No, we aren’t underbuilding in Victoria and other census bits

Housing stats are out from the census, and with it a bunch of news articles about what can be gleaned from the release (aren’t we all glad the long form census is back?).  In Victoria the ownership rate is just short of 63% which is down a couple percent from 10 years ago.  The breakdown by housing types is as follows.

Why is the duplex category so big?  It’s because every basement suite counts as a “flat in a duplex”.

Also some other stats I thought were interesting, on the age of our housing stock:

Too bad they didn’t break down the years before 1960 and the bins are different sizes, but you can clearly see the large building boom of rental apartments along with neighbourhoods like Gordon Head in the 60s and 70s.

57.1% of owners have a mortgage, which is a smidge higher than the 55.7% it was 10 years ago.   The percentage of owner households spending more than 30% of their income on housing is actually down to 19% from 20.9% 10 years ago which indicates fewer households were stretched financially due to their housing costs.  Probably something to do with the fact that in 2016 mortgage rates were half those of 2006.  The census was also before most of the recent runup in housing prices.

Back to construction for a minute though.  The usual suspects are trying to present the data to say that construction has not kept up with population growth (clearly we need to build more!).  In the last 5 years this is true.  We had a growth of 23,455 people and only added 5330 housing units, which would yield 4.4 people per unit, which is well over the average household size of 2.2.   But housing construction goes in cycles and 2011 to 2016 was a slow period for construction while population grew faster than normal.   That’s quite obvious looking at construction history.

Looking back 10 years, we grew by 37,682 people and added 17,335 dwelling units, which yields a household size of 2.17 people, or pretty much exactly our average.   No evidence of systematic underbuilding.

One look around the city (or a glance at the stats) would also show you that construction has picked up massively from the levels of 2011-2016 so I don’t think we need to concern ourselves too much with running out of housing quite yet.

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94 thoughts on “No, we aren’t underbuilding in Victoria and other census bits

  1. @Deb, I guess if I was less of a provocateur I would have said something more along the lines of….
    I get your point but one could always argue that nothing is better than anything when it comes to carbon footprint. My wife’s sister was bold enough to go no dishwasher. She had three kids even…. They are vegan too… I respect that but I admit to being hedonistic. like dishwashers and bacon. I do other things because I do feel for Mother Nature. But I don’t pick one thing and then do nothing of that, like eating meat. I’m not a vegetarian but I eat vegetarian most of the time….

  2. Leo S wrote:

    Put an angle bracket before the line

    Thanks very much!

    Would be nice to have the sort order user selectable, I agree.

    Oh well. You have other priorities. Keep up the great blog articles!

  3. Jon McCombs patience seems to be wearing thin in this interview with the the housing minister

    That was amusing 🙂 I can see why he was frustrated at the complete lack of answers there.

  4. The issue isn’t that a simile is a metaphor. No one has argued with that point.

    The issue is that you don’t know the difference between a simile and a metaphor.

  5. Have we hit the real estate doldrums?

    Yes we have. Beautiful day. Also, Day 12,750 (or thereabouts) of no real estate crash in Victoria.

  6. Interesting product, makes sense, more thermal mass to soak up some of the heat and then insulation to keep it in.

  7. Life pro tip: Preheat your coffee mug with hot water before pouring the coffee in.

    Good tip, Leo. Another solution, albeit a more expensive one, is this mug. (I don’t have one, but I’ve heard positive things.)

    https://joeveo.com/

  8. Yet someone who purports to have an English degree and frequently berates others over the smallest of errors, would never make a glaring error of calling a simile a metaphor in the context that they themselves quoted.

    A simile is a kind of metaphor, so it’s still a metaphor, dufus.

    Looks like someone rang the “get the hell out now” bell. Going to be a painful winter for the pumpers/spelling nazis.

    You said the same stuff a few months ago. How come I’m not feeling any pain?

    Hell, you said the same stuff years ago. Never any pain.

    From your link…
    “Unlike a simile, a metaphor compares two things that are very different.”
    So nope.

    Pathetic Soper. Thanks, Garden Suitor, for helping Soper with his reading.

    It only makes you look smaller to continue hitting a man when you’ve won, but then the little boy in me says. “Hit em again he ain’t got no brudder”

    Someone points out that you’re wrong, and then you start talking about how you’ve won.

    What can you do, folks?

  9. Off topic: How do I get the fancy quotation feature? (Like in the last post by you, Leo S)

    Put an angle bracket before the line (>)

    Also, is there any way to re-order the thread so the oldest is at the top? I hate reading everything backwards.

    Would be nice to have the sort order user selectable, I agree.

  10. Life pro tip: Preheat your coffee mug with hot water before pouring the coffee in. Keeps it at above drinking temperature much longer so by the time you get it back to your desk and check some emails it won’t be cold.

    Did an experiment, here is the result.

    Graphs aren’t just for housing!

  11. Andy 7,

    That tweet by Saretsky caught my attention too. I think we might be in similar circumstances regarding housing and home ownership. I am currently waiting on the sidelines to purchase a first home for my wife and young family and watching the market very closely. In my opinion, Canada’s housing market is potentially on the verge of complete collapse. Like you, I am watching sales very closely. Once sales tank prices are soon to follow. There is simply too much data against a continued inflated market. I called the TSN turning point after the first week of this month as the sales were in drastic retreat in comparison to a year ago. I think the drop in sales is going to continue and worsen.

    Can anyone tell me what 992 Perez sold for? There is a recent SOLD sign on the lawn. I would imagine that it sold for a reduced price.

  12. Off topic: How do I get the fancy quotation feature? (Like in the last post by you, Leo S)

    Also, is there any way to re-order the thread so the oldest is at the top? I hate reading everything backwards.

    Neither of these are important, just small quality of life improvements! Thanks…

  13. Via Steve Saretsky‏ @SteveSaretsky 7h hours ago (twitter)
    Vancouver Detached October sales on pace to finish with fewest sales in past decade. I suspect OSFI stress test won’t help moving forward.

    It’ll be interesting to see Victoria’s October sales for detached homes.

  14. I know, I know. It’s best to stop when someone has been intellectually toppled. It only makes you look smaller to continue hitting a man when you’ve won, but then the little boy in me says.

    “Hit em again he ain’t got no brudder”

    It’s tough not to land that final coup de grâce. But that’s what makes a better man. I therefore sheath my pen.

    https://youtu.be/hqmTOoEP7BU

  15. Damn; I somehow accidentally got on the Grammar Hunt Victoria site .

    Please refrain from incorrect use of semicolons. “Damn” is not a proper sentence. On a more minor note, the period after the word “site” should not have a gratuitous space.

    Thank you.

  16. Damn; I somehow accidentally got on the Grammar Hunt Victoria site . Maybe we should be more focused on the fact that John Taylor is in the running for being the new Fed chairman.

  17. Purpose of Metaphors

    Expressions are used to give effect to a statement. Imagine how bland a statement such as “he was sad” is, compared to a statement describing a “sea of grief.” The metaphor is sure to give the reader a better idea of the depths of grief in this situation.

    Similarly, who would really spend time thinking of the vast differences between success and failure if the metaphor was missing, and the statement was just “Everyone wants to be successful, no one wants to be a failure?” That statement would be a failure itself, in inspiring interest in the conversation!

    Metaphors are meant to create an impact in the minds of readers. The aim of this literary tool is to convey a thought more forcefully than a plain statement would.

    They are exaggerated expressions no doubt, but they are exaggerated because they are supposed to paint a vivid picture, or become a profound statement or saying.

    Link/Cite
    Metaphor Examples

  18. Rats.

    My neighbour’s front porch caught fire because of rats living underneath it. Apparently rat piss is quite combustible. He still catches rats weekly in the area. Don’t have to deal with that in Alberta…

  19. You mean a simile

    Normally I’d say let it go, but when Introvert clearly doesn’t know the meaning of the word, it’s best you step in.

  20. Actually, similes are metaphors.

    From your link…
    “Unlike a simile, a metaphor compares two things that are very different.”
    So nope.

  21. Just checking in

    Slashes/crashes/rats/foreclosures/bad spelling/basement suites and CMHC warnings. Only thing new is the Rats.

    Enjoy the great weather. Good time to by a rat infested home.

  22. @ Barrister, I don’t want a suite is why we aren’t building one. I would rather not spend the money on it. Now, I’m not that bold to totally forsake the concept. I’m not a fancy car person so our garage is really flexible. It’s going to be a finished space. We have a bathroom, and Laundry plumbing roughed in so a kitchen can also go in if need be. I would rather it be my office instead of it being a suite though. But… it can be made into one later without having to demolish anything. Just finishing work. Also, IF it needs to be sold then simply the rough it covers that question. We have a large bedroom downstairs with a large closet and bunk bed nook for both family visits and AirBnB. This zone can be closed off with a pocket door so then the path to bathroom becomes private. This room has its own door to the outside private from the main patio area. My wife’s sister is a family of five so we need to think about that.

  23. A pile of slashes in last 24 hours. From Bearkilla’s neighbours whacking it $50K on average, in average family hoods like Glanford and Langford as well as condos in the core to new builds and to Oak Bay/Golden Head. Looks like someone rang the “get the hell out now” bell. Going to be a painful winter for the pumpers/spelling nazis. 😉

  24. Most builder’s would suggest that you at least put the roughed in plumbing for a suite into building the basement. It’s a nominal cost and something that most buyers would consider when choosing to purchase a home. If you don’t want a suite then use it as wet bar.

    In some of the older pre 1950 homes you’ll find basements without any plumbing. The cost to install a suite skyrockets when the foundation wall and floors have to be jack hammered out to install a suite. For most of these homes you’ll not re-cooperate the cost of installing the suite relative to the additional rental income you would receive. Much easier just to find another property that has the plumbing in-place.

  25. Maybe not in Victoria, but in Toronto most suites also have a bathroom.

    If you are building a new home in Victoria with a basement it is almost a given that it will have 3 or 4 piece bathroom.

  26. Yet someone who purports to have an English degree and frequently berates others over the smallest of errors, would never make a glaring error of calling a simile a metaphor in the context that they themselves quoted. The quote is not saying foreclosures are rats, the quote is saying foreclosures are “like” rats.

  27. There is no doubt that passive costs more up-front. You can recoup some costs by not installing a fancy heating system (maybe save 15-20K there), but you’ll put that right back into your windows/doors/insulation (and then some). Most people put the up-front premium at 10-15%.

    One can debate the operational savings potential (as has been done here before) but I’ll most likely be net-zero with a 3KW PV-system.

  28. Another reason why it was smart not to rent out your basement suite. Paying a premium for a house with a basement suite just got a little more problematic.

    I think quality suites will demand a premium going forward for inlaws, short terms rentals, long terms rentals, etc. It isn’t a one trick pony.

    If you are going to have a basement the only difference between a suite and a non-suite is a kitchen. I put in a high-end kitchen, but I did all the plumbing/electrical against a liner wall. The island doesn’t have a sink or electrical (I butted the island against a well and the plugs are on the wall). Someone doesn’t like the suite pull the kitchen island you have a linear bar with a stove.

    If I was to build again I would definitely do a suite; however, I don’t know how I would use it.

    Taking out a suite is a lot easier than putting one in after the fact.

  29. I have run into a number of about to be evicted tenants, with sold signs out front, and they seemed to be incredibly bitter. As one woman put it, this has been my home for eight years and I should be able to stay here as long as i want.The comment left me with very mixed feelings.

  30. What a terrible article. Upfront cost is one part of the issue for sure, but the other half which they didn’t even mention is reduced operating costs.

  31. CRD presses pause on building code aimed at improving energy efficiency

    Excerpts:

    Builders have made the argument the code, which is to be introduced in stages starting this winter, could add as much as $80,000 to the price of a new home.

    A government study on the impact of Step Code suggested a single-family home built in Greater Victoria would see an increase in cost of about $1,100 at step one, up to as much as $17,485 at step five.

    Edge said those figures are out to lunch. “The additional cost of $17,485 to build a passive home [a home that combines air tightness, insulation and heat recovery to reduce energy use] in our region is not credible. A survey of my builders, some of whom are net-zero and passive home builders, say the additional cost will be between $55,000 and $110,000,” he said. “In this environment of rising labour and material costs, I would wager on the higher side.”

    http://www.timescolonist.com/business/crd-presses-pause-on-building-code-aimed-at-improving-energy-efficiency-1.23076763

  32. Bagholder alert.

    Says the guy who desperately wishes he had a bag to hold.

    Foreclosure ares like rats. If you see one in your house in Fairfield there will be another dozen in the walls. For every house that the bank gets conduct of sale there could be another dozen that are in pre-forclosure.

    Just Jack, your metaphors are nice. Too bad they don’t actually describe reality.

    Reminds me of your wave metaphor, as in when prices of houses on the outskirts (like Sooke) start to drop it’s only a matter of time before the price-decline wave hits places like Oak Bay. Cute metaphor, but never happens.

    Rat story time.

    That was traumatic (for me to read).

    Not rat but mouse story.

    Also yucky.

    Showing the unit would be fun if you aren’t renewing your existing tenant

    I’ve seen this a lot. It’s also awkward when realtors are showing homes with soon-to-be-evicted renters in it.

  33. Dasmo:

    Can you explain what factors have lead to your decision to have a house without a suite? By the way, I am not questioning the wisdom of your decision but I am curious about your experience. One of my neighbours has been thinking about putting in a suite but seems to be leaning away from the idea.

  34. Does this really change much? If people are out to get you or they are going to be awful they will be regardless of a tiny tweak to the rules. It’s not a massive change at all. Being a Landlord involves you in other people’s lives. It’s why we will not be keeping the house we are in now. I don’t like having strangers as dependents.

  35. Marko:

    Another reason why it was smart not to rent out your basement suite. Paying a premium for a house with a basement suite just got a little more problematic.

  36. A bad tenant?

    Seems a subjective statement to me. You don’t like their politics? There friends? Their dating habits?
    then… “just chuck em out”.

    Why is this legislation necessary? Well it’s time to look in a mirror buddy. And if you can’t stomach being a landlord anymore, then the world just go a little bit better.

  37. Well if correct and you can’t have a vacate clause I’ll sell my units. Not worth the risk of a bad tenant. I don’t raise rents on good tenants which is all of them because I don’t renew after 6 months if they’re bad.

  38. @Leo S
    The amendment will apply to new and existing agreements. What you quoted, applies to existing agreements. Thus, most existing vacate clauses will be void. In new agreements, they will only be allowed:

    “When a person might need to rent their home during an extended absence for work or travel, but has firm plans to return on a particular date; and when a tenant needs to sublet a rental unit for a set period of time.”

  39. So it seems you can use the vacate clause as before if you get new tenants every year. No?

    It’s possible, but I think the devil here will be in the details. Would need to see the legislation and accompanying policy. I mean, what would constitute the “landlord expecting the tenant”? Is that as simple as ticking off the “will move out box” on the lease form? Is there another criteria or test? Are there new RTB forms?

    Wait and see, I’d think.

  40. I think Bearkilla is right. You can still do a vacate clause, but you do actually have to vacate the current tenants. In the TC article they say “However the vacate clause can still be enforced in two cases: Where a landlord, expecting their tenant to move out at the end of the term, has already signed a new lease with a new tenant;”

    So it seems you can use the vacate clause as before if you get new tenants every year. No?

  41. Actually that legislation doesn’t sound bad. You can still have fixed term leases with a vacate clause but now you just have to not renew if you want to raise the rent higher than the max. No big deal in a tight market, just chuck em out.

  42. Introvert:

    When my arthritis acts up, like today, I use a voice program to type. Nevertheless I should spell check it. Life must be very painful for you with all the typos simply ripping out your eyeballs.

    P.S. dont get old.

  43. My neighbor has Ferrets and a few times a year I’ll spread some of their droppings around the yard. That has kept the varmints away from my house.

    They are natural ratters and their smell keeps the rats away.

    If you have rats, get a Ferret not a cat.

  44. Jaguar Bait Chunx is phenomenal for rats and mice. Just make sure you put it in a bait station. They will stagger half-dead to the station just to get one final, tasty morsel…

  45. How many people have paid off their mortgage but still have large personal debt on other properties, cars, credit cards etc.

    Seems to me that any logical person would take out debt against their property to consolidate cars (assuming high interest rate), credit, cards, etc.

    As far as other properties….kind of makes sense to mortgage the other property as interest it tax deductible on investment properties.

  46. Rat story, had a rat in the floor joists for about three weeks. Finally caught it in a live trap baited with dog food. Fed it some apple overnight to keep it hydrated. Took it over to a rich person’s house and let it go in their yard. Win win for everyone.

  47. @Deb,

    For us, …No Mortgage, No Debt whatsoever.

    Except paying ourselves back on borrowing the RRSP to help with the 1st time home-buyer down payment. But we have 10 more years to do that. Does that even count?

  48. Not rat but mouse story.

    Had some Halloween decorations in boxes in a shed out back. I like to take the boxes in a week before and slowly start assembling them through the week. Well, one box had something moving in it, so I took it outside in my carport and shook the crap out of it. 3 of the little bugger scooted out and ran into my neighbors yard. I took the box back in and went to bed. Later that night I heard noises coming from the living room. Saw the little fella when I went in there and turn on the light. But, it scurried of and at such a speed I lost it. For that week from time to time I could hear it but never laid eyes on it (oh and little black poop here and there). I tried human DIY traps, but it was too smart and jumps higher than the internet said and got out many times. I finally discover where it was residing (in the vent holes for air flow of my fireplace). It was eating the plant we had next to it (I didn’t know angle ears were editable). The final night I was done. One week of this and I finally got one of those sticky traps and placed it right beside the vents where it was living. That night it went for it and that was that. I felt so bad for having to resort to nasty measures, but I needed it to be over.

    The decoration are now in the utility closet from my carport!

  49. Just a thought. How many people have paid off their mortgage but still have large personal debt on other properties, cars, credit cards etc. I worked on the last census and the question was very straight forward “do you have a mortgage on this property”. Even if the answer was no that does not mean the person in question doesn’t have a mortgage on other properties.

  50. Bad analogy. Thankfully most rat problems are just one or two rats because they are quite territorial. If you do have rats in the wall or ceiling you will most likely hear them long before you see them (they are quite shy). Also rats are quite simple to deal with if you either pay a professional or do a bit of research.

    Rat story time. In my undergrad days I was living in a very cheap room in a 100+ year old house. Rats would climb up the plumbing from the toilet into the bathroom then chew through the door to get into the kitchen (rat saliva all over the door is pretty gross). I set up some rat traps and after a couple nights found one in the morning. However it was still alive and when I came into the bathroom it started running around dragging the rat trap with it banging into things. So I had to beat it with the plunger until it stopped. Then it put it in a bag and carried it outside but outside it started moving again in the bag so I had to beat the bag against the street light pole to finally kill it (I assumed).
    Then I threw it in the trash. That was before we had separate compost bins.

  51. oh really. Just one or two.

    OK I just clicked on my first John Drake video – ever.

    1) An appraiser should be able to tell the difference between a farmer’s field and a house
    2) it is POSSIBLE to get an actual rat infestation. My statement was that most rat problems are one or two rats. Partly this is because most people catch and deal with the issue before it is a full on infestation.
    3) Talk to the exterminators. They will have horror stories of huge infestations but they will also tell you most of what they respond to are just a few rats

  52. Foreclosure ares like rats. If you see one in your house in Fairfield there will be another dozen in the walls. For every house that the bank gets conduct of sale there could be another dozen that are in pre-forclosure.

    Bad analogy. Thankfully most rat problems are just one or two rats because they are quite territorial. If you do have rats in the wall or ceiling you will most likely hear them long before you see them (they are quite shy). Also rats are quite simple to deal with if you either pay a professional or do a bit of research.

    The bushy-tailed rats (aka squirrels) waking you up by running across the roof are another issue.

  53. Dasmo, maybe if it were a lot more, that might cause some people to do some estate planning.

    For example, putting your child on title so they are Joint Tenants. Saves them the probate and property purchase taxes. And it doesn’t take 6 to 12 months either.

    Or how about a graduated inheritance tax

    INHERITANCE TAX 2015
    TAX BASE, JPY (US$)
    TAX RATE
    Up to 10 million (US$90,090) 10%
    10 million – 30 million (US$270,270)15%
    30 million – 50 million (US$450,450)20%
    50 million – 100 million (US$900,901)30%
    100 million – 200 million (US$1,801,802)40%
    200 million – 300 million (US$2,702,703)45%
    300 million – 600 million (US$5,405,405)50%
    Over 600 million (US$5,405,405) 55%

  54. How did this whole idea of boomers moving to Victoria get so popular? You never hear people say that about Gen X or Millennials. But I’ve been hearing this about boomers since at least the 90s!

  55. That is not going to sustain the housing market.

    I have this feeling it is going to make the core very expensive over time. You’ll have individuals inheriting money that already own real estate and are typically in their peak earning years.

    I am actually quite surprised by these statistics. I thought way more people would be stretched.

    If 43% of people don’t have a mortgage in Greater Victoria than most likely half the homes in the core don’t have a mortgage? I would expect Westshore to be 70+% mortgaged?

  56. @John Drake, we do have that tax it’s just not called inheritance tax…. should be called the surprise! You should have planned better tax.

  57. So 43% of homeowners don’t have a mortgage? That is going to be an insane transfer of wealth coming up as I am assuming the majority would be 60+?

    Do you think Canada should have an inheritance tax like the Japanese have on real estate?

    That would ease a lot of the burden on the taxpayers. As we could tax back all that money.

    Maybe those elderly people who go into government subsidized care facilities should have to pay some of the costs with the proceeds of the sale of their home? A 50/50 split with the government?

  58. That is going to be an insane transfer of wealth coming up as I am assuming the majority would be 60+?

    That is not going to sustain the housing market. A transfer of wealth might give a boost in some people’s buying power, but even if every boomer divested every penny to their kids, who in turn spent all of it on housing – nothing new is being produced. No new wealth is being generated, which over time, is ultimately required for X price point to remain buoyant.

    The secondary question implied in the above is what do people do when they inherit large sums of money? Do they use it buy houses? Or do they want toys, vacations, sending kids to college etc? Some will splurge on houses, but I would guess (yes just a guess) that in many or even most cases, that isn’t going to happen on a huge scale. This would be especially true if the attitude towards housing happens to sour.

  59. A quick look and I found 5 houses under court order to sell.

    One in Sooke that has been listed for over 180 days at $223,500. The home was last purchased in 2002 for $120,000.

    One in Sidney that has been on the market for a week now at $510,000. Last purchased in 1991.

    One in Brentwood Bay listed for 29 days at $800,000. Last purchased in 1987

    A duplex in Langford with both sides available. Asking $270,000 each for the last 36 days. Same owner since 1978.

    Court ordered sales are out there and they aren’t in bad neighborhoods or newer home owners. But that’s only 5. How many never get conduct of sale by the banks? Foreclosure ares like rats. If you see one in your house in Fairfield there will be another dozen in the walls. For every house that the bank gets conduct of sale there could be another dozen that are in pre-forclosure.

    I rarely run across a home under foreclosure that has been bought in the last few years. Most are properties that have been owned for a decade and more.

    I wonder how helpful this stress test for new purchases is going to be in reducing the bank’s exposure to foreclosure? When the lenders should be stress testing home owners that are abusing their lines of credit and spend their days correcting spelling errors on blogs rather than working.

  60. You’re late to the game Intorovert. I posted the CMHC stuff yesterday as well as Leo already did today as well. For a guy who hates anyone else posting internet articles you’re looking out of control posting them like a madman.

    CMHC numbers are usually 6 months behind so the red flags have to be in every category now.

    When the son of the head of CMHC has no intention of buying and the millennials are now saying “screw houses”, it looks like a major shift is in motion but keep on pumping while Golden Head begins to burn. Bagholder alert. 😉

  61. Canada’s housing market ‘highly vulnerable,’ CMHC warns

    Canadian housing markets are highly vulnerable and at risk of being hit by overbuilding, overvaluation and too-quick price appreciation, the national housing agency said Thursday.

    The Canada Mortgage and Housing Corporation singled out housing markets in Toronto, Hamilton, Vancouver, Victoria and Saskatoon for being “highly vulnerable” for a combination of factors.

    In Vancouver, the city scored a red or yellow on every category except overbuilding. The same can be said of nearby Victoria. While Saskatoon showed moderate signs of overvaluation, the CMHC said the city’s biggest problem is overbuilding, where the city got a red flag.

    The five cities above received red warnings overall, and are collectively large enough that the national housing market also got a red flag.

    “House prices continued to grow more quickly than levels supported by economic and demographic fundamentals,” the CMHC said.

    http://www.cbc.ca/news/business/cmhc-housing-outlook-1.4373251

  62. @hawk We’ve viewed 709 Violet. It’s still WAY overpriced. The neighbors literally have cars on blocks encroaching the property line, it backs onto Mackenzie overpass so its very loud, the layout is not functional, and its actually fairly banged up inside despite what the photos look like. Been looking for a while and i wouldn’t pay over 700 for that place.

  63. 2 more new foreclosures and 3 more bankruptcies so far this week. How can you go under in Nevereverland ? Can’t be that debt bomb thingy.

    Let’s be clear. Any number greater than zero of foreclosures and bankruptcies would elicit a response like this by Hawk. Hawk is very discriminating.

    Three bankruptcies and two foreclosures in one week, out of a population of 370,000. THE BUBBLE IS BURSTING, BITCHES!

  64. (aren’t we all glad the long form census is back?)

    Yes.

    I went on the census site and according to their map it seems to be the whole peninsula and west shore that is couvered

    Barrister, dear friend, you’ve misspelled “covered” twice in two posts. Perhaps it’s a Freudian slip-up: Victoria is getting ‘couvered, as in Vancouver-ed.

    2 more new foreclosures and 3 more bankruptcies so far this week. How can you go under in Nevereverland ?

    Time for this week’s installment of:

    Just a dude scanning public court records searching for hope…

  65. Leo:

    Thank you for reproducing the map. It certainly makes their density numbers more understandable in the census. I always appreciate your well reasoned and informative information.

  66. You also have to factor in that when the boom ends, many of those people move somewhere else for work or for a cheaper place to live on EI.

    Some more slashes showing up. 4019 Malton Ave in Golden Head on slash #2 for $40K total at $740K.

    709 Violet Ave in Marigold on slash #2 for a $70K whacking to $859K.

    3035 Uplands Rd slashed $85K but will need more than that. Same with another in Oak Bay at 2418 Dryfe St slashed only $15K. Like why bother.

  67. I went on the census site and according to their map it seems to be the whole peninsula and west shore that is couvered.

  68. A second question, do they include all the houses with a basement mortgage helper suite as a duplex?

    Yes that is why the duplex number is so high. Thanks for pointing this out, will update article.

  69. A second question, do they include all the houses with a basement mortgage helper suite as a duplex?

  70. Exactly what area do these stats couver? Sorry, it is one of the problems I always have with these charts. Are we talking just about the city of Victoria or are we including the whole peninsula and the west shore as well. Is Sidney included in this as well.

    There does not seem to be a uniform definition of the GVA (Greater Victoria Area) in a lot of stats presentations. So what is included in the Metropolitian area?