1QK83Q1taWnwhti608Bv8yj/s200/baby.jpg" border="0" /></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRaq612NVWyMlRfh50DRq1LL-c6AKXbHe_kxGYa1Z5PMiVE6XUBWLuJMSzjc61Vklm-RtMDnKieQzklHOn2QNRWH4wi1CjCd8FRoW0VRE3Lqr6Bnw8I8FWCh6CfBedWLf76JU3xRqPb0x6/s1600-h/baby.jpg"></a>My wife and I have been blessed with the addition of a little prairiegirl to our family. To say that life changes after having a baby is a absolute understatement! Especially when she likes to have her days and nights reversed. It's supposed to get better though, so we'll get through it, I'm not too worried. However, my blogging may suffer even more than it has lately - if that is possible!<br /><br />Real estate related, December is turning out to be another slow month. SFH sales should probably come in around 120 - 130 for the month. The average and median sale price are currently hovering around $510k thus far. Of course, any high priced home sales will immediately skew that number.Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-50550437303017224532008-12-01T19:05:00.000-08:002008-12-01T19:12:26.095-08:00November Sales Numbers<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhESTJAwM7E2UvvDFCXVwZx5Gw-6YD3yLyn99zUB_vpY2ednfriInlq2HKg5jFO5uMWLyrAXBcD67f5P-82VZ5Ynr6nESTcSWc3yAaMf87x4obn7vx5GshNMI-bDW-3avkMoYBwi2xVP0Nc/s1600-h/down+arrow+January2007.JPG"><img id="BLOGGER_PHOTO_ID_5275024942938190530" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 137px; CURSOR: hand; HEIGHT: 162px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhESTJAwM7E2UvvDFCXVwZx5Gw-6YD3yLyn99zUB_vpY2ednfriInlq2HKg5jFO5uMWLyrAXBcD67f5P-82VZ5Ynr6nESTcSWc3yAaMf87x4obn7vx5GshNMI-bDW-3avkMoYBwi2xVP0Nc/s400/down+arrow+January2007.JPG" border="0" /></a>The VREB has posted the November sales numbers on their <a href="http://www.vreb.org/mls_statistics/current_statistics.html">website</a>.<br /><br />I made $41613, tax free, by having not bought a SFH in Victoria in October! Shhhh, not too loud though. I don't want the tax man to find out!<br /><br />Our months of inventory continues to rise to stratospheric levels. It may soon be showing up on NORAD's radars!<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJ2LiH1lM1ya9uPSGN4Oc1LXFfNe6TS1uGr-bhBWN1ARe8prQl9_Uoouh0OiAUDGX90EcE1EwsLWzoRUD6c4MVkApOkzA-cYQM6RBO8Vc6x_bREaKY4E0OdcdoxxF3-6GhObrRMXDUuSWd/s1600-h/MOI+Nov08.bmp"><img id="BLOGGER_PHOTO_ID_5275024825601027970" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 400px; CURSOR: hand; HEIGHT: 231px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJ2LiH1lM1ya9uPSGN4Oc1LXFfNe6TS1uGr-bhBWN1ARe8prQl9_Uoouh0OiAUDGX90EcE1EwsLWzoRUD6c4MVkApOkzA-cYQM6RBO8Vc6x_bREaKY4E0OdcdoxxF3-6GhObrRMXDUuSWd/s400/MOI+Nov08.bmp" border="0" /></a>Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-50223382540032786592008-11-29T11:07:00.000-08:002008-11-29T11:21:07.013-08:00Softening PricesIt looks like this blog has taken on its' own life and become a gold blog. Very interesting, and everyone seems quite opinionated.<br /><br />The pace of sales of SFH in Greater Victoria has picked up in the latter part of this month. However, it is still historically very slow. We're now looking at around 120 SFH having sold in November. Prices have certainly softened as well. I'm calculating the average selling price for SFH to come in between $530k and $535k. This number would drop the price back to the February 2007 level. The median for the month should come in around $500k.<br /><br />Total housing inventory for the region has dropped this month. Today, this <a href="http://www.propertiesinvictoria.com/homes-victoria-canada/search-listings.htm">website</a> states there are 5033 properties for sale. On October 29th, there were 5281 properties for sale.<br /><br />It will be interesting to see how Tony Joe spins this month.Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-77540484000880644512008-11-15T12:57:00.000-08:002008-11-15T13:27:56.869-08:00Quotable QuotesCameron Muir, BCREA chief economist, "<em>Homes sales are unlikely to fall much further... That being said we expect home sales not to decline much further</em>." <a href="http://www.canada.com/victoriatimescolonist/news/business/story.html?id=a138d210-a194-444b-ac29-fc8f58c1b94d">November 15, 2008, Times Colonist</a>.<br /><br />Tony Joe, Victoria Real Estate Board President, "<em>While we cannot predict the future or remain completely immune from the larger economic forces now at play in the world, we believe much of the recent doom and gloom pessimism regarding the housing market is unwarranted, at least as far as the Victoria area is concerned. Yes, the market has slowed down but we can liken that to some air escaping from the balloon; there is no indication at present that the balloon itself is in danger of bursting. The fundamentals remain strong.</em>.." November 15, 2008, Times Colonist, page E9.<br /><br />Perhaps both of these gentlemen should look at Novembers' sales thus far. I'm estimating that fewer than 100 SFH will have sold in Greater Victoria by the end of this month. Last November there were 310 SFH sales. Not one house has sold in Sooke or Colwood so far this month.<br /><br />However, the headlines will of course read "Sales slow, prices rebound" as the average SFH selling price thus far in November is near $600000, the median near $550000.<br /><br />Kiddies, if your mom or dad is a realtor, go easy on them this Christmas. Times are going to be tough for a while longer.Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-1973275060718589972008-11-08T12:01:00.000-08:002008-11-08T12:08:22.827-08:00October Sales NumbersI'm a little late with the sales numbers this month. It's been a busy week...<br /><br />How the VREB can put a positive spin on this past months numbers is beyond me. Sales were abysmal! The VREB will positive spin anything - if there was 1 sale, with a selling price of one million bucks, the headlines would read "Prices hit a new record, sales soften". Go figure.<br /><br />Here's the usual graphs...<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEis0S77ugYn_GIgVg6AtAeKO-I16EhSAjRvanZwxqE6Bis6a0m00q1fuexQ9423_yEZ9GiM8PZpS9z-Esa0ZBMlfZHomokw259GGLp-fS3IwFQGjWtRvtcQTF2dvNj9UmgGHvF_Ykl30-xH/s1600-h/GV+SFH+Sales+Oct08.bmp"><img id="BLOGGER_PHOTO_ID_5266380799543871458" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 400px; CURSOR: hand; HEIGHT: 219px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEis0S77ugYn_GIgVg6AtAeKO-I16EhSAjRvanZwxqE6Bis6a0m00q1fuexQ9423_yEZ9GiM8PZpS9z-Esa0ZBMlfZHomokw259GGLp-fS3IwFQGjWtRvtcQTF2dvNj9UmgGHvF_Ykl30-xH/s400/GV+SFH+Sales+Oct08.bmp" border="0" /></a><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjY7RUTNVvT0j9ws1296HqkfpJCet8Lspj1xHyxP425OrRB-ffVMSASgT6sAZtB6xGmjYsO_E0lntE8A7hQL4ueFtnPUC64f-3mod-Xc1NLmQRllWH7x8-JZV5kI0a1FrVHSBqp1M-KoU72/s1600-h/GV+condo+sales+Oct08.bmp"><img id="BLOGGER_PHOTO_ID_5266380682489576610" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 400px; CURSOR: hand; HEIGHT: 211px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjY7RUTNVvT0j9ws1296HqkfpJCet8Lspj1xHyxP425OrRB-ffVMSASgT6sAZtB6xGmjYsO_E0lntE8A7hQL4ueFtnPUC64f-3mod-Xc1NLmQRllWH7x8-JZV5kI0a1FrVHSBqp1M-KoU72/s400/GV+condo+sales+Oct08.bmp" border="0" /></a><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjN3JxRKh9q4n2_bxz3eoIWYwZxezJYqOwLd3Us4JlyLvbFN671sGiqapOLe60C0Cm8ce5bZxsKLJpY6bLK5iBa_iedGNkuQdnETXc9laoWSlRotoV4qrpkWzFosnK0HmdJaB0r52WUmHTY/s1600-h/GV+Townhome+sales+Oct08.bmp"><img id="BLOGGER_PHOTO_ID_5266380578640869042" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 400px; CURSOR: hand; HEIGHT: 219px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjN3JxRKh9q4n2_bxz3eoIWYwZxezJYqOwLd3Us4JlyLvbFN671sGiqapOLe60C0Cm8ce5bZxsKLJpY6bLK5iBa_iedGNkuQdnETXc9laoWSlRotoV4qrpkWzFosnK0HmdJaB0r52WUmHTY/s400/GV+Townhome+sales+Oct08.bmp" border="0" /></a>Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-42478154577889451812008-10-29T16:58:00.000-07:002008-10-29T17:15:42.910-07:00October's last two daysVictoria's home sales <em>have</em> gone off the cliff this month. My estimate today is similar to what I had after the first 10 days of the month. It looks like there will have been 150 - 170 SFH sold in October in Greater Victoria. Within the past 4 years, the previous lowest monthly sales was December 2005 with 183 sales. It looks like the average sale price will have rebounded from last month - I'm estimating it to be around $570000. The median looks to be between $480k and $490k.<br /><br />I've heard condo sales have been very slow as well. What's the word on the street?Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-14464136902176268692008-10-11T10:19:00.000-07:002008-10-11T10:36:57.781-07:00Week Ending October 11Due to the recent changes on the <span class="blsp-spelling-error" id="SPELLING_ERROR_0">MLS</span>.ca website, I'm no longer able to closely track housing inventory numbers as I have in the past. I guess, as a consumer, the changes aren't too bad. I like the mapping, however, it would be nice to be able to search within a defined region.<br /><br />I am following sales more closely these days. Based on the first 10 days of October, sales have dropped off the side of a cliff. If the trend continues from the first 10 days of the month through to the end, we will be looking at around 150 to 175 <span class="blsp-spelling-error" id="SPELLING_ERROR_1">SFH</span> sales. The three previous Octobers had 344, 312, and 299 sales, respectively. Median sale price is running around $470000, the average is around $560000 (this due to a $3million home selling in Oak Bay).<br /><br />Tuesday is our big day in Canada - get out and vote! We have all seen this <a href="http://ca.youtube.com/watch?v=6xbs7wXvh2Q">video</a> on TV or the <span class="blsp-spelling-corrected" id="SPELLING_ERROR_2">Internet</span> already, but I think it would be good to give it another view.<br /><br />Have a great long weekend, and let's remember to be thankful for all of our blessings.Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-26454917852292490562008-10-01T17:47:00.000-07:002008-10-01T17:57:03.613-07:00September Sales Numbers<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDAwhcvhHPqLDP5_yY0sklqBTeH56FLl1KLlLJv0UsOhElp0TyX3lScLrM1b3sVoDEikh8BaNkjZOPIsV_swK6mBh86xamGxD20qGkzZ2_ZX4GyN94xQ0-pYnG435WdXJSGop2J9D87MTa/s1600-h/down+arrow+March2007.JPG"><img id="BLOGGER_PHOTO_ID_5252353448643205954" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; CURSOR: hand" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDAwhcvhHPqLDP5_yY0sklqBTeH56FLl1KLlLJv0UsOhElp0TyX3lScLrM1b3sVoDEikh8BaNkjZOPIsV_swK6mBh86xamGxD20qGkzZ2_ZX4GyN94xQ0-pYnG435WdXJSGop2J9D87MTa/s200/down+arrow+March2007.JPG" border="0" /></a><br />That's the last time the average selling price of a single family home in Victoria sold for less than it did this September.<br /><br />VREB has posted the sales numbers for September. They can be viewed on their <a href="http://www.vreb.org/mls_statistics/current_statistics.html">website</a>.<br /><br /><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGpcjs6sc4ArwEUizrR8mOC4Lg_obhriJCkzl9UN8W1v8K7ntMJC__RhUaRBTlj31aiGrbdK7Oj8QHsDuY8gPet2UZOc2Bt17WisJVH2wnOfV3eNMEJng-c9atp_udrS5LI2Nkm7W7cnnO/s1600-h/GV+SFH+Sales+Sep08.bmp"><img id="BLOGGER_PHOTO_ID_5252353072472391762" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; CURSOR: hand" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGpcjs6sc4ArwEUizrR8mOC4Lg_obhriJCkzl9UN8W1v8K7ntMJC__RhUaRBTlj31aiGrbdK7Oj8QHsDuY8gPet2UZOc2Bt17WisJVH2wnOfV3eNMEJng-c9atp_udrS5LI2Nkm7W7cnnO/s400/GV+SFH+Sales+Sep08.bmp" border="0" /></a><br /><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNy94Hp1OzfHl-Cb4poYOHpe2NulsDrz3PS2Lv5_El9Rp7czowlaJCF-84nDANdnKmQd2Z-c7dJl5_o0VHIBpJoo0ANSrOMLzNmJApRlGEh1gOc5GxGYcARNCM9N2I6H24Glhya1nWQwx9/s1600-h/GV+condo+sales+Sep08.bmp"><img id="BLOGGER_PHOTO_ID_5252353217026282930" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; CURSOR: hand" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNy94Hp1OzfHl-Cb4poYOHpe2NulsDrz3PS2Lv5_El9Rp7czowlaJCF-84nDANdnKmQd2Z-c7dJl5_o0VHIBpJoo0ANSrOMLzNmJApRlGEh1gOc5GxGYcARNCM9N2I6H24Glhya1nWQwx9/s400/GV+condo+sales+Sep08.bmp" border="0" /></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilbuX-epAV0WHBh7IwsDll8s4u2HjVpX4Vy2WaokjBMjthnLY66afn77WUnKRr9Rnny1KweIN_iu9k9PzZRvJsk1so_UpS8IdPzEPHvkxvRrLHedhG3QBnqzTt1vUw7-B0il5zNZKOLd8Y/s1600-h/GV+Townhome+sales+Sep08.bmp"><img id="BLOGGER_PHOTO_ID_5252353327203762034" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; CURSOR: hand" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilbuX-epAV0WHBh7IwsDll8s4u2HjVpX4Vy2WaokjBMjthnLY66afn77WUnKRr9Rnny1KweIN_iu9k9PzZRvJsk1so_UpS8IdPzEPHvkxvRrLHedhG3QBnqzTt1vUw7-B0il5zNZKOLd8Y/s400/GV+Townhome+sales+Sep08.bmp" border="0" /></a>Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-24475050015190174562008-09-29T20:49:00.000-07:002008-09-29T21:04:31.923-07:00VictoriaPANIC?<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUnus9kwp0xyuqFZ3DcJ8uLDNS0F0sH6XlRI1vrHOorEKUv_7GxpgY5ppUvd4GVklI1ux-ZDH4I7YNnYn7wbj6L_1ni9pr6LT19rPECYAk7EaipSyBZwsG16K0CPAWYVt37nO0ioNIeYdZ/s1600-h/Stock+Sept29.bmp"><img id="BLOGGER_PHOTO_ID_5251660148523493250" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; CURSOR: hand" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUnus9kwp0xyuqFZ3DcJ8uLDNS0F0sH6XlRI1vrHOorEKUv_7GxpgY5ppUvd4GVklI1ux-ZDH4I7YNnYn7wbj6L_1ni9pr6LT19rPECYAk7EaipSyBZwsG16K0CPAWYVt37nO0ioNIeYdZ/s400/Stock+Sept29.bmp" border="0" /></a>Another crazy day. Do you think our city of Victoria will ever get to PANIC mode? People do seem a little tense about the recent happenings. Housing is no longer a given, and with so many blue hairs in our city, the stock market is a definite concern. Hopefully people near retirement age have done their financial planning and thrown most of their savings into something secure.<br /><br />One day until October. I'm still guessing around 280 SFH sales in September, with a median just below $500k and an average around $550k.<br /><br />If those numbers are close, as a renter I'll have made $20k since last September, as last year's median was $520k. Shucks, that more than pays for this previous year's rent! Maybe a new show for TLC should be Renter Ladder (not Property Ladder), featuring renters climbing the real estate market ladder by not having bought!Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.comtag:blogger.com,1999:blog-4969514521802304612.post-39223876205207708592008-09-17T17:23:00.000-07:002008-09-17T17:41:28.163-07:00The Roller Coaster ContinuesThis downward portion of the coaster is a little scarier, isn't it? There appears to be uncertainty all around us. Having started our little family, life decisions take on another magnitude of seriousness. The best thing to do may be to hunker down and work hard. Who knows what tomorrow brings! I think it's better to be optimistic, while being realistic, in decision making. I refuse to live in fear all the days of my life.<br /><br />Regarding non-real estate related comments - it's all good with me. Just keep them family friendly and no personal attacks, please. I think that real estate, the economy, even politics, are intertwined. So go ahead - carry on!<br /><br />It looks to me like real estate listings continue to increase for Greater Victoria. On September 2, after the month-end drop-off in listings, there were 4836 listings. Today, there are 5109 listings on this <a href="http://www.propertiesinvictoria.com/homes-victoria-canada/search-listings.htm">realtor's website</a>. That's an increase of 273. 5109 is the highest I have recorded for this year.<br /><br />As for sales, I'm watching SFH sales more closely these days. It looks to me like the average price for September will be very similar to August, as there have been a number of million dollar homes sold. However, median sales price should be lower than last months'. The number of sales should be higher than August, yet lower than September 2007. If the current trend continues, I'm guessing we'll see around 260 - 280 SFH sold in September for Greater Victoria.<br /><br />Sorry, I have no idea what's going on with condos and townhomes. Any ideas?Prairieboyhttp://www.blogger.com/profile/16531624512005595695noreply@blogger.com