Following are SFH, condo, and townhome graphs for Greater Victoria. More are to follow in the coming days.
Tuesday, April 1, 2008
March Sales Numbers
The Victoria Real Estate Board has posted March's sales numbers. Commentary on the numbers started in the last post. Please do continue. It looks to me like this year is going to the bears.
Following are SFH, condo, and townhome graphs for Greater Victoria. More are to follow in the coming days.
Following are SFH, condo, and townhome graphs for Greater Victoria. More are to follow in the coming days.
Saturday, March 29, 2008
Has the market turned?
I'm glad to see that this blog keeps going even when I'm absent - just like an energizer bunny!
FYI, we haven't bought, we haven't even been to a mortgage broker. In fact, I think we have decided to stay put for the time being. We'll make it work where we are!
It does appear that the market may have turned over the past 1-2 months. Listings are rocketing upwards, sales "appear" to be really low and slow. Realtors are saying that the market has "stabilized", some are even recommending to not rush into anything. People are talking about the slowing of the market, and friends are advising friends to be careful when looking at purchasing. These are all people that I think were very positive on the market 6 months ago.
Right now, there are 3888 active listings. February 29th there were 3526 active listings. The VREB always seems to state listings in a month to be lower that on this realtor's website. Regardless, VREB should have the active listings number for March to be around 350 higher than February's. That would put their listings at around 3660. This blows away the peak of listings from last year (June - around 3550) and we are only in March! If the number of sales is as low as it appears to be, March's numbers will be very interesting! We'll see how Tony Joe spins this month's numbers.
Listings of SFH priced over $700k is nearly bursting off my chart! There are currently more than 200 SFH listed with an asking price of $1 million or higher. Let's see, if there are 10 sales in that price range, we'd have 20 months supply of million dollars homes. Good grief!
CMHC has released their "Housing Now" report for Victoria for February.
FYI, we haven't bought, we haven't even been to a mortgage broker. In fact, I think we have decided to stay put for the time being. We'll make it work where we are!
It does appear that the market may have turned over the past 1-2 months. Listings are rocketing upwards, sales "appear" to be really low and slow. Realtors are saying that the market has "stabilized", some are even recommending to not rush into anything. People are talking about the slowing of the market, and friends are advising friends to be careful when looking at purchasing. These are all people that I think were very positive on the market 6 months ago.
Right now, there are 3888 active listings. February 29th there were 3526 active listings. The VREB always seems to state listings in a month to be lower that on this realtor's website. Regardless, VREB should have the active listings number for March to be around 350 higher than February's. That would put their listings at around 3660. This blows away the peak of listings from last year (June - around 3550) and we are only in March! If the number of sales is as low as it appears to be, March's numbers will be very interesting! We'll see how Tony Joe spins this month's numbers.
Listings of SFH priced over $700k is nearly bursting off my chart! There are currently more than 200 SFH listed with an asking price of $1 million or higher. Let's see, if there are 10 sales in that price range, we'd have 20 months supply of million dollars homes. Good grief!
CMHC has released their "Housing Now" report for Victoria for February.
Monday, March 10, 2008
February Housing Starts
CMHC has released February's housing starts numbers.
Thus far this year, housing starts are down from 2007. However, we are still at a record number of homes under construction.
What will Victoria's unemployment rate be when the number of homes under construction moves lower to normal levels ( 1/4 of today's homes under construction)????
Thus far this year, housing starts are down from 2007. However, we are still at a record number of homes under construction.
What will Victoria's unemployment rate be when the number of homes under construction moves lower to normal levels ( 1/4 of today's homes under construction)????
Monday, March 3, 2008
February Sales Numbers
The Victoria Real Estate Board has released their sales numbers for February. Discussion has started in the comments of the previous post. Please feel free to continue commenting on this post.
In comparison to February 2007, sales are down, prices are up, and listings are up. In comparison to January 2008, sales are up, prices are down, listings are up. The last time that Greater Victoria has seen two consecutive months of single family home price decreases was between June and August 2006. SFH average price has decreased 6% since it's peak in December 2007.
Average condo price has pretty much been horizontal since November 2006.
Average townhome price is off big-time from it's peak in November 2007.
I'd love to provide some graphs, but unfortunately, about 2 weeks ago I had a horrendous case of spyware on my computer and was forced to format my hard drive. I haven't located my copy of Excel as of yet. Once I do, the graphs will be back!
In comparison to February 2007, sales are down, prices are up, and listings are up. In comparison to January 2008, sales are up, prices are down, listings are up. The last time that Greater Victoria has seen two consecutive months of single family home price decreases was between June and August 2006. SFH average price has decreased 6% since it's peak in December 2007.
Average condo price has pretty much been horizontal since November 2006.
Average townhome price is off big-time from it's peak in November 2007.
I'd love to provide some graphs, but unfortunately, about 2 weeks ago I had a horrendous case of spyware on my computer and was forced to format my hard drive. I haven't located my copy of Excel as of yet. Once I do, the graphs will be back!
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.
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.
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.
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.
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.
Sunday, January 27, 2008
January 26 Week Ending Stats
No surprises this week. The number of properties listed on MLS continues to grow. 65 more condos listed this week than last, 12 more townhomes, and 25 more SFH.
Sunday, January 20, 2008
January 19
Inventory of homes in Greater Victoria is increasing quite rapidly this year. In the past two weeks, there's been an increase of 119 SFH listed on MLS. Since January 7, there's been an increase of 423 active listings in the region. Homes are still selling, but new listings are certainly outpacing the sales (also see what's happening in Vancouver!)
A couple things of note:
- It's nice to see that Canada has their own version of Lawrence Yun and David Lehreah - Gregory Klump! Check this guy out and what he has to say!
- Our favourite condo development gone bad, Tuscany Village, had a couple of interesting sales last year. According to BC Assessments, unit 418 - 1620 McKenzie Ave is assessed at $476000 and sold for $339900 on October 5. Unit 419 - 1620 McKenzie is assessed at $461000 and sold for $346625 on October 9. How would you like to be the person who bought unit 411 - 1620 McKenzie Ave, assessed for $449000, but you paid $500000 (June 27)!!!
- Another Tuscany note, unit 413 - 1620 McKenzie had an asking price of $510195 in May. Today, it is $419900 (MLS#237359). I thought real estate always went up! If you're in the market for a condo, this is the place to make a low ball offer.
- Is the Radius condo / commercial development the next Tuscany Village??? This link from the TC used to work. No longer for me. Anyways, here was the beginning...
Costs stall Radius project
Carolyn Heiman, Times Colonist
Published: Saturday, January 12, 2008
Skyrocketing construction costs, which some experts say are rising 1.5 per cent a month, have temporarily stalled work on the $160-million Radius project, says the developer.
But John Schucht of Waywell Development said the project -- kitty-corner to the Save-on-Foods Memorial Centre -- will resume after a reassessment of construction costs in the region, which he described as "runaway."
Schucht said a construction hiatus was planned for the Christmas holiday but instead of resuming on Jan. 7, the break will be longer. He declined to say how much longer.
A couple things of note:
- It's nice to see that Canada has their own version of Lawrence Yun and David Lehreah - Gregory Klump! Check this guy out and what he has to say!
- Our favourite condo development gone bad, Tuscany Village, had a couple of interesting sales last year. According to BC Assessments, unit 418 - 1620 McKenzie Ave is assessed at $476000 and sold for $339900 on October 5. Unit 419 - 1620 McKenzie is assessed at $461000 and sold for $346625 on October 9. How would you like to be the person who bought unit 411 - 1620 McKenzie Ave, assessed for $449000, but you paid $500000 (June 27)!!!
- Another Tuscany note, unit 413 - 1620 McKenzie had an asking price of $510195 in May. Today, it is $419900 (MLS#237359). I thought real estate always went up! If you're in the market for a condo, this is the place to make a low ball offer.
- Is the Radius condo / commercial development the next Tuscany Village??? This link from the TC used to work. No longer for me. Anyways, here was the beginning...
Costs stall Radius project
Carolyn Heiman, Times Colonist
Published: Saturday, January 12, 2008
Skyrocketing construction costs, which some experts say are rising 1.5 per cent a month, have temporarily stalled work on the $160-million Radius project, says the developer.
But John Schucht of Waywell Development said the project -- kitty-corner to the Save-on-Foods Memorial Centre -- will resume after a reassessment of construction costs in the region, which he described as "runaway."
Schucht said a construction hiatus was planned for the Christmas holiday but instead of resuming on Jan. 7, the break will be longer. He declined to say how much longer.
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