It sure feels like it. The weather network says that next weekend should be above average temps - I hope so. As for the real estate market, summer is definitely over.
From what I'm seeing, sales of SFH are way down. I'm estimating August sales for SFH to be around 240. From 2005 - 2007, August SFH sales were 350, 328, and 399 respectively. I'm estimating the average sale price for SFH in August to be $560k - $570k. Last year it was $576k. Median should come in around $525k, higher than last year.
I follow SFH much closer than condos or townhomes. I'd guess condo sales will also be below previous Augusts, with a slight month-over-month price decrease. Townhomes, also lower sales, but a steady sales price.
This realtor's website has 5049 properties currently for sale in Greater Victoria. I recorded 4915 properties for sale at the end of July. VREB inventory numbers should increase by around 150, to approximately 4700. August 2007 had around 3350 properties for sale.
What are you seeing in your neighbourhoods? My street block has 6 for sale signs. That's the most I've ever seen here at one time.
Have a great long weekend! Back in September with the monthly stats!
Showing posts with label Victoria. Show all posts
Showing posts with label Victoria. Show all posts
Friday, August 29, 2008
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.
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.
Tuesday, January 1, 2008
Happy New Year!
A new year has begun. For some, this means overcoming a hangover, others, time to reflect, speculate, or make goals for the next 366 days. I'm not a believer in resolutions. However, it is nice to start a new year in order to make statements like "I haven't had a smoke this year" or "The Canucks haven't lost this year". Those statements often don't last very long.
What will 2008 bring? I'm pretty excited - I think it will be a very interesting year. I feel that there is much at the tipping point. Governments, economies, real estate, beer prices. Regarding RE, I'd be along the lines of HHV's predictions. Victoria has peaked, but without the help of a major external influence, will not crash this year.
I thought it would be interesting to get all of your takes on what is in store for 2008. I've created a few polls on the side - please do place your votes. And as usual, comment away. I always enjoy reading them!
What will 2008 bring? I'm pretty excited - I think it will be a very interesting year. I feel that there is much at the tipping point. Governments, economies, real estate, beer prices. Regarding RE, I'd be along the lines of HHV's predictions. Victoria has peaked, but without the help of a major external influence, will not crash this year.
I thought it would be interesting to get all of your takes on what is in store for 2008. I've created a few polls on the side - please do place your votes. And as usual, comment away. I always enjoy reading them!
Saturday, December 22, 2007
Merry Christmas!
Merry Christmas to you all, God bless, and please take time to reflect and enjoy family and friends over the next couple days!
I'll try to get one more post in before the new year, hoping to spark conversation on what 2008 will bring. I've had to take a small hiatus from the blog to study for a career-related challenge exam this past week. Thanks for keeping up the commentary. I do enjoy taking time to read what is on everyones' mind.
On a RE note, we can all sleep well this Christmas knowing that Victoria's and VI's real estate market will never go down, because our economy will never slow down, at least according to the article in today's TC! Is it arrogance, naivety, or pure deceit to say and think that with all that is going on in Canada, North America, and the World, that we truly are an island and that nothing affects us? I wonder how such opinions would change if Victoria wasn't on an island, but rather the mainland. I'm sure some other bogus argument would be found.
The number of listings on MLS.ca has rapidly decreased for SFH the past couple weeks. For condos and townhomes, it's a different story. The number of condo listings continues to be very high. This will be due to the developments around town.
Finally, I just thought I'd post a couple of funny pictures I found while browsing Google for a Christmas picture. I hope they don't offend anyone. Merry Christmas!
I'll try to get one more post in before the new year, hoping to spark conversation on what 2008 will bring. I've had to take a small hiatus from the blog to study for a career-related challenge exam this past week. Thanks for keeping up the commentary. I do enjoy taking time to read what is on everyones' mind.
On a RE note, we can all sleep well this Christmas knowing that Victoria's and VI's real estate market will never go down, because our economy will never slow down, at least according to the article in today's TC! Is it arrogance, naivety, or pure deceit to say and think that with all that is going on in Canada, North America, and the World, that we truly are an island and that nothing affects us? I wonder how such opinions would change if Victoria wasn't on an island, but rather the mainland. I'm sure some other bogus argument would be found.
The number of listings on MLS.ca has rapidly decreased for SFH the past couple weeks. For condos and townhomes, it's a different story. The number of condo listings continues to be very high. This will be due to the developments around town.
Finally, I just thought I'd post a couple of funny pictures I found while browsing Google for a Christmas picture. I hope they don't offend anyone. Merry Christmas!
Friday, November 9, 2007
Lest We Forget...
Thank a veteran this weekend for the sacrifice they made for our freedoms today. Have a great Remembrance Day Weekend!Some superficial topics to consider
- Stats Canada New Housing Price Index
- CMHC housing starts for October
- City of Victoria's new downtown plans
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