June: Market remains stable as fear fades
A late summary of the June numbers, and the next post will likely be in August as we’ll be in and out of town unless I see some interesting real estate story in our travels.
A good increase in activity in June compared to last year, with 761 sales, up 100 over last year. Looking at seasonally adjusted sales, we have recovered from the fear-induced dip to start the year. Of course the trade war is far from settled with the latest threats of 35% tariffs but it’s no longer all-consuming of the news-cycle, and companies are in a holding pattern rather than making big changes to a situation that could be entirely reversed with the next late-night “truth”.
Only townhouse sales don’t really show this bump, but there’s so few of those that they always look pretty flat beside the big players of detached and condos.
All sales combined show a similar trend. We could draw a trend line from the bottom of the market (activity-wise) in mid 2022 to now to show gradually increasing sales as the market adapted to higher rates.
New listings still very strong with the trend higher than we’ve seen for 15 years.
In fact last month’s total was a record for June in the last 20 years.
However keep in mind that there is still an extremely high rate of re-listings and it’s why despite the high rate of “new” listings, inventory has essentially stalled out. Up a little from May but flat on a seasonally adjusted basis.
With another increase in the sales rate, that means market conditions warmed up again, and we’ve now fully recovered from the spring weakness. Back to levels we were at last year.
Combining the two measures marks a decent improvement again from May, now putting us on the warm side of balanced market. Who knows we could drift into a mild sellers market again as we enter the fall, however where we draw the lines here is somewhat arbitrary of course.
No great change in pricing in June.
The same is reflected in median sales relative to the assessed value. Little movement here as we would expect with balanced market conditions, though condos dipped a little. Something to watch.
Hope everyone is having a good summer and happy house-hunting.
Holy crap new post https://househuntvictoria.ca/2025/09/15/august-market-weakens-somewhat-to-end-the-summer/
From my experience you can’t really get away from that in the core other than Uplands, Broadmead/Cordova Bay, Wedgewood, Gordon point, Rogers (inside the subdivision). Basically neighborhoods with lots of suites and single car driveways (most of victoria) will always be jammed up with street parking
That’s a nice-looking house for what it sold for. I like those ceilings, and most of the finishing.
We used to have a house not far from there on Dewdney, nice family neighbourhood, though jammed up with street parking, but I guess it’s hard to get away from that more & more.
Groot I also think crea reports price is up a couple of points too. Doesn’t bode well for the crash crowd
…..
Half of those people think the house went from 880k to 3.8 million between 2016 and 2022…….. They should just stick to union picket lines and not worry about houses they can never afford even if the market crashed 50%>
A lot of chatter on this $1.150 million dollar loss in Oak Bay -> https://www.reddit.com/r/canadahousing/comments/1nfm9mv/brutal_investment_loss/
According to the Canadian Real Estate Association, national home sales increased for the fifth consecutive month in August. Gains in Montreal, Greater Vancouver, and Ottawa helped offset a decline in the Greater Toronto Area, resulting in a modest but notable uptick in overall activity.
On a year-over-year basis, national sales volumes rose 1.9%, reflecting continued resilience in key urban markets despite regional variability.
No mention how Victoria has performed.
Month Sep Sep
Year 2025 2024
Net Unconditional Sales 249 571
New Listings 802 1,441
Active Listings 3,631 3,362
On pace for approx. 565 sales for the month.
The clowns are planning on building pre-fab (modular) homes and put them on federal lands. Also borrowing more money to buy more makeup and clown shoes.
Any chance the 25 bip cut coming on Wednesday could soften the blow for them?
That was a joke btw. What about the stress test man? Were those guys just wearing makeup and clown shoes too?
Like I said before, most are now on their second
principle residences with rental properties to boot with an over all LTV at 60% or lower. You’ve missed the boat several times in the past 16 years, it’s time to just take the L and try to buy something.
The latest regulatory filings (as of July 31, 2025) show a noticeable uptick in mortgage arrears. While levels remain below historical danger zones, the trend is worth watching.
Many of these arrears likely stem from mortgages originated in early 2021. Unlike most homeowners here who’ve benefited from rising property values and falling payments, this group is caught between a rock and a hard place. Their home values may have appreciated, but so did their mortgage payments—thanks to rate hikes and expiring low-rate terms.
Equity gains don’t help much when your monthly obligations outpace your income.
Clowny , I think that’s a word
Frank, what’s clowny about building more homes and what’s clowny about employment. I’m guessing there’s more at play than labour and supplies that are driving house prices
‘
Carney just announced the government will be doubling the rate of housing construction. So much for the trades running out of work. Unfortunately, that pressure on the trades and supplies will only drive up the cost of housing. What a bunch of clowns.
What I’m seeing going out here is a huge business/industrial shift. When a powerhouse such as Don Mann finally says you guys are just charging me way too much tax to operate my business in your municipality. So I’m taking my entire operation and business and moving out to Langford. That’s just an example… They’re all coming out here in droves.
50% of construction activity going on out here is business parks, Industrial parks. It seems as through its the great exodus from Victoria into Langford.
Sure, you guys in the core can now develop your metropolis with all this new vacant land. But that has to be a pretty devastating tax revenue blow to the municipality all at once. Now their major tax base has just decided to split and move to Langford.
They are blasting mountains down out here like there is no tomorrow. Not only does it get the mountain out of the way, The resulting construction aggregate is fetching a kings ransom these days.
Well its not exactly my idea of good time either. I need a vehicle to work. Anything that is related to the vehicle doesn’t cost me a dime… Even my time to operate the vehicle.
And no, I haven’t seen the people on buses.
Lol no thanks, have you seen the people on buses?
Have you guys ever heard of the Ridley Family?
The Guinness family still own about 2000 acres up and around British properties.I’m guessing that will be developed slowly as development slowly creeps up the mountain side
“They were also the developer of British Properties in Vancouver.”
They also built the Lions Gate Bridge during the 1930’s to make the properties more marketable. West Vancouver actually went bankrupt during the Depression, if you can believe it.
The bridge remained in private hands until it was bought by the WAC Bennett government.
Well, out here in the westshore its all about density man. And we are most certainly pulling our weight. We have a dedicated, priority, continuous, uninterrupted bus lane in both directions under construction right now to shuttle people from the westshore into town and back that will be in a continuous loop all day and night long. It won’t just be one bus…It will be an entire fleet working in tandem.
There’s even talk of a bus that will travel the road and then hop on the existing train tracks and head up north and back.
They are making it so if you live in the westshore and work for the government or where ever in town you don’t need to pay for parking, or car insurance, or fuel, you don’t even need the car anymore or the payments that come along with it.
Vicre, I would agree , I know a few friends that have downsized out of a sfh but it was only to put money in the bank . In fact if u really want to go broke in retirement fast do just that .
Our own expert Leo posted the only thing holding back construction is zoning , im not too sure that holds water today.
Groot, I wouldn’t put too much stock in experts today , there’s one around every corner . It sounds like frost was kinda right which makes him not a whole lot better than most people that post on here
LMAO, that’s the exactly what nice SFH in diserable neighborhoods are. Guess what, most people in those homes have someone taking care of the yard for them, go drive through lower broadmead and see how many landscaping company trucks there are daily. No boomer with money is going to choose to live in a condo in royal bay instead of a nice house in a diserable neighborhood in the core they may downsize from a 3000 sqft house to something like 2000, but they will still choose the sfh every time if they have the money.
David Foot, the economist behind Boom, Bust & Echo, did forecast that aging Baby Boomers would gravitate toward quieter, rural lifestyles as they exited the workforce. His demographic lens suggested that as Boomers aged, their housing preferences would shift away from urban hustle toward more serene, spacious environments. That projection was part of a broader thesis: demographics drive everything from housing demand to consumer behavior.
While David Foot’s original projection leaned toward rural migration, the reality has been more nuanced. Many Baby Boomers have opted for urban living, particularly in mid- to high-density settings, to stay close to hospitals, transit, and services. In cities like Toronto, for example, the number of older adults living in vertical communities (buildings 5+ storeys) is projected to reach 42% by 2041. That’s a far cry from the pastoral retirement ideal
https://norcinnovationcentre.ca/wp-content/uploads/Aging-in-a-Vertical-City-Report-FINAL-1.pdf
Victoria did not have a similar vertical option to Toronto instead many chose to stay put in their houses or relocated to established neighbouhoods like Oak Bay, Fairfield, and Broadmead. This has contributed to a tight supply of single-family homes, particularly those with aging-friendly features like single-level layouts or proximity to services.
According to CMHC, the propensity for seniors to sell peaks only in more advanced age groups, meaning a significant surge in listings may still be years away.
https://www.cmhc-schl.gc.ca/observer/2023/understanding-impact-senior-households-canada-housing-market
The oldest Baby Boomers (born 1946–1950) are now in their late 70s. Historically, home turnover accelerates in the 80+ age group, especially when health, mobility, or estate planning become pressing concerns. This shift is likely to be gradual over the next few years with a more noticable shift around 2030.
While purpose-built rentals and condominiums are part of the solution, they’re not yet tailored enough to fully unlock the Boomer transition. And there is still a mix mismatch: Over half of Victoria’s purpose-built rentals are one-bedroom units, while only 1.5% are three-bedrooms. That’s a poor fit for Boomers used to larger homes or needing space for caregivers or family. More two- and three-bedroom units with aging-in-place features would better meet Boomer needs.
Rather than trying to retrofit PBRs for seniors, developers in Colwood and Langford may find more success by building condo-style ownership units that offer aging-friendly features in lifestyle-oriented communities. These units can serve both retirees and investors, while sidestepping the economic constraints of rental-only models.
After seeing the condominiums under construction in Royal Bay that have large two and two-plus a flex room condominiums I can see retirees considering a moving to this quiet seaside community in Colwood.
So David Foot’s original projection may not be as wrong as some people have mentioned.
https://www.colwood.ca/news-events/news/colwood-in-the-news/224-million-long-term-care-facility-planned-royal-bay-site
I think its the end of the road for HHV man. peace out.
I didn’t even know we grew cranberries here. Back in the late 1800’s there was a mink farm directly across the lake from us. Those little stragglers that escaped and bred are extremely territorial and vicious to this very day. Never under estimate a mink. They will leave you alone and you can hear their mating calls… Just don’t try to corner one or anything.
They were also the developer of British Properties in Vancouver.
> I’m guessing this is a peat bog with a swamp on top of it with lots of frogs and birds?
The history of Rithet’s Bog and Broadmead is quite interesting. They were both owned by the famous Irish ‘brewing’ Guinness Family. Eventually, in 1994 the Guinness family donated 100+ acres of the Rithet’s bog to Saanich, to be permanently preserved as conservation land. Prior to all that, the bog was used for agriculture (cranberry farm etc.).
Indigenous people used the bog for thousands of years as a source of food, medicine and cultural value. This included food from cranberries and salmon runs.
The first post-indigenous owner was named ‘Robert Rithet’ in the late 1800’s. He sold out in the early 1900’s, and the Guinness family acquired it (and Broadmead) in the 1960’s.
So the next time you raise a glass of Guinness, add a small toast to the Guinness family for their 100+ acre gift to Saanich. And to all those who have preserved it for 10,000 years – mainly the natives, and recently the city of Saanich.
I’m guessing this is a peat bog with a swamp on top of it with lots of frogs and birds? Those bogs are actually estuaries or filters for fresh water. you might notice that a lake has an estuary on each end of it. In order to even be a lake you need a stream coming in and a stream going out with the exception of spring fed lakes. But they still have a stream going out.
You will always find an estuary or bog where the stream is going out. And lots of frogs and birds.
Awesome is very subjective, but I am super happy with where we ended up. As I have started exploring more on my bike I have realized that there are great neighborhoods all over Greater Victoria, including some areas I might have written off initially.
Poking fun at the bog aside, I do think Broadmead is lovely. While it wouldn’t be top of my list I 100% understand the appeal.
Max. The bog is actually lovely. Quiet trails around it. Notwithstanding poking fun at Broadmead I am very “pro-bog”
>>> When I moved to Victoria “near the ocean” was on our housing wish list. Curiously absent from our list – “near the bog”.
You can bike ride from Broadmead to the inner harbour- 90% on trails without cars.
Was something as awesome as that on your list, and did you find it?
(btw I don’t live in Broadmead, but I love those trails! )
galloping Goose/Lochside trails…
I will definitely throw that on my bucket list. But for now its the hidden boot…
“The legend of the “hidden boot” in Leechtown, BC, refers to a rumored treasure of approximately $40,000 worth of gold nuggets, supposedly buried in a leather boot and covered with a frying pan. While the boot’s contents are estimated to be worth millions today, it was never found despite extensive searches after the Leech River Gold Rush of 1864, and the treasure’s existence remains a subject of local conspiracy theories and a tantalizing mystery for treasure hunters”.
https://thenav.ca/focus/the-legend-of-leechtowns-golden-boot/
3.Listen for frogs and birds — when traffic fades and birdsong begins, you’re getting close.
2.Cross beneath the highway — a tunnel links the bustle of Broadmead to the quiet wetlands beyond.
give me a hint
(courtesy of ChatGPT):
Hints to Find a Bog from Broadmead:
1. Head downhill from Broadmead Village — follow the gentle slope westward; nature awaits just below the shops.
Okay, curiosity has killed the cat here. I don’t want you to give the answer. Given I have lived in the CRD my entire existence I have never heard of the bog. Everything is near the ocean in Victoria. At least give me a hint… I don’t want the answer.
When I moved to Victoria “near the ocean” was on our housing wish list. Curiously absent from our list – “near the bog”.
Way back when I was 20 I would build a spec house and live in it for a year and then sell it for profit plus the capital gains exception. Then I would build another one and have everything drawn up in my girlfriends name then she would sell it for profit plus the capital gains exemption. This was all at arms length and perfectly legal… She wasn’t my Wife yet.
This is how we came up with the 20% down to purchase this house we have lived in since 1998 without the need for any CMHC insurance.
And that’s exactly the kind of market insight which has apparently left you waiting for a crash since 2009 while most others are already on their second principle residence house plus another one or two rental properties to boot. Good luck with the appraisals today 🙂
No generational shift. It always comes back to money
The way I see it is you can do a hell of a lot more with a big house on a big lot than you can do with a strata owned condo corporation. I also think if one can afford it, one should probably buy the big house on the big lot while one still can.
Broadmead was a good development for its time. But I see the demand for housing moving away from the older big box houses on big lots. And it isn’t about price -it’s about lifestyle.
For example 4319 Majestic that sold for a little over 1.8 million for a 2,455 square feet home on a 4,721 square foot lot. They could have bought in Broadmead for less. But a house that their granparents had isn’t as appealing to them.
Don’t get me wrong if someone was to give me a home in Broadmead, I would take it. But I would immediately sell it. And that’s what is happening.
Notice how they don’t call it the master bedroom anymore because they think that’s racist. Its now the primary bedroom.
I’ve seen a few RVs parked in the driveways, they’ve all been fairly inconspicuous though, not just sprawled out in full visibility. One I think even got it’s own little carport thing. I don’t think majority of broadmead owners are acid outdoor people, probably more european vacation types.
I get that. If I were absolutely forced to live there I would buy something as close to the village as possible.
Add to that, you can’t even have a boat or an RV so that in itself throws some pretty serious damage at your monthlies for the storage.
It’s a pretty stocked village compared to every other neighborhood.village, has everything from Thirties to Canadian tire to bc liquor and 3 different bank branches.
Location wise it is very central and within 20min drive to everything (uvic, downtown, Costco, airport/ferry).
And the fact that you can’t even think about touching them… Ever!
It is also necessary to have a vehicle to live there, since it’s hardly a walkable neighbourhood to any amenities other than Broadmead centre.
That doesn’t just mean you need a vehicle, that means everyone in the household needs a vehicle.
100%, if people want a sfh on a nice big lot with some sun exposure in an upscale manicured neighborhood in the core at a budget of under 2 million (e.g buy for ~1.5 and then reno) then there are really no other options. The total inventory in broadmead for that specific product is likely less than 50 in total.
No, you just said, in multiple ways, that there was less and less demand for them as boomers have to dump their homes. So let’s not focus on semantics. And VicRE just pointed out that there is sufficient demand to keep prices steady or slightly rising. It’s the “relative” part that’s kind of missing in your pronouncements.
Broadmead is a great neighbourhood but prone to darkness because of all the trees, and as has been pointed out, if you can find a property there with a reasonably usable lot that gets some light, you have something that’s pretty desirable, and I agree with those that say it will always be desirable. Part of the reason that, as you say, the market is looking for other things is that many people just can’t afford Broadmead. For the section of the population that can, that area will always be desirable enough to keep demand solid, in my view.
I remember reading “Boomer, Bust and Echo” and thinking (back then) that the demographics described there would be some great prognosticator for a number of things, pretty much most of which turned out to be just wrong. And that will be especially so in little old Victoria, which is only getting more and more desirable, and that’s even without talking about climate change etc.
Location, location, location tells you greater Victoria is a good long-term bet, and good Broadmead properties as a good subset of that.
Unless you can show me that Broadmead is any different in appreciation than any other neighborhood in the core you’re full of shit. They aren’t any more desirable than Sunnymead or Cordova Bay which have also gone up in value from ten years ago – as all properties have done.
What has changed is there are a more properties on the market now that have not changed ownership for 30, 40 years. Like Autumwood. Homes that in the past would have been handed down to someone in the family before are now being put on the market. Boomer homes.
Those that 30, 40 years ago bought their “forever Homes” For them forever has arrived. It’s more obvious in upper income neighborhoods such as Broadmead as the people that orginially bought there were also older to start.
Would I buy in Broamead? Sure. Nothing wrong with the neighborhood except that it is getting dated in appearance with all of these 1980’s big box homes that were built when status meant bigger. However big box homes are not as appealing to me just as a Chrysler New Yorker isn’t. And according to the artcicle that I posted earlier that seems to be a trend for a newer generation
I don’t think these were ever 600k even 10 years ago, likely 700k to 800k
They are not going all going to be exactly the same but these are literally all the unrenovated 2 story houses with relatively flat and useable backyards that sold in lower broadmead since 2022. It shows that people see value and is willing to pay for this product as most of these have gone above ask and assessment.
Groot likely wants but can’t afford these houses, that’s probably why he trashes them.
I think Parkwood is an inferior product (inside and out) compared to say Autumnwood. It’s on a corner with less privacy and has a big rock in backyard, and layout of house is quite different.
But I’d agree that demand for these kinds of properties will only grow over time while supply is basically fixed. Groot has been trolling these narratives (e.g. boomers will flood the market with unsellable, oversized houses) for well over a decade, back when you could buy these houses for $500-600k. Wouldn’t pay too much attention.
I’m almost certain that if it were named Emily Carwood it would trade well above the consistent price.
Now you compare that 1.33 million 2022 Parkwood sale with the sales this year and last year of similar houses on similar lots in that area:
4415 Meadowood – 1.58
1015 Thistlewood – 1.56
4431 Emily Carr – 1.55
4450 Autumnwood – 1.55
974 wagonwood – 1.58
1043 Thistlewood -1.56
4565 pheasantwood – 1.53
It is pretty obvious that this particular product (all original 1980s built lower broadmead house with a good clear and flat backyard) trades at a very consistent price. It’s actually crazy how tight the range is over 2 years, within $50k.
Different strokes for different folks. I live on a 1/4 acre in the city centre of Langford (right in between the two lakes) in a forest and we can walk anywhere within 5-10 minuets. Walmart, Thrifty foods, Princess auto, Starlight Stadium, Canadian Tire, The Super Store , The I-Max Theatre. Were talking easy level walking here.
My Wife and I bought this house back in 1998 and we knew for sure this was the forever house. So we reared our children into young men and we constructed a garden suite in the backyard (because we hooked up to sewer and had a shit load of buildable area now). It is very private and detached and this is where my oldest Son and his girl live.
For my youngest Son, I have constructed a semi-detached under the 16′ x 16′ back deck. The entrance from the backyard leading into the living/kitchen open concept scheme flowing into the lower level of the main 2600 sq/ft house for the 4 piece bath, laundry, and the 2 bedrooms. This is all with permits btw because everyone and their dog living between the 2 lakes is permitted guest accommodations on a 1/4 acre or more.
We can even open air burn our fallen tree limbs from the forests canopy come November.
The point that I am trying to make here is we knew after the births of our two kids, this was going to be a generational house/property. They can have it all when we kick it.
My Wife and I will never realize any gains from the principle residence capital gains exemption.
Very wrong, location and lot features and views are the most important for most sfh buyers. Broadmead itself is not a big neighborhood and only a small fraction within thrr have these flat private lots hence they get sold quickly whenever they come up for sale.
Just looked at some 2022 sales, it looks like prices have gone up since what is right after the widely accepted peak, 1058 Parkwood sold for $1.33 in june, a similar all original 1986 built home with a flat lot and a slightly inferior backyard.
You’re speaking nonsense again VicREanalyst. You’re just ranting. Not in anything I wrote did I say there wasn’t demand for Broadmead housing.
In many mature suburban markets like Broadmead, once a lot hits a certain threshold—say, enough for privacy, a yard, and maybe a garden—additional square footage doesn’t necessarily translate into higher sale prices.
Buyers are often more focused on the house itself, the layout, finishes, and location within the neighborhood. That surplus land might be nice to have, but it’s not always something they’re willing to pay a premium for.
In Broadmead, where many buyers are downsizing or seeking low-maintenance lifestyles, a sprawling yard might actually deter interest. It’s not just about the sticker price—it’s about the ongoing commitment. And if the extra land doesn’t offer functional value (like a suite, workshop, or subdivision potential), it’s just more grass to mow.
That’s a small effect. Only 23% of saanich residents are boomer age group (>65 years). That compares with 17% in 1996, not that big an increase (6%), meanwhile saanich (and Victoria) population has risen much more than that. And the number of broadmead SFH has remained constant. 70% of househunters today in Canada want a SFH, as do almost all HHVers.
Broadmead SFH, like all nice SFH in Victoria, are becoming scarce and remain in high demand. I expect continued price appreciation.
Remember, Victoria prices overall have more than doubled in the last 10 years.
Okay, so let me get this straight. Anyone in the greater Victoria Region (CRD), That is trying to sell their house right now, should brace themselves and prepare to take a bath?
VicRE, you got 1k bro… Add it to the bling.
When the general market goes down but these specific products are stable that is demand itself. It’s ok I wouldn’t expect an appraiser to understand that concept. Still lots of people with money and income that don’t want anything to do with the 3000 sqft lot crap.
If these homes are truly hard to come by, then why haven’t prices surged? It’s basic economics—supply and demand. As more boomers reach the stage where they’re living alone or unable to maintain their properties, we’re seeing a more of these homes hitting the market.
But today’s buyers aren’t looking for sprawling yards and high-maintenance homes. Preferences have shifted. Younger generations want simplicity: low upkeep, efficient layouts, and walkable neighborhoods. The expansive gardens and oversized lots that once defined status now feel more like a chore.
In the past, these homes might have stayed in the family. Now, inheritors are opting for cash over sentiment. They’re pricing properties to sell quickly, not to maximize value. That urgency is keeping prices in check, even as inventory grows.
So yes, the homes are available—but they’re not necessarily what the market wants. And that disconnect is reshaping how we value them.
https://realtytimes.com/consumeradvice/ask-the-expert/item/1051556-generational-trends-in-real-estate-how-millennials-gen-z-and-boomers-differ
Lol is that so? Broadmead houses with proper backyards are actually hard to come by. That’s why prices on these time capsules hasn’t moved much in the past 2 years.
Just another dead or dying boomer house. A lot more of these to come.
Another strong sale in Broadmead, same theme in that houses with decent sized usable backyards are in high demand in that neighborhood even if it is unrenovated. 4450 Autumnwood Lane sold for $1.55, $75k above ask and $100k over assessed, all original 1987 built house.
> However I will at the very least get back to posting the monthly updates with the usual charts in a timely manner.
I’m glad to hear that Leo. Your “usual charts” are helpful to many Victoria househunters and homeowners. In particular, your “Median Sale Price relative to Current Assessed Value in Victoria” is unique and reccomended for anyone considering buying or selling a home.
For those with houses they want to unload that is mostly true. See 2685 Burdick Ave with almost a $1.2 million loss from their 2022 purchase…
>> However I will at the very least get back to posting the monthly updates with the usual charts in a timely manner.
I’m glad to hear that Leo. Your “usual charts” are helpful to many Victoria househunters and homeowners. In particular, your “Median Sale Price relative to Current Assessed Value in Victoria” is unique and reccomended for anyone considering buying or selling a home.
1001 a all time record
And that is that
Hmm, I was under the impression economic anxiety was everywhere lol
He’s a smart guy, doubt he would take a new job that has a high layoff risk in the current economy.
Use the thumbs-up here as a vote button to relinquish my username to Leo going forward 😀
Or he’s worried about losing his job
Leo might be looking to house hunt and upgrade to a new house soon with the new job.
I would much rather have “ The Hawk” , he was bloody entertaining.
Meh , Groot is not optimistic enough for me
Congratulations Leo – happy to hear you have really engaging work – that pays you even!
I, for one, would continue to appreciate the monthly updates from Leo.
Max, I’m not one for “free speach” when it comes to anonymous blogs. There would be a new sheriff in town. Mention Croatia, use the phrase LMAO, or talk about your limp dick and…
https://youtu.be/LvwqK2gn3S0?si=V5akFJuxGxPhdTEP
This past month is a prime example…
The high quality of the comments and discussion in recent years doesn’t keep you coming back for more, strange 🙂
VicRE would be my second choice to pass the torch onto. But Groot ‘just jack’ has been around for quite some time now.
Much the same as HHV himself did (The original author of this blog) when he found a house. He passed the torch onto you, and you have done a great job btw. I’m thinking you should pass the torch onto Groot.
Well, you already own a house.
Many people would wish for a “problem” like that.
Best wishes for with your new data adventures.
Ha! Yes I definitely should put up a new post before the site crashes under 1000 posts. Problem is, I’m enjoying my new job so much and it involves all sorts of fun analysis and data automation work that it’s scratching the itch previously scratched by housing analysis. So reality is that I won’t be updating weekly anymore as I was for so long. However I will at the very least get back to posting the monthly updates with the usual charts in a timely manner.
Oh man the Dow is on fire , so much for a recession. Asset inflation here we come lol
No one likes trying to time the market, but what about trying to time your post? C’mon, coffee with Leo!
c’mon folks, 1,000 or bust!
Leo, we all hope you had a great summer and have established a solid tan, but don’t you think it’s time to get back to work on your free bounty of knowledge and weekly posts? Also, AFAF here, but does the person with the 1000th post on this thread get a prize like coffee at Township with you?
Yeah, but I was born and raised in Victoria. So I’m not going anywhere out east to do anything. I’m not suggesting that construction on the west coast is going to come to a grinding halt. All I am saying is you had better be pretty damn good at what you do moving forward because there will be a very serious thinning of the heard.
That thinning is already underway, so I think its a good idea to position yourself accordingly and do whatever the hell it is you need to do to not have to go out east to carve out a living in the construction industry.
Saskatchewan? As if.
Floor caving in for construction industry?
Nope. Actually there’s good news for the construction industry overall across Canada, and especially out east.
The construction industry is 50% residential. The other 50% is commercial and industrial and it is booming out east. So that, despite the softness in residential, TOTAL construction employment is still doing great, with unemployment only 4.4%, and a shortage of many types of construction workers. For example, according to statcan for July 2025, construction jobs are up +14,100 workers. As you can see on the Statcan/LabourForce graph, construction unemployment in Canada has been falling and is near lows at 4.4%.
https://www.buildforce.ca/en/blog/construction-unemployment-reaches-ytd-low-in-july-2025-as-non-residential-demands-lead-the-way/
“Across the provinces, [construction] employment gains were greatest in Ontario at +14,100 workers (+2.3%) year over year, while Saskatchewan reported the next-largest absolute gain at +6,500 workers (+12.8%). Only two provinces reported construction employment contractions between July 2024 and July 2025: Quebec (-9,100, -2.7%) and Newfoundland and Labrador (-2,200, -10.5%).”
There already has been numerous large developer blowups in Toronto and Vancouver.
I don’t know of anyone on this blog that is predicting a big blow up.
Vicre, I’m waiting for the big blow up so many on here are predicting
More Gatorade!
Meh, it’s business as usual out there. Canadas economy still on firm footing
Even more so by the big ones.
There was growing concern in 2019 about a mismatch in Canada’s housing market, though it wasn’t framed as a “glut” in the traditional sense of oversupply. Instead, the issue was more nuanced: a surplus of the wrong kind of housing. Developers had built a large number of small, high-priced condo units—many intended for short-term rentals like Airbnb. But by 2019, shifting regulations and changing buyer preferences revealed that these units weren’t meeting the needs of average Canadians or new immigrants.
Canada didn’t stop building homes over the past ten years—but it built the wrong ones. Developers focused heavily on high-rise condos and luxury units, often driven by investor demand and short-term rental markets. Meanwhile, the country fell behind on:
• Purpose-built rentals
• Family-sized units
• Affordable ground-oriented housing
• Seniors’ and accessible housing
This misalignment created a supply glut in some segments and a shortage in others.
Before COVID, the focus was on volume—getting units built, often in the form of small condos and investor-driven developments. The fact that these units didn’t match the needs of families, seniors, or low-income renters wasn’t seen as urgent. The market was absorbing them, and prices were rising. So the mismatch was tolerated.
Then came the pandemic. Remote work, urban flight, and historically low interest rates triggered a surge in housing demand. At the same time, many would-be buyers were priced out of ownership and flooded the rental market which spiked rental rates. The rapid rise in rental rates wasn’t just a housing issue—it fed directly into broader inflation. Shelter costs are a major component of the Consumer Price Index, and when rents jump, so does the cost of living.
The pandemic exposed the fragility of Canada’s housing system and the consequences of a decade spent building for investors instead of residents.
If someone owns a million-dollar asset—say, a home—and its market value drops by a third, they’re still making the same monthly payments. Unless they’re forced to sell (due to job loss, rising interest rates, or other financial pressure), there’s little incentive to realize that loss. This is especially true if:
• They believe the value will recover over time.
• They’re using the asset (e.g., living in the home).
• Their loan is fixed-rate and manageable.
This “hold and hope” behavior can slow the pace of price discovery in a downturn, which is why housing corrections often take years to fully play out.
Even if individuals don’t sell, the broader economy feels the pinch:
• Reduced Consumer Spending: When people feel poorer—even if it’s just on paper—they tend to spend less. This is the “wealth effect.”
• Credit Tightening: Falling asset values reduce collateral for loans, making banks more cautious and tightening credit conditions.
• Investment Pullback: Businesses may delay expansion if they see declining asset values and weakening demand.
• Psychological Drag: Confidence wanes, which can lead to a self-reinforcing cycle of caution and contraction.
In Canada, especially in cities like Toronto, Vancouver, and I suspect Victoria, the condo market is under pressure. Projects led by smaller developers are facing distress, and higher financing costs are compounding the pain. Even though interest rates are starting to ease, the sector is still grappling with affordability issues and investor caution.
I thought the government was building 3 million homes. Promises, promises.
I totally agree. I mean if your employment situation is in question, would you be in a big hurry to get out there and buy a house right now? Or a condo or whatever. I’ve been through all this shit before and most people will be just fine. But their will always be a bunch of casualties.
Already has out east for awhile now and starting in the lower mainland especially in the Fraser valley.
I personally think the floor is just going to cave in on the construction industry and anyone that has anything to do with that industry. Once all these PBR’s are built out there is going to be a wave of unemployment that hasn’t been seen in some time.
This is exactly why I switched the income generation plan of my outfit and have positioned the outfit into something much more recession proof and stable. I’ve seen this shit storm coming for a couple years now.
Anyone doubting that cooling prices (lower rents, sale prices) leads to less new developments should listen to this Victoria developer and the the several other Victoria developers saying the same thing.
https://www.timescolonist.com/local-news/saanich-developer-scraps-cadboro-bay-project-vows-to-redesign-11177176
“ Several local developers have echoed Geric’s concerns about the marketplace, noting they are holding back or pausing some projects in the face of continued economic uncertainty and what seems to be a cooling real estate market.”
That idea that cooling prices (rents, sale prices) leads to less development seems obvious to most people, but it seems some people consider it a “myth” https://bsky.app/profile/leospalteholz.bsky.social/post/3lygb5wfjks26
The local ones that work in tech and government, yes.
Vicre, are 30 and 40 somethings worried about being laid off or the economy is already in a recession . Is that the vibe your getting
Not when you got a lot of people scared of getting laid off.
Vicre, even with lower for longer interest rates the market doesn’t pick up ?
You will have to wait for Leo’s analysis or you can go onto the VREB site under current statistics.
It isn’t always the numbers but how one interpretes the data. For consistency you should follow Leo’s data or the real estate board.
Lol Thursty, time to go get yourself some gatorade. You will be waiting for another year at least.
Groot, where are your stats for august , has this market slipped into sellers territory yet
Well I’ll tell you right now all those nickles have added up. Like we don’t need or want any of her money. She is a widow, I’ve known her since I was 17. We go way back. She just has so much money she should live a little… Like go on a cruise or something. I really love this lady, I could tell her anything.
My Wife holds power of attorney… We know the numbers.
“From the outside looking in, its hilarious to watch the great lengths she will go to save a nickel.”
Max…. Perhaps your mother in law chooses to eat at the senior center, not to save a few pennies, but because she likes the company of other people. It’s just a thought. Loneliness is a real issue for older people.
And….some people simply like to shop at Thrift shops because they like to see good clothes recycled and out to good use.
I just built a go cart for my grandson. I could have just bought it.
But instead, I used old bicycle wheels from the dump and old lumber. My grandson followed the whole process and he learned a few valuable lessons as well as pride in being self sufficient.
We spent valuable time together and got to know each other a bit better.
I like the sound of your mother in law.
We have her older Brother involved now.
Does that apply to westshore?
> I hope I’m doing the right thing.
,
You’re hopefully already doing all this, but …
make sure you’ve notified child welfare and the police (missing persons) about all this. And document that too. They need to assure you that you have legal authority to have her living in your house. If she is a minor, there is a criminal offense called “harbouring a runaway”, which applies to someone “knowingly sheltering or hiding a minor who has left home without parental consent or legal authority.” You can’t simply reply on what she’s told you.
So you definitely need to make sure you’ve fulfilled all the steps with the authorities needed to insure that you have legal authority.
Marko, good stuff , and Canada U.S rate cuts should pump the market some. T.O and Van running hotter too
Month Sep Sep
Year 2025 2024
Net Unconditional Sales 126 571
New Listings 409 1,441
Active Listings 3,581 3,362
Decent start to September, on pace to beat out last year thus far.
FWIF, I think your instincts are good and on something like this you have to follow your gut like you’re doing.
If he does reach out in some way, I’d keep an open mind also to the possibility that he may also be struggling and there’s two sides to everything where you’re hearing it from a teenager. Hope it all works out!
Make sure you record the serial numbers of your guitars and take some photos. You’ll need them.
Now I don’t know how he’s going to absorb all of this. She is obviously defying him by doing all of this. But I’m pretty sure he is stewing on this right now. But there are two things in his way. That would be my Wife and I.
In the past it has always proven to be to go with your first instinct so thats where I’m going. But I’m flying blind here man!
I mean were not holding her hostage or anything, she just doesn’t want to go back there and her story seems to hold water.
This is some serious shit going on here right now.
I hope I’m doing the right thing.
Just to be very clear to you. I’m not in it for the THC anymore. Its the CBD that is the perfect remedy for a man of my age. It helps big time with sleep, pain relief, stress removal, and others.
Its perfectly legal and you can buy the gummies in an assortment of different levels of dosage at any local dispensary such as the farm or flight. They don’t get you high (they can remove that part if you want that part removed). I’m just in it for the medicinal side of it.
Its no different than dropping an Advil. The only problem I have with Ibuprofen is the fact that it destroys your stomach lining and I’m not really into that so I have discovered that CBD does the exact same thing without destroying my stomach lining.
Frank. This isn’t a fucking playground.
And I wasn’t trying to be a prick.
I can’t even smoke weed anymore. Not this new shit anyway. I do however ingest it orally in the form of gummies for the medicinal benefits of the CBD’s.
And how can I physically watch my language? Is that even possible?
Max- You smoked too much weed, can’t you read? My comment was supporting your actions. Sometimes I really wonder about some people. You should also watch your language.
Good stuff max , hope all goes well, cheers
Frank, your fucked up. She doesn’t want to go back. She feels right at home under our roof. And my Wife and I are totally down with that.
Well done Max.
She was. And it wasn’t me. It was my Wife that could clearly see that shit wasn’t right and that we should probably step up and do something about it.
Mothers intuition is a very powerful emotion.
Providing someone with a safe, supportive environment is how we combat homelessness, drug abuse, and every other social ill we are experiencing. You might be saving someone’s life. Not to mention the burden on society. Hopefully it all works out.
Good on you for trying to help someone that could easily go down the wrong path. Sounds like she was already on that path.
In realty she is a teen aged refugee that is seeking refuge in our peaceful house because that’s where she feels safe and comfortable.
My Wife is all over it. She’s going for social assistance to cover her food for starters. She is also very deep into the research of the educational packages she would be provided at no cost to her or anyone.
So long as she is going to school, work or both, that’s fine, if she isn’t, you’ve taken on a massive problem that will not end well. Good luck.
Life is such a fucking mind ride. Just today my Wife and I now have new daughter living in our house. Our youngest son hooked up with this girl its been going on for around six months now. Her Dad is a complete flop so she wants nothing to do with him. He couldn’t even afford to feed her and she was hiding that from us.
At any rate, my Wife came down and told me all this shit. This girl needed help and it was very obvious. So now we have a new daughter living in our house.
You just never know what the tide is going to bring in man!
Even though I really enjoy potatoes, since they are the most versatile of the staples.
I grow everything man. Why not? I’m on a 1/4 acre with full on southern exposure.
I even have black tomatoes and yellow watermelons going on. I have a kiwi tree that is just exploding right now.
It doesn’t matter WTF it is. Its all built on faith…Just like the tulip bulbs were.
The only tangible asset that will hold its weight is knowledge, a skill that you can sell.
This pen is mightier than the sword shit is going to come to an end in very short order.
I’ve not been one to invest in physical gold but it’s always been worth something and I have no doubt that it always will be.
Crypto is just a string of 1’s and 0’s with added hype. It eats up resources to create nothing. The only reason to buy it is on faith that someone else will buy it for more.
If you think that faith can’t ever go away, I have a Bored Ape to sell you.
Another popular trend that was gaining traction was the indoor cultivation of the Mexican cubensis. It was very clandestine and required very little effort other than a typical incandescent light bulb. This would have been back in the day when everyone was jacking satellite signals out of the sky and stealing anything that was digital off the Napster platform.
It was the wild west!
We were stomping out verbatims and selling them for a 1/4 the price of the record labels which ultimately ended up bankrupting the most of them. I remember my very first duplicator. It wasn’t a burner, it was a duplicator that was meant for production work.
You are correct it was $280 an ounce…But an ounce of killer BC Bud was going for around $300 per ounce. That’s why everyone and their dog was growing it. I remember for sure it was cheaper to buy an ounce of gold than an ounce of weed.
Back in the day when people would rent an entire house and hack a big hole into the wall for ventilation, divert the hydro meter and light it up with a bunch of high pressure sodium bulbs or metal halides. The poor landlord of course wouldn’t have a clue any of this was going down.
At that time it was very lucrative…Much the same as the moonshine days.
Max- You smoked too much weed, there’s no way in hell gold was $28 in the mid 90’s. Maybe per gram, not per ounce. I’ll bet you 100 ounces of gold.
It doesn’t matter where you get the money from. You could sell a boat, a camper, a truck, a kilo of blow. Its anonymous.
Well then use your credit card to buy everything. Then pay the monthly balance off with bitcoin.
My Mother in law is worth millions and millions. She’s an old land barren that would rent her properties for profit. She shops at the Sally Ann and eats down at the local senior center because it only costs her $6 dollars per day to eat there. She spends every waking hour of her existence trying not to spend any of that money.
From the outside looking in, its hilarious to watch the great lengths she will go to save a nickel.
.>>> That’s only because you don’t understand it. Yes you can transfer funds from bitcoin to your phone on the fly (immediately) and buy whatever you want whenever you want… And its not costly, this is after tax money in your block chain or digital wallet.
Yes, lots of ways to invest in bitcoin.
” Kids these days see things under a different light” ………………..ha ha …. I agree with that.
In the very early days, I had my web site set up to accept Bit Coin in exchange for art. There was a setting on it so that I could accept a percentage of bit coin or actual cash. It didn’t do very well over all and so I just let it lapse. If I had the energy, I’d probably set it up again but it was quite complicated set up.
It was my son who spotted the bit coin development in the very early days and it was easier for him to accept the idea.
I still believe that there is a potential there.
I’m old fashioned though. I like rental income and the potential appreciation of houses. (Suited to each person’s situation.)
Precious metals (Gold coins) have always been good. Easy to exchange with other people etc.
I believe in diversity of investments.
Moncton NB still has some amazing real estate deals out there.
Full duplex, grand old homes in good condition and in good locations for $350,000.00 – $450,000.00 (3br. unit rent for about $1,600.00 a month.) Maintenance on the properties is very reasonable at $400.00 a month. Taxes are a bit high, but nothing extreme really.
I mention Moncton again because some people might be thinking outside of the box and looking for places that still have growth potential.
There are good property management companies in Moncton.
I’m happy to talk about our experience there, if a family is interested in moving there, or is simply interested.
Check out my web page at derykhouston.com and get my contact info.
No points!!
That’s only because you don’t understand it. Yes you can transfer funds from bitcoin to your phone on the fly (immediately) and buy whatever you want whenever you want… And its not costly, this is after tax money in your block chain or digital wallet.
> Gold is too heavy, and its very difficult to divide into accurate payments.
Agreed, though I don’t know anyone who uses bitcoin for payments either. Too awkward and costly.
It’s an investment vehicle. With etf ownership, there’s no need to hold it directly anyway.
Day-to-day Payments are super-simple these days, tap using phone or card tied to the banks. So I wouldn’t be interested in using something like crypto or gold for payments anyway.
it was down to $28 USD somewhere around the mid 90’s.
Gold is too heavy, and its very difficult to divide into accurate payments.
Back when I was twenty and smoked cannabis. 1/4 ounce of premium BC Bud was trading for $50 CAD. Gold was trading for $28 USD per ounce. So yeah, those guys made out like bandits.
I hold enough physical gold and silver to atleast last a year if the SHTF.
As different and unique as the “crypto” kids may seem than previous generations, there were plenty of “gold bugs” , (boomers and others ) that have been riding it up from $35/oz (1967) to $3,600 /oz usd where it is today. Thats up 103X. https://nma.org/wp-content/uploads/2016/09/historic_gold_prices_1833_pres.pdf
Other investments may have done even better, (e.g. buy/hold S&P, though more volatile). The point being fiat has fallen against all of these. Of course gold is different than crypto, and I don’t want to get into that. Just pointing out the comparisons, as the same arguments about fiat collapsing being a reason to hold gold (by the boomers and others) is also used by the youngins’ now for crypto. And of course there’s a stable crypto backed by gold now too https://coinmarketcap.com/currencies/tether-gold/
My oldest son has made bank off crypto. When I say crypto I mean bitcoin, no other tokens. Kids these days see things under a different light. They already know they’ve been fucked over and they just don’t trust fiat currency or the government for that matter.
Its a generational shift is what it is.
Impulse is just a fools game. Its always over the long term when the odds are stacked in your favour.
Yeah. I think it’s easy & even intuitive to think that way, and I’ve done so myself for, oh, say the last 10 years or so. But if I’d acted too much on that impulse we would have missed out on something like 100%+ growth in investments. And it’s true that fiat currency (ie USD etc.) just keeps depreciating, makes it even more important to own something that keeps up with inflation. Real estate is certainly part of that, but I think quality stocks are also, if you can view them as pieces of real businesses. I agree the US stock market is overvalued just now, but owning and holding a quality diversified portfolio through thick & thin has proven to be one of the best moves over decades of fiat currency debasement & whatever else is thrown at us, so just for ourselves we will continue to do it. I am, though, lightening up on things and making things more conservative around the edges. What else can you do, really? Gold is fine, but has already moved up sharply and is prone to years-long savage retrenchment. Crypto? hasn’t really been tested in a true catastrophic downdraft of markets. Real estate is fine if you can focus on the income stream; so are quality stocks that pay a dividend. Even if things get beaten down, quality always comes back.
If someone has junk stocks, good time to sell them IMO.
Fiat currency in itself is nothing more than an illusion… It could all be wiped out overnight. Its all based on nothing other than faith in that given currency. Now I don’t know exactly how long this charade is going to last for… But I’m starting to see cracks in the wall.
I’m thinking if we throw a bunch of stimulus at it, we could possibly buy ourselves another 10 to 15 years.
Sooner or later though…
We live in a faith based system. There are a lot of people out there that have lost faith in that system. People will turn savage if you let society fall apart. If you actually take a moment to look around… Its already unfolding right before our very eyes.
That is true now that Carney has dropped most of the retaliatory tariffs.
Our unemployment rate and what’s happening in Ontario suggests we’re already in a recession. Even with the currently overall “low” effective rates on tariffs while CUSMA is still in effect, I guess business is slowly grinding down as people don’t want to commit long-term investments in this environment.
People are battening down the hatches meanwhile the stock markets are at all-time highs and the bond markets keep sending out warnings.
Even with everything being out of sorts everywhere on the planet… I still think this is a very nice place to live.
I mean my Wife and I have good solid paying jobs but that took effort to create. I’m not trying to paint a picture that we are loaded or anything.
We are just your average family of four. At the same time we are totally happy with what we have. Far as I’m concerned its really not all that difficult if you put your head to it and focus. There is no such thing as a free lunch… If you want something you work for it.
Living here is a fucking hayride!
Rodger, don’t know what’s happening in Ontario and don’t care. But the fact is 85 percent of goods going into the U.S is tariff free . You seem to have trouble grasping that , it’s business as usual for most folks exporting to the U.S and that includes myself
Then why are there so many layoffs in Ontario? There is significant pain due to the tariffs, and it has been only a 1 or 2 months of tariffs after multiple delays and ON & OFF tariffs. Now DJT can’t or won’t back off on the tariffs as he is using it as one of the distractions to save himself on the Epstein files. The other distraction is threat of firing JPow at the Fed. He will go to any length to make people forget about Epstein.
The longer the tariffs stay, worse it is for Canada.
A 1% spread would be at the very bottom of such a spread. 2.5% probably looking at high 3 mortgages.
Listening to Carney speak about the upcoming housing plan and tariffs and to be fair I listened to Poiievre speak about Chinese EVs that he says are roving surveillance operations that will be used to spy on Canadians.
Many of the homes hitting the market now carry substantial equity—provided the owners didn’t treat their property like an ATM during the boom years. In contrast, those who bought during the pandemic, often with minimal down payments and inflated prices, aren’t listing in significant numbers. Their equity positions are too thin, and selling would mean taking a loss or breaking even at best.
We’re seeing a shift: people are adapting to what feels like a new austerity economy. Homeowners are holding tight, buyers are more cautious, and the market is recalibrating. It’s not panic—it’s pragmatism.
But if we start seeing a surge of pandemic-era purchases hitting the market, that would be a red flag. Those homes often carry thin equity and were bought at peak prices. A wave of these listings could signal distress and potentially trigger a significant drop in home values.
Rodger , good read but the goods going across the border are for the most part tariff free . Free trade is still alive and well between Canada and the U.S and Mexico
All clear for BoC to start cutting in a measured way – expect 2 to 3 cuts this year. But it is going to get much worse in the economy as this is only the start of the recession. Unemployment rate (a lagging indicator) will reach north of 8% and RE prices are going down further. In this environment, I wouldn’t expect any immigration even if the government wanted it. With high unemployment, it makes no sense to allow more immigrants to come to the country. Even with low immigration, the GDP per capita hasn’t recovered – we are still at 2019 levels for GDP per capita.
US tariffs are deflationary in Canada. All those goods we produce are too expensive for Americans to buy with the tariffs added to the cost.
Canada practically doesn’t have (removed) any retaliatory tariffs on US goods, so no inflation from imported goods. This is the reason BoC will start cutting the short term rates. Long term rates are another story. With all the debt GoC is issuing/issued, they don’t have much room to fall down – maybe down to 2.5% on 5Y yield over the next 12 months. This would translate to a 5Y fixed mortgage rate of 3.5%.
That’s definitively a possibility, but so far Canada wide housing starts are holding in there.
We might now have too many rentals and we could very well see a slowdown in the start of rental buildings . Might get to the point there’s nothing to build lol. Cant sell em and can’t rent em
Even with a rate cut, it will take time for the real estate market to shift back toward a seller’s market. In my view, it’s too late in the year for a rate adjustment to meaningfully influence home prices. A spring cut might have had more impact, but fall and winter typically bring softer demand.
Right now, inventory levels are sufficient to keep prices relatively stable. We may see some seasonal fluctuations, but sustained price growth seems unlikely in the near term. That’s consistent with the latest Royal Bank housing report, which projects lower home prices in BC heading into 2026—driven in part by imbalances in the condo market spilling over into other segments.
What I’m watching most closely is the rental market. With immigration targets being scaled back, population growth is expected to slow, which could soften rental demand and dampen investor confidence. I spoke with several property managers last month, and despite the return of students, they reported weaker demand for rentals compared to previous years.
I agree a cut or cuts couldn’t come soon enough, all you have to do is look at the national unemployment rate. And tariffs will be inflationary, but (a) we’re currently one of the lowest-tariffed countries still due to CUSMA, and (b) I would have thought the inflationary effect of tariffs should not be seen as “demand-driven” requiring much in the way of higher rates anyways.
FWIW, I think/hope we’re entering one of those phases where BC will benefit from the fact that our central bank’s interest rate policy is significantly driven by what’s happening in Ontario, such that we’ll get lower rates soon.
Ya there’s a cut coming, looks like tiff was sleeping at the switch as they should have cut at the last meeting . Inflation and tariffs is just imaginary chatter
Reducing parking spaces at this time jis ust shifting the burden onto adjoining neighborhoods. What would be a solution is to build vertical parking where a person can choose to pay for the convience of a vehicle. The personal vehicle is here to stay for a least another hundred years. That vehicle can be part of a car share program. But those vehicles need to be parked.
Yes, those were the days. A young couple would buy an empty lot, and hand-build their house. My sister and brother-in law did that out east in the ‘80s and built a real nice house that they still live in. Lots of self-builds in the gulf islands, including septic and well /spring water.
Odds in favor of a BoC cut Sept 17th at this point given the weak jobs report this morning.
Street parking expected to worsen…
City of Victoria staff report recommends reducing development requirements for parking by up to 50%.
Instead there’s some dopey idea of landlords handing out bus passes to tenants, as if that will ever happen.
https://cheknews.ca/victoria-looks-to-change-its-parking-landscape-1275949/
“ Instead, the applicants could offer bus passes, bicycle parking, or car-sharing membership to its tenants based on the value the city sets. Another option the city is considering is accepting Cash-in-Lieu for each parking space not installed, and instead going towards the city’s fund for active transportation.”
Back in the day people were capable of building their own houses. That’s the most affordable way to create housing. We, as a society, are so effing useless it’s not even funny. Most people today can’t do 8 hours of manual labor. Ask any contractor how many people he hires as general labor that last one day. We are no longer lean, mean fighting machines, we are bags of crap, generally.
Where exactly did you find that one? Because that is some classic Groot bullshit going on there. You need to seriously learn to think before before you speak.
Many components of a stick-frame house—like roof trusses and kitchen cabinets—are already prefabricated. So why stop there? Building the entire home inside a climate-controlled factory is the logical next step in the evolution of residential construction.
In a factory setting, a home can be built to 95% completion in just 12 weeks. Compare that to the six to eight months it typically takes to assemble prefabricated parts on-site. Anyone who’s had a stick-built home constructed knows the frustration: workers aren’t consistently on-site, waiting for materials to arrive, subcontractors to become available, and inspections to be scheduled. The process is riddled with delays and inefficiencies.
It’s like sending a crate of auto parts to a dealership and asking them to build the car there. Stick-frame construction is outdated—an inefficient, wasteful method that to use your example feels more like a group of monkeys hammering away with stone tools than a modern building process with laser precision and minimal waste.
The future of housing lies in precision, speed, and sustainability. Factory-built homes aren’t just faster—they’re smarter.
Dude. Everything is prefab. WTF do you think is going on out there right now all around you? Are you suggesting they are just a bunch of fucking monkeys running around out there with stone hammers?
Right now, prefab is still a niche—only 4–6% of Canada’s housing construction. But if Carney’s plan delivers, we might see a prefab renaissance.
I think hes going for a 1000.
Max-All that makes too much sense, don’t be ridiculous. Given that everything today is built to fail in less than 10 years, it’s almost inevitable to have an equipment failure. Better to be safe than sorry.
Stick building garden suites don’t make a whole lot of financial sense, dropping prefabs are much better option but there’s very little support for them in b.c . Our small prefab companies are for the most part are sending their product south of the border
Has Leo given up on the blog?
I don’t know man. I’m restoring units in some pretty new builds with the latest and greatest everything. Dishwashers, fridges and laundry washers need to have a floor pan underneath them and plumbed into a drain much the same as a hot water heater is required to have…That’s the only way, and I see it everyday.
Bathrooms should be required to have sloped floors to a center drain.
The strata typically goes after the owner for the strata water loss deductible. If the damage is below the deductible the owners have to settle it privately. Have I had leaks stemming from my unit? Yes I have, but strata covered it each time. For example, I had a leak from my surface to water heatpump in my unit into the unit below but it was deemed part of the common system strata paid for repairs and drywall repairs in my unit.
If you are going to go around your unit drilling holes for your wall mounted TV maybe good to have insurance. Someone flooded over 20 units at Dockside using this method 5 years ago.
I don’t rent, I have my own car.
So, i get your thinking but a few points:
If I were in a condo, I’d be annoyed with my strata if they decide to cover the situation where one owner’s appliances flood 3 units. Why should that be covered by the strata? By extension, I’d think your worse case scenario is not just the strata deductible. And actually, I’ve seen exactly this situation (why I brought it up), where the strata went after the owner. Now, maybe this has changed & stratas just don’t care. Which would also go some ways to explaining why strata fees are so high I guess.
The occupier’s liability insurance is cheap because it’s a remote event as you say. Any time an insurance company is willing to cover a remote but financially significant risk if it comes to pass, and cover it for cheap, I’ll take it. Peace of mind. I’m with you on keeping insurance costs down and investing, but if I can cheaply protect my investments, sure I will.
Just wondering, back to my question on what you do for third-party liability when you rent a car in Croatia?
Fair enough, but do you really need to strata it for this purpose? I guess the kids can get their own mortgage then.
It’s absolute insanity. I am working with an arborist right now on a project in the COV and they have new bylaws where even certain shrubs are protected.
I think the only way this might makes any sense is if you are getting the land for free ie. adult child building on parents’ lot. Imagine you spend 450-500k on the build for a 600 ft house and then you add the cost of land on top. I note that the land component at Kay street is tiny – 581 square feet…
I know someone going through this process for an ADU on their parent’s SFH lot now with the City of Victoria. I wouldn’t recommend it. They make you spend a bunch of money up front (before you can get a mortgage) on expensive studies with no approval or timeline certainty – and no ultimate cost certainty. And then what happens if you ever want to move to a bigger house or your parent needs to move or dies and there is an estate to divide?
I am not worried about the leaking appliance scenario as worse case scenario I pick up the strata deductible which wouldn’t bankrupt me. Keep in mind the better buildings now have sensors below all the appliances which automatically shut off the main shutoff if they sense moisture.
Someone slipping in my unit and suing me does not keep me awake at night. Just think about it if the odds of this happening were substantial whatsoever the condo insurance wouldn’t be $600 per year.
Btw, you learn something new all the time I recently sold a tenanted property and the the addendum of the tenancy agreement the sellers had the tenants buy trampoline insurance! Didn’t know that existed.
My thinking is different…all the thousands I’ve saved on insurance over the years invested in S&P 500 gives me a huge buffer for driving my car into a tree without comprehensive and other crap that may happen.
Insurance companies have to turn a profit obviously; therefore, in my opinion I am better off underinsuring and investing my money and then using that money should I need to.
I think the strata earthquake deductible on my unit is $98,000…..why would I buy insurance on something I think has essentially a zero chance of happening? (building I live in they had to blast out three levels of parkade so all rock). Not only would there need to be a major earthquake (odds are what maybe 20% of that happening in the next 40 years of my lifetime) but that earthquake would need to cause $15 million dollars worth of damage to trigger the deductible. In my opinion if a newer built on rock sustains that much damage most of Victoria is leveled.
I’ve seen crews from Surrey working on homes here, but it’s not as common as some might think. In my experience, it usually happens during major renovations—especially when the homeowner is also the contractor. In those cases, the workers often stay on-site, with mattresses laid out and a makeshift kitchen set up for them. It’s a practical arrangement: the contractor provides room and board, and in return, the crew is available to work not just on that house, but potentially on other projects he’s managing.
Yes because the SFH is 3,000 sq.ft. +/- and there are a lot of little details too like when someone says $300 or $350 per square foot to build a house that INCLUDES the garage square footage. Garden suite does not have a garage typically.
I remember now you had said that already a while back and I was surprised. And here we are, I’d forgotten, now you mention it again & I’m surprised again. Senior moment I guess.
I mean, I do follow some of the same practices you mention to keep our insurance down, including maxing out on deductibles, but that’s because my view of insurance is to self-insure for relatively small potatoes (and keep premiums down), and limit the insurance to cover big risks. But when I think about big risks, I’m not thinking just things that are actually likely to happen, but also things like if XYZ happens, even though a pretty remote risk, it could have an outsized financial impact on us. So I insure for catastrophic-type of loss.
So with ICBC for instance, I’ve paid out-of-pocket for a couple of minor accidents over the years as it’s cheaper to do that and keep my premiums low, but I do like the third-party liability protection because that saves my hide in the horrible scenario where I really injure someone.
Same for house or condo insurance, in a way. I don’t understand why you’d have no insurance whatsoever there. That means you have no liability insurance. Which could mean for instance the leaking appliance going into three units while you’re away for the weekend (and them all getting the over-the-top super duper restoration work done). Or, more remote but more catastrophic if it ever does happen, someone slips in your unit and injures themselves badly and you have a major lawsuit. Occupier liability is pretty strict and your exposure there is direct and open-ended.
I’d bet basic condo insurance with decent third-party liability would be under $1,000. I think my in-laws pay around $600, and that’s with a normal deductible, high third-party liability coverage, and 1,400 square feet. That’s pretty cheap peace of mind.
And, once you have your own condo insurance, that serves as the basis for cheap umbrella insurance. Umbrella insurance is maybe $250 or so a year, but it covers you for significant amounts of third-party liability, for instance, personal injury on car rentals (depending on the provider). I have that insurance in place deliberately to cover liability insurance when we’re renting a car in whatever parts of the world. What do you do in Croatia when you go there?
It’s not that I obsess about insurance, it’s just something you can think through once and then get it in place pretty cheaply (probably about $1,000 all in with what I’m thinking about here) and just move on with peace of mind.
If you build a small strata home, you’ll be entering a highly competitive market—especially against other similarly sized units. A good example is Kay Street, where a junior two- bedroom strata house has been listed for quite some time. During that period, buyers have consistently chosen new condominiums instead over this property, largely due to location and convenience.
The trade-off is clear: a compact strata home on a tiny lot versus a similarly sized condo in a more desirable area, closer to shopping and transit. To make a strata home more appealing, you’d likely need to build larger than a one-bedroom or junior two-bedroom, which of course increases your costs.
That said, I still believe strata homes and ADUs (Accessory Dwelling Units) offer one of the best solutions for increasing housing supply—especially in core areas where it’s needed most. The real challenge is time and money. These small homes are expensive and slow to build.
Smaller builds lack economies of scale, and hiring a general contractor for a one-off project can be disproportionately costly. If we could eliminate those two factors—scale inefficiencies and high GC costs—we could reduce the overall price perhaps by a third, maybe even half.
But that isn’t likely to occur without meaningful government intervention, the economics of small-scale housing just don’t pencil out for most builders. The private sector alone can’t absorb the inefficiencies of building one-off units on postage-stamp lots, especially when permitting timelines and contractor costs remain high.
Yes but 2x economies of scale?
I have detailed spreadsheets from clients that have recently built garden suites and I am being generous at 350k. $300 per sq.ft. is possible for a SFH home, not a garden suite (economies of scale).
$350k for 600sqft??? Sounds extremely high, I know of people doing builds for around $300/sqft bringing in crews from Surrey. 2025 Altus cost guide has basic SFH with unfinished basement at range of $200 to $320 per sqft in Vancouver and labour has softened since the report (May 2025).
Anyone checked on Leo? Leo, where are you? Miss your new data.
Would have to give the economics of this some thought. To building something like this you are looking at 350k +/- construction costs -> https://www.realtor.ca/real-estate/28684041/c-568-kay-st-saanich-glanford
Add 100 to 150k in Saanich fees/service upgrades/stratification paperwork/etc.
Then subtract the amount the value of your freehold house would decrease once the yard become a stratified unit.
Then maybe they should just stfu and count their blessings? IMO they are literally striking with no real leverage and government probably knows that, almost all of these people will have to go back to work within couple months at most to get a pay chq that is higher than they can get anywhere else….. Also don’t union government workers work a 35 hour work week? So that is effectively a 14% more when compared to a private sector job paying the same where you need to work 40 hours a week.
Maybe because jobs in the private sector pay less and make you work more for the same level of jobs/qualifications.
“Nice to see Victoria crime rate falling, now at a 5 year low.”
It’s quite easy to make the crime rate “appear” to drop.
People rob the store and walk out. No one stops them or even reports it anymore…. because the store owner knows they will not be prosecuted and that we have a revolving door criminal system.
If they do report it they then live in fear of being targeted further.
If charges are even laid, the criminal simply does not show up on the court day and the judge sets a new date. This goes on with new dates set again and again. (I’ve witnessed this first hand with someone we know.)
Store robbed. Staff threatened with a knife. Court date set again and again. Nothing ever happened.
As far as car thefts go…. I suspect that this is legitimate. (Perhaps due more to technology making it easier to track the vehicle etc ?)
I don;t trust governments who frame things to try and make it look like they are doing well.
One only has to look at our streets and talk to store owners who have to clean the poop off their front steps before opening their doors in the morning.
If I’m wrong …then great.
Severing a strata lot from the principal property will reduce the size and value of the principle property. At that point, you have two main options:
Construct a new dwelling on it and sell the finished home.
Selling the lot directly offers a quicker, simpler path with immediate returns, but it also means forfeiting the potential profit that comes from developing the property yourself. On the other hand, building a new home requires more time, capital, and risk—but it could significantly increase your financial return.
Whether you end up in a stronger financial position, break even, or lose value depends on market conditions, build costs, and your appetite for risk and involvement.
If your property is under mortgage, severing a strata lot will directly affect the collateral backing the loan. Since the lender holds a financial interest in the entire parcel, any subdivision or severance typically requires their formal approval. Without it, you may be in breach of your mortgage terms. Before proceeding, it’s essential to consult your lender and ensure all legal and financial conditions are met.
This may end up being a lot of work with little or no financial gain.
I think their thoughts on that were…Let’s give them a decade of pure misery, get all this shit done in one go, put everything back together, and then they will forget about it and STFU about it.
Ok thanks REaddict.
On a separate note I just can’t wrap my head around this whole union strike thing. What is stopping these union workers from finding a higher paying job elsewhere? That is a much more effective way of dealing with low wages than going on strike and trying to get couple extra % which realistic won’t change your life…..
VicRE there’s already in the garden suite approval process the necessity of a parking space for the garden suite (not tandem, and not in a garage associated with the principal residence.
OB allows 2 accessory dwellings and strata titling. And no cap of the FA, just setbacks, height, and max 2 story. Could effectively triple the housing stock.
No parking requirements? So basically you as the home owner can sell off the garden suite as a partial exit out of the RE market? I guess you would want to build the biggest garden suite allowed then if you were going to do one.
Wow, I’m shocked! I got an email a while ago (August 25) from Saanich because I was/am interested in Garden suites, live in Saanich, and followed the process in Saanich for approval via regulations and zoning bylaw changes. The email said they were addressing some minor zoning changes at the September 8th Council meeting. Well I looked right away on the website, but it was too soon for the agenda etc. to be posted there. Now it is there.
The gist is this: “The proposed Zoning Bylaw amendments respond to growing interest in subdividing residential
properties that contain both a single-family dwelling and a garden suite. The current regulatory
framework limits such subdivisions by requiring garden suites to remain accessory to a singlefamily
dwelling. The recommended changes would modernize the definition of a garden suite
and allow for more flexible ownership models, provided that all applicable development
standards are met. If adopted, the amendments would support housing diversity, offer clearer
direction for staff and applicants, and bring the Zoning Bylaw into better alignment with evolving
residential development trends.”
That was from the staff report. They want to allow strata subdivision as an option, and for the garden suite to be an independent dwelling unit, not accessory to any home, but on the same strata plan as the home. That seems a massive change, not a minor change. Basically, it’s like allowing the number of homes in Saanich to double on the same space of land. Sure, people would have to apply, but if you’re permitted to build a garden suite in the first place, you can probably qualify via the same regulations to stratify it.
One reason we’re seeing more homes in Victoria’s core priced under $1 million is the slowdown in the new home market this year. Builders—many of whom already hold substantial land reserves—have been pulling back on new construction and land acquisitions. With profitability under pressure, some are reassessing whether their current holdings still make financial sense. If not, that land could be put back on the market.
This shift means less competition from new builds, which is easing pressure on the starter home segment. As a result, prices in the core are stabilizing, and more entry-level homes are becoming accessible to buyers who might have been priced out in previous years.
Thursty- It’s not just eBay, it affects any business that sells their products into the U.S. You’re out-to-lunch on this topic. Shipping to other countries is far more expensive which in itself is like a tariff. The U.S. is the largest economy in the world, not being able to access it affordably is difficult to replace.
Probably and that is why we should focus on what we are good at such as exporting natural resources.
Marko- That distribution centre your client set up is exactly what Trump wants. They probably need fewer employees (if any) here, and hired employees in the U.S. Some might think that this will not affect the Canadian economy but they are gravely misinformed. Small business represents are large percentage of our economy and many of them rely on online sales. Think of the growth of Shopify, I believe it caters to Canadian online businesses, and has been instrumental in a lot of success stories. This is going to be a huge problem for a lot of small businesses. Good thing the NFL season starts tomorrow, I won’t have to think about it.
I don’t know to be honest, maybe because it is registered in my company and not my personal name?
Through Seafirst Insurance (I typically use Thunderbird or Seafirst).
I always just max out the deductibles (and opt out of earthquake). When I had my Tesla Model S the last few years my yearly insurance was under $750/year @ 43% discount not buying non-sense. I drive it into a tree, I drove it into a tree…not going to insure myself for that possibility.
On my personal condo I have no insurance whatsoever and in our building FB group page every year people fretting about buying earthquake deductible insurance which makes no common sense to me. If our building suffers $15 million in damage (to trigger the earthquake deductible) half of Victoria is completely leveled and where exactly is the manpower going to come from to re-build? And the vast majority of owners would have a 100k in equity to pay their portion of the strata deductible if the strata really had trigger the $15 million deductible which the odds of that playing out are zero to none.
and then you go to the building gym and no one is ever there 🙂 but plenty of time to worry about insurance.
Honestly, I don’t know how this works. They asked me for age of electrical panel but not the actually amp service size. It seems like they don’t really care about the small details unless it’s something major like oil tank in basement, poly-b plumbing, etc.
Busy to start the month after the long weekend on all fronts…last 24 hrs in the system
95 new listings
37 pending sales
31 price decreases
Number of SFHs in the core under $1 million now up to 83 (a function of a 10-year high in inventory but partially also a function of homes that may have been just over the million dollar mark in the last three years now making it down to below $1 million).
Also, a number of of these homes under a million I would think developers would be interested in for missing middle not moving.
That looks really cheap. Couple of questions: (1) why do you need commercial general liability insurance for renting out a SFH? – or do you just mean third party liability coverage? and (2) just asking because it’s so cheap, it’s not TD’s insurance or is it? Just asking as I found with TD, the quote was often lower than others but they had outdated info on our house and then I had trouble getting them to acknowledge in writing the updated info I was giving them, and felt uncomfortable with all of it just being over the phone and not in writing?
Victoria isn’t exactly shining these days. With road construction seemingly everywhere, traffic feels like a permanent fixture. Hopefully, once the chaos clears, the city will regain some of its livability. If you were lucky enough to buy a home here years ago, Victoria still has its perks. But for many others, it’s become a grind—sky-high costs and the unavoidable need to commute.
Frank , not being on eBay will not have any effect on our economy, like zero. As reported most stuff is going into the U.S tariff free , any business in Canada that can’t stomach exporting to countries other than the U.S should just shutter shop and stop whining
“ And you frequent this blog why then?”
Because greater Victoria real estate is a lot more than just the City of Victoria. My issue is with the “City”
I did similar last year from View Royal. I’ve lived in every CRD municipality south of Central Saanich over my time on the Island and and never really considered living on the peninsula despite knowing it quite well through my work and recreational activities. The old neighbourhood facebook page that I still follow has been dealing with a lot of social problems lately and I’m glad I left when I did. That said, once my parents are gone, I’m getting off this island or at least going north of Campbell River – way too many people here for my liking.
I helped a client buy a home earlier this year and he is in the import/export business, and he had to setup up a distribution center in the US amidst all of this.
Just got off the phone with my friend who has been selling on eBay since its inception. To mail a parcel into the states, the seller must pay the 35% tariff up front. So much for online businesses to the U.S. This could devastate our economy.
And you frequent this blog why then?
Just insured sfh and premium isn’t as bad as I thought it would be once you back out earthquake and increase the deductibles
Rental Income Limit: $48,000 (Broad Form, 12 Months)
Subject to,
$5,000 All Loss Deductible
$5,000 Water Damage/Sewer Back-Up Deductible
$25,000 Flood Damage Deductible
No Earthquake Coverage
Boiler & Machinery Breakdown: Included (Broad Form)
Subject to a $1,000 Deductible
Commercial General Liability Limit: $2,000,000
Subject to a $2,500 Deductible
Total Annual Premium: $1,297
I post even less frequently than Gosig but also bought a home a year ago. However, I’m in Maple Bay. I do lurk the forum daily though.
I still prefer Arbutus.
Umm really- Smart decision to go with natural gas, it sounds like AI data centers are going to be consuming most of the grid. If we don’t use nat gas, it will still be burned into the atmosphere. We will never get off fossil fuel dependency. Only an idiot (like Trudeau) would believe that.
Yeah, sure is something when a crime rate drops when thefts, vandalism and assaults are no longer reported because police are unlikely to attend and if they do, charges are unlikely to happen because it’s swept under the mental health and junkie umbrella of “well, what do you expect to be done about it”. As three levels of government take no responsibility and point at each other for the problem they collectively created by listening to activists and implemented policy based on jargon that was fasley presented as fact or science based.
Walked by some of those picketing downtown, why is it that almost all of them look and dress like the people that attend every liberal protest downtown?
Leaked message from Premier Eby to BCGEU workers:
Dear GEU members, thank you for your shared commitment to improving British Columbia’s fiscal situation by placing yourselves on unpaid leave. Your sacrifice will help reduce the deficit and ultimately save British Columbians money. Please rest assured that government’s original wage offer will be there for you when you need it
I agree with that 100%.
Nice to see Victoria crime rate falling, now at a 5 year low.
Some areas yes, which in contrast makes the diserable neighborhoods even more so.
>>. Victoria has really gone in the toilet.
Not really.
Victoria voted best small city in the world, two years straight. (2023, 2024).
https://www.timescolonist.com/business/victoria-best-small-city-in-the-world-says-travel-magazine-9594729
Re: frank. “When was the last time an HHVer bought anything?“
We left COV for up-peninsula this spring. Although am not a chronic HHV poster.
Every day I read the local news and realize that it was the right move. Victoria has really gone in the toilet.
.
No, 20% BC foreign buyer tax applies if the property is classed by bc assessment as residential (class 1), and it is in the specified areas of BC. The specified areas include Victoria and entire CRD including gulf islands.
It doesn’t apply if bc assessment classes it as non-residential (ie algricuotural, industrial or commercial).
https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/additional-property-transfer-tax
Heating system update. The old oil beast is out and new ducting (tucked up in a sensible way) is in. The loss of any useful rebates for heat pumps and dual fuel made those systems cost prohibatative (for some reason they haven’t adjusted their price expectations). So, I ended up going with a high efficiency gas furnace, gas on demand hot water, and gas fireplace (all brand end high quality units). Fortis had a $4050 in my hands within 3 weeks of me submitting my paperwork. In the end, I got the three items installed for about $13k fewer dollars than just a heat pump install including what they said were non-guaranteed possible $2k or $3k in rebates. During the heatwave, I ran the air circulation and the house didn’t get warmer than 24C at the hot point of the day. So, if a heat dome happens again, I will just park my AC next to the air intake to give the air circulation a colder kick if needed.
Can’t seem to find a clear answer on BC Gov website…is vacant land exempt for the foreign buyer 20% BC tax? Vacant land is exempt from the federal foreign buyer ban but can’t nail down the clear answer for the 20% BC tax.
10 years I agree, for the near-term I think either this winter and next winter would be the bottom before we stabilize and ramp up again. I don’t see decent houses in desirable neighborhoods in the core (“bay neighborhoods”, Fairfield, Rockland, Broadmead etc.) come down much though, just too much demand for those especially at under 2.0 million. I see price weakness in the lower tier rental suite neighborhoods (gordon head, cedar hill, lake hill, maplewood, oaklands, swan lake etc.)
Sales/Inventory
2025 – 525 / 3,600
2024 – 545 / 3,191
2023 – 544 / 2,490
2022 – 478 / 2,137
2021 – 831 / 1,120
2020 – 979 / 2,584
2019 – 661 / 2,838
2018 – 594 / 2,579
2017 – 736 / 1,917
2016 – 883 / 2,094
2015 – 741 / 3,688
Highest months of inventory we’ve seen in a long time. Good buying opportunity in my opinion especially for a SFH core home. Who knows how long the opportunity lasts but I would bet a lot of money in 10 years a SFH core home is going to be substantially more expensive than it is today.
Good point! Should see some sub $1M suited houses in semi decent areas of the core.
Except with some actual inventory.
Maybe some of you can help me with the names of some movers. I was asked if I knew any reputable movers that can move furniture and household items within the town limits?
Canada’s population barely grew in Q1 2025—despite ongoing immigration.
It’s easy to get tripped up by the definitions, but Patriotz explains immigration better than anyone. Yes, we welcomed new arrivals, but we also saw people leave the country and experienced a high number of deaths. The result? Near-zero population growth.
This shift is already rippling through the rental market.
Vacancy rates are climbing, rents are softening, and landlords are offering incentives just to fill suites. For those relying on rental income—especially from investment properties or basement suites—this trend could reshape future returns.
You like to see a pump in both the ownership % and also see an increase in the % of equity. You don’t want a situation of high ownership but low equity.
As long as Canadians are meeting their long term debt obligations the real estate market should remain stable.
Key indicators to watch are the unemployment and vacancy rates.
The root of the housing inflation of the last decade was born out of the 2008 crash.
This wasn’t just economic—it was political. Governments and central banks needed to stabilize the system without triggering mass defaults or sovereign bankruptcies. By funneling liquidity into housing.
Instead of banks holding toxic assets, risk was redistributed across millions of individuals via long-term debt obligations.
This strategy created debt-saturated households, especially in countries like Canada where mortgage debt-to-GDP ratios soared.
Groot , don’t think todays housing market looks too different than past real estate booms. We are now in a nice balanced market and there’s a lot more options today for housing, be it rent or own . Home ownership in Canada looks pretty steady from what Patrick is posting
There’s no doubt about it—economists will be busy for years dissecting the causes behind the explosive rise in housing prices we’ve seen over the past decade. From urban centers to rural towns, the cost of owning a home has surged beyond what many would have predicted. And while there are plenty of theories floating around, my bet is that a significant chunk of the blame will land squarely on the shoulders of liberal financing policies.
Think about it:
Historically low interest rates made borrowing irresistibly cheap.
Quantitative easing flooded markets with liquidity.
Relaxed lending standards opened the door for more buyers, even those with shaky credit.
These policies weren’t necessarily reckless—they were designed to stimulate economies during turbulent times. But in doing so, they also supercharged demand in the housing market, pushing prices to unsustainable levels. Combine that with limited housing supply, zoning restrictions, and speculative investment, and you’ve got a perfect storm.
Marko, looks like august numbers are pretty much in line with the last few years. I’m looking for a good pu in sales this fall as Patrick has pointed out houses have become much more affordable. Cant blame sales on high house prices anymore, buy them while they’re cheap
Patrick- Don’t believe these B.S. reports. Crime is not going down it’s just being under reported. People are exhausted by the catch and release system we have. People are moving away yet more immigrants are piling in. Foreign money is driving the economy. Without it things would not be as active.
If we’re at 0 population growth, why did our population increase by 1,000,000 last year. Doesn’t make sense.
good inventory, not a lot of sales. No wonder there were some “cheap” SFH sales in decent areas of the core this past month. Looks like we will re-test the 2022 lows this winter.
Month Aug Aug
Year 2025 2024
New Unconditional Sales 525 545
New Listings 1,081 1,043
Active Listings 3,600 3,191
Last few years
2025 – 525 +/-.
2024 – 545
2023 – 544
2022 – 478
2021 – 831
2020 – 979
2019 – 661
2018 – 594
2017 – 736
2016 – 883
2015 – 741
Frank – Re. Immigration numbers – not sure if it’s as high has you think. Here’s a recent article in the Globe that says we’re at 0 population growth. Hopefully there isn’t a paywall.
https://www.theglobeandmail.com/politics/opinion/article-canada-immigration-population-newcomers-poilievre/
Rising house prices is good news for Winnipeg. It is a sign of affluence, a growing economy and optimism about the future. This will lead to developers building more Winnipeg homes, which is another good thing. The government should avoid intervention to attempt to lower prices, such as lowering population growth, as that could turn things around for Winnipeg. And then you’ll be seeing lower Winnipeg home prices and a collapse of new construction in Winnipeg.
By analogy. You also point out high crime rates. Those likely keep housing prices down, as people move away to escape the crime. But crime rates have fallen in Winnipeg over the last two years. And home prices have risen. Should Winnipeg take actions to raise the crime rate again, because that will help lower house prices?
As dumb as that would be, it’s the same reasoning we’ve done by lowering population growth (immigration) to lower house prices. Because by doing that, we are “throwing out the baby (population/economy growth) with the bath water (home prices)”
Disagree Patrick, over immigration is the main cause of the housing crisis. How many of those home- owning millennials are new immigrants that have come in the last 10 years? Not only is there a housing crisis, we also have a health care crisis, uncontrollable crime rate, escalating food prices, etc… All caused by overpopulation in the last 10 years. We’ve also been blessed with an ever growing government creating unending regulations to justify their existence. I’ve heard that recently imposed immigration restrictions have all been exceeded in the first 8 months of the year. Real estate prices in a crime ridden city like Winnipeg are steadily increasing, even with a seemingly unlimited supply of cheap land, around $200,000 an acre. Young people are also having a difficult time finding employment, partially due to hiring quotas for minorities. It’s a mess, letting it get worse will bankrupt this country. We should focus on developing what resources we have and forget about liberal idealism.
For older millennials (age 40-44), home ownership rate is 66.8%.
That’s slightly above the overall average. (66.5%). Hardly a generational “crisis” requiring absurd levels of government intervention like reducing immigration/foreign ownership /foreign workers/foreign students/airbnb/property rights/ second homes etc.
Those “bogeymen” groups all add to the economy, creating jobs and tax revenue that are more important than trying to pump the home ownership rate higher than 66%.
Canada needs to move on and stop wasting time and money on an exaggerated “housing crisis”.. It’s time to focus on growing the economy, and that means opening up for businesses, and reversing all those “bogeymen restrictions” we’ve added. to “help the housing crisis”.
How much does CMHC insurance cost anyway on a 800k purchase for example?
Well, and don’t forget millennials are in their 40s now…. So, a generation that has passed middle age has just over half of them able to buy homes..lol.. So, congrats, started on that home ownership path and now start having kids.. Oh, wait minute…..
If you need CMHC insurance to afford the house. That means in reality you can’t afford the house. That’s why the banks require you to have it…Because they know you can’t afford the house. So they want insurance to cover their ass.
More like one ringleader who lives alone in a 4 bedroom, two story house that is soon going to get afternoon shade from a 4-story, 43 residential rental unit building with commercial space on the ground floor. The proposal had gone through a number of changes, including a reduction in height from five to four storeys and increased setbacks.
Talk about a selfish use a four room house. Cry me a river.
As we move through the tail end of summer, the single-family housing supply in Victoria’s core is showing a modest increase. In August, months-of-inventory (MOI) ticked up to 5—up from 4 in July. While that might catch the eye of market watchers, it’s not a signal for alarm. In fact, it’s a seasonal pattern we see almost every year.
The rise in MOI is largely attributable to a slowdown in sales, not a surge in listings. August tends to be a quieter month for buyers. Families are focused on vacations, back-to-school prep, and soaking up the last of summer—not touring open houses. This temporary dip in demand naturally pushes MOI higher.
Despite the seasonal shift, short-term supply in the core remains stable. A 5-month inventory level suggests a balanced market—not one leaning toward oversupply. It gives buyers a bit more breathing room without tipping the scales toward a buyer’s market.
As we head into September, it’ll be worth watching how buyer activity rebounds once summer distractions fade. With interest rates still a key factor and the Bank of Canada’s next decision on the horizon, fall could bring renewed momentum—or continued caution.
Groot, thank u for the stats, market holding up well and I’m guessing still balanced territory. With inflation relatively tamed , maybe another round of interest rates coming .
Homes are affordable in Canada now. 54% of millennials already own homes.
https://househuntvictoria.ca/2025/05/20/should-home-prices-go-down/#comment-128747
Leo pointed out (in May 2025) that current affordability to buy a benchmark home in Canada is 28%. The CMHC definition of affordability is mortgage payment below 30%. So a benchmark home in Canada is now the affordability range for average income Canadian household.
What isn’t affordable is a detached SFH in the most expensive cities in Canada. For that, you need well above average income. This includes Victoria, and is getting worse because the supply is not increasing.
Some numbers from the real estate board for August. These numbers are subject to revision by the board and are not the official numbers which will come out in a couple of days.
The median price for a downtown condos slippled a little down to $505,000 in August. On an annual basis downtown condos are down 4 to 5 per cent from last year, 7 per cent from 2023, and 13 per cent from 2022.
The median price for all condos in the core, excluding downtown, is up 2 to 3 percent from last month. On an annual basis their is a negligible improvement of under one percent, same for 2023 but prices are down some 3 percent from 2022.
The August median price for a house in the core is also down from July by about 3 per cent. On an annual basis house prices are up 2 to 3 percent from last year, up 2 percent from 2023 and down one percent from 2022.
Except for the downtown condo market which I have assumed to be mostly made up by investors exiting the market, the market is stable.
Not really. If an individual is seeking advice on anything to do with putting a house together, I know a thing or two and will offer advice. If you throw a giant tombstone wall of text at me, I will either ignore you or tell you to fuck off.
I have to side with Max on this. For many of the commentators here—most of whom are homeowners—this site has become a kind of soft-focus self-congratulatory showcase. It’s less about discussion and more about glorifying personal achievements.
Patrick, the claim that replacing older homes with new ones is a “zero sum game” may be technically accurate in terms of lot count, but it’s misleading in the context of what’s actually happening in the city. While the number of single-family lots hasn’t grown appreciably in decades—because the city is largely built out—the nature of those lots is evolving.
Older, obsolete homes are being replaced by larger, modern houses, half of which include legal suites or accessory dwelling units (ADUs). These additions mean that the number of self-contained dwellings is increasing, even if the number of lots remains the same. This kind of redevelopment is expanding the city’s housing capacity. It’s not stagnation as you are suggesting with your zero sum claim.
It should be “We all bought our houses back when shit was affordable” dot Com.
When was the last time an HHVer bought anything?
The SFH teardowns I’ve seen haven’t been replaced by a SFH with a suite. They’ve either been replaced by a multi-unit or a custom SFH built by/for the owner. Neither of those adds a SFH to the stock. When was the last time you read about a HHVer buying a new build core Victoria SFH? I can’t recall one.
I’ll tell you right now…If you want to save a considerable amount of money on materials you need to source your material directly from the mainland. That’s what suppliers on the Island do.
“More deals on labour and materials”- What a joke.
Partick, I question your conclusion that this is a zero sum game. The homes being demolished are old and small in floor area that don’t suit a middle income family. These are being replaced with larger homes and half of them have suites for another family or detached accessory dwelling units. That’s a net increase in number of households per lot. An old home on a lot that was occupied by one or two people now has a house occupied by five or more people.
Indeed neither employment nor the RE market really recovered until around Expo. But I and many of my colleagues were thrown a lifeline by the introduction of IBM PC in August 1981. Yes that was a matter of luck.
There’s close to zero net SFH being added in core Victoria. About 60 new SFH constructed per year, but after subtracting tear downs, we’re at or below zero net SFH added. Most HHVers are looking for a SFH in the core.
>> You mean like the early 1980’s? Yes unemployment went up to around 12%, but that means 88% were still working.
Including me.
I note that you are qualifying this to the “early” 1980’s to point out that you were “still working”. The BC recessions lasted well past the early 1980’s (rolling recessions lasted 1980-86). Many people became unemployed later in the 1980s, requiring them to sell their Vancouver house and move out of BC.
Pretty safe to make the call at this point that in 2025 there will be more purpose-built rentals built versus condo/strata -> https://www.bchousing.org/sites/default/files/media/documents/New-Homes-Registry-Report-July-2025.pdf
Not sure if we’ve ever seen that? Certainly not in the last 40 years.
I wonder what the dynamics of the purpose built rental construction are going to be in 10 to 15 years. Will the population accept renting for decades or is there still going to be demand to own with every little strata ownership having been built.
I think the last completed strata building downtown was the Mod? (2 years old). I am not aware of anything slated going forward downtown and even if it was it would take 3 years +/- to build. Therefore, could be an interesting dynamic. In 8 years, for example, there could be a situation where the newest downtown condo available option for a buyer is 10 years old.
Also, in our capital region 627 homes registered in July with 21 being SFHs or 3.3%.
Long term I am super bullshit on SFHs and with the current dip I think right now is a great buying opportunity long term. That 3.3% will continue to drop and realistically the majority of people want a SFH.
and for land values to be halved that would have to be already serviced land (teardowns) as you aren’t going to be blasting apart a hillside in Langford to sell building lots at a loss (even if you got the raw land for free).
and the teardowns won’t drop in half because already as is builders/developers are competing against owner-occupiers/1st time buyers for such product.
You mean like the early 1980’s? Yes unemployment went up to around 12%, but that means 88% were still working.
Including me.
Yep u never know. I’m not seeing any relief on both so far .
Don’t worry, another quarter of economic contraction like we just had, you will be seeing more deals on labour and materials.
Sidekick, yep labour and materials will continue to go up . To some extent new homes pull up the price of used . There’s always shrinkflation lol
I’m still somewhat confused about how housing can become affordable when the input costs are so high. Even if land values were halfed, construction costs are still astronomical. The red tape costs alone are bananas. I can understand the trickle-down effect, where new stock renders old stock cheaper (at least for rentals) – but there must be a floor based on the input costs.
I can also see that missing middle / condos / townhouses becoming the new norm could certainly improve affordability, but for the near term, those are going to be priced based on construction costs.
Or how about one of those double-wishbone-type-roundabout things like they blew their brains out at McTavish in Saanich, more fun?
The only way we’d see that in real life is in a massive recession scenario, and that wouldn’t help anyone…
>>> Got more NIMBY spam in the mail today. It claims to be from a “grass roots organization of james bay residents” but it’s following the NIMBY playbook of the JBNA to a T.
Good to hear. Politicians want to hear from the residents, and residents have a right to be heard.
That’s because they are very real and I have seen them! That’s why we have all those lizards running around out there right now. They are putting all their stones into place for the great takeover.
Whenever I chat with you, Max, I keep it brief—because give it more than three sentences and suddenly you’re deep into lizard people.
Wow, that’s quite the bomb that went off in Ontario real estate..
https://www.ctvnews.ca/toronto/article/ford-government-threatens-to-take-control-of-real-estate-watchdog-as-realtors-call-for-answers/
What could go wrong when realtors and their buddies regulate themselves?
Well then get to the fucking point. At-least summarize. Have you ever heard of the acronym TL;DR?
Yet somehow, you read every word—well, the small ones at least—and still managed to miss the point.
Going forward im going to be posting a lot , just to see if we can hit a 1000 comments, not sure what the record is
It is also a core tension between the haves and the have not’s… And that has always been the way it has been ever since I have been on this planet. You really don’t need to create a giant tombstone wall of text in order to get your point across to us BTW.
Most limits the government has imposed on the plethora of ways to get into Canada have already been exceeded. This government is full of shit.
One of the core tensions here is whether housing should be treated purely as a commodity or as a social necessity. When it’s commodified, market forces dominate—prices rise and fall based on supply, demand, speculation, and access to credit. But when governments try to treat housing as a right, they often intervene to stabilize prices, subsidize ownership, or restrict speculation. That’s where friction arises.
China, despite its centralized control over land and capital, it faced a massive real estate bubble. The government tried everything from restricting purchases of second homes to cracking down on developers like Evergrande. But even with that level of control, market psychology—fear, speculation, and debt—proved difficult to tame. The correction was painful and still unfolding.
In Canada, governments have tried foreign buyer taxes, vacancy taxes, and zoning reforms. Yet affordability remains elusive. If interest rates stay high and wages don’t keep pace, downward pressure on prices may be inevitable—regardless of policy.
Governments may intervene with stimulus, rate manipulation, or supply-side incentives, but those efforts often just delay the inevitable correction rather than prevent it. The idea that the “invisible hand” will ultimately correct inflated housing markets is compelling, especially when you look at historical cycles of boom and bust.
Everyone sees the elephant in the room—home prices are outrageously high. If we could wave a magic wand and slash a third off the cost of housing, so many of our problems would vanish overnight. Affordability would return, families could stop stretching themselves thin, and the pressure on younger generations would ease.
Of course, governments don’t want that kind of correction. It would disrupt too many entrenched interests. But they can’t stop it forever. The market always finds a way to rebalance—just look at China. Even with tight control over land and lending, they couldn’t hold back the tide.
In markets from Japan in the ’90s to the U.S. in 2008, attempts to engineer a soft landing often ended in prolonged stagnation or sudden collapse. The problem is psychological as much as financial—once buyers lose confidence, even small drops can trigger a cascade. And when prices are propped up artificially, affordability worsens, inequality deepens, and younger generations get locked out.
They are just pulling back the reigns on something that was totally out of control. I personally agree with the way they are handling it.
Better yet , ramp up immigration and lower interest rates by a couple of points and stop all this foolishness. Canada is a welcoming country that should take in anybody that comes to our door
Well…This is exactly where we are at right now. So what do we do about it? I would suggest an overpass at Tillicum over highway 1. That should keep them busy for awhile.
Despite strong construction activity in Victoria, it’s unlikely we’ll see lower housing construction costs until there’s a rise in construction-sector unemployment. So far, we’ve been fortunate—developers have successfully pivoted from building strata condominiums to purpose-built rental (PBR) apartments, thanks to government incentives.
But how sustainable is this strategy? We’re spending taxpayer dollars to subsidize new builds, while many of these PBRs sit at just 30% occupancy. It’s a troubling feedback loop—if we stop building, we risk triggering a recession. If we keep building, we may be deepening a misalignment between supply and actual demand.
This is a paradox: we’re incentivizing supply while struggling to fill what we’ve already built. The deeper issue is whether these incentives are targeting the right kind of housing, at the right price point, for the right people.
No. I think the rug has already been pulled out on new residential builds and anyone out there that is in the build process or sitting on stock is in a very difficult position right now.
Everything you are seeing going on out there right now is either commercial builds or PBR. When that starts to fizzle out that’s when the picture will become much more clear for you to understand.
No one is buying development property right now…And there is a very good reason for that.
Max, so you’re thinking zero inflation in new construction for labour and supplies over the course of a decade
Exactly, I expect a total flat line plateau for the next decade when it comes to price acceleration for residential real estate.
Meanwhile back at home:
https://www.theglobeandmail.com/real-estate/vancouver/article-new-condo-market-investors-foreign-buyers-debate-housing-real-estate
I, along with Josh, hope that Leo is ok.
I realize that Leo did say, some time ago, that he would be busy for some time…. but anyway…. I still hope he is doing well.
Look forward to his next post.
They could really give a shit about residential real estate. They already have their hooks into pretty much every natural resource sector we have. To suggest otherwise you would only be lying to both me and yourself.
At least someone grew a brain.
South of the border, restrictions on foreign RE ownership AND renting. But only for certain foreigners it appears.
https://www.bbc.com/news/articles/cgjyqnndvwjo
Got more NIMBY spam in the mail today. It claims to be from a “grass roots organization of james bay residents” but it’s following the NIMBY playbook of the JBNA to a T. The map they’ve been circulating is not in the city OCP (https://www.victoria.ca/media/file/ocp-whole-book). It also appears to be lying. There’s several areas that this spam claims will be upzoned to 6 story commercial and as far as I can tell, that’s just not true.
Long story short BC Housing can’t sell the units with the criteria in place so they’ve removed the criteria from some of the units, and left it on other units
“This unit is under AHOP, other units are available without AHOP restrictions”
“This unit is NOT under AHOP and can be purchased outright. AHOP covenant on title will be removed at closing. If AHOP assistance needed, See supplements. Go to http://www.vividattheyates.ca for other available units and program details.”
As far as I know 7 units they’ve removed the AHOP and on 4 units AHOP restrictions still apply.
Would love to see the expenses on the BC Housing resources poured into this program. I remember when my buyers bought at Vivid they had to go to a session put on by BC Housing to make sure they qualified, etc.
Only problem is the most basic of criteria (number of properties owned) was not one of the restrictions to purchase so you had people with a net worth of $5+ million and multiple properties that qualified to purchase.
Then every media outlet reported the story incorrectly. People got busted because they were violating the terms post completion (renting out units which wasn’t allowed for first two years) not because they didn’t properly qualify under very poorly thought out criteria. The first time I walked into the Vivid showroom and saw the criteria red flags went off! They should have limited it to first time buyers or you can’t own another property. What is the point of the program, forcing buyers to attend sessions, etc., when you can’t insert the most basic common sense restriction?
My bet would be people that violated the terms of the affordable home ownership program that were forced to sell
Also I wonder what the story is behind the four 845 Johnson units dumped on the market. Overseas speculator cutting their losses?
I think we are in for a slow grind this fall given the economic uncertainty. We won’t realistically get anything approaching certainty until the Liberals release their fall budget. A “fair” deal with the public sector unions could move the needle a bit, too.
Odds increasing a bit for a rate cut in September. Market could use a bit of a stimulus at the moment.
I was referring to my friend’s brother. Don’t take things personally. I understand you have an impressive array of skills.
Are you suggesting that over a 1000 hours of technical training at camosun college and 4500 hours of documented field experience to finalize the end of the apprenticeship program granting that individual inter-provincial red-seal certification/qualification status to be limited educated?
My lender was a plumber worth well north of 10 million dollars in liquidity…Did he have limited education too?
My friend’s brother got in good with a wealthy individual who sort of took him under his wing. Their dealings were in real estate, his brother managing some properties and doing other work for him. He mentored and advised him on purchasing property and has done very well for someone with a limited education. Not sure if he ever lent him money. Being honest and reliable got him in this person’s good books. Never hurts to associate with successful people.
No. On my very first spec house, I came to the table with absolutely nothing other than knowing how to put a house together to occupancy and ready for market. He was on my team…He was totally down with me making a bunch of money right along side of him. He was very close friends of my Dad and had known me since I was a kid.
Its was all good faith or good will as some people call it, drawn up by a lawyer, funds were released in performance draws. He made it so there was no possible way I could fuck this up.
Stats aren’t showing a >3% decline on core SFHs?
Max- Did your lender want any collateral or have a lien on the property you were working on?
If you use a private lender and pay a lot of interest, you at least get a good tax deduction. Cuts into your profit, but if you only need the money for a year, the interest is just the cost to do business. Better than sitting on your hands.
Me too. If I were the guy Groot is talking about, I wouldn’t be selling a $1.4 million dollar house to become a lifelong renter, no way. But I guess in his particular circumstances, it makes sense to him. At least modern PBRs make it a more palatable alternative, compared to a mom & pop rental where you might get turfed a year later.
1091 Totemwood just resold for $1,820M. Sold in March of this year for $1,875M. 3% less, I would have thought a larger decline.
There was no way the banks would have even considered me at that point in my life. My lender charged me double of what the banks were offering for a construction loan. He was in it for the money just as much as I was. Add to that he was way more flexible and super easy to get along with if I needed more time or money to get this build sold.
The thing with PBR is you can’t do anything in them. I wouldn’t be able to handle that…I like to party, and I really don’t think they would appreciate me living in their building. I’ve own my own house since I was in my early 20’s, and I’m set in my ways. I’m with Frank on the self employment, The only time I was ever employed by an employer was when I was doing my apprenticeship and I had that wrapped up at 20.
Given their high pension, it’s interesting that they’re choosing to go into renting vs. just downsizing their $1.4 million house into a purchased luxury condo. It could make sense I guess given he’s beginning to show signs of Alzheimer’s. Renting means they maintain significant investment capital, and the flexibility of that may be worth having if he needs to go into a home down the road but his wife doesn’t. I don’t think I’d go this route myself in their situation, but I get it.
I’m glad to see PBRs are a viable option in this situation. It’s correct that their pension income and asset base are hardly typical, but that’s not to say that PBRs aren’t also a viable option at more modest means. I would think/hope that part of our housing strategy also includes subsidized, means-tested PBRs. That would make sense to me.
Still not typical.
They’re still able to go almost anywhere they want, but they’re starting to look ahead to a time when that might change. The yard work and stairs could become too much to manage. His wife, a cancer survivor, lives with the quiet fear that it might return. And he, living with diabetes, is beginning to show signs of Alzheimer’s—repeating stories from his youth becoming more easily frustrated and lashing out at people.
It’s a lot to carry, but they’re trying to plan wisely for what’s next.
I bought my home in 1986, paid it off in 1988 and started buying investment property in 1989. I’ve been self employed all my life, and my net worth is a lot higher. Where did I go wrong? Also didn’t have a public servant life style, worked where and when I wanted.
Frank you’ve obviously been doing something wrong.
His pension is from the Navy. Her pension is from teaching. Bought their home in 2000. Paid it off in 15 years, and have RRSP’s.
$8000 a month pension is not typical, neither is a $2 million net worth. He can afford to go wherever he wants. Most people don’t have that luxury.
This morning, I spoke with an elderly gentleman whose health is beginning to decline. His current home, valued at $1.4 million, is no longer suitable for someone with mobility challenges. With $400,000 in investments and a combined monthly pension income of $8,000, he’s now considering a move to a luxury apartment that better aligns with his evolving needs.
The new residence would cost approximately $45,000 annually in rent—a figure well within his financial means. Given his assets and income, the transition not only makes practical sense but also promises greater comfort, safety, and peace of mind as he prepares for the next chapter of his life.
He’s living with diabetes and has already experienced one stroke. While he’s still able to travel today, he’s aware that such freedoms may become more limited in the coming years. This move is about preserving dignity, independence, and quality of life while he still has the ability to choose.
At what point do we send a search party for Leo?
I was lucky, I never had to resort to a private lender, their rates are triple the bank rates. That’s painful. Having said that, my first bank mortgage on an investment property was 12.25% in 1989. But houses were only $120.000-150,000. Rents barely covered the mortgage, other expenses were out of pocket. Good tax deduction.
Seniors have little choice. Apartment rents are crazy, assisted living facilities are expensive, it’s just so much cheaper to stay put.
The missing middle problem is not just a housing problem but a supply chain problem.
A 2023 report from the Canada Mortgage and Housing Corporation revealed a steady decline in the number of Canadians over 75 selling their homes between 1991 and 2021. Today, only about five percent of seniors choose to sell, compared to 13 percent of the general population.
Many older Canadians are opting to age in place, staying in the homes where they’ve built their lives. But this trend has broader implications: the single-family and townhouse properties retirees typically occupy are the same homes that first-time buyers and middle-income families rely on to enter the housing market.
If we’re serious about solving the “missing middle” housing crisis, we need to address the retiree market as well. That starts with understanding why so many seniors are staying put. In my view, it’s not just about preference—it’s about limited options. Many retirees still believe their only choices are to remain in their current home or move into traditional senior housing, which often doesn’t align with their lifestyle or needs.
That may have been true in the past, but things are changing. Thanks to significant government investment in purpose-built rentals (PBRs), a new wave of modern, low-maintenance, high-quality housing is emerging—often in the same neighborhoods where retirees already live. These developments offer a compelling alternative for aging Canadians who want to downsize without sacrificing comfort, community, or independence.
If we want to unlock the supply chain of housing for the next generation, we need to make sure the current one feels empowered to move forward.
Totally, and I had a super nice private lender. He was a very successful plumber and a very close friend of my Dad. He just lent out money on the side to young guys like me to go out there and build spec houses for a quick flip. Looking back in retrospect I made a lot of money doing it…But it can go sideways.
Even on the rare occasion that happens, there was always a solution… Like we didn’t freak out or anything. The two of us would just have to put our heads together to formulate a new plan.
If you lose money on your primary residence because of bad market timing, and you are moving within the same city, then you should benefit when you purchase your next property. If you’re moving to another city with a better real estate market, then you will lose. Investment properties are a different story, especially investors that rely on a quick flip, they just lose money. But that’s what investors sometimes do, they lose money. Best to be a long term holder and not play the greater fool game.
Its just another correctional period.Its not the end of the fucking world I’ll tell you that much. I’ve been through three correctional periods. I’ve almost lost my shirt twice through real estate transactions. This was all a result of bad market timing on my behave. I tried to time the market and I fucked up.
So now what happens is my private lender totally understands that I am fucked, Only because the house won’t sell under these current market conditions. He certainly doesn’t want the fucking house. So now we negotiate and hammer out this deal so we can both come out with some skin and then it all just fell into place.
I ended up making it out totally unscathed and still made a bunch of money in the end. At the same time real estate is a gamble if your in it for the money… It can go both ways. So yeah, there’s that part.
There’s a new kid on the block for lumber sales. Central Builders. Its located a stones throw away from Slegg’s flagship store out here in Langford. Its still under construction, but I checked out the building today and it defiantly looks like they have their shit together.
https://centralconstruction.ca/
Who knows in this price range difficult to predict but EdgarAllanBro correctly points out current asking price is in line with neighboring sale (factoring in superior comparable).
And 25 bips is going to open up the floodgates and save the day for all these sellers out there?
What do you think the inferior one will go for now?
The superior one sold for 200k more 6 months earlier in a rising market at much lower price points thought….(like the market had to rise for the other one to fetch $200k less 6 months later).
I am not saying they are equal, but I just don’t see a min of $350k delta between them based on pics. BC Assessment has the delta at $150k and should be accurate enough for newer builds done at the same time.
I’ve shown both properties in the past and the one currently listed is definitely an inferior comparable as is reflected by the 2017 sales prices.
That makes it sound like they are equivalent properties which they are not. In 2017 48 Maquinna sold for 1.9 where as 52 sold for 1.7. Assuming they actually get 2.5 for 52 Maquinna then the appreciation from that time would be fairly close to the appreciation of 48 Maquinna
52 Maquinna St is a perfect example. Neighbor was able to unload for 2.85 in the spring, they now just cut the price down to 2.5
This year July 1st to August 25th – 25 sales in the core over $2 million
Last year same time period – 29 sales
2023 – 34
Keep in mind inventory is substantially higher than 2023 and 2024 so yes there are more homes over $2 million sitting right now. I have a number of clients looking to upgrade to the $2+ million range but slow going in terms of selling their $1 to $1.5 million homes.
On the whole the geopolitical and economic uncertainty isn’t help high-end sales along with the daily headlines coming out of Torotno in terms of their real estate market struggling.
Unless we get a BoC cut soon it is going to be a relatively slow fall.
just hit 75 freehold sfhs listed in the core under $1 million. Haven’t seen that many below $1 million since 2020. I think at one point in 2021 or 2022 there were only 6 below $1 million.
“Anecdotally, I see quite a lot for sale in this bracket. Haven’t seen much move. Quite a few eye-watering prices out there.”
I am seeing the same but was curious on actual data.
I’ve noticed a growing trend: more retirees are choosing to lease their vehicles rather than purchase them outright. While there’s no direct evidence linking this shift to broader lifestyle choices, it’s an interesting development. It makes me wonder—if leasing a car appeals to retirees for its flexibility and lower commitment, might they also be more inclined to rent their homes instead of buying? The motivations could be similar: reduced responsibility, financial agility, and the freedom to adapt as needs change
Month Aug Aug
Year 2025 2024
New Unconditional Sales 399 545
New Listings 856 1,043
Active Listings 3,621 3,191
On pace for about 515 sales for the month.
Last few years
2025 – 515 +/-.
2024 – 545
2023 – 544
2022 – 478
2021 – 831
2020 – 979
2019 – 661
2018 – 594
2017 – 736
2016 – 883
2015 – 741
Feels dead out there. Wonder what the numbers are.
Anecdotally, I see quite a lot for sale in this bracket. Haven’t seen much move. Quite a few eye-watering prices out there.
If you characterize upper income households as properties over 2 million then this is an interesting marekt to follow as there’s a growing body of evidence suggesting that more retirees are opting to rent rather than own real estate—especially in Canada and other high-cost housing markets.
What is changing in Canada is the rental market. What was once 1970’s apartment blocks are now new (er) high end PBRs. A couple in their 70’s can sell their upper income home and live a simpler life with less worries about property ownership spending the last decade or two of their lives in comfort.
While renting may seem counterintuitive to those who’ve spent decades building home equity, it’s becoming a practical choice for retirees who prioritize freedom, liquidity, and simplicity over long-term property ownership.
I am curious on any insights and data on higher end homes (+$2M) and what the inventory looks like vs sales for the core? Also does that segment feel slower than normal and is inventory building vs 6 months or a year ago?
Thank you
Because all you seem to care about is the bling.
No, why would I care?
When they yell at you like that, that means they are very serious.
Couple of hundred sales 2+ kitchens with descriptions such as “A self-contained 2-bedroom suite.”
If you go on BC Assessment a lot of homes in Broadmead classified as “Property Type: SFD WITH BASEMENT SUITE”
and this has been going on for a while. When my father was a stone mason he worked on four houses on Perez Dr in the mid 1990s and each one had a full on suite that was rented.
I just looked up some of the homes he worked on and re-sale descriptions read “BEAUTIFUL SIX BEDROOM FIVE BATHROOM HOME WITH A TWO BEDROOM SUITE WITH SEPARATE ENTRANCE AND LAUNDRY.”
So what’s your point? Were you expecting me to be sticker shocked with the price tag?
“And its not exactly like Broadmead is all that to begin with. Especially if it involves a legal team.
I would characterize it as a upper middle class neighborhood with some selected properties in the $3M range.
And its not exactly like Broadmead is all that to begin with. Especially if it involves a legal team.
BARA can say they are not aware of the breaches, I haven’t seen any houses in broadmead with an actual legal suite. Also BARA has held up the standardized real estate sign covenant in broadmead, so they can point to that. I don’t think any developer would go through the hassle of going to court just to be able to build a multiplex when they can just do so hassle free everywhere else in the core.
Also keep in mind that broadmead is a very specific area, many people mistaken sunnymead and falaise with broadmead.
If your argument is that it should be interpreted as one dwelling unit that would hold some weight if there weren’t already secondary suites in the area.
As far as the cedar shingle part, it is probably not as important as it is a very different clause and there is some case law that supports the idea that a pattern of non-enforcement of minor aesthetic rules does not undermine the enforceability of core land-use restrictions.
By allowing all the secondary suites BARA knowingly ignored breaches over time, which would allow a court to decide it has waived the right to enforce the one dwelling restriction
This is my thought too….how do you let so many covenants slide for 40 years but then you specifically want to enforce one? If the judge says okay no multiplexes allowed does that mean everyone has to install a cedar shingle roof?
I agree, these carry very different legal meanings.
. >>> they use very similar wording
Nanaimo covenant :” private dwelling for not more than one family”
Broadmead: “No more than one dwelling for one family”
Those are different wording,in a legal sense, in that the Nanaimo one didn’t mention “one dwelling”. This is important. BC (and Canadian) law considers a duplex to be two dwellings, and any multiplex would be more than one dwelling under bc law. For example, if police want a warrant to enter both units of a duplex, they need two warrants for two separate dwellings. If the Nanaimo covenant had said “one dwelling” it would likely have held up, but instead it used “private dwelling” and “one family”, which is confusing and doesn’t mean “one dwelling”. The Judge in the Nanaimo case made the point about the absence of “one dwelling” in his written ruling.
I wouldn’t consider the Nanaimo case to be “very similar” wording, and I wouldn’t expect it to have any influence on the interpretation of the Broadmead covenants.
The Nanaimo case that allowed the developer to build multi family was worded as “private dwelling for not more than one family”. I highly doubt the covenants would hold up if someone ever tried to have them removed given they use very similar wording and they haven’t been enforcing a large number of terms in the covenant
So they will try and argue the single family wording trying to argue for extended family. That’s still quite different than a for profit multiplex.
That’s exactly how my Wife and I look at it. The two of us could really give a shit if we get any financial gains out of this house (Capital Gains Exemption) for example. As long as everything goes to our two boys we are totally down with that.
We were the ones that brought them into existence…The very least we could do is make sure they get through it.
Most likely won’t be tested by a developer, but rather by a family looking for a multi-generational setup that already owns a house in Broadmead or Dean Park and wants to add another unit.
Only because there was a mandate for a cedar shake roof at that time. Do you actually think anyone in their right mind would have a cedar shake roof installed today? When you buy in Broadmead…They own your ass.
In dean park the neighbors sued someone for trying to build an accessory building for arts and crafts and even though the owner won in court it shows that the willingness of the neighborhood associations to pursue legal action. Keep in mind that’s just for a hobby accessory building and not even a dwelling. If someone tried to build a multiplex then all hell would break loose. I don’t think any mom and pop developer is going to want to deal with that when there are other covenant free properties available all over town.
Safe because it doesn’t make economic sense to to build a multi-plex in Broadmead/Dean Park; however, not sure I would lean on a private covenant that hasn’t been enforced previously (multiple homes listed in both Broadmead and Dean Park right now with 2+ kitchens). What if someone proposes a duplex, for example? Would be really interesting to see a court case on this matter. A lot of these older association covenants have a “cedar shake roof only” and obviously no one is installing a cedar shake roof. Can the association pick what they like/don’t like in a covenant?
The Broadmead covenant reads “No more than one dwelling for one family,” and clearly there are plenty of rentals in Broadmead/Dean Park that have their own entrance and multiple families living in the home so why hasn’t the one dwelling/one family clause ever been enforced (no court cases I am aware of).
There would have to be enough appetite from the association to take a place under construction (municipality would issue the permit) to court and the publicity that would come with that would not be good for the association.
I see more and more ridicule online towards people posting “living in fear of Oak Bay” {of multiplexes].
There are many things making it through the courts right now I wouldn’t assume anything is safe -> https://www.fraserinstitute.org/commentary/bc-indigenous-land-claims-decision-leaves-british-columbians-limbo#:~:text=The%20recent%20decision%20of%20the,already%20drawn%20attention%20and%20concern.
So many things have changed in the last 10 years it is difficult to keep track. Only until a few years ago you had buildings in Oak Bay that were owner-occupied only no kids (19+) allowed and overnight the government made the decision to ban rental restrictions and age restrictions (unless 55+) so you’ve been living in a building for 40 years with no kids no investors and the day after an investor can buy the unit above you and rent it out to a family with two smalls kids.
That being said I think just economically speaking you are super safe in Broadmead/Dean Park for at least 20+ years.
That’s good to hear. Thanks.
Where you are struggling is you don’t seem to understand…. its all fucking relative… As long as it has dirt.
If you are thinking there is some kind of cataclysmic real estate crash going on out here in Langford I would strongly suggest that you had better think again.
WTF? Have you ever been to Goldstream Park? Have you ever had a dip In one the hundreds of swimming holes along the Goldstream River? That’s Langford BTW.
You don’t get out much do you?
@Patrick, FYI I was at a function and spoke to some lawyers and government types regarding restrictive covenants on SFH lots. The consensus is that right now the province has no intention of over riding this and it will leave it purely between the applicant and their neighbors/developer as a private legal matter. The municipalities are also staying clear of this. Main reasoning is that the restrictive covenants apply to a small percentage of homes and government doesn’t not have the appetite to get in a legal battle with the wealthy (i.e. residents of British Properties). Unless of course if the covenants are immoral or racist in nature etc.
So looks like folks are safe from multiplexes popping up next to them in broadmead and dean park at least in the current cycle.
No it’s actually mainly that it’s just not nice and the land/house prices out there reflect that.
I go to Lands End every day, but then again, I live around here 🙂
Man, one time we had to get a plumber & of course he charged (I think $150) for travel time, but then he makes the mistake of telling me he lives one block down the road on Land’s End….never again with that dude!!
Cheers
One more thing before I am done with you. Exactly what part of “I really enjoy living in Langford” don’t you get?
If all you have is traffic congestion, that is a total non issue for me. You should try getting to lands end, traversing the Salish Sea to get to Galiano Island for an emergency flood restoration. Traffic is just a reality for me, but I am paid for every nanosecond that I am in transit.
> getting screwed purchasing real estate in Croatia
It is nonsense and just YouTube click-bait for you to characterize your pre-sale buying experience in Croatia as “getting screwed”. You had only signed a pre-sale (preliminary) agreement, and it is a basic part of Croatia law for those RE agreements that either party (buyer or seller) can back out prior to signing a definitive sale agreement, by paying the prescribed cancellation fee.
All of that is outlined as a basic part of preliminary RE sale agreements in Croatia, and is something you should have been well aware of before you signed a prelinary (pre-sale) agreement. Simply reading the government summary info page on RE sales states this plainly. https://gov.hr/en/sale-of-real-property/1288
“ The down-payment is agreed as a cancellation fee – if the buyer withdraws from the agreement, the down-payment is retained by the seller, and if the seller withdraws, he must pay the buyer twice the amount of the down-payment. The usual amount is ten percent of the property’s value.”
Some of my more popular videos on YT are “getting screwed purchasing real estate in Croatia” -> https://www.youtube.com/watch?v=97VnX7SrkMA&t
You can’t win online 🙂 Whenever I comment on how we have the most organized real estate sales system (mls) in the world in Canada then people complain about that 🙂
Your fucking rights there is…and its all lake front on a 1/2 acre.
Don’t worry about it. Its not like I’m just sitting here dwelling on what you think about me.
Do you even recall yesterday? I suppose we have a bunch of savage pit bulls running around unleashed too.
Don’t take this the wrong way but I don’t recall seeing much of that in Langford tbh. Outside of th newer subdivisions (post 2005) I only recall seeing streets full of houses with visible chain link fences, gravel driveways that are littered with a mess of trucks, cars, boats and trailers scattered all over the place.
There aren’t established neighborhoods like Wedgewood/10 mile point, broadmead etc. where it’s all nice and manicured etc.
Yeah, totally. I just listen to my Wife now. After 37 years of courtship she has always proven to be the voice of reason.
Max, I’m not getting why u think marko is ripping Canada, I don’t get that feeling . Most online forums are for the most have a “Whats wrong with the world” theme . I wouldn’t let marko or anybody else get under your skin , it’s just banter
What really pisses me off about you is you are constantly throwing shit at Canada. You need to either STFU or GTFO because no one is forcing you to be here. This is my home land you are throwing shit at and I really don’t appreciate it and yes I am First Nations.
Canada is not perfect, but at the end of the day its really not all that bad of a place to live. Especially Southern Vancouver Island. Would you appreciate it if I threw a bunch of shit at Croatia?
We woke up not even knowing until we opened the front door to a 6′ wall of snow. There was no going anywhere. Its a good thing it happened over the holidays…We were stocked up with everything. We did have electric baseboard heat, and the cottage was very well insulated now with all the snow.
Let me get this straight, are you suggesting that Croatia is a much better place to live as apposed to Southern Vancouver Island just because you can build a multi-plex parallel to the street in Croatia?
I lost a sunroom in that snowfall. Insurance wouldn’t cover it because of a clause that didn’t cover weight of snow or ice. The snow came down overnight, it was difficult to know the snow was even there. Never replaced it, it’s still an open deck. 3 seasons sunrooms are too hot in the summer. Good place to grow tomatoes.
One of the units I own in Croatia in a multi-plex the side of the building is parallel to the street -> https://www.youtube.com/watch?v=L67q2f7TmTI
Million different options which wouldn’t fly here.
I’m not sure if you are familiar with the blizzard of 1996? It was a huge 6′ dump of snow that shutdown the entire south Island for the better part of a week right on Christmas eve. We were renting a one bedroom uninsulated (panabode) cottage way out in Metchosin close to the William Head correctional facility. Utilities were on our dime and not inclusive in the rental agreement.
We were both very young and paying $650 per month plus utilities for the cottage. At that time the two of us would have only been making around $20 per/hour each. It was very doable and fun, but we weren’t exactly living large or anything.
With that said, I think the current wage to rent ratio is relative and unchanged.
.I spoke with a property manager today about the new purpose-built rentals (PBRs) going up around Victoria. He mentioned that some of these buildings are only 30% occupied, yet they’re still asking $2,900 to $3,300 a month for two-bedroom units.
After years of steadily rising rents, he’s now having to lower prices on older apartments just to stay competitive.
I agree—Victoria absolutely needs more rental housing. But I don’t think it makes sense for these new PBRs to receive government incentives while leaving 70% of their units empty. If public support is going toward these developments, there should be a stronger focus on affordability and actual occupancy
Pride of ownership is paramount.
Do they all take care of their house?
Their not going anywhere man. Its literally the best strip in the westshore to live. Former Mayor Stew Young lives like 8 doors down from me. My girlfriend at that time (now my Wife) and I bought this house back in 1998 when shit was affordable.
What about your neighbors on the street and in the neighborhood? That’s what I was referring to.
Dude, I am nature boy. I’m right between the two lakes, surrounded by forests. At the same time I can walk to the flagship Thrifty Foods, Tim Hortins, Glenwood meats, and the cold beer and wine store. I’m sitting on a quarter acre here.
Add to that I’m a red seal journeyman carpenter by trade, so the house is very well kept. My Wife is a serious green thumb, so the yard is very well manicured.
Which is standard throughout most Euro cities.
Not sure about you but I like living in a neighborhood with nice well kept houses and nature and I am willing to pay a premium for that. Keep all that weird shit to the more affordable neighborhoods and streets.
There wouldn’t be a missing middle, because there wouldn’t even be a middle.
and you want to live on a street like that?
Of the MM plans I’ve seen in OB (and I’ve seen a number), lots have shitty parking situations. I think that speaks to the zoning requirements handcuffing the designers more than the developers just ignoring parking. Perhaps CoV is better in this regard…
They should just make it so as long as you keep the building 1″ off the property line on all four sides you can do whatever ever the fuck you want.
I am just saying a million different ways to solve parking if there is desire to solve it. For example, reduce the setback at the rear and push the building back and have surface parking in the front so you don’t sacrifce the bottom for parking.
Or you could have three of four garage bays at the front. Have two small garden units behind the garage and than two units on second and two units on third floor and give the four garage bays to the four large units.
Etc., etc….obviously the pitchforks would come out if someone saw a design with four garage bays at the front of the building.
I get the impression there isn’t a desire to provide onsite parking? Big picture, City of Victoria is encouraging less parking from what I can tell.
Yes that one sold exceptionally well. They sold all but one unit while under construction. The developer is also an architect and she designed four of the units with rooftop patios which is something I would never do; however, I think a brilliant design move on her part. Hundreds of condos for sale, but how many condos for sale with a rooftop patio?
I believe he means the complex that was built on 770 Dominion which is in Esquimalt near the Vic West border
Where is the Dominion? I am assuming you are not talking about the old motel on yates above what was the yates street taphouse? I can see value in the esq one, 800k for a new 3 bed 3 bath unit (1300 sqft), not many alternatives for that product at that price but like you said it doesn’t pencil currently.
I like the look of that one, but from the pics it looks like they’ve ‘sacrificed’ the whole bottom story for parking. I’m not tuned in to the Victoria MM zoning, but in OB the parking level counts as a story whether it’s underground or not, and you cannot have more than 3 stories without moving to part 3 building code. Folks complaining about lack of parking (in OB at least) should know the MM zoning isn’t making it easy to have on-site parking. Exempt underground parking and suddenly these start to look more compelling – bigger units with on-site parking.
Multiplex at Dominion sold out (I believe developer kept one unit).
and this one they have now sold 4 out of 6 but its $611 per square foot WITH parking -> https://www.realtor.ca/real-estate/28511047/201-483-south-joffre-st-esquimalt-saxe-point
I don’t think you can make money at $611 per square foot having to pay today’s land prices. The developer on that one had purchased the property a while back.
The stuff without parking slow moving as far as I can tell.
As for Brooke I think those might have a chance. That’s a very good builder – end product is always nice and right across from the park. Good alternative to the new condos on Oak Bay Ave.
$1.3M for what is effectively a wood frame condo with no views…..LMAO what? Has any units in any of these multiplexes actually sold yet? I am guessing very very few at best at selected locations….
I think you could easily make it work but people wouldn’t like the appearance. This project on a 7,200 sq.ft. lot has a large parkade (for the size of the building) -> https://www.realtor.ca/real-estate/28577165/1-1434-brooke-st-victoria-fairfield-west?view=imagelist
The issue is that the current missing middle zoning doesn’t allow buildings to be big enough to accommodate parking. Spot zoning and larger corner lots might be able to make it work, but not your average 6000 sq. ft. rectangle. Parking seems to be the odd-man-out in making MM work, and I agree that it’s likely to cause issues in the future. I don’t think the current MM zoning is a winner – but I’m not sure what the solution is.
Everyone in the CRD that has house insurance, indirectly pays me. Now if my guys can’t find any parking to service an emergency restoration like a flood for example and have to find anywhere they possibly can to park, resulting in multiple parking tickets… I’m fine with that.
We don’t care about any parking permits, loading zones, residential parking only, or whatever. We just have to keep an eye out and make sure we don’t end up on a hook. If that involves keeping a spotter at the van(s)…That’s how it is.
I just bundle all those parking tickets up and bill it right back to the insurance company anyway, plus any associated fees that come along with it. That’s just how it works.
Likely trying to recoup realtor fees and ppt along with some bargaining. It will likely sell for 100k less than what they paid in the current market
You could easily design multi-plexes with two parking spots per unit; however, people would think it is ugly (requires front yard to be garages/parking -> https://maps.app.goo.gl/rHMBAqCyqXMmT25c6
In Japan you are not allowed to have a car unless you can show you have a dedicated parking spot. It is part of the registration of transfer requirement when you buy one. Maybe that is a going a little far, but maybe not as some areas densify without adequate parking and there are parking wars. It seems like failing to deal with a foreseeable significant issue to permit building without parking and car ownership in areas with high density and only street parking without proof of parking – even if off-site on a lot. At the very least there should be a resident only parking system with a requirement to register a vehicle and show a permit to park. Once the max number of permits is given out, you go on a wait list.
“Interesting listings in broadmead, now there are two listings where the current sellers bought earlier this year and want to unload. The most recent one being this: https://www.realtor.ca/real-estate/28729954/969-sunnywood-crt-saanich-broadmead”
They are asking $179k more than they bought in April. They are believing the market is up 9% since they purchased? That seems unrealistic and I would have thought they would have listed for the same or less than they bought.
That’s why neighborhoods with predominantly single car garages and driveways are always a mess on the street, littered with cars.
They also have no lights.
I’m seeing more of these electric scooters, they are basically a skateboard with a long handle. They fly down the road at over 30 kph and are impossible to see. No helmets, no insurance, no brains. They should be banned from the roads, like Segways were. Segways are bigger and more visible.
The current power grid will never be able to handle everyone driving an EV. Not unless you want a nuclear power plant in Duncan. The shift would have to be more geared toward RNG…Even that’s a stupid idea. I have a fleet of vehicles I send home every night with my guys to get home safely and arrive to work the next day. Where are these people supposed to park with these new builds? I’m on the hook for any parking tickets too BTW.
We should have been born 15 years earlier. Too bad, so sad. We play tiny violins for each other to try and ease the pain.
But more seriously – agreed. Zero car households are incredibly rare in Victoria, even among newer generations. Having lived in Korea (10x our population, 0.1x B.C.’s land area) – no-one owns a home without dedicated parking. Most Korean households have two parking spots, even condo owners. Could make that a reality here too but we won’t (who would patronize the tiny violin makers??)
What about all the people out there that need a vehicle to work and make a living?
Here’s the difference:
A nicely pitched roof will usually only start leaking if it is practically falling apart. I have seen some terrible looking roofs that still don ‘t leak.
Flat roof everything has to be more or less perfect or it leaks.
In this climate if you want longevity with a wooden house you want a pitched roof and overhangs that keep your walls dry most of the time.
52 Maquinna St. not having much luck so far. Price lowered to 2.5M now, $350k lower than what the neighbors sold for couple months ago.
That model works in selected areas around cook street village and dallas road, but without a specific location advantage I think it will be a hard sell….
Looking to those medium prices in the article , they look stable. Anyone have more granular knowledge of prices shifts August to September for duplexes or townhouses?
VREB data shows slight medium declines for SFDs into September, but is that where we are headed this year for under $1,000,000?
I’m honestly a bit baffled by these no parking developments (although, I think some of the Shelbourne ones VicREanalyst shared have parking). I know a lot of younger folks and couples that drive WAY LESS, but I know almost none that don’t have a car at all. Victoria is not exactly New York city…
>>> most of them just look like three story large homes ->
And who will want to pay $800k+ for a few rooms in a “three story large home”, with only “street parking”?
Any of these sold yet?” Seems like a horrible value proposition at that price point. People are better off with a townhouse for around the same price: https://www.realtor.ca/real-estate/27969347/1-2538-shelbourne-st-victoria-oaklands
I don’t know about hideous, most of them just look like three story large homes ->
https://www.realtor.ca/real-estate/28706346/1-1789-emerson-st-victoria-jubilee
Those houseplexes really are hideous. I would not want one “in my backyard”.
Interesting listings in broadmead, now there are two listings where the current sellers bought earlier this year and want to unload. The most recent one being this: https://www.realtor.ca/real-estate/28729954/969-sunnywood-crt-saanich-broadmead
Oh ok, my apologies. ya I think it makes sense but I can also see it being a service that a client would like since lot of clients probably don’t even think about a lawyer until they have an accepted offer.
We have a trust account, but we simply think it makes more sense to the deposit to go to the buyer’s lawyer.
I guess we don’t have an office either so would be a little difficult for a client to “drop it off.”
3% is the new 2%
Exactly, if the house adjacent to you is POS house on a decent flat lot then you are very much exposed to that risk now days. Just like that other monstrosity on Epsom: https://www.realtor.ca/real-estate/28499445/3820-epsom-dr-saanich-cedar-hill.
You just described one-quarter of the housing in Oak Bay.
Yes but before that “monstrosity” was built it was a 2bdr 1bth old house that was obviously going to get torn down when it changes owners. Buying near it you’d know either a new sfh or some form of duplex/triplex would eventually replace it
Somewhat true, but if it look at the lot on St. Patrick Street where this “monstrosity” is built, you’d never expect a multiplex to be built there.
If core inflation for July crosses 2.8% (to be released tomorrow), say goodbye to September rate cut.
Nothing is fool proof but you can reduce most of the risk with careful lot and neighborhood selection.
Sometimes even lots that I would have thought would have been relatively safe end up with something proposed near it. The properties bordering 1069 and 1101 beach probably felt fairly secure that they would likely not have a development next door but now there is a 568 unit development proposed. Though those lots are now up for sale so not sure what is going to happen with that site. https://www.realtor.ca/real-estate/28741196/10691101-beach-dr-oak-bay-south-oak-bay
Listed for 30+M more than the properties were purchased for
Lot selection!
Isn’t that just because your brokerage isn’t setup to take deposits as it is a discount brokerage?
Home price increases in smaller urban areas can be misleading—but they might signal a shift.
Smaller cities are showing higher percentage gains in home prices compared to large metropolitan areas. However, this can be deceptive. With fewer properties, even a modest population increase can create significant pressure on housing demand, driving prices up sharply. That said, this trend could reflect a broader movement: more people are choosing smaller urban areas over big cities, drawn by affordability, lifestyle, or remote work flexibility. So while the numbers may exaggerate the pace of growth, they might also be pointing to a real change in where people want to live.
This also an interesting read -> https://realestatemagazine.ca/ipro-realty-ltd-s-17-branches-to-close-following-reco-investigation/
Looks like a number of people on Reddit impacted by this and worried about their deposits -> https://www.reddit.com/r/TorontoRealEstate/comments/1mq87vv/ipro_realty_inc_to_be_closed_by_the_real_estate/
Over my 15 year career I’ve always had my buyer’s deposits go to their lawyer in trust and I always have people questioning this practice of mine as typically the deposit goes the the brokerage, but this one reason why deposit in trust with a law firm might be a better idea, imo.
https://realestatemagazine.ca/foch-canadian-home-sales-are-rising-because-prices-are-falling/
“Price growth patterns have varied sharply across Canadian cities. Toronto, Vancouver, and now Calgary have all recorded year-over-year price declines. Toronto’s price performance over the past five years is the weakest among major Canadian markets, up just over 15 per cent, while New Brunswick leads with an 80.9 per cent gain since July 2020. Over the past three years, Toronto has also experienced the sharpest price drop among major markets, whereas Quebec City has posted the strongest gains.”
In Victoria by comparison we are up 36.3% over 5 years.
Month Aug Aug
Year 2025 2024
Net Unconditional Sales 283 545
New Listings 589 1,043
Active Listings 3,605 3,191
Looks like we are on pace for last years sales numbers (on higher inventory).
https://www.oakbaynews.com/opinion/letter-oak-bay-residents-living-in-fear-of-densification-8188157
Where did you get that picture of Trudeau?
Frank. I never said life was cheap. Anyone that tells you otherwise obliviously has their head stuffed up their ass. Kinda like this guy…
Another step to add to the cost. I have a flat roof on my commercial building, just over 3000 sq. ft. footprint, 2 storeys. I hope I sell it before it needs a new roof. I’ve got better things to do with $50,000.
You can actually adhere a compound and add granule (sand) to protect the surface from the ultra violet rays of the sun to extend the longevity of the flat roofing surface.
The only thing wrong with a flat roof is the cost to replace it. They don’t last forever.
Seems like a bit of a broad brush being used here. There is nothing wrong with a flat roof, assuming it’s installed properly.
Any roof can suffer from this. If there’s poly on the inside and some low-permeable membrane on the outside (some peel and sticks) then trapped moisture has trouble getting out.
“are there some brackets or similar they can install”. The last two homes we bought new had a clip ring at the peak of the roof that contractors snap onto.
Thanks for the comments re: flat roofs. I was concerned that this could be a small picture of potential “leaky condo syndrome”. We’re moving on from it.
Yes, there are permanent harness anchors for gutter, roof servicing…etc.
I did not know that. So when the guys show up to clean the roof, I will know better.
As I have to put in a new roof, and will have people come every year to spray anti-moss, are there some brackets or similar they can install in the roof permanently to support the harness, that will not harm the roof or cause leaks to leave them in permanently? I don’t mind (much) what it looks like if they can do it from the back of the house. Seems better than having them screw something in every time and then removing it? Just thinking in terms of what’s better for the roof?
Its an immediate 10 grand if caught up there without a harness…No warnings.
Even the gutter cleaner or roof demosser is required by worksafe to be tied off at all times while working at heights.
My Doctor bought his practice off my original Doctor. He took on all his patients. It was a requirement that he interviewed us so he could size us up. It was a stipulation of his and he made this very clear to us…There will be absolutely No opiate prescriptions what so ever, None!
If you’re a pill junkie, virtual consultations are great. If you have a serious medical problem, you want an actual examination.
Relocating for better access to healthcare has long been a practical and often necessary decision, especially for older adults. If they can get a doctor. It’s not a new trend, but what’s interesting is how it’s evolving. Some retirees now choose smaller towns or rural areas, relying on virtual consultations and mobile health services — a shift from the traditional urban migration.
https://thefinancekey.com/reasons-behind-baby-boomers-exodus-from-these-5-cities/
Out where I have my cottage, there are surrounding areas with year round homes on a few acres or more. Most of the owners are getting older, the upkeep is onerous and health problems are forcing them to sell and move into the city. Mainly to be closer to doctors and specialists. I’d say there will be a push of baby boomers into cities, not the other way around.
Over the past couple of decades, housing construction in Canada’s major cities surged, driven by speculation and double-digit price increases. This boom created enormous wealth and drew people from rural areas into urban centers in search of high-paying construction jobs. The influx of workers further fueled demand for housing, pushing prices even higher.
Now, as home prices have reached unaffordable levels and construction begins to slow, many of those who migrated to the cities may return to rural communities. The cycle resembles historical booms — like gold rushes — where rapid growth was followed by a sharp correction. Just as prospectors once chased fleeting fortunes, the housing boom attracted labor and investment that may now disperse as the market cools.
The parallels are striking: speculative frenzy, mass migration, and eventual rebalancing. As the dust settles, Canada may witness a shift in population and opportunity back toward rural regions, echoing the aftermath of other economic booms throughout history.
Or
While it’s true that Canada’s housing market has seen explosive growth over the past two decades, it’s premature to declare the boom over or to expect a mass return to rural areas. Even as housing prices reach unaffordable levels for many, urban centers continue to attract talent in tech, finance, healthcare, and education. The gravitational pull of these industries keeps cities vibrant and growing.
Rather than collapsing, the housing market is evolving. We’re seeing a shift toward multi-family developments, rental units, and urban densification. Immigration continues to drive demand, and cities are adapting to new realities. The boom may be cooling, but it’s not ending — it’s recalibrating.
We’ve owned one home with a flat roof, and we regretted it very much.
Similar problems as with deck surfaces. Horizontal surfaces require more maintenance than vertical or inclined surfaces. Water pooling, snow loads, debris that can punture, people walking on the surface, etc.
I’m no expert, but have owned a house like this & every winter I hated the exposure to the rainstorms bouncing off my windows, with no overhangs. We did only have one leak, which I managed to fix. With proactive maintenance and keeping the drains clean, it would probably be fine, but at the end of the day this type of design just seems inherently more suitable to a California or Arizona type of climate.
A colleague at work bought a house like this where it turned out there had been consistent leakage that was unaddressed except cosmetically. Essentially, the house had leaky condo syndrome, water getting into the walls. It turned into a big lawsuit. The whole exterior of the entire house had to be taken down, everything fixed, re-stuccoed with proper drainage etc. I remember he sued a whole bunch of people (I think just about everyone you could think of other than the buyer’s agent) and ended up settling with all of them.
With proper maintenance it would probably be fine, I just personally wouldn’t feel comfortable with it. You might also want to check whether there’s an insurance issue or increased cost. And a proper inspection, probably a pretty intrusive one, would be key in my view.
Don’t mean to be a downer, it’s just my personal view.
Doing a flat roof is extremely expensive and usually done on commercial buildings. Don’t buy a house with a flat roof. My roofer did a large commercial flat roof- $400,000. Ouch.
What are the pros / cons of a torch on? In residences I typically see it with an Italian styled home (or at least that’s where I’ve noticed it), flat roof, and very often the house has the parapet roofs with no overhang. Would you buy a home with this style of house / roof design? Why or why not?
I ask in part because there is a home we are interested in that has a flat roof with the parapet design. Thanks
Roofing is risky business. Safety fines are astronomical.
Maybe he should stop setting fire to things.
And yes, that was a joke
My roofer just gave up on torching flat roofs, his insurance was $30,000.
Not familiar with this hood other than Olympic view golf course but 3567 Delblush Lane just sold for 1.14. looks like a bad comp for all the current sellers and recent buyers. I been warning for couple years now to stay away from the Westshore but ppl just can’t help themselves….
Frank, good to hear the market in Winnipeg is ripping higher. Crea reports July sales are continuing to gather steam and it looks like Canada has eked out a little growth in the first half. Go Canada Go
We’ve removed (to an extent) the main source of stimulus to our economy- high immigration levels. Housing seems to be stalling, however, the Winnipeg market is hot. Most listings go over ask with several offers. The house I bought had 9 offers and went $53,000 over ask. It was priced low and was very affordable because it needs work. You would love it Max, 11,000 sq. ft. lot, 2 double garages, every man’s dream. Most properties in move in shape are going $100,000 over. New houses and apartments are going up all over the city (lots of farmland). Population expected to reach 1,000,000 by 2030. What worries me is the big shareholders, hedge funds, mutual funds, ETFs, pension funds etc… are all being run, I suspect, by AI systems that are programmed to dump stocks when stop loss levels are reached, without human control. The panic selling would be catastrophic. Technology, ironically, could be our downfall.
So who’s going to be the last man standing here Frank? Which developed Country will it be? What’s the end game?
Economy looking a little shaky but TSX at all time highs up >12% YTD, up >21% 1-year, plus dividends. Seems like stock market isn’t directly correlated to the economy, or investors think economy will hang in there.
Vicre, There really isn’t anything going on I havnt been through before. Nobody I’m dealing with seem to be struggling that I know of. I think we are in different businesses and are having a different take on things .
Definitely not what I’ve been seeing if you look at Canada as a whole. Even in your industry, contractors and trades in Surrey are very motivated right now. I’ve heard some of them are coming to the island for work and undercutting prices.
More about TFSA. Since this is new to her. She wanted to know what should she invest int? I just said to park the money in TD bank stocks and then she can look around for what interests her.
Is that bad advice?
Vicre, meh I’m expecting more of the same , Canadas economy just chugs along .
You’ve got no choice but to hold telecoms, they’re in the toilet. BCE down 50%, Telus down 30% from its peak. Unless you want to take a loss in your TSFA that can’t be used against any future capital gains, that money is a complete write off, gone.
Heard of global company with mid-sized local operations had some layoffs today. Tariffs are hitting, thursty is gona be thirsty for real soon.
There’s a few like it, PSA.TO is another one.
Telecom is a defensive sector not growth, should fare better than other sectors in a downturn. Basically just collect the dividend and don’t expect any meaning full appreciation unless after a huge drop.
Telecoms I worry about lower immigration numbers and a bunch of other crap. 100% agree on the timing….impossible.
Cash.to seems like a useful tool if you are exiting the market for a bit.
https://www.ctvnews.ca/toronto/politics/queens-park/article/ontario-orders-its-public-servants-back-to-office-full-time-saying-it-reflects-current-workforce-landscape/
Don’t say I didn’t warn you when BC puts this on the table 😉
Ironically it will be the very nimbys that oppose development will see their land values uplifted by the multiplex zoning. PoS houses on flat lots, I am still surprised they were able to fit 4 townhouses in that SFH lot on lower mcbriar. Parking turning radius seems super tight for longer vehicles.
I’d keep the utilities and telecoms and gradually sell off the higher beta equities into the strong market. Impossible to time the top so just sell off a portion each day.
For my business I guess because people move more frequently?, but I live in a principal residence that is well below the SFH median and unlikely to appreciate at a great pace as it is a condo so I doubt I’ll be pocketing large tax free appreciation anytime soon.
Those in $1.5 mill + SFHs in the core are likely to benefit the most in terms of absolute numbers.
“and principal residence capital gains exemptions”
Particularly for people like you, because there’s no income tax penalty to turning over your principal residence. 🙂
“each year you are over 18 so if you are 22 you could contribute the last 4 years worth in one lump sum”
Five years, because that’s the number of years you’ve been 18 or older. I.e. if you were born in 2003 you were 18+ in at least part of 2021,2022,2023,2024, and 2025.
“You cannot open a TFSA or contribute to one until you turn 18. However, when you turn 18, you will be able to contribute up to the full TFSA dollar limit for that year.”
Not a bad idea Marko. Trees don’t grow to the moon.
and principal residence capital gains exemptions 🙂
I did this for 10+ years but now even in my TSFA I super conservative. That being said even the super conservative stuff has been insane this year. Fortis up 18% YTD, TD up 34%…what da? I am at the point where I am considering liquidating everything TSFA/RRSPs and moving it into CASH.TO for a few months. Seems like there is limited upside left, but defintively potential for downside.
If you are doing well personally then likely the people you associate with are also similar so not uncommon for some people to have that perspective. Same applies vice versa, just go hop over to that Vancouver Island housing FB group and see all the whining and moaning and there.
There is beneficiary and successor. Anybody can be a beneficiary and they just get the money tax free. A successor must be a spouse and gets to keep the TFSA and its future tax free earnings. Successor looks to be by far the best bet if you can do it. I am no expert so all of this should be checked with the CRA website. IMHO TFSA is by far the biggest gift the government has ever made to tax payers. Everybody’s circumstances are different but a TFSA was far better than an RRSP for me. The only thing I liked about an RRSP was the ability to transfer money to a spouse with fewer holdings so a legal way around the attribution laws.
The max is indeed $102,000. Whether you can put that all in depends significantly on your age. You can also check your contribution room by logging into your CRA account (though the info on that website is not always quite up to date). In any event, the details are here & are not complicated:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/contributions.html
If you name your spouse as beneficiary, the TFSA maintains its tax-exempt status when the account passes to him/her. If you’ve named someone else, it ceases to be a TFSA on death, but the full value of it at that point is tax-free in the hands of the estate or beneficiary. Only any income or gains earned in the former TFSA since the day of death are subject to tax.
I’d say the TFSA is the greatest gift a government ever gave us.
Of course, everything depends on how you invest it, but it represents pretty much the most useful, flexible tax-sheltered environment available to you, so don’t waste it. Some people hold GICs and other interest-bearing deposits within the TFSA, figuring this saves them the up to 50% or whatever tax rate applicable if they were to hold the GIC directly instead, but that’s not the best use of the TFSA in my view. I think you’re far better off holding your highest-growth assets within the TFSA, to get the maximum bang for your buck.
If you are relatively new to investing, an ETF representing a diversified world-wide equity portfolio (like VEQT, or XAW) could make sense, for instance, and isn’t likely to get you into too much trouble if you hold it long enough. Of course do your own due diligence. I keep our TFSAs for my highest-conviction ideas, for what it’s worth
Did you name a beneficiary for the TFSA? And do you recall the tax implications for the beneficiary upon death?
I just started a TSFA, was able to put in the max, $102,000.
You can contribute for each year you are over 18 so if you are 22 you could contribute the last 4 years worth in one lump sum. The CRA website explains all this quite well. You should check to make sure you don’t screw up the first year or the last year with things like when you turn 18 etc. Be careful with withdrawal and re contribution as lots of people get burned this way. (you can withdraw but you can’t put it back in the same year)
For those that have knowledge about TFSA. If someone has never opened a TFSA. How much can they contribute as a lump sum amount today? For example could they put $30,000 into a TFSA today or is there a limitation?
Thursty- What percentage of Canadians are doing well financially? Probably less than 50%. Varies region to region. Higher concentration in Victoria because of its size.
Thursty, would you mind sharing where you’re procuring your hallucinogenic mushrooms? You seem to have an exceptional supplier, and it’s kind of selfish to not be spreading around the joy.
Frank, not much happening out there that I’m fussed about. I think Canadians are doing well financially and should be out there enjoying themselves , no need to worry about what’s around the corner.
Thursty- History has a way of repeating itself. Have you visited the Roman Empire lately. Maybe you have some friends that are Pharaohs. A madman brought down the British Empire in a few years. Plenty of madmen around these days with even greater power. Take a look at some charts of the national debt of all the developed countries. They’ve all run up massive deficits.
They should have known damn straight to have to have all those nets in place prior to crashing it all down.
Not going to happen , talk of some big economic collapse is just rubbish not baked in reality . The great depression’s is absolutely irrelevant in 2025 . Funny to read this gibberish, very entertaining though
A small percentage of people owned stocks in the 1920’s, less than 10%. The crash did not create the Great Depression, however it did produce an uptick in skydiving. The tariffs affected everyone, except the skydivers. Conversely, a crash today would hit almost everyone.
True, but take a look at the unemployment rate in 1930. It was tariffs that put the “Great” in the Great Depression.
It’s a good point. For older people depending on their stock market investments to fund retirement, remember that if you lose 50%, you’d need to gain 100% to recoup those losses. If that would be a big problem, it might be good to hedge or at least diversify.
In addition to city-level inspections, some building standards require 3rd party inspection throughout the build process. This is to verify that what is built meets specific criteria (as laid out in the plans). Some folks tout this as one of the biggest benefits of these standards – you’re effectively getting a high-level quality assurance on your building envelope and mechanical systems (which are often not inspectable once covered over).
Infrequent- Sure sounds a lot like our current situation. Stock market frenzy coupled with world wide tariffs. No matter how you slice it, things can get nasty fast. Brace yourself.
Hearing a lot of people are finding it difficult to get steady work. Apparently the government’s story that we need more immigrants to bolster our workforce is a lie. AI has just started to have an impact on employment, tech companies are laying off thousands. Hope you’re good with your hands, always demand for manual labor.
I would like to see an inspection system similar to when automobiles change hands. Prior to putting the house on the market, owners should supply a safety inspection. A property that passes the inspection would bring a higher price while a property that had several deficiencies would either be required to fix the problems or sell the property “as is”, resulting in a lower price. This might result in more red tape but it’s the largest investment most people make. They do it for automobiles, why not houses? The house I recently bought was an estate sale and it was made perfectly clear that it was sold “as is”. I’ve bought enough real estate ( around 12) to know what I’m doing. If I miss something, I’m a big boy and can handle it.
The Roaring Twenties saw a surge of stock market investment driven by optimism and speculation, with little regard for underlying fundamentals. The same pattern repeated during the dot-com bubble, where investors chased internet companies based on potential rather than profitability. Today’s AI boom appears to be following a similar trajectory—hype and high valuations often outpacing real-world performance or sustainable business models.
That doesn’t mean I won’t be investing in AI. I’ll ride the wave.
While a home inspection is an important step in the buying process, it’s crucial to understand its limitations. A home inspector provides a visual assessment of the property’s condition, but they’re not able to see behind walls or predict future issues. The inspection is not a guarantee, warranty, or insurance policy — it simply offers a snapshot of the home’s current state based on what’s visible and accessible at the time.
Under contract law, the principle of buyer beware still applies when buying a home. That means it’s up to the buyer to conduct proper due diligence before finalizing the purchase. Home inspections, reviewing disclosures, and asking the right questions are all essential steps.
While sellers are required to disclose known hidden defects, they aren’t obligated to point out obvious issues. Unless there’s fraud or misrepresentation, buyers generally bear the risk — so it’s important to protect yourself through careful inspection and a well-drafted contract.
“Tariffs caused the Great Depression, hold onto your hats.”
Respectfully, I believe this is false. The stock market crash of 1929, banking failures, and collapsing consumer confidence/spending all began before the Smoot-Hawley Tariff was passed in mid-1930. Tariffs made things worse afterward by shrinking global trade, but they didn’t cause the Great Depression.
Nope**. This was an “asking for a friend” type request. Appreciate the suggestions and the discussion re inspectors.
My impression re inspectors. 1) There is a pretty low barrier to entry. 2) The difference between a good inspection and a crappy inspection isn’t immediately apparent to many homeowners. These two things allow some crappy inspectors to stay in business.
**probably never moving within Victoria. Might sell and move up island at some point
Since there’s no immediate knowledge of whether they did good work, those ratings might be based more on their affability than their competence.
and that is why you hire a competent one that is qualified to take of the main breaker panel. All the ones I work take the panel cover off.
Two to three times a year my buyers google/reddit hiring an inspector and then they find advice online to never trust an inspector recommendation from a real estate agent (theory being real estate agent will recommend someone that sugar coats the inspection to make the dealer easier for him or her). So a few times year my buyers source their own inspector and I could do a better inspection myself than some of these inspector my buyers find on their own. Had this happen a couple of months ago and inspector is telling us sewage injection pump is servicing the entire house when it was 100% clear in the basement that upper two floors were gravity and only the basement was being pumped.
Also, not sure what is going on with google reviews these day but some of these horrible inspectors will have a 5.0/5.0 rating on google with 100s of reviews.
Two or three inspectors at most. No one said anything about “ten” inspections.
I’ve done it this way all my life and it has proven worth the money.
It’s been my experience that home inspectors are quite limited in their knowledge. That’s my opinion.
Example: Many are not qualified to take off the main breaker panel cover. (Missing signs of arcing etc.)
It’s a mixed bag out there and the key takeaway is that you are on your own.
The first thing home inspectors do is shove a sheet of paper in front of you stating that they can’t be held responsible.
It’s a joke. Having said that….. I have seen some improvements in home inspections.
On the key issues, such as electrical…get the people who have their full qualifications.
Home inspector isn’t going to inspect septic tank, check function of the well, scope drain tiles, scan for oil tank, etc., those are separate inspections; however, it would take 10 people to inspect what is within the scope of a good home inspection – electrician, plumber, roofer, engineer (who is going to check the foundation for cracks? the roofer?), hazmat tech (someone needs to go into attic to check for vermiculite, etc.), etc.
In your particular scenario, 100% makes sense.
Depends on the property I would think. Your average home inspector is not realistically going to get into checking your septic in any “depth” if you have one, and I’ve seen more than one inspection where the guy clearly wasn’t even going to get a ladder to go up on the roof until I specifically asked him to. Of course, it all depends on who you get, but sometimes if you’re Joe homeowner who doesn’t have reliable contacts, you just don’t know. Our last purchase, we had a home inspector, septic, and geotech for being on a slope. All worth it to us. OTOH if buying a condo for instance, I don’t see a point to an “inspection” & it’s more what can you see yourself, what do you see in the minutes, etc. Actually, if buying a condo, I’d be more inclined to get someone to walk around the building with me if the envelope status wasn’t clear from minutes or otherwise? But I’m no expert.
So get 10+ inspections? Doesn’t work like that in real life unfortunately – if only every house was vacant and every trade able to come on short notice.
Your best bet is to get a very good home inspector and then if he or she has concerns or questions they can’t answer call in the appropriate trades people. For example, if home inspector notices aluminum or knob and tube or else then you phone in an electrician.
My advice on house inspection:
Get a “qualified” electrician to inspect the electrical.
Get a septic company to inspect the septic system if it is on septic.
Get a roofer to evaluate the roof. (Even if it is a new one)
Keep your radar switched on when buying a “cleaned up” house.
You are on your own when it comes down to it.
Keep in mind that you are not really buying a house. You are buying location.
I know someone that walked away from buying their million dollar dream home because the hot water tank was more than six years old.
An old house….is an old house. Don’t expect perfection. It’s going to have gremlins. Same with a new house.
We had an experience, not very long ago, when I asked the listing agent how much power actually came onto the property. He insisted that there was two hundred amps total. I asked him to check with Hydro for us. He didn’t.
Instead, he proceeded to give me a lecture on how his father’s farm operated on 200 amps just fine etc etc. and that 200 amps would be more than enough power for the property, which included a large house with a legal suite and a (((massive)))) workshop.
To me….it looked like there was 400 amps coming onto the property. There were two meters, (Partially hidden by blackberry bushes.) And the fuses in all the main electrical boxes seemed to add up to way more power….but I didn’t trust my scant knowledge of electricity.
An electrician gave us a report on all the electrical ……..and confirmed to us that there was 400 amps coming onto the property.
The listing agent didn’t seem interested in checking. I am convinced to this day that the seller was not asked or informed and had no idea of the extra value 400 amps represented.
The end result worked out perfect for our purposes. One of those times when you win one:)
Frank, that’s a great question about whether a buyer’s agent is responsible for pointing out physical faults in a property. For most agents, this falls outside the scope of their professional expertise. However, some agents market themselves based on prior experience in construction, which can be a valuable asset to their clients.
As long as the agent is not misleading you—either through negligence (failing to disclose something they reasonably should have known) or fraud (intentionally misrepresenting their qualifications or the condition of the property)—there’s generally no issue.
If an agent promotes their construction background and uses it to offer informal insights, that’s fine, provided they’re transparent about their limitations and not presenting themselves as a licensed inspector.
Ultimately, it’s always wise to rely on qualified professionals for a thorough property inspection. An agent’s role is to guide and advocate, not to diagnose structural issues.
Caveat – we liked Brad O’Connor with Coastal Inspection Services. Very thorough and a nice guy.
Are you moving?
People should keep their ignorant opinions to themselves. An inability to do so indicates a mental instability.
Congratulations, you bought a POS house in a POS location. Enjoy!
Isn’t the buyer’s agent responsible for pointing out faults in a property to a certain extent? After all, they are real estate “experts”. The seller is also responsible to disclose any known problems (haha). Buyers should educate themselves on the workings of a house. Yes, the quartz countertops are nice, but what lies below? I recently purchased a house in Winnipeg. I saw the rotted deck, noted the newer roof, didn’t see any cracks in the original walls, etc… The kitchen needs a complete redo, bathrooms are small and dated but functional, and yes the house reeks of cigarette smoke. Nothing that can’t be fixed by myself with a little help. By the way, the same house in Victoria would have been a million more than the $363,600 I paid.
Thanks Marko and Joe for the inspector recommendations! Much appreciated.
Somethings gotta go wrong, Its feeling way too damn good.
Name that performer?
Ofcourse I could be totally wrong. It wouldn’t be the first and It certainly won’t be last time I was wrong. I personally think the construction industry is going to take a serious beating and every small business that is in some way attached to the construction industry will take an even harder beating.
I think we are currently in the eye of the storm.
Russ McCarthy from Barnes and Company is the best imo. A couple of brand new homes I built the buyers hired him and when I called the trades back to address the deficiencies even they were like in earth did the inspector pick this up. Only issue with Russ is he is so busy if you have a short conditional period unlikely he is available.
Strong second would be James Parr Sound n Safe. Takes his time with the walk-through with buyers at the end of you like every small detail explained.
Yes, September is uniformly awful for stocks. Although maybe April was our September this year.
I do too. Somethings gotta give here man.
That said, most ADMs would not be junior employees so they would have presumably built up some saving or home equity in a starter home over the years in lesser roles and would be in a position for perhaps upper middle housing in places like Broadmead or Fairfield, wouldn’t you say?
I had a great experience with Kenny Kan from A Buyer’s Choice. Showed every bit of ugly in the home I was interested in purchasing.
looking for a diligent home inspector (if such a thing exists) – any recommendations here?
Definitely looking for someone better than the “see no evil” fellow who was the last inspector I hired
approx 170-240 is the range. Not actually that much considering the workload (i know a few). Still combine with a spouse making 100k and you are doing OK
Not pertaining to possibility of losing their job. Moreso when there is a reasonable opportunity to buy for the most part buyers are gun shy.
Great time to buy like 2010-2014 = crap real estate volumes.
Horrible times to buy = record setting sale volumes.
maybe https://thehappynest.ca/ ?
What is the context? Are you getting a home ready for sale?
I don’t know, I heard pay isn’t that great at around 200k, so depending on what the spouse does it could be lower middle and middle market housing. I’ve heard most middle management and above in provincial related government, crown or health authority are having anxiety about job security.
ADM cuts will hurt the upper middle range of the market I am guessing.
I think a crash is coming, beginning with the stock market. September is notoriously the worst month of the year. Will real estate follow? Probably to some extent, buyers reluctant to take on debt making selling difficult. This exuberance is unsustainable. Trump is causing too much uncertainty, markets don’t like that. The wars are only going to get worse given the maniacs in charge.
Heard of some more ADM level employees being let go from the provincial government last week. Doesn’t seem like many provincial government employees (at least those that earn enough to be able to afford a house) are interested in buying RE until this round of doge is behind them. Marko are some of your government worker clients getting gun shy with respect to buying or upgrading recently?
Yeah, no matter how much liquidity comes from Trump forcing rate drops, the overall market panic and loss of institutional confidence where the US FED being tied to hourly social media whims will lead to a new economic crisis. Non-independent political focused decisions at the US FED will tank real estate more anything else because there will be no confidence.
Vicre, funny times , I wouldn’t read too much into it. The market is clearly shifting but with trump it’s all an experiment. We still have a well balanced market and an economy still showing growth
Thanks for the home staging suggestions, Marko. One of them is away for the month, and it hast not been possible to reach anyone on instagram. Is there another way to reach maisonchicstyles or any other options? For me, it is realtor recommendations that are essential at times like these.
getting really thursty out there eh? lot of no bites on homes priced to the last comp currently, this just started like 3 weeks ago.
Inflation is over rated , higher asset prices are the name of the game
Tariffs caused the Great Depression, hold onto your hats.
Or inflation will sky-rocket and nothing will be affordable anymore, including real estate
Old and Gold on Fort Street among several other. I offloaded some inherited cufflinks 18 months ago
Month Aug Aug
Year 2025 2024
New Unconditional Sales 169 545
New Listings 340 1,043
Active Listings 3,607 3,191
Sales pace slowing down.
Well Powell is gone and trump wants some big cuts to interest rates , and this will blow up asset prices around the world imo. Sunny days ahead for people leveraging up and going big on real estate.
Canada’s longest trial has ended concerning land claims rights in B.C. This opens up a can of worms that will take decades and billions of dollars to settle. Time to move out of this country.
Historically, real estate has been seen as a hedge against inflation. The same with gold. Actually I have abox of gold jewelry I should get rid of. Anyone know of a place that will buy gold?
Patrick, in my estimation the U.S will do 50 point cut in September or more and Canada will get a 25 point cut.
12% and rising growth rate for world M2 money supply, and rate cuts likely coming for USA and Canada. Factors likely to propel asset prices higher, including Victoria house prices. https://www.marketwatch.com/story/money-supply-growth-and-a-wave-of-rate-cuts-outside-the-u-s-are-propelling-stocks-says-this-fund-manager-28c24ce9?mod=home_lead
Listen to me. I totally understand that dementia is a very hard pill to swallow. I really don’t think there will be any reprimands or fines for whoever the fuck it is that you are talking about.
Back in 2012, the regulatory environment was much more forgiving. But today, the consequences of non-compliance are serious and immediate. If this same situation happened now, her insurance would be cancelled, and she could face formal reprimands or even fines.
Well, now that you have me intrigued into this discussion. I checked out my records and it wasn’t 20 years ago. It was 13 years ago back in 2012. This is the only reason I still have a mortgage on the house. This was not my own decision, it was a decision made by both myself and my Wife of almost 36 years now…We haven’t been married that long but that’s when we hooked up.
This would have been back when the financial institutions were handing out Helocs like no tomorrow since they thought forsure that you were richer than you think. In the end…It turned out to be the best decision the two of us have ever made in our lives. Was it a gamble? your damn straight it was. I’m not talking about the garden suite here. It was business related.
You may ask, well why don’t the two of you just pay the mortgage off entirely since things seem to be going very well for the two of you at this time. Because 3.99% is very cheap money…That’s why.
how long ago max.
assignment of rents…
An assignment of rent is a binding contract between a lender and a borrower stipulating that in the event the borrower defaults on the mortgage, the lender will be entitled to collect any rent payments made by a tenant occupying the property.
https://jahanlaw.ca/client-resources/real-estate-law-insights/what-is-an-assignment-of-rents/
I didn’t even have a tenant occupying the property and they still gave me a buck twenty five.
This was Coast Capital, it was no B-lender. They came to my house took a couple of pictures, realized the in-law suite was completely vacant. They just wanted the rental income potential, they could really give a shit.
20 years is a long time ago. A lot of bank regulations were changed after the 2008 financial crisis.
You might be able to use the income from an illegal suite through a B-Lender as long as you have documentation of the actual rent. If you don’t then you’ll need to find a third party to provide income verification. And that is not likely as providing a rent estimate on an illegal suite that someone relies on to purchase a home or obtain financing would be misrepresentation or possiblly fraud.
https://www.8x.realestate/blog/buying-home-with-a-suite-in-victoria-bc-what-is-legal-legal-non-conforming-illegal
This is where I didn’t want to comply. It would have tacked on an extra $100 grand for the build at the very least. So long as the building went through the entire building permit process to completion….Your golden!
As long as the structure was constructed with full transparency with the municipality and the building permit complies with your application request and the zoning allows for an additional accessory building and have every building inspection performed and recorded on file (which is automatic) your good to go.
Every dime you spend on a well thought out accessory building is value added to the property. If I had of went through the rezoning application and dropped the extra $100 grand for the build I would have been far better off just building an in ground swimming pool in my front yard since the value added to the property would be seriously negligible considering the money I would have had to put in to it…It just wouldn’t have made any financial sense.
And as long as I have a heart beat, this house will never be for sale.
They don’t. 20 years ago I leveraged $125 grand from the house. I had a simple In-law suite downstairs that wasn’t even rented. They just wanted our signatures on what was called an assignment of rents for an unauthorized or non-conforming In-law suite. It was super easy to do and arrange the financing.
I doubt that banks would generally have any issue with an unauthorized suite.
I had a bank tell me once that the suite was not authorized and so I would have to block up the basement door and not use the space.
I told the person on the phone that they were a complete idiot and that I’d never run into that problem in my entire lifetime. I pointed out that Victoria had thousands of houses with unauthorized suites. Three days later the bank called me back and said that they would do me a great favor and allow the suite after all. I told them I had secured a mortgage from somewhere else and hung up on them.
Having an unauthorized suite can still create some problems. I once wanted to do a renovation to one of our houses in the early days of my youth and the city would not process the plans because of the unauthorized suite. So it is something to keep in mind.
There must be tens of thousands of houses across Canada with unauthorized suites. A huge chunk of those would have been done without permits. That’s just a fact of life.
We need less red tape and more music in our lives!
I thought Victoria had only two seasons? Asphalt season and not asphalt season.
Max FYI – you have it backwards.
There’s an important difference between legality and conformity when it comes to land use and development.
Conformity relates to the land itself—specifically, whether the use aligns with the current zoning bylaws.
For example, if a property is zoned for two-family use and the site meets the minimum requirements (such as setbacks), then it conforms to the zoning.
Legality, on the other hand, pertains to the improvements on the land—whether the structures were built with proper permits. If there’s no building permit for the improvements, then the use is not legally permitted, even if the zoning allows it.
A common example in Victoria is triplexes. Many are authorized by the City to operate with three suites, but the land is zoned for single-family use. These buildings are considered legal non-conforming uses. If such a building were destroyed, the owner would need to apply for a new permit to rebuild a three-unit structure, which may not be approved under current zoning.
To avoid confusion and unnecessary conflict, I use the terms authorized and unauthorized rather than “legal” and “illegal.” These terms are more accurate and less emotionally charged, especially when discussing zoning and permitting issues. Legal and illegal often implies criminality, which isn’t acurate for most zoning or permitting issues.
Yes, I can see that. The winters are so mild here, there’s nothing to hate really. Not like back east. Anyway, it’s burned into me to enjoy the escape from Canadian winter. My adult kids grew up here and they are like you, in that they enjoy all 4 seasons here.
No it isn’t. Its considered non conforming.
You are very old school and it has become very clear to me that you haven’t a clue of WTF it is that you are talking about.
I had total permit approval for the accessory building throughout the entire build.
WTF is wrong with you anyway?
Your a special kind of stupid.
Max, there are two key issues here.
First, while your zoning may permit a secondary dwelling, that alone doesn’t make the suite legal. You still need to obtain a building permit for its construction. Without one, the suite is considered unauthorized.
If I were to call the city and ask whether a permit exists for the suite, they’d likely say no—or confirm that the only permit on file is for a workshop. They won’t recognize the suite as legal unless it was explicitly approved.
Second, although it’s unlikely a by-law officer would visit your property without a written complaint, the lack of a permit could become a serious issue when you decide to sell. You’ll be required to disclose to any potential buyer that the suite is unpermitted.
This disclosure can affect the buyer’s ability to secure financing. Most lenders won’t count income from an unauthorized suite when assessing mortgage eligibility. If the suite were ever shut down, the buyer could lose up to $3,000 a month in rental income—potentially making it impossible to meet mortgage payments and increasing the risk of loan default.
Your assumption that this “guest house” will add value to your property might not be entirely accurate. In the past prospective purchasers didn’t care too much if the suite was legal or not. There weren’t too many around. Today there are a lot of homes that have legal suites in Langford. Buyers don’t have to gamble on the legality of the suite as there are a lot of properties without this black mark.
We were both born on the Island. We actually enjoy the changing of the seasons. By the time the summer is over we are both done with it. We just go into hibernation mode, bring in all the firewood to last the next 8 months. Its not like we have to work out there in the pissing down rain. I actually enjoy our rainy season.
I find it to be a very cozy time. I also have a pretty killer man cave going on downstairs.
That sums things up nicely for me too. I grew up out east, with bitterly cold winters. And so I’ve had enough to last a life time. So I love a warm getaway for the winter.
Read my post again, I edited it. It is perfectly legal to have a self contained guest house on your property if zoning allows. I have a 1/4 acre lot, so I was allowed. Like I’m talking 4 piece bath, kitchen, stacking w/d all hooked up to sewer. I went through the entire permit process right up to completion.
At the end of the day what really matters is a permit was in place for the build. Resulting in value added to the property.
If you were to actually call it a dwelling. Just the fire, police, ambulance requirements are insane.
These rules are seriously relaxed if its just guest accommodation.
I come across this from time to time Max. Someone submits plans for a workshop and then finishes it with a suite. Now they have an illegal suite that was never inspected by the city.
Exactly. Just don’t call it an ADU and save yourself tens of thousands of dollars on the build. Even in Langford for a secondary detached dwelling requires rezoning of the property. It was Lanford city hall that advised me to not call it a dwelling.
At the end of the day what really matters is a permit was in place for the build. Resulting in value added to the property.
If you’re within a decade of retirement, it’s time to think seriously about building an Accessory Dwelling Unit (ADU). The cost of maintaining a single-family home is only going to climb—property taxes, insurance, repairs, utilities—and for many, retirement means a significant drop in income. That math doesn’t work forever.
Meanwhile, your need for a large home is likely to shrink. The kids will eventually flee the nest in search of better economic opportunities, leaving you with empty rooms and rising bills.
An ADU offers a smart pivot:
You can downsize without leaving your neighborhood.
Rent out the main house for income or offer it to family.
Use the ADU yourself and enjoy lower maintenance and utility costs.
Increase your property’s value and flexibility for future buyers.
It’s a practical move that aligns with the broader push to fill the “missing middle” in housing—creating more options between sprawling single-family homes and high-rise apartments.
For those within a decade of retirement, building an (ADU might not seem like a financially sound decision right now. Construction costs are high, and the return on investment isn’t always immediate. But fast-forward ten years—after a solid chunk of mortgage paydown and rising property values—and that ADU could be the smartest move you made.
And that’s great. Since moving here four years ago & meeting a bunch of new people, I’ve found this is a pretty common outlook for many folks here on the Island – and for good reason, I mean it’s beautiful here compared to many, many parts of the world anyways. Summers on the Island, there’s nowhere else I’d rather be, and we don’t travel at those times. Winters are another story; I can’t take the dreary darkness and will pay just about anything to get to the sun.
Which comes back to my original point of house selection being the most important if you don’t want a multiplex built next to you. The covenant will just offer some secondary support.
The harder they fight the more likely it is government just steps in and says covenants of such nature are invalid.
Oak Bay fought this small building on Oak Bay Ave in-between other buildings for 10 years -> https://cheknews.ca/oak-bay-council-finally-approves-condo-project-after-10-years-1172913/
Now people have the same massing of multiplexes going up next to them on residential streets in South Oak Bay and they can’t do anything about it 🙂
That being have the associations in Dean Park or Broadmead ever gone after anyone for a suite citing to covenant?
I don’t know what it is about me but I’ve never really been much into travel. Maybe I’m just a simple man, or maybe I’m just happy with what I already have. Over the years I just focused my time and money creating my own little oasis right here in my yard.
I would expect the association to fight hard as they would not want to open the floodgates to their neighborhood.
I agree, that’s why I don’t rent out my principal residence and I pay extra for business class on long flights and do nicer hotels on vacation (within reason). I know people with much higher net worth than me that rents out their principal residence and flys absolute basic economy and stays at bargain bin hotels on vacation. Now I do have the benefits of accumulating a significant amount of airline/hotel points through work travels but I would still do it if I had to pay entirely out of pocket.
Sounds like a litigation nightmare.
Not sure, but you have some listed on MLS right now with full on suites. How does the association take a multiplex to court? “Yes, we did nothing about secondary suites for 30-40 years which also contravene the covenant; however, we don’t like these new multi-plexes which contravene the covenant.”
Municipalities have already made it clear they won’t enforce private covenants so it would come down to the association vs multi-plex owner.
Dude, you are only given one life. Lifestyle is priority… That’s just how we roll. Some people call it the Island life or just Island time.
It doesn’t come cheap.
Some people rather sacrifice lifestyle for money, mostly asian and south asian groups.
Please tell me why anyone living in oak bay would have a rental suite in their PR? Is it just a labour of love?
> My guess is government would intervene and come up with something that makes any covenants restricting minimum provincial density bylaws invalid.
Passing of Bill 44 has upzoned about 60,000 SFH lots in greater Victoria to allow 4-6 units. So there is a huge increase in missing middle ready sites. There are thousands of SFH for sale now and most of them would be zoned for multi-units.
The point being, sure the government could pass another law to force absolutely every neighbourhood to allow upzoning. But it would make sense to first wait and see if we have a shortage of available missing middle ready lots. At present, as pointed out on HHV there are currently many and better options for missing middle sites, and I expect the government will wait until a shortage appears before trying to invalidate the covenants by a new law.
In June (and YTD), 96% of new G.Victoria starts were multi-family, and only 4% were SFH. Do they really need to pass more laws to push SFH builds to lower numbers than 4%?
Misery enjoys company.
What do you estimate that to be? I am assuming still much lower than other areas of the core and similar to oak bay?
Targeting the more well off people is usually supported by the public.
To me, that tells me there is a very good possibility they could be dependant on that rental income every month.
Government in recent years overnight banned rental restrictions in strata’s, age restrictions, took away owner property rights in terms of short term rentals, etc.
When it comes to private covenants in Broadmead and Dean Park, for example, the municipality doesn’t get involved so they would process the BP so it would be up to the association to take the owner to court…..and I am sure that would go over well publicly. My guess is government would intervene and come up with something that makes any covenants restricting minimum provincial density bylaws invalid.
Also, plenty of houses in Dean Park and Broadmead with full on suites already.
Another reason why no one is likely going to build a multiplex on a sfh lot in broadmead for the foreseeable future.
You do understand that’s a first world problem?
Many people mistakenly believe that real estate operates as a purely free market—but that hasn’t been true for a long time. Once governments increased their involvement in housing and began collecting substantial revenue from it, they had a financial incentive to promote new development. The more housing that was built, the more money flowed in through property taxes, land transfer fees, and other mechanisms.
Real estate is not a free market. It’s a mixed market—one that follows some free-market principles but is heavily shaped by government policy, regulation, and fiscal interests. This influence distorts supply, demand, and pricing in ways that a truly free market wouldn’t.
Governments and developers often promote the idea that we can “build our way out” of the housing crisis. For instance, the Canada Mortgage and Housing Corporation (CMHC) has proposed constructing 5.8 million new homes by 2030 to restore affordability. But that doesn’t necessarily mean the average home will become cheaper. It all depends on how “affordability” is defined.
What we’re doing is trading steak for hamburger just to meet the definition of “affordable.” Instead of restoring meaningful affordability—where families can comfortably live without sacrificing essentials—we’re lowering the standard to make the numbers work.
Bill 44 (BC multi-unit upzoning) didn’t change anything regarding covenants. Bill 44 did remove a separate obstacle to multi-unit homes, namely upzoning to allow multi family homes. But the covenants remain, and would need to be defeated in court on the merits. That has happened in two small cases recently, but those were on separate issues unaffected by Bill 44.
In one case, the party holding the covenant was a dissolved company so the covenant was unenforceable. In another, the covenant wording was unclear, and was still considered valid, but reworded. Neither of those cases involved bill 44, and wouldn’t have any effect on enforceability of other covenants like Broadmead.
The government has always stepped in with stimulus. Its way cheaper than having everyone on the dole. Its not like its the first rental boom we’ve had. Look at the Gorge or James Bay, those were all rentals back in the 70’s. Its clear to me every now and then a rental boom is required.
Kind of makes you wonder if the 70’s were an inflationary period too?
In July, the median price of a downtown condo dipped slightly to $510,500, down from approximately $530,000 over the previous two months. Meanwhile, the average asking rent remains steady at $26,772 per year, resulting in a Gross Rent Multiplier (GRM) of 19.
Historically, GRMs for downtown condos have hovered around 20, with peaks reaching as high as 22. This slight decline in GRM suggests a modest improvement in rental yield for investors.
Encouragingly, government incentives to boost rental construction appear to be having a positive effect. New rental units are entering the market without triggering a flood of lower-cost options, helping maintain stability in both rental rates and property values.
Of course, these dynamics can shift, but it’s not as simple as announcing that another thousand rental units are coming online. Pricing matters. For new rentals to have a meaningful impact, they must be priced appropriately—not just listed optimistically.
A key challenge is the lack of transparency around realized rents. While asking rents are widely reported, it’s often assumed they closely reflect what tenants actually pay. In reality, concessions, negotiated discounts, and lease incentives can create a significant gap between asking and realized rents.
Unfortunately, there’s no public database that tracks actual lease outcomes, making it difficult to assess the true affordability or competitiveness of new rental stock. This opacity can distort GRM calculations and investor expectations, especially in a market where incentives are shaping supply.
Frank, in a truly free and open market, homebuilders respond directly to profitability. If constructing new housing becomes unprofitable—due to low demand, rising costs, or other market pressures—builders naturally scale back or stop altogether.
However, government incentives, subsidies, and mandates can distort these market signals. When public funds or policy directives encourage construction regardless of demand, housing may continue to be built even when the market wouldn’t otherwise support it. This can lead to misallocated resources, vacant units, and inefficiencies that wouldn’t occur in a purely market-driven environment.
When demand drops or interest rates rise, the market corrects. But if government programs continue to support construction, it can delay the correction or worsen oversupply. Builders may still build, not because it’s profitable, but because subsidies make it viable.
That said, some argue that housing is not just a commodity—it’s a human right. From that perspective, government involvement is essential to correct market failures, especially in cities where affordability is a crisis.
Building blindly until a bust risks repeating past mistakes. But refusing to build in the face of an affordability crisis is arguably worse. What we need to do is build smart, not just fast.
From what I can see, we’re largely on the right track when it comes to addressing housing affordability—especially by increasing supply in high-demand cities. But to avoid repeating past mistakes, we need to stay vigilant.
Two key metrics deserve constant attention: vacancy rates and price-to-income ratios (or GRMs). These indicators help us gauge whether the housing being built is actually meeting demand, and whether it’s affordable for the people who need it most.
If vacancy rates begin to rise while prices remain high, or if GRMs stretch beyond sustainable levels, it’s a sign that the market may be drifting toward imbalance. Continued building is essential—but it must be guided by smart data and responsive policy. The Gross Rent Multiplier (GRM) for Victoria currently sits around 20, which is considered high by most investment benchmarks. Traditionally, a GRM closer to 15 is seen as more sustainable and attractive for long-term returns.
However, it may not be realistic to expect a GRM of 15 in a seaside city like Victoria. The region’s natural beauty, quality of life, and strong demand for residency continue to drive prices upward. High GRMs in such markets may reflect enduring desirability rather than speculative excess.
That said, it’s still important to monitor these metrics closely. A persistently high GRM can signal affordability challenges and potential market instability if not matched by income growth or rental demand.
I was thinking the exact same thing. Affordability is vital.
I say probably 25 stories to max out getting by with 2 elevators, no amenities, limited parking and repetitive floor plates to maximize efficiency. Might be able to get under 500/sqft for the build
Okay. So a 20 story building height with 2 elevator cores and limited secured parking.
That seems very reasonable to me. Way more affordable than my plan.
That’s not efficient from a construction perspective. You want to maximize the height with 2 elevators cores which is likely in the mid 20 story height and limit the levels of underground parking as that is very expensive.
No. It takes a 17 storey high rise with four levels of underground parking.
I really can’t see it being anymore affordable than that.
In that case, builders will simplify stop building that product.
The “missing middle” housing market—comprising duplexes, triplexes, townhomes, and similar forms—is often touted as a solution to affordability and urban density. But it’s not a proven market. In many ways, it resembles a boutique segment: appealing to a smaller subset of prospective purchasers and vulnerable to saturation.
Because these properties cater to specific tastes and lifestyles, the pool of interested buyers is inherently limited. If demand softens, these homes can be difficult to sell. And because the market is still emerging, just a few new developments or listings can flood the niche, diluting value and making it harder for sellers to stand out.
Until broader demand is demonstrated and resale values stabilize, the missing middle remains a speculative space—one that carries the same risks as any boutique market.
What I’m talking about is the multiple units effected through no fault of their own and now have their entire lives turned upside down and seriously inconvenienced for the better part of a year until their unit is finally put back together. All because buddy up on the fourth floor had a dishwasher flood.
Its obvious every unit needs a center drain at a grade of 1/4″ per 12″ from the perimeter of the unit. Esthetics have to take the backseat here.
“If you want to see a worst case scenario go for a drive on Ash road close to the mt doug exist.”
Yes – Gordon Head is doomed. Granted, parts of it like Lambrick Park just north of McKenzie/UVic were already in reality dominant multi unit on one lot neighbourhoods for a long time.
looks like the land was bought for 1.3M last year.
You are at risk of a multiplex next you regardless of neighborhood which is why lot selection is important. If you buy a house where the neighboring house is a POS and on a relatively flat clear lot that can be had for a relatively lost cost then you are at risk. That risk is lower in Broadmead given the topography, trees and overall condition of the homes compared to oak bay where most lots are flat and clear and lots are old bungalows without substantial updates.
If you want to see a worst case scenario go for a drive on Ash road close to the mt doug exist.
Wasn’t stopped, already on sale ->
https://www.realtor.ca/real-estate/28607498/2-786-st-patrick-st-oak-bay-south-oak-bay
Plenty more coming.
VicREanalyst, I was going to say again that South Oak Bay does not seem immune to the Bill 44 multiplexes. For example, a very ugly one (“diabolical” is the description by the residents) was proposed on St. Patrick St. in January by a relative of Ravi Khalon although it was stopped by virtue of height/setback variances. There seems to be a general anxiety in that area about these types of developments speaking with friends there. Oak Bay may be anti-development but the multiplexes seem to be getting in regardless of opposition.
https://www.vicnews.com/local-news/proposed-triplex-sparks-conern-amongst-oak-bay-residents-7789127
That said, there are a number of aging, poorly maintained houses in Broadmead as well (especially close to or on Royal Oak Drive) that could be ready for redevelopment of some sort.
That makes finding the right house say in oak bay or gordon head more challenging as there are lots of POS houses sprinkled in those neighborhoods.
Need to dispose of rocks and broken concrete. Any recommendations? Ideally on the peninsula. Does Michell’s take this?
IG: @maisonchicstyles
or
Interior Styles by Stacey
You also always find a home where adjacent homes are too new too well-kept to make financial sense to teardown in the next 50 years. Of course doesn’t prevent a multiplex down the street but you can easily control for immediately adjacent.
It’s more about house selection than neighborhoods if you don’t want a multiplex built next to you. For broadmead, you are more likely to find a good lot yourself with heavily treed and rocked lots neighboring you or backing on to a park trail or park compared to the other neighborhoods. also to markos point that the lowest priced house there will start at around 1.3 so economics of a new build with that land price is not attractive.
I am looking for a really good home stager in Victoria who charges a reasonable fee. This is for a personal residence, single family home. Can anyone make any recommendations?
I think the covenant will be challenged sooner or later and it won’t hold up to Bill 44; however, I do agree you likely won’t see missing middle in Broadmead for a very long time. The lots are difficult (trees/rocks) and also the house are too good to tear down. Why would you pay $1.3 for some heavily treed lot that needs blasting/expensive construction costs versus you pick something up close to UVIC for $1.0 that’s flat and easy to build on.
With a six-plex you can manage one bad owner as 5/6 gets you over the 75% to vote most things through including bylaw amendments. However, you often get a psychopath and then a follower that isn’t intelligent enough to read through the psychopath and then you are in trouble.
I am very pro missing middle and planning to build a six-plex soon; however, as a consumer (and someone that prefers strata living personally), I simply don’t see the value at these missing middle prices.
A unit sold this week in one of the brand new Bosa buildings in Vic West for $757 a foot GST INCLUDED. A lot of these missing middle condos are over $900 a foot GST NOT INCLUDED and no parking.
Fundamentally I have no issue with no parking; however, as a consumer I would want a substantially discount for not having parking.
Many many other things I prefer in quality large concrete buildings over missing middle.
For example, in a lot of these wood-framed missing middle the staircase to your neighbour’s unit cuts directly above your unit and that is very very difficult to insulate for especially if the neighbour is going to have kids running up/down.
Long story short, I love missing middle but hate the end-product prices (for me personally anyway. I’ll take a brand new concrete condo unit with underground parking any day over missing middle).
I guess the advantage of missing middle is you are in a residential neighbourhood, but once again personally I find way more walkable to be in Vic West to amenities and the paths along the water versus a random street in a residential neighbourhood.
Interesting case – https://realestatemagazine.ca/ontario-seller-found-liable-for-misleading-buyer-about-competing-offers/
But small stratas are what people want and need. Yeah right. Best to have some space between you and other humanoids.
These “missing middle” developments sure don’t look “affordable” to me. What average person has a million bucks for an apartment with 3 neighbours crammed onto a small lot?
Co-ownership in a large, well managed condo I think is quite fine where votes are dispersed and where there is professional management. The problem with those small 2, 3, 4 and 6 unit stratas is it just takes one or two cheap or difficult owners to ruin the whole development or veto decisions that are necessary for the whole complex. Being part of a small strata means you are really business partners with the other owners sharing their bad decisions and a lot of their liabilities. Frankly, I would be wary of being part of a small strata.
And that connects the conversation to the topic of Broadmead. Am I correct that it might be the most impervious neighbourhood in core Victoria to triplexes and fourplexes now mandated by Bill 44? That sets it apart even from places like South Oak Bay where there are quite a number of 3 and 4 unit houseplexes being built. Maybe a Broadmead home would be good investment for this reason?
I wouldn’t buy anything that involved co ownership of the building. Not even a half of a duplex. I spend my weekdays coordinating my crew on the restoration of condominium units scattered all throughout the Greater Victoria area. These floods usually occur on one of the upper units and cascade all the way down into the parkade effecting multiple units on the way down.
We are restoring units where the actual flood occurred back in 2024 that’s how back logged we are with insurance claims and its all condominium units. Its rare for us to see a SFH detached insurance restoration.
Original developer was the Guinness family that also developed British properties. Most houses are custom builds by the end user that followed the building scheme. Broadmead was mostly built out in the 80s to 90s, couple of straggler 70s houses. But it is still one of the newer developments in the core.
What are the monthly strata fees?
Lots of missing middle options starting to hit the market
Sixplex in COV (no parking) -> https://www.realtor.ca/real-estate/28706346/1-1789-emerson-st-victoria-jubilee
Fourplex in Saanich -> https://www.realtor.ca/real-estate/28694361/2-588-whiteside-st-saanich-tillicum
That development is old man. My Dad was building custom houses all throughout Broadmead when he was 20. He’s 72 now. I’m thinking I’d agree with you on that was the intent of the building scheme for the of naming of every road ending in wood for the development.
The Broadmead development came with an entire host of building scheme requirements.
Whoever that developer was he made out like a champ. I’m sure he has a bunch of trust fund kids out there running around spending a bunch money and stimulating our local economy…So that’s good.
Ya I believe so, I think that was the intent of the neighborhood. The south facing good clean lots in the southern part of broadmead can fetch some strong prices, same with the ones with views on the elevated northern part. Looking at minimum 1.5 in original condition with no renos.
Back in my renovation days I spent the better part of 10 years bringing those Broadmead houses back to life. If it wasn’t the severe rot it was a serious upheavel on the foundadation from the giant fir trees they won’t let you cut down.
I literally had to hire a structural engineer and a coring company to cut the foundation around the root of the tree…In several places.
I’m pretty sure every road in Broadmead ends in wood.
Is it still a building scheme requirement to have cedar roofing shakes as a roof surface?
There are many reasons why a property’s sale price might differ over a short period, and not all of them reflect a change in the broader real estate market. Factors such as renovations, a distressed sale, or unique buyer/seller circumstances can significantly influence price. In cases like these, the change is more about the property itself than the market.
Ultimately, one sale doesn’t define a market. Broader trends require a wider lens and multiple data points to draw meaningful conclusions.
Thanks for the info VicREanalyst. I drove through Cordova Bay and Broadmead on the weekend so was curious.
Cordova Bay and Broadmead are tricky as some houses have virtually zero backyard (full tree, or rock cliff), those ones are challenging to sell. Ones with views and/or on decent lots were selling decent at strong prices (comparable to last couple years or even little stronger) up until very recently where things seems to have halted.
The real test is going to be whether 1091 Totemwood can fetch the same sale price it did from March of this year.
Are those Cordova Bay houses selling? And at what prices? Relative to a year or two ago?
What is happening with Cordova Bay? Everyday it seems I see a new high end house hit the market there.
sales are stagnating now, some sellers have priced to comps from a month or two ago and currently getting zero bites.
Success, different times won’t happen , what we have now is pretty much it. To be honest don’t see a need to change as it supports house prices and helps the economy to tick along
There is tons of land for SFH, but we don’t have the political will to develop it.
Patrick- We’re a hotdog country.
Some good news… June housing starts in Victoria were way up, at 960. https://assets.cmhc-schl.gc.ca/sites/cmhc/professional/housing-markets-data-and-research/housing-data-tables/housing-market-data/monthly-housing-starts-construction-data-tables/2025/monthly-housing-starts-tables-2025-06-en.xlsx
But good grief! Almost all (96% or 917) of those were multi-units with only 4% SFH (43 SFH, mainly westshore). Thats 1 out of 22 units built being a SFH. Yet SFH is what 70%+ of Canadians (and almost everyone here on HHV) is looking for. YTD numbers are the same story, only 5% (126 units) are SFH with the other 95% (2319)being multi units.
Expressed using HHV’s “hot dogs” analogy…
They are making 95% hot dogs but people want steak!
Correction, I fucked up, my apologies. I have permission now 250-886-8994 Gus. Read seal journeyman carpenter, fully insured. His specialty is household repair. Greater Victoria area.
1091 totemwood is going to be an interesting comp. Sold earlier this march for 1.875, just listed today for the same amount.
thanks, Max
Vicre, yep I would think we are reading the same stats, maybe just interpreting them differently lol.
That’s the main problem with hiring tradespeople or handy persons, the waiting. And when they do show up, waiting even longer to get the project finished. It’s a real pain in the ass.
Are we looking at the same stats?
https://vancouver.citynews.ca/2025/08/05/metro-vancouver-fraser-valley-home-sales-reports-july/
I have the guy you need. He’s honest, trustworthy, qualified, insured (both liability and worksafe). I just don’t know how to relay that intel to you. He’s old school and doesn’t have a website. Try this, eight eight six eight nine four eight nine nine four… Ask for Gus.
Just tell him you got his number from a buddy. Max is my handle not my real life name.
Keep in mind, this is a busy time of year for him, you may have to wait.
I don’t have time. The receptionist is a very close friend of my Wife. She always asks for pertinence anyway so I just text her directly. I’m usually just requesting a refill of Viagra. Remember I’m 51 not 21. 😉
I wouldn’t pay attention to him, posts are 99.9% uninformed b.s.
that’s super, Frank, thanks I wouldn’t have thought of that!
Just the latest stat releases from the boards . Vancouver clawing it’s way back from some pretty shite yoy sales and T.O sales higher this year than last . Green shoots
Where do you see that? Colleagues I know in those cities say things are extremely bad there right now, they think Victoria is holding up really well in comparison for the time being.
Good to see Vancouver and Toronto markets are turning the corner with stronger sales in July. We might even avoid a little recession if things hold up. With the U.S dropping interest rates im sure Canada will follow
Max- You have no idea how much information a trained health professional can get from a simple visual examination. Gait, posture, complexion, tremors, the list is endless. Go see your doctor occasionally.
I’m lucky enough to have a family practitioner. I haven’t seen him in person for years now. I just text him and tell him what my problem is. If he thinks its serious we will schedule a phone conversation appointment. If I need a prescription or just a general description of what to do I don’t need to go see him in person.
If you can adapt. That phone can do pretty much anything and they probably have an app for it.
I always do any banking in person. Especially mortgage renewals. Everyone says how much quicker it is to do it over the phone yet they spend hours on this site spewing nonsense.
Go online and find a handyman or fix the stairs yourself.
For over the phone identity verification they wanted way more information out of me than just that. They had a host of questions to ask me.
Sorry to resurrect this question, but I could also use a carpenter/handyman for small jobs, initially fixing up some outside stairs. Prefer to hire people who have a real business with WCB etc, if possible. In North Saanich. Thanks!
Scammers frequently impersonate bank representatives to obtain personal or financial information. Mortgage renewals, which involve sensitive data and potential changes to your financial obligations, are a prime target for this kind of fraud.
While banks will ask you to verify your identity during a renewal call, it’s just as important that you verify the identity of the person you’re speaking with. Always ensure you’re actually talking to a legitimate representative of your bank before sharing any personal information.
For example, Max was asked to provide his driver’s licence—which is generally acceptable for identity verification. But what if he had been asked for his credit card number instead? That would be a serious red flag. Credit card numbers should never be used for authentication over the phone, and any such request should be treated with extreme caution.
Month Aug Aug
Year 2025 2024
New Unconditional Saels 47 545
New Listings 53 1,043
Active Listings 3,582 3,191
Of coarse they would, I owe them money, not very much, but a debt is still a debt. I would expect them to hold first position until the debt is repaid. The point I was trying to convey was that question they asked “has anything changed?” They knew damn straight nothing had changed just by a simple review of our profile.
They don’t want my house…They want their money.
I’ll tell you right now it was no free lunch. Paying down a mortgage is a very long road to travel.
They check shit out. You have a profile. Especially with these looming tariff threats and the possible layoffs as a result.
From a contractual standpoint, Max, you’ve got more skin in the game. The banks hold first position on the mortgage, meaning they have priority over any other claims against your home—they get paid out first in the event of a sale or court ordered sale. That’s why you’re rate is 3.99 per cent and not closer to 10 per cent for an unsecured loan.
There are a few exceptions. Certain government liens, unpaid property taxes, or legal claims can sometimes jump the queue.
4070 Carey Road, 2 suites just sold for 950k. Looks dumpy but pretty affordable.
Yes they do. They care about ltv. Wouldn’t you? I don’t care what you say, they defiantly check out the ltv of the the asset prior to renewal approval. I reached out to my financial institution 10 business days prior to when the renewal was approved and completed via phone. This saved me around 10 basis points.
During those 10 business days to be prudent on their part, I’m sure they would have at least checked out the value of the asset via BC Land Assessment, checked out the title against any possible liens on the asset, checked out your current property taxes owing, performed a soft sweep on your current credit score, and had a quick glance at your recent bank statements.
I have over 90% more skin in the game than they do. They’re are not stupid people. They even knew our drivers licence numbers as part of the 2 factor authentication. They know everything about you.
Some people are surprised when they renew their mortgage and realize they don’t have to requalify based on their income. But here’s the reality: banks don’t really care. You’ve been making your payments, and that’s all they need to see.
Some homeowners think of banks like they’re a parent — keeping tabs, making sure everything’s in order. But that’s not how it works. Banks aren’t there to look after you. They’re there to make money. And as long as you’re paying your bills, they’re perfectly happy.
Renewing a mortgage isn’t about proving yourself all over again. It’s just about continuing a deal that’s already working — for you, and especially for them.
At the same time that’s not a very good place to be. We recently renewed our 5 year fixed from 1.86% to 3.99%. They didn’t question our employment situation what so ever. The only question they asked, has anything changed. We did it all over the phone, electronic signatures and all. The entire process took around 30 minutes.
If property values decline during a recession, most homeowners will continue living in their homes and making mortgage payments — even if they owe more than the home is currently worth. Being “underwater” on a mortgage doesn’t necessarily lead to default, especially when the home remains livable and the monthly payments are manageable.
Foreclosure rates tend to rise not because of falling property values alone, but due to job losses and income disruptions. When people lose their ability to make payments, they may be forced to sell or default — regardless of the home’s market value.
While some investors or owners of second properties might choose to walk away from underwater assets if they see no financial upside, the decision for primary homeowners is rarely just about money. It’s deeply personal, tied to emotional investment, stability, and the fundamental need for shelter.
Many homeowners believe that by choosing not to sell, they’re helping to stabilize housing prices. But in reality, they’re not active participants in the real estate market — they’re bystanders. Home values aren’t determined by those who own homes, but by those who are actively buying them.
Market prices are shaped by the interaction between demand (buyers) and supply (homes listed for sale). If few homes are available and buyers are eager, prices rise. If inventory grows and buyer interest wanes — especially during a recession or when interest rates climb — prices can fall, regardless of how many homeowners are sitting tight.
In short, the market doesn’t care how many people aren’t selling. It only responds to those who are — and the buyers willing to meet their price.
There could be the deepest, broadest recession ever known to man. I will just continue to live in my house like a normal person would. It never does materialize unless you freak out, panic sell, and realize that loss.
The problem is that the people whining about prices don’t realize how many people there are that’s better off than them financially, those are the same people they are competing with for a sfh. The demand currently out paces supply, will need a deep and broad recession to address that. But the problem is those lower earners will be affected just as much if not more.im that scenario.
Ya that sounds about right. I mean 200k hhi will get you a million dollar mortgage. Plenty of newer SFH (post 2010) in view royal and Westshore between 1 million and 1.2 million. Don’t really see what the big deal is. Beginner 1500 to 1700 sqft houses can be had for under that.
Statcan reports a high and rising millennial home ownership rate in Canada of 56.2%. (As of 2023, it’s likely higher now). https://www.statcan.gc.ca/o1/en/plus/3333-canadians-move
The millennials are the largest cohort population ever, boosted by immigration where average is a millennial (age 29). With this huge cohort obsessed with buying homes, there’s no need to blame bogeymen ( foreigners, svr, satellite families, money launderers, vacant homes etc. ) as causing the housing crisis. Just a surge in population of house-hungry millennials.
And with the youngest millennials just entering their thirties, we should expect at least 10 more years of millennial buying to drive much higher house prices.
I am generation X at 51. Everyone I know from highschool owns a house and make 100k per year+. Household income of around a buck seventy annually. Outside of the few stragglers that went through a divorce or just made bad decisions in life.
I am a millennial, everyone I know from highschool days have their own house, only a couple make under 100k a year
Life doesn’t wait. Neither should you.
Perhaps those are the folks enjoying fruit loops with the kids.
Lots of boomers pushed the narrative of “don’t rush, there’s lots of time to settle down.” on their kids. Not sure they were correct. That time in your life is pretty critical and goes by pretty quick.
Marko keeps going on about all these young professionals approaching him pre qualified for 1.5M mortgages so I really don’t see the problem here. Even after 10 years of university you’d be 27. That’s when you should be starting out, at the very latest.
Not sure about that….
Not sure. The average annual market rental increase between 2022 and 2023 in Victoria was 19% while the permitted RTB increase was 2%. Maybe all the housing changes are enough to keep vacancy rates and rents stable and in line with PBR for the next 20 years, but if I was a forever renter I would be applying to coops and looking for a reasonably priced PBR in the meantime.
Max different times, lots of millennials back at home and eating fruit loops for breakfast with mom and dad . Parents are happy to have they’re kids back at home too.
Meanwhile in different parts of Canada they too have a housing problem but not for the same reasons as we do.
https://www.msn.com/en-ca/money/finance-real-estate/rural-newfoundland-community-needs-more-affordable-housing/vi-AA1JDjnK?ocid=socialshare
And they shouldn’t just be starting out in their 30s and 40s.
Have a family in a 600 sqft place? Those people need to get their act together and get better jobs.
For folks in their 30s and 40s and just starting out it would be a great place to call home . More than enough space in the back yard if starting a family or having a get together
I don’t even call that a home….
675 seems reasonable for a gorgeous patio home . This is what the market needs right now
Heard the Citified.ca guy on the radio the other day mention that there’s a 350-unit, 6-storey apartment complex planned for Edgelow St.
Maybe that development would be better situated, I dunno, on the UVic campus???
RIP to everyone in that area’s sense of peace and quiet, privacy, and to available street parking.
Exactly. In our legislative environment, landlords don’t do themselves any favours keeping rents static, as it just creates problems like this or impairment of valuation, or both. Of course, in some situations where you care less about the money and more about an easy relationship, it could help.
When we used to rent out places, it was in an environment where we could have a 1-year fixed-term tenancy providing that the tenancy was at an end by year 1 unless we all agreed to continue. It gave us our one & only real chance to end things if the relationship was going the wrong way. And you might think having that term in the tenancy agreement would mean people wouldn’t want to rent but that was never a problem. Oh and also BTW, in the many years we did this, not once did we have to use that clause to end the tenancy at 1 year. I think just having the ability to have that clause in place tended to get more responsible tenants to begin with, and where we had them, they got it in return from us. It’s a matter of mutual respect. Now the situation is bound to be very different.
I don’t check anymore, but you used to see listings for smaller apartment buildings in Fairfield or James Bay where the listing proclaimed proudly that the rents were significantly below market so there was lots of “upside”. Well, that’s fine, but not if you’re trying to sell at a price that pretends market rents are easily achievable in this kind of situation & the upside is already there…
There is the Harry Potter model where everyone either works for the Ministry of Magic or else plays Quidditch. Assuming our robot overlords are benevolent maybe that works out?
The term Missing Middle Housing refers to housing types that fill the gap between detached single-family homes and large condominium buildings. It includes forms like duplexes, triplexes, townhouses, and small apartment buildings — all designed to fit within walkable, low-rise neighborhoods.
However, the term is often misunderstood.
Many people mistakenly believe “missing middle” refers to housing that’s affordable for middle-income families. In reality, it describes the form and scale of housing — not its price point or target demographic. A missing middle home can be affordable or expensive, depending on location, design, and market conditions.
Missing Middle Housing is about diversifying housing types, not guaranteeing affordability.
I don’t know who would spend 675k for that and live in it long term….
Don’t call it a dwelling. Call it an accessory building with the purpose being guest accommodation.
Pretty sure missing middle refers to a wide range of unit types and sizes.
How is that missing middle?? Missing middle is like 3 bed and ~1200sqf, this thing is 2 bed 600 sqft. This is student accomodation or vacation rental, not functional long term.
New missing middle type product finished -> https://www.realtor.ca/real-estate/28684041/c-658-kay-st-saanich-glanford
Patrick, Accessory Dwelling Units (ADUs) are gaining traction as a fast and flexible way to boost housing supply. If you’re thinking of ADUs as small homes built on existing properties—you’re absolutely right. They can be game-changers in cities facing housing shortages.
But here’s the catch: building an ADU solely for rental income isn’t always financially straightforward. Between construction costs, permits, and financing hurdles, the return on investment can be low and uncertain.
So what’s a smarter approach?
If your parents own a home, they could sell it and use the proceeds to build an ADU on your property. They get a comfortable, downsized space tailored to their needs, and their former home becomes available for another family. That’s one more unit added to the housing market—without building a new apartment complex that will take years to complete.
I showed a home in Oak Bay a few months ago the suite was being rented under $900….tenant their forever. Landlords didn’t bother with the annual increases in the initial years and when they finally did it was twenty some dollars.
Tenants in these situations are often very difficult to work with as they know the new owner will ask for vacant possession and they are looking at 50% more in terms of finding a market rental. No tenant looks like it from the perspective of “ohh I saved 70-100k” it was good while it lasted, I’ll cooperate and move on.
Not sure I would try to long play the PBR game right now as a tenant. If you find a 2 bed for let’s say $3,000/month (also add parking and PBR rentals also hit you up $50/month for storage) even at 3% increase per year in 10 years you are over $4,400 + parking + storage. Is that really going to be much below market at the time?
In real estate appraisal, the treatment of rent concessions plays a critical role in valuation accuracy. If an appraiser relies solely on face rents without adjusting for concessions—such as a free month during lease-up—the property may be overvalued, typically by 3 -7% depending on lease terms and market conditions. The extent of the adjustment depends on the assumptions made in the appraisal report which will appear in the report.
Some appraisers may accept the rent roll at face value but compensate by adjusting the capitalization rate to reflect leasing incentives. Others may use economic rents directly and leave the cap rate unchanged. However, failing to adjust either the rent or the cap rate risks inflating the valuation beyond market reality.
As long as the property remains stable and doesn’t enter receivership, this discrepancy may go unnoticed. But if the lender later challenges the appraisal—especially in distressed scenarios—they have several remedies available. These include suing the appraiser for damages or filing a complaint with the appraiser’s regulatory body, which can impose fines or non-monetary penalties such as license suspension or censure.
It isn’t mandatory that one uses a real estate appraiser. If this is being done for internal use there isn’t a requirement for an independent professional appraisal. An internal appraisal can be done by someone within the firm without an appraisal designation and they don’t have to follow appraisal regulations or best practises.
I think the boom in new one builds will be the most effective measure to help the housing crisis. Renters with secure rentals have less pressure to overextend and buy homes for security.
The best scenario will be if the new supply increases the vacancy rate, which in theory could end the spec tax and svr restrictions. Which could mean return of foreigners, tourists and second home owners to the market. I can see that happening If there’s a significant economic downturn, with population migration from BC. Not likely but possible, and it’s happened several times in the last 70 years.
Transforming a PBR property into condominiums is a complex process fraught with regulatory hurdles. Zoning restrictions, tenant protection laws, and municipal policies aimed at preserving rental housing stock can all impede conversion efforts. Additionally, compliance with updated building codes and the need for substantial capital investment further complicate the transition.
When leasing up a building, you are better off giving the 13th month free Then a reduced rent as your takeout financing will be based on the higher amount
There are still plenty of affluent families sending their kids to UVic—though not quite at the same level as UBC. Just take a stroll through the student parking lot at UBC and you’ll spot a lineup of high-end European cars.
At UVic, some parents take a more strategic approach: instead of paying rent, they buy a condo for their kid to live in during their studies. It’s a move that’s worked out well in the past—once the student graduates, the condo can be sold, often at a tidy profit thanks to rising property values.
With new purpose-built rentals popping up around the Shelbourne/McKenzie corridor, families are weighing their options. Do you rent a unit for $2,500/month, or buy a condo for $600K and potentially come out ahead in the long run? For some parents, ownership beats rent.
A nicer 2 bed for 1200 a month for the last 12 years? That is half market price or even less. And it has been under market rent for at least 10 years and significantly so for at least five. Saving 15k a year on rent is significant. Over 10 years they probably saved 70-100k on rent.
However, a PBR is better for forever renters. Find a relatively new good unit, get in, and stay. The RTB rent increases have not get up with market rent increases, and likely won’t, so even if they are imposed you end up significantly under market – unless the building is redeveloped or the units are turned into strata condos and sold.
One of the best model for lifelong renters seems to be the coop model. As a senior, getting on a waiting list for subsidized seniors housing and applying to seniors coops early is pretty important if you reach that stage and are not an owner.
Tenants probably had enough money and acquired couple of houses by then.
>.. I work with landlords and tenants on a daily basis and with mom & pop landlords and there is a huge delta between and worst and the best. Soon I am listing a property where the tenants have been in the walk-out above grade 2-bedroom 9′ ceiling basement suite for 12 years at $1,200 a month without a single rent increase. Not sure you’ll find that kind of deal in a purpose built rental.
So you’re listing this property for sale, where the tenants are typically evicted? And this is your example of the “best” in mom&pop landlords, because they didn’t increase the rent? An eviction that is very unlikely to happen with a purpose built rental.
Victoria is experiencing a notable increase in purpose-built rental (PBR) developments, driven by federal and provincial incentives—most notably the removal of GST on new rental construction. While this will eventually help ease rental prices, the impact will be gradual.
In the meantime, other factors are already influencing the rental market. Lower immigration targets are expected to reduce demand, and as MJ pointed out, some condominiums are approaching cash flow neutrality with a 20% down payment. That’s significant—when the monthly cost of owning matches that of renting, ownership becomes a compelling alternative.
We’re not quite there yet for condos being cash neutral with a conventional mortgage, but if condo prices were to decline further, it could shift more renters toward buying.
Currently, condos in Victoria are trading at around 20 times their gross rental income. If that ratio dropped to 15, I’d expect a noticeable increase in buyers opting for ownership over renting. That said, condo prices have been remarkably resistant to downward pressure. In a desirable seaside community, I’d say the odds of seeing a GRM of 15 remain low.
I work with landlords and tenants on a daily basis and with mom & pop landlords and there is a huge delta between and worst and the best.
Soon I am listing a property where the tenants have been in the walk-out above grade 2-bedroom 9′ ceiling basement suite for 12 years at $1,200 a month without a single rent increase. Not sure you’ll find that kind of deal in a purpose built rental.
As I noted last week two of my clients recently asked for a rent reduction in PBRs downtown and were denied. When they gave notice as they purchased properties only then were they immediately offered lower rent to stay.
I think the PBRs that secured tenants at peak rental prices are banking on it being too inconvenient to move to chase lower rent.
Even with a 13th free month factored in you can find cheaper from a mom & pop landlords and also the mom & pop studios are coming in at around 400 sq.ft. +/-, not 350 sq.ft.
Also, what do you do after the 13th month? Moving sucks so if you stay longer that month free makes less of a difference especially when they hit you with the 3% increase on $1,800.
Okay so what is driving the south Islands economy? We have tourism for around four months of the year. When it comes to logging, commercial fishing, mining and industry, tangible shit we can sell on the global market…That ship has sailed. Sure there are some tech companies in town, That rug could be pulled out at any given time.
So whats left? Being the Capital City we have a shit ton of Government employees.
When it comes down to brass tacks. Its the construction Industry and the real estate Industry that are the driving force for the south Islands economy. That and the old money…People with lots of money that just want to live here.
If they were into finance they would be living in Van…Where the money is.
Manufacturing goods are not the high paying jobs they were when Trump was at Wharton. Those jobs have been exported to countries with lower labor costs or the jobs have been replaced by robotics. There are some exceptions but they would be for custom goods like gigantic earth movers.
The best is IT. Because no one really knows what the hell they do?
$1800 a month but you get the 13th month “free”.
There is no such thing as a free lunch. You are paying for that 13th month at a higher face rate. The effective rent is $1,662 which is close to what MJ is getting for a six year old downtown condo.
The problem happens when its time to renew as any increase will be based on the face rate. You’ll need that 13th month to look for a different rental.
Yeah well good luck with that…
$1800 for 350 square feet? Can’t tell if those prices are meant to be satire.
Are they having trouble finding tenants at the new University Heights complex if they’re offering one-month free rent?
https://rentuh.ca/
Thanks Groot. CMHC’s Apartment Construction Loan Program- I checked them out, only couple lender are doing cost of funds( mcap and fn) @3%, my concern is: during the timeframe between occupancy permit and fully leased up, will the developer using a bridge loan program to repatriate their initial equity( to the max out) and kick their capital partners out( because the final stalized debt is sitting at 3.6% 5 year as we speak. It is seems a financial decision to me that they would not lower the rent at all unless the stabilize asset requires more than the 0.1% in this case .( which intertwined with the absorption rate, unit size mix ratio).
what do you think about their strike price or pivoting point lowering the asking rent?
You mean like the “very expensive repair if done by a professional” in Marko’s video.
fair enough, but for every one of those stories there’s probably the other side of the coin where the drain clogs every 2 months because the tenants just dump all their kitchen grease down the sink
lots of horror stories on both sides…
Watcher see also CMHC’s Apartment Construction Loan Program
Groot:
before reaching stabilized occupancy, the developer might have to take a bridge loan to get rid off the construction loan ( which can be expensive those days). The longer they drag into fully occupancy( or with 1% vacancy etc), the lower yield they are getting back to their capital partners. At that scale, those backer are patience money and a unleveraged yield on cost around 4.5 would do the job well. There is a chart shows the dynamics between the timeline and the unleveraged yield on cost, but it’s a best available or prisoner dilemma for the developer. Expected rate is around 3.8-4/sqft. Hope they are getting close to it by the end of next year.
Try calling a mom & pop landlord about a clogged drain. They will drag fixing it for days and blame you for the problems.
For new developments like Shelbourne and McKenzie, it’s typical to experience a gradual lease-up period before reaching stabilized occupancy.
In the first six months, there’s usually a strong focus on marketing to attract early tenants, with occupancy levels likely ranging between 30% and 60%. By around 18 months, occupancy may climb to 80–90%, and it could take up to two full years to reach a stabilized rate of approximately 95%.
It’s reasonable to assume that the developers are continuously evaluating their pricing strategy to meet these occupancy targets.
One potential concern is the tenant mix. If the buildings are too heavily weighted toward student renters, it could pose challenges. Students often prefer shorter lease terms that align with the academic calendar, which typically doesn’t span a full 12 months. This can lead to turnover during the summer months, especially between the end of the Spring term and the start of the Fall term at UVic.
Additionally, long-term renters may be less inclined to live in a building that feels like a dormitory, especially if there’s frequent turnover or a more transient atmosphere.
As for the current asking rents. If you don’t ask -then you don’t get.
For sure, but I also think easy of renting from a purpose built rental also plays a large role. You can walk into any purpose built rental and as long as your application checks out you are good to go versus dealing with mom & pop types on FB marketplace not answering messages and as you said doing unprofessional crap.
I would equate it to buying car. You can probably get a better deal privately but might be easier to buy it from a dealership (they can also set you up on financing, etc).
That being said I don’t understand the meltdown on Reddit over the Mckenzie/Shelbourne developer rental prices when you can easily find rentals 20% cheaper need be.
I’d say security of tenure is 80% of it, 20% is more professional landlords.
Essentially no chance to get kicked out of a purpose built rental. High chance of being kicked out of a condo, especially when prices are flat and mortgage rates remain highish so investors aren’t so enthused about their condos anymore.
And say what you will about the professional property management companies and REITs but they know their tenancy law and don’t pull the unprofessional shit that many mom&pops do
The condo at store street is a prime example of the difference between “contract price” for a pre-construction purchase from a developer and “market price” for a completed condo that is offered in the open market.
It is one thing to look at a set of plan renderings to guage what to spend on a condo as opposed to seeing the finished product and the actual view amenity of the property.
Hmm, the build nothing model today is also dead
‘That model is dead’: B.C. Premier, housing minister rebuff developers’ request for foreign real estate investment
https://vancouversun.com/opinion/columnists/bc-premier-eby-housing-minister-boyle-rebuff-developers-request-foreign-real-estate-investment
Month Jul Jul
Year 2025 2024
New Unconditional Sales 680 650
New Listings 1,362 1,319
Active Listings 3,703 3,348
When a landlord offers a “13th month free” on a 12-month lease, they’re essentially giving a discount spread across the lease term. It’s a marketing tactic to attract tenants, but the economic rent — the actual cost to the tenant — is lower than the advertised monthly rent. The “13th month free” tactic often feels more generous and psychologically appealing. It is also good cash flow management for the landlord as they receive the bulk of rent up front.
In the case of a new PBR advertised at $2,000 per month with a 13th month free, the effective economic rent is $1,846 per month.
When the rent comes up for renewal any increase will be based on the $2,000 per month face rate.
If rents are rising the 13th month free strategy works well as most tenants even with a rent increase may not find it in their best interest to vacate given the cost to move. But if rents are flat or declining then at renewal time there will be an increase in vacancy in the complex. Keep that in mind if you rented a new PBR as it may be in your best interest to negotiate a drop in your rental rate in a flat rental market.
I do think they are out of touch; however, I do think purpose built rentals are fetching higher prices vs individual landlord units and I can’t put my finger out why/how.
For example, Bosa at Dockside is $2,000 per month for studios and there is furniture/stuff on every balcony so they are renting them and there are individual landlord options on FB marketplace starting at $1,500 (for example there was a brand new never lived in studio at Tresah individual landlord $1,500).
Obviously there are some factors such as incentives like the 13th month free, more security for a tenant in a purpose built, perhaps allow pets versus some individual landlords don’t, etc.
If you do like 15 minutes of research so many cheaper options than the purpose built and usually nicer units too. For example, on the rental property management websites (that manage individual units for landlord) you’ll find better product than purpose built rentals for 15% less -> https://cloverresidential.com/rentals/n202-1105-pandora-ave/
Those university heights developers were surprisingly out of touch with the reality of the rental market
No real insights other than the downtown condo market is challenging right now for studios and one bedrooms and if you want to sell you have to price below comparable sales in most circumstances. Plenty of other examples such as 710 – 1628 Store sold this week for $488,000. Near new concrete building, great location, with parking. Assessed for $565,000 and purchased for $575,000+GST.
I just re-rented a studio I own downtown and with prices so depressed on the smaller units I think we are getting close to cash flow neutral with 20% down. I made a video on the numbers renting my studio -> https://www.youtube.com/watch?v=cdyHX-dILEU
A productive society is one that actually produces goods and materials that are needed for humans to live efficiently. Unfortunately, we need to cook our food, build elaborate shelters, wear clothes, move around with the help of motorized vehicles, etc.. Something that all the other creatures on the planet rarely (or never) require. Our advanced civilization creates an enormous amount of problems.
If AI actually ends up displacing a large percentage of jobs (it’s definitely having an impact already) without alternatives available we may need to have some really deep conversations about what a productive society even means.
Big tech companies are dumping thousands of livelihoods out on the street. They don’t keep people hanging around just so they can get a paycheque, they have to be productive, which is not the case in bloated bureaucracies. We can’t build a productive society on government inefficiency.
Couple interesting downtown condo sales this week. Both have parking stalls which won’t be reflected in assessed value.
317-770 Fisgard listed for $449,000 and sold for $410,000 (assessed at $437,000)
405-777 Herald listed for $530,000 and sold for $510,500 (assessed at $550,000)
Wondering if anyone has any insight on these two?
No. If you were to place a link to the source you are trying to discuss, the audience would have a much better understanding of what it is that you are trying to convey.
You drunk? There’s nothing to do, if you think your in danger of getting canned then go polish your resume….
So what do you suggest they do? Go jump off a bridge, because you think the bcgeu is about to strip people of their livelihoods?
Excluded on chopping block along with union with under 3 years service. All ministries were given targets for cuts
Bcgeu strike will just offset whatever extra increases they get for raises.
Leo, Apologize if I added useless comments 🙂
@Marko, thanks. The appliance store mentioned a.s.a.p for range hood installation. I will give it a try.
@Frank, thanks for the advice! I know it is costly to hire someone for small repairs. Fortunately I have great neighbors who are handy and are willing to do the repairs for common areas. I chipped in cost for materials, and tried to do what I can. I learnt a lot from them. But still need to hire someone for something I can’t. 🙂
@Max, does Guss has a budiness website for his business? I can contact him via his business? Or anyway I can connect with you privately? Don’t feel comfortable to publish personal info on web too.
The administrative bloat in the health authorities and in the Ministry of Health is extreme. 10% cuts will just restore some level of sanity.
I wouldn’t be predicting widespread cuts of union staff in the core civil service. BCGEU is already planning to go on unpaid leave this fall (strike vote – lol on the timing). That plus attrition is going to help meet targets without big layoffs. The probably shedding some excluded staff – some ministries went crazy on hiring into excluded positions.
One has to love the way their intention to sell to a non-profit is worded.
Here’s a question for an accountant. Would selling the town home to a non profit at 20 percent under market value be considered a donation to the non-profit that could be used to offset income taxes?
”Having only one stairwell doesn’t make it any cheaper to build, but the design creates more living space in the building to lease or sell, which is financially better for the developer.
Verhulst told council that while the development is currently meant to be market rentals, the owners want to sell the project after it’s built, and one of the potential buyers is a non-profit housing provider.””
from Waterfront townhome proposal in Esquimalt faces neighbour opposition article..
~~~~~
The interpretation of selling to a non-profit housing provider suggests that the developer might have created or proposed a design that does not align with what end users are willing to pay for. However, a non-profit housing provider typically has fewer requirements regarding size and functionality (not implying lower quality, but rather a different end-user focus).
While Rachael Sansom likely knows a few things about navigating the nuances of pre-development, handling the city’s political aspects of business, framing the right responses, and managing to push projects through… The design seems to lack an understanding of what is truly driving the business.We are all trying to learn and figure out how to get the pro forma right the first time. Very interesting to watch recent news on the development side of business..
Whatever. Retirement at age 55 with a defined pension plan adjusted for inflation isn’t exactly a bad place to be.
Lol, good point.
Rather than fucking around on the internet you might want consider heading to high ground given the advisory…
That tells you it’s a union position and the freedom 55 after 35 years of service. Excluded folks on the exec side tend not to count time that closely.
I’m not going to tell you that. If I were to tell you that, she would have me lynched from the nearest lamp post.
Union or none union?
Elaborate please. My wife has five more years of service, for a total of 35 years of service. Looking at freedom 55.
I know a guy who is semi-retired, sharp as a whip, journeyman carpenter. He will roll up in a cube van that has every tool known to man in it. Communicate with you, give you his best opinion, and fix the problem. Hes insured and everything. I use him all the time for when family or friends are looking for a carpenter. His rate is $80 per hour and his name is Guss. I just don’t feel comfortable posting his number on this blog.
Possibly later in the fall for the lower end of the market! Most government layoffs will be done by September. Insider contacts tells me all the doge plans are submitted now with some approved already, once approved then they can initiate the cuts. I am guessing government wants to get most of the layoffs done before the union plans their strike which is also in September.
Umm , yep I think there’s still a cut coming this year and I still see the market picking up steam . Sunny days are here
Folks holding off waiting to list and sell are likely to be disappointed when they discover market next spring is slower than last spring. However, Thursty might actually get that rate cut somewhere between June and September 2026.
I have a good handyperson right now but in Sooke and will only come in as far as Westshore. I’ve had a few clients use A.S.A.P. for OTR microwave/hood fan re-hanging/install. It’s a bit tricky to do it on your own from personal experience.
The developer proposes that one of the townhomes making up the two triplexes be sold 20 percent under market and remain perpetually under market if it goes on the market again.
A very interesting thought. But who decides what is market and how could this be enforced over the next 75 years?
LMAO, told you all dodge was coming. Wait till you see the bc government cuts!
Waterfront townhome proposal in Esquimalt faces neighbour opposition
https://www.timescolonist.com/local-news/waterfront-townhome-proposal-in-esquimalt-faces-neighbour-opposition-10994848
Island Health job cuts total 117; review of leadership roles continues
https://www.timescolonist.com/local-news/island-health-job-cuts-total-117-review-of-leadership-roles-continues-11001266
Those small handyman (person) projects will nickel and dime you to death. Each one, no matter how minor it appears will be over a grand. Get someone to set your fence posts and do the rest yourself, it’s relatively easy. The cost of the material will floor you depending on the material you use, triple that for installation.
Thanks Marko for your response! I am in Oakland/Fernwood area. Yes, venting is in place.
What part of town? Range hood if venting isn’t in place not sure that is a hand person task (will require roof or exterior envelope penetration.
I am a longtime reader of Leo’s blog. There are fights here but also valuable information.
Can someone recommend a good carpenter or contractor that takes small repair projects? Like repair/install fence, install range hood, repair garden office etc? In need of good handyman 🙂 thanks!
Groot , I would agree , it’s not all even across the board. At least the arrow is pointing up .
On a macro level those numbers are good enough. If they still hold up to scrutiny when broken down by neighborhood , type of home, or price range they might be different.
But for most people on this platform who I assume are already home owners – they are good enough.
If you’re buying a home, lending or starting legal action on a specific property then you may want more precision to determine how strong the competition is in that neighborhood for that specific property.
Month Jul Jul
Year 2025 2024
Net Unconditional Sales 571 650
New Listings 1,173 1,319
Active Listings 3,731 3,348
Sales place has slowed a bit but should clear 670 for the month.
2022 – 510
2023 – 595
2024 – 650
2025 – 670ish
and looks like we’ve peaked inventory wise for the year.
Good for them then, I would only touch those GH boxes for 950k or less. I am sure it will go for more than that.
They could very well be watching this blog knowing that you are watching 1604 San Juan.
Watching 1604 San Juan. Up and down suited Gordon Head house, see if it trades for around ask or closer to 1M.
Today, there are about 186 freehold strata condominiums for sale in the small downtown core area. That’s about one-third of all condos listed in the Victoria Core.
The median asking price is $545,000. But the range is huge from as low as $298,000 for a 360 square feet condo in Mermaid Wharf to a high of $3,650,000 for a 2,236 square feet condo in Hudson Place One.
In the last 30 days about 40 have sold at a median price of $547,650 ranging from $330,000 to $2,050,000. So what does $547,650 buy you today. That would be a 2009 built downtown condo of some 750 square feet. Either a large one-bedroom or small two-bedroom,. A year ago the median was around $540,000 which bought a 2009 built condo of some 700 square feet.
So while the price being paid has not changed much – you are getting a bit more condo for your dollar. Maybe that walk-in closet.
The easiest way is to just go down and get your PAL. You don’t need to join an academy or anything for possession acquisition.
If your son is interested in becoming a skilled marksman, there are two excellent pathways in the Victoria area I’d strongly recommend.
The Canadian Cadet Program – PPCLI in Esquimalt
This program offers exceptional training, and the instructors with Princess Patricia’s Canadian Light Infantry (PPCLI) are truly top-tier. The cadet program builds discipline, precision, and offers incredible opportunities. If your son qualifies for Bisley—the prestigious shooting competition in England—his travel, accommodation, and participation are entirely covered, and he’ll even get paid. It’s a rare and rewarding experience.
North Saanich Rod & Gun Club – 1353 McTavish Road
This local club provides a welcoming and inclusive atmosphere for shooters of all skill levels. They offer a variety of shooting disciplines and actively host events throughout the year. If your son shows aptitude, he could compete across BC and potentially qualify for Bisley through civilian channels as well. That said, pursuing marksmanship independently can be expensive—especially large bore training, which may require 300 to 500 rounds a day. And you’ll need to buy two competition rifles.
Things to Consider
Both the Cadet Program and the Rod & Gun Club have unique training approaches, and one isn’t better than the other—it really depends on your son’s personality and learning style. I’ve been involved in both and seen success stories come from each.
This is one of the few sports where females often outperform males. There’s something about their natural steadiness and focus that gives them an edge in precision shooting.
https://youtu.be/oluc7_uySQw?si=4DW1WwxY8RaBDOdf
I do plan on teaching my boy how to shoot when he gets a little older. Wife doesn’t like that idea…..
Here is one that went 8% or 150k under assessment, 983 carolwood sold at 1.665. This one came out quite a bit worse than the recent comps in broadmead which sold above assessment (4331 Emily carr and 1015 Thistle wood). Taking a closer look it seems like the lack of a proper yard and lack of sun exposure being the issue with this house.
I don’t think bc assessment adjusts for the lot features appropriately.
I can totally appreciate that having two of my own. What they can do on that phone is amazing. They teach me shit that I can’t even believe is a thing. But if it ever went down…
Good thing most kids now days are pretty tech savvy and knows how to use AI and the Internet to teach themselves most things.
Skip the dishes must be thrilled when they hear about parents not teaching their kids how to shop for groceries, proper nutrition and a minimal level of culinary skills. Any idiot should know it’s best to learn to feed yourself economically. Everyone seems to be complaining about the cost of food. Restaurants are triple the cost.
Skip the dishes must be thrilled when they hear about parents not teaching their kids how to shop for groceries, proper nutrition and culinary skills. Any idiot should know that it’s best to learn how to feed yourself.
Awww are you finally getting tired of waiting for the big housing crash on that VI housing market FB group?
Just out of curiosity, what phase are you in? Because you might want to consider growing out of that one too.
Lol unfortunately no Lambo and don’t live in uplands. Not really into clothes or watches anymore either, grown out of that phase. Mainly just enjoy taking my family to nice restaurants and vacations now.
Have you ever bagged an elk or a moose using a LR Rifle and had to field dress it on site? That’s the difference between the two of us. You present yourself as some kind of super high end clicky dude living in the uplands driving a Lambo. If that’s how it actually is well that’s good for you. I honestly don’t have a problem with an individuals success in life. From the outside looking in at your posts you seem to be very hostile and angry.
Sure, I would rather just walk up to Glenwood meats and buy a couple porterhouse steaks. I grow my own potatoes.
Yes and it’s fine to be in the minority. Going out to restaurants for a nice dinner at a nice restaurant is pretty much a diserable thing to do all over the world.
Hey man, If that’s your thing well that’s great. We are much simpler people. We work hard, we play hard, and we know how to have a good time. Different strokes for different folks.
Interesting, must be a miracle there are restaurants even in Victoria where you need to book weeks in advance for a table on weekends….
P.S. certain cuts/types cannot be optimally cooked on a grill……
A restaurant is not exactly a night club. I don’t think you will be socializing with anyone other than those at your table. I would personally rather have guests over and fire up the bbq. We can drink, they can cab home…Much better time in my opinion. Even in the winter a fondue party is always fun.
The home didn’t have a ton of character feature to being with, but the transformation of the interior into “ugly Langford townhome” is unforutnate.
I was the listing agent on 256 Superior before the flip, here is what it looked like before -> https://www.youtube.com/watch?v=4A8rIohOM74
A lot of work went into the current product plus 2.5 years of carrying costs. Doesn’t seem like a huge profit margin to me.
How much money do you think the flip at 256 Superior St made?
I have a mortgage due for renewal in September on a rental property and interesting initial offer from the bank…..2-year way lower than the 5-year? Is that a new trend?
“2-year Fix 4.29%
5-year Fix 4.79%
5-year Variable HP-0.2% or 4.75%
All for a renenue property with amortization up to 30 years. These are guaranteed until renewal date.
Feel free to reach out to me at”
Fairly simply concept that a flat rate would be more expensive versus per hour. The risk is removed when it is per hour.
I’ve talked on HHV how I am willing to take up to 50% less for upfront payment reason being it takes away all the risk (property not selling, seller firing me and switching agents, etc.).
Even just getting away from the “flat rate for the job” thing saves you a few bucks. I hate being quoted “for the job”. I don’t need a flat rate that is grossed up for any & all contingencies, I’m totally fine paying someone by the hour for the work they actually do.
The plumbing is actually a good example. We had some plumbing work done recently by one of the bigger outfits, and for whatever reason, we went along with their flat-rate thing. They did a good job, but the flat rate pricing meant they were probably getting around $300 an hour. “Best part” was the trip charge of $150, only to find out from the guy that he lives (and has his work truck) literally one block from us. Not anymore, thank you. While he was here, he found some other problem that he gave us a written quote on (flat rate again). So then we found an outfit that works by the hour, did a great job, exactly the same work, final bill was around 2/3 of the flat fee quote. And FWIF, I would recommend that outfit – Rather be Plumbing
I found a solution to avoid the issue discussed earlier, where many BC insurance agencies are adding 2%+ “surcharge” to premium payments if made by credit card.
The solution is that with many insurance companies, you can pay directly online, by credit card, and there is no surcharge. It is a BC law that allows bc insurance agents to charge a (up to 2.4%) surcharge, but likely the insurance company operates nationwide, and so they couldn’t charge a surcharge if they wanted to.
Anyway, this solution allows you to keep your broker, and still pay by credit card to get points. With no surcharge.
Right… Now I have to go to the grocery store, buy all the stuff, go home, prep all the sides, and then cook it (making sure I don’t mess it up) and clean. For those with shitty kitchen appliances and pans you may not get the ideal crust you would get at a restaurant. On top of that now I am staying home the whole time instead of going somewhere to socialize and enjoy an evening at a place someone else had professionally decorated. Another ridiculous uneducated comment adding absolutely zero value…….
How hard is it to cook your own steak at home? It only takes a few minutes. Think of the gas you’re saving not driving to the restaurant. Eating out is a waste of time and money. Not to mention the money wasted on tax and tips to provide menial service.
Restaurants don’t offer this service, other businesses do. I’ve bought tires before online and taken them to Big O Quadra and only paid for installation. I don’t know what the problem is if install only is a service a business provides?
I personally offer mere postings (MLS® only) and full service listings and the consumer decides what they want.
You can go Questrader and buy some ETFs or pay a 2% MER for some underperforming mutual fund.
Etc.
With wine you could
Offer cash for the payment and save some more.
“Savvier clients will buy their own tank and pay for the install”
next time you go to a restaurant, bring your own steak, potato and cutlery. just pay for them to cook it. save big $$s
So why don’t government workers get their plumbing tickets?
I am constantly dealing with hot water tank replacements as part of real estate transactions and yes seems to be the going rate +/-. Savvier clients will buy their own tank and pay for the install. Here is a July 17th invoice for install only
Removed old hot water tank and dispose, installed new customer supplied hot water tank with a new vacuum relief, tested – $310
Truck charge – $30
Materials + Expenses – $150
Subtotal $490.00
Total Tax $24.50
Amount Due $514.50
Problem with the 1 hr argument is traffic is a disaster these days so a ton of time would be spent getting there and back, or to the next client. Then you need equipment, a van to insure/maintain/etc.
Other issue is everyone is getting an university degree so there is a shortage of plumbers.
I don’t really view it as exploiting, its a service people pay for. I know lots of real estate agents that pay thousands of dollars for a website. I am not tech savvy but 15 years ago I took the time to do a bit of research and I built my own WordPress website with a $49 template that functions to this day with no issues. Is charging someone thousands for a website exploiting someone?
Too tired, going to bed, I’ll fight with you tomorrow.
You really need to pick another pitch to “Lmao” because its getting really fucking old.
Lmao, do you know how many plumbers there are in Victoria?
They do. Like a service plumber for example. If you don’t actually know the guy…They will roll you over and do you dry.
So you are saying that the trades all collude with each other when it comes to pricing?
It’s the Victoria government worker tax. Many of them don’t know how things work or get done, so trades can get away with what’s pretty close to theft.
That’s always been the case though.
I use 1/2″ pex for the connections to the 50 gallon electric hot water tank. I can swap out my hot water tank in as little as an hour. I do it every 6 years.
That makes a lot of sense for you as you are well connected and have good understanding of appropriate value for money. There are lots of people out there that have neither and are at the mercy of contractors. An elderly neighbor recently had her hot water tank quit (14 years old on a 6 year tank). Bartle and Gibson wanted a little over $1000 for an equivalent tank (same make) which is probably what a plumber would supply. Home Depot wanted $539 for the same rating tank. The installed price was a flat rate of about $1660 which included delivery and install. In this case, the tank was in an unfinished basement with good access. Installation was turn off the power, turn of the supply valve, drain the tank with a garden hose, undo the 3/4″ swivel fittings, disconnect the 2 wires and BX fitting, swing the new tank into position and reverse the disconnect process. About 1 hour. The pricing seems to be the going rate but it strikes me as exploiting clients with no DIY skills or contacts.
it took a long time on market and a number of price drops to hit that 1.3.
Actually that house with the renos was last listed at 1.3 with no takers in late 2023, that would have been a better deal than the 1.25 it just sold for without the renos. It likely would have sold for closer to 1.4 now if the renos were still in place….
VicRe, definitely not my sister’s experience. Maybe it just depends who is in front of you that day when you go to insure.
Thanks Caveat. Really helpful.
Yep, way off the 1.7 the flippers tried to get and the good deal Thursty thought it was at 1.6 when the bank started to try and sell it. It was sure something seeing the kitchen, vanities, and hot water tank being parted out on marketplace before it went back to the bank.
https://www2.gov.bc.ca/assets/gov/taxes/sales-taxes/forms/fin-319-exemption-gift-vehicle.pdf
When I sold my Model S there was no sales tax at that time for used EV sales. ICBC person didn’t know and tried to apply it! Buyer and I had to fill him in.
Reddit.
$1.245
412 St. Charles St just sold for about 350k off it’s original ask.
What was the final sale price?
Then how will we all fulfill our need to feel knowledgeable in front of strangers without actually knowing anything?
There should be a fact check function here to eliminate the obvious misinformation being posted.
Umm Really, I think we figured that was going to be the case when the renos got ripped out to be re-sold on FB market place.
You won’t want to use a bill of sale. The exemption is based on a gift between family members, which would be the opposite. I believe there is an official form. I don’t recall, however, if grandma to granddaughter is a sufficiently close relation to take advantage of the exemption. I believe the form specifies the relations that qualify.
Okee Dokee, I’l get Nana to write up a bill of sale just in case they need it.
Agreed. Did this a 6 months ago and no taxes.
Not correct, gifts are ok if it is family (parents to kids) and the insurance agent has some discretion on the blue book value price.
Thank-you very much REAddict. Grandma isn’t a good driver with a lot of dings on the car. Hence no longer driving. The world is a little safer now.
I don’t know the numbers, but it would seem a fair guess that most of the older homes scattered all around the Victoria area and across Canada, have been altered in many ways by people with modest skills over the past fifty years or more.
It’s what people do and will continue to do.
If you buy an older house, then that’s the reality.
If you want everything to the “current” code of the day, then buy a new house.
Keep in mind that it will also be out of date and not up to code in a very few years.
We are obsessed with bureaucracy and perfection…..in my opinion……so much so that we can’t create enough simple, modest housing for our needs.
Groot you pay the sales tax on the Kelly blue book value when you insure. Even if you bought/sold near, it is whichever is higher. My Dad gave my sister his car not too long ago.
If you don’t get a permit for anything altering the house that is just down right stupidity and they deserve the pain.
Get the permits…They matter.
Well Max, I came across a property that had a room added and the comment was that it was professionally done but without permits.
A true professional in construction or renovation typically understands that permitting isn’t just bureaucratic red tape — it’s there for safety, compliance, and accountability. Skipping the permit process could mean the work wasn’t inspected, and that raises real concerns about structural integrity, zoning violations, or even insurance coverage down the line. It also tends to be a red flag in real estate transactions.
Of course, sometimes people use “professional” loosely — as in, “looks well done” — but that’s not the same as being legally or ethically above board. It’s like calling someone a professional chef because they plate a meal nicely…even if they ignored half the health regulations.
I am a tradesmen. I am a journeyman carpenter by trade. I don’t swing a hammer anymore, but I know my shit. When it comes to my house I only hire professionals. Obviously I’ll do all the carpentry related shit, but anything else that I feel requires professionalism I will just sub out and pay. I think that’s vital, especially on your house.
I have a rolladex of subtrades so my prices come in pretty sharp.
No one likes paying property taxes.
Low property taxes can win voter favor, especially among long-time homeowners. But keeping them artificially low often means municipalities have to rely more heavily on development fees, rezoning levies, and permit charges to fund infrastructure and services. These costs get passed down the chain—making new housing more expensive to build, and ultimately less affordable to buy or rent.
It’s a classic case of trying to keep everyone happy and ending up with a system that’s neither fair nor functional. Developers feel squeezed, renters and first-time buyers face rising costs, and city budgets still struggle to keep up.
Some urban economists argue that a more balanced model—raising property taxes modestly while easing burdens on new builds—could help cities grow more equitably and sustainably. But of course, that requires political willpower and a lot of public buy-in.
If property taxes were double what they are today, then most people would factor that in to what they would or could pay for the property. It’s a bit like how higher maintenance fees on condos often make them sell for less, despite the same location and amenities.
While owners might grumble about higher taxes, they also benefit from more sustainable local funding for schools, transit, and infrastructure — which in turn can boost long-term property values if done right.
An enclosed sundeck can be a valuable addition—if it’s professionally done. But more often, especially with older homes, these spaces are DIY projects that were built quickly and cheaply, sometimes by the homeowner and a few weekend-warrior buddies. While they may add square footage, they usually disrupt the flow of the original floor plan and don’t match the construction quality of the rest of the house.
Including these additions in the total square footage inflates the replacement cost. To account for their lower utility and build quality, it’s important for the assessor to apply a higher rate of depreciation under functional obsolescence. If the assessor fails to make this adjustment, the house may end up overvalued.
The mill rate determines tax rates. Not assessed values. If selling prices fall in half, assessed values will fall in half. But mill rate will double (or more) , so that payable taxes are the same (or higher). So yes, the government gets what they want, but it’s by adjusting mill rates, not messing with assessments.
It’s actually very impressive how close OVERALL bc assessments are to selling prices, as shown in Leo’s sales : assessment chart being within 2% of 100%. And bc assessments own measurements have found the same result.
>>… Misguided question. Question should be what are comparables to this property selling for.
Presumably “comparables” is already a basic part of the discussion. The selling price in relation to assessment is an additional metric, that raises a different question. Both issues can be discussed, it’s not one or the other.
No, they hinge on the assumptions of what the provincial government thinks is at a good level to tax your ass on every year in the form of property taxes.
Property assessments often hinge on assumptions rather than recent inspections. If the condition of the home has changed significantly, that can really throw off the value assigned by an assessor who hasn’t been through in years. Updates like a new kitchen or neglected issues like roofing problems aren’t easily captured without firsthand evaluation.
And the sale history piece is huge. When there’s no recent arm’s-length transaction, like MJ’s St. Charles property, as assessments rely heavily on modeling and comparisons, which can be miles off. The sale price becomes a kind of benchmark for trend analysis, so when it’s missing or outdated, it throws a wrench into things.
My daughters Grandmother is no longer able to drive and has decided to give my daughter her car. Does anyone have experience of transfering the vehicle to a family member as to what price it can be declared? Is there a special provision for cars exchanged between family members?
Misguided question. Question should be what are comparables to this property selling for.
Half my clients are buyers and they try to have it both ways as well. If we walk into a house where the asking price is way above assessment than “seller is asking too much based on assessment.”
But at the same time they don’t seem keen on me showing them properties listed below assessment 🙂
General rule of thumb is properties with lots of improvements on smaller lots are typically listed above assessment. Properties that are all original on bigger lots typically listed below assessment.
Focusing on assessment is a great way to incorrectly infer what is a deal and overpay, imo.
Great point.
The pending offer is the price it sold for in court, fyi.
Leos chart uses a median which takes out all the noise from the data set. I haven’t looked at the data but I would bet there are a fairly large % of properties where the sold price is ~15% or more different than the assessed value. Would love to see this data if anyone has it available.
Of course some realtors advertise “below assessed value”. While I think most realtors realize assessed value doesn’t mean a lot, there are a lot of buyers who think it is accurate and would then infer that the property is a deal.
Good work, nice deal for the buyers. Should be some good buys as the dog days of summer set in for the next couple of weeks as stale listings with pressure to sell are likely to be more open to lower offers. I see the 824 Monterey court order sale finally got a pending offer. Curious to see if they get any court bids on submission day.
.>>> When I am personally looking I don’t bother looking at the assessment. 100% useless on an individual property imo.
I can see why RE agents want to ignore assessments as “100% useless”. Because their goal is to close (buy/sell homes), and they’d prefer that their clients just listen to them alone.
But the reality is, look at Leo’s sales:assessment chart and you’ll see that homes are selling at close to 100% of assessed value. Of course there is (and always is) a normal distribution with sales above and below assessment,
But there needs to be a reasonable connection to the perceived value vs assessed value. For example, if a $1m assessed home is selling for $1.3m, the $1m figure isn’t “100% useless” – it introduces the question to be answered, namely “why is this selling $300k over assessment?”.
And if there;s a big Reno or other reason..great! But if there isn’t, a buyer client isn’t going to be happy with his agent saying “assessments are 100% useless!”. Because that’s not true, and sound to many buyers as just self-serving RE agent nonsense .
Marko special? Did you squeeze in the inspection?
I think one of the difficulties is that realtors and sellers often try to have it both ways. If a home is listed below assessment, it can be a headline feature—“Below Assessed Value!”—plastered on MLS like it’s a clearance sale. But when priced above assessed value, the number suddenly doesn’t matter, and if you mention anything about assessed value you’re treated like a rube.
Hmmm, this is a really good anology – will use it with my clients going forward. Every time I get out my car to do a showing a quickly glance at the assessment as I know I will get asked by my buyers either what is the assessment and what do I think of it in relation to asking price.
When I am personally looking I don’t bother looking at the assessment. 100% useless on an individual property imo.
I’ve had two first time buyers buy condos recently and both had asked for a rent reduction at downtown purpose built buildings in the last 12 months and both times were told no way, “we don’t do that.” When they gave notice once they removed conditions on their purchase(s) immediately they were offered a discount on rent (building manager thought they found a rental elsewhere). One client is reporting back the one bedroom he was renting for $2,350 is now being advertised at $2,200 (13th month free too) and the parking he was paying $200 for is now $150 per month. Storage locker remains unchanged at $50/month.
I am struggling to read the rental market. You have this -> https://rentuh.ca/floorplans/ ($1,850 for 350 sq.ft.) and all the backlash on reddit and facebook -> https://www.reddit.com/r/VictoriaBC/comments/1lz9nis/mckenzie_shelbourne_rental/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button
but if you do 10 minutes of research there are way cheaper rents available -> https://cloverresidential.com/rentals/ (nice junior one bed for $1,695). I have a client advertising a brand new never lived in studio in the core for $1,500 that is 400 sq.ft. so now sure where this Mckenzie development is going to be finding people at $1,850 for 350 sq.ft. Their absorption rate is going to be five years.
I was the buyer’s agent on this one, unconditional offer.
You can secure financing for manufactured homes located on month-to-month leased land, but these loans are classified as collateral loans—not conventional mortgages. If the land is part of a long-term lease or is strata-titled, conventional mortgage options become available.
However, if you’re working with a lease, the remaining term is critical. If the lease expires in less than 30 years, lenders will typically shorten your amortization period. This change increases your monthly payments, even though the overall loan amount may stay the same.
All of the above commonly trade in the marketplace and with the shortage of housing, it will become more common for buyers to consider these as options to the more traditional house on a fee simple lot.
Moral of the story…
Seems to be the only affordable option for a lot of people who would not qualify for a mortgage for more. Off-reserve there is the Manufactured Home Park Tenancy Act – 12 month notice plus payment of the greater of 12 months’ tenancy or 20k each to convert a park. People need to understand that they do not have security of tenure unless they actually have a long-term lease.
Or make sure you have a registered prepaid lease with a long enough term that you have the security of tenure you need and/or resale value you need. Registered leases are legally enforceable and leased homes on reserve do appreciate/hold value if they have more than about 20 years on the term.
With th Oakview property it is really necessary to inspect the property. Then you can determine any cost of immediate repairs as well as repairs that will likely have to be performed in the next five years.
One tricky point of this property is the bonus room over the garage that adds square footage to the property. Bonus rooms have a tendency to become storage rooms and are typically not equally valued or given similar weight in their decisions by prospective purchasers as say a third bedroom. The same with solariums.
The E. George Estates mobile home park dispute seems to have been before the courts since 2021. It is an extremely complicated issue with a lot of the bad outcomes seemingly to be from a misunderstanding of property law and the duty of care owed to mobile home owners by park owners.
The full ruling for my fellow nerds: https://www.canlii.org/en/bc/bcsc/doc/2025/2025bcsc1167/2025bcsc1167.html?resultId=7b9a636ed53a454d8f7d06e58b03d2cb&searchId=2025-07-23T11:28:04:285/0ec7a2d3eb384a158b59d5371a6e9061&searchUrlHash=AAAAAQATRHJvdWlsbGFyZCBzb25naGVlcwAAAAAB
Moral of the story, never buy in a trailer park and never buy on a reserve.
looks like 52 Maquinna saw what their neighbor got on their recent sale and threw their hat in the ring.
The Oakview Homes are designated as Bare Land Strata properties, with no monthly strata fees. Each home includes a small strip of common property at the front, serving as a shared driveway that provides access from the main road. Given the limited scope and strictly functional nature of this common element, any impact on the Sales-to-Assessment Ratio (SAR) is likely negligible—if quantifiable at all.
The Sales-to-Assessment Ratio (SAR) is not a precision instrument like a surgeon’s scalpel; rather, it functions more like a broad-blade axe. In professional appraisal practice, the SAR is not an acceptable primary valuation method. Instead, it serves strictly as a supplementary tool — a general cross-check used to support, but never derive, the final conclusion of value
The Oakview homes are strata. I’d be curious whether the sale price to assessed ratio for strata detached homes is significantly different than the ratio for non-strata detached homes. Or maybe there aren’t enough detached strata properties to make the comparison meaningful.
I view bc assessments like BMI in healthcare. Useful on large population sized samples but might as well be a random number generator for individual cases. You’re much better off assessing the value of your house based on recent sold comparable houses. Also don’t fall into the trap of comparing it to active listings as so many people are out to lunch with what they are asking (like that oakview house you linked which I still feel is slightly high)
I hear ya brother, I’m thinking of down sizing too. I’m unsure of condo ownership so I might try renting a PBR to see if I like it or not? My daughter has just two years left at UVIC and then she and her boyfriend will want a place so I can give them a big down payment.
You should interpret the assessment ratio with some context. It reflects the average or median for your neighborhood and may not be accurate on an individual basis.
The number one question people ask me is: “How accurate is my assessed value?” The answer? It depends. If your property is highly typical of the neighborhood, then the ratio is likely fair and equitable.
Let’s look at the Oakview area. In the past 90 days, 47 detached homes have sold within a two-kilometer radius of the property. Excluding outliers, the Sales to Assessment Ratio (SAR) ranged from a low of 0.88 to a high of 1.22, with most homes selling around the median ratio of 1.02 — meaning the typical property sold for 102% of its assessed value.
Defining the “Typical” Property
The benchmark home in this analysis is a remodeled, basement-entry house built in 1971. It’s approximately 2,250 square feet on an 8,550 square foot lot and sold for around $1,275,000.
The more similar your home is to this benchmark, the more reliably the SAR will apply. However, homes that differ significantly — whether in age, style, size, or lot characteristics — have sold for as little as 88% or as much as 122% of their assessed value.
Interesting to see those Oakview homes selling so far below assessed value ($300K in one case) when the average in Leo’s chart is 100-105%. I know people insist the assessed value is meaningless and I guess this is some evidence. It’s hard not to anchor to it though.
As we start to think about downsizing, I’ve been worrying that our assessed value is out of step with the actual asking prices in the neighbourhood, even though every nearby house I check is still asking more than its assessed value. Maybe I have less equity than I imagine…
In the Times Colonist.
The residents of a Manufactured home park in the View Royal area have been given their notice to leave and they are to remove their manufactured homes too. They have until August 15.
The ruling says the reserve is overcrowed and the First Nations wants to develop the lands for housing of its members. Despite a new multi-storey building on the native land off Admirals, built with the help of the government, sits vacant.
The 30 or so residents left are appealing for an extension of the August 15 date. With the current state of new multi-family construction that site is likely to stay vacant for years. I also understand that this case has been going on for years now and the decision is now final. But really what’s the harm in giving the few elderly people that are left in the park anonther six months to get their things in order?
You think it’s tough to find a rental, try moving a manufactured home too.
I thought that this would have cratered the sales of manufactured homes in the adjacent parks. Yet most are still selling in the $150,000 to $350,000 range.
Yes, and in the building’s group of owners, the lowest common denominator of picky-ness often seems to win out, and you end up with the so-called top-rated (read super-expensive) gardener vs. the cut-rate or even just reasonable one, etc. Super important to read the minutes in advance of buying, not just to discover actual building defects but also read between the lines to see what the group is like – is there a sort of consensus around how money is to be spent, are there constant complainers etc?
Our last condo (we’re now in a house again) was only 12 years old, concrete & steel, and the owners decided to waive the depreciation report and use the money instead to help out towards proactive maintenance. They had a company come in to do an envelope inspection and did all the items that were suggested at that time, which of course were pretty minor, things like rejuvenating some seals, minor spalling, some painting etc. I thought that was a good attitude and a good way to spend money. But of course others may feel differently, and sometimes you won’t know how “out of sorts” you might be with the group think until you’ve moved in.
If you’re in with a group that has a near-consensus on things like this, I think condo living is just fine.
I do wonder when I see a building like Shoal Point, I mean it would appeal to us at a certain point in life, but the condo fees there have gone stratospheric, and without knowing if there’s some fundamental “problem”, I’m more leaning to thinking it’s a group of owners I’m unlikely to fit with, even though we could afford it. Just by way of example. Of course, I’ll bet a good portion is insurance gone amok when the suppliers smell a nice captive audience, but that’s just another supposition on my part.
I have shifted my entire operation over into emergency fire/flood restoration. Its all electronic payment. I wouldn’t even be able to accept your cash.
All valid points Max. That said, some people embrace the trade-offs. They like the lock-and-leave lifestyle, amenities, and the community aspect. But if autonomy and predictable costs are what give you peace of mind, a stand-alone home might feel less like being herded into a trap.
Today I spoke with an 80-year-old woman who’s exploring housing options. Every home she’s looked at is a single-storey, three-bedroom house in need of around $100,000 in renovations. I was surprised—I’d assumed a near-new condominium would be a better fit at this stage in her life. But her son is encouraging her to buy a house.
In the past month, the average Days on Market (DoM) for detached homes in Victoria’s core was 37. Colwood and Langford were close behind with an average of 36 days.
While a DoM of 30 to 90 days typically signals a balanced market, it’s not always the full picture. Some agents relist properties to reset the DoM counter, which can distort the numbers. That’s why it’s important to look beyond DoM and consider additional metrics like:
Together, these factors help paint a more accurate portrait of market conditions.
One may further refine this by bracketing the price range, physical aspects that is of interest and by geographical area.
For Example: a 1976 build home of some 2,143 finished square feet in the Quadra neighborhood
“The subject is in the Quadra area of average to good quality single family homes interspersed with some town house and condominium complexes. Rutledge park, and Tolmie playground are in the area with shopping and banking in Mayfair Shopping Centre, Island Homes Centre, Gateway Village, Saanich Plaza, Town & Country Shopping Centre, and at the intersection of Cook street and Cloverdale avenue.
The six month median for detached homes built between 1956 to 1996 and having between 1,643 to 2,643 finished square feet within a two-kilometer radius of the subject is $1,160,000 (36 sales) with an average exposure of 23 days on the market (DoM). “
My thoughts on purchasing a condominium are negative. when you purchase a condominium unit you are buying into a condominium corporation much the same as a crab entering into a crab trap. A bunch of crabs with rules, policies, and protocols and there’s no way out if all the crabs are trying to bail at the same time. Chances are high you could be stuck in that trap for some time.
The uncertainty of rising strata fees, rising insurance premiums, possible future building failures.
What’s the average days-on-market for SFD in the core look like right now versus Colwood/Langford, anyone?
For ppl in your industry I just pay cash.
And bats.
… Private sector businesses will charge you 3% if you pay with cc.
They can charge what they want. But if another agent doesn’t charge it, I can save 3% going with them (assuming I want to use cc for points etc). Given that I don’t see my insurance agent adding any value, 3% does make a difference. That’s $300 on $10k worth of insurance. I value the points I get by paying with cc as worth 2%, which I can redeem for traveling.
I looked into it, and it appears that independent insurance brokers get a renewal commission of 7-10% per year. On $10k worth of insurance that’s $700-$1,000 . For doing close to nothing, as they also aren’t paying the cc transaction fees. There should be discount brokers giving cash back.
true. OTOH, squirrels everywhere are celebrating
There must be a couple stragglers out there that appreciated this man.
RIP.
If ever.
Private sector businesses will charge you 3% if you pay with cc. No problem with e-transfer or debit.
2% cc fee covers the cc company’s transaction fees they charge.
412 St. Charles St just sold for about 350k off it’s original ask..
For house insurance, it seems to me that my agent adds little value. I’m curious as to what commission these people get on the premiums we pay. I’ve also noticed that they automatically add 2% to any credit card payments. I’m also wondering if there are agents that offer some type of return of premium or other discount. What are others seeing?
They may have better luck as the neighbor at 4249 sold for 1.985 in Feb of this year that’s comparable in size with newer finishings but a crappier lot. Regardless though, $2M for that neighborhood is a tough sell….
A lot of folks’ expectations became outsized in spring 2022 and never really recovered.
The house next door is in the same situation….
Wasn’t gonna get those previous asking prices. Closest comp is 4229 oak view that was more renovated and suited that sold for 1.43 in Jan this year. This thing is all original with nasty carpet and no suite so probably priced appropriately now.
Ya market is all over the place , there’s something for everyone if you think it’s crashing or taking off
“Meanwhile this SFD keeps dropping like a rock.”
And yet some stuff goes really quickly for over asking. Really mixed market as it really depends on the house.
Meanwhile this SFD keeps dropping like a rock.
Ya, probably those happy valley style skinny houses on <30000 sqft lots. Wonder what the extra cost/sqft is compared to a 4 plex.
100% agree. Yet we are tearing down SFH, and not building many new ones.
Paying $930 per square foot for a 1-bedroom is just poor decision-making in my opinion. That person will be stuck with low to no price appreciation for at least a decade.
The best car I ever had was my 1940 Packard.
Restoring that amazing car gave me the confidence to tackle our house renovations.
I also learned a bunch from my father inlaw who was from the old carpenter skills era. He could make wood sing.
He taught me the value of working with what you have instead of just throwing it away.
He saved us thousands of dollars and taught me many valuable lessons.
Brand new missing middle 1-bedroom just sold today for $930 per square foot.
while you can brand new missing middle 3-bedroom for $611 per square foot -> https://www.realtor.ca/real-estate/28511047/201-483-south-joffre-st-esquimalt-saxe-point
Ongoing narratives across the country how the right product isn’t being built but even with missing middle it would appear buyers are willing to pay a lot more per square foot for smaller units.
I think the “right product” is actually SFHs not 3-bedroom condos or 3-bedroom missing middle and we aren’t building those anytime soon. Next best substitute is townhomes with a garage and a bit of yard.
Peter, I’m a huge Alfa Romeo fan , not much into newer cars , but lots of little shops in Italy during the the forty and fifties where banging out aluminum bodies on fiat underpinnings that are bringing huge numbers at auctions . They where fantastic works of art all handmade
yeah, I meant it mostly sarcastically, as Thursty was probably thinking Ferrari?
My Fiat 128 was of course notoriously unreliable, and they rusted out even faster than most cars of that era. A lot of fun to row through the gears, though.
Peter , I had a 128 too, still very successful rallying in the historics today. Fiat mechanicals have been a huge part of the early barchetta’s in the 40s and 50’s.
Its not really supposed to be. I have been in this house since 1998. Its been a great asset to use as leverage to access money, probably the best asset to own to access money. Its been a great place to live and raise a family. Its a great forced savings mechanism. If we were to sell the asset we would be sitting on hundreds of thousands of tax free money. And it sure as hell beats renting.
Just my thoughts on the subject.
The cars in Vancouver are MUCH flashier than in Victoria. Although the more modest areas closer to UBC do have a strong representation of the old professor ancient Volvo type cars you see in Oak Bay.
Fiat 128 then? I used to have one…
Groot, not my style , it’s gotta be Italian
I just work and give my wife all my money. Shes very good at household management. She gives me an allowance for play money, its perfect I don’t even have to think, just the odd signature from time to time.
I like the Merc C300. But if your looking for a daily commuter that comes with a chaufeur this is the one for you. You can visit the dealerships in Petawawa, Edmonton, and Valcartier.
https://youtu.be/3HUgQ1BPg_g?si=tk8tzJm5X5aRQSB6
Lol..2011 is not that long ago and you can still get Merc for your boat at least.
Not quite….. Speaking of cars, the new condo development on cordova bay road where the anytime fitness is usually has some decent cars parked.
Vicvan, if u have ever been west of oak st in Vancouver the cars would pretty much be the same here in O.B
, umm really your showing your age if u remember mercury’s lol. But i am a ford fan
The typical (non Uplands) Oak Bay car is probably an ancient wreck of a Volvo or a seven year old Subaru.
They still make Mercury cars? And young people drive them?
Oak bay old folks don’t drive and the younger one drive a merc or a bmw. Cant say that those are really expensive cars anymore with a new P.U being 85 grand lol
Oak bay will presumably have a lot of older cars presumably from older, retired people who hardly drive. In Kettle Creek you will need a very good car if you are commuting in through the Colwood crawl.
With or without Dodge Ram pickups?
I personally bought a pre-sale at the Era for $205,900. Rented it for a year @ $1,300 per month and once tenanted gave notice sold it for $362,500. Almost 10 years after the sale that exact unit is worth around $390,000 so appreciation over the last 10 years has not been great.
nice to see and track airbnb buildings for years. Era had it’s prime time and with wear and tear etc. Look at what brought into the whole buildings around made it touristy to many owners…
That little unit owned and sold had made around net 60-70k/year and nice lift from pre-sale-> had to put everything into some dividend producing stocks ever since just to create another income stream to prepare for future dental bills.
Marko, good to see , market appears to be on solid ground . Tariffs also appear to be overblown and Canadas economy is doing better than expected. Go Canada Go
Month Jul Jul
Year 2025 2024
Net Unconditional Sales 429 650
New Listings 900 1,319
Active Listings 3,743 3,348
On pace for about 680 to 710 sales for the month which is solid. It doesn’t feel busy in terms of sales (showings are slow in general, etc.) but numbers don’t lie things are selling.
Ya, nice neighborhoods in Victoria aren’t full.of nice cars. Some could be garage kept.
Another retarded comment, cars likely came after the mortgage as vice versa would impact qualifications. Hence my point about shit budgeting if those people get in financial trouble.
You just need a pulse and a pen to buy a nice car today. If you stop making payments, they know exactly where the vehicle is and tow it away. You actually have to qualify to get a mortgage.
Another pre-sale that never made it completion (for the pre-sale buyers that is) -> https://www.realtor.ca/real-estate/28616105/244-island-hwy-view-royal-glentana
In-between pre-sale prices (higher than near new re-sale), years of delays, projects being cancelled and converted to rental years into pre-sale contracts, buildings burning down during construction, etc., not sure who will be buying pre-sales going forward.
Even if they had the missing owner pretty much nothing transacting right now in terms of development sites. I see a number have gone into foreclose.
Drive through Kettle Creek which is about entry level as it gets then drive through a street in south Oak Bay. My impression is the average value of a car in Kettle Creek is higher.
I’ll check them out. I want to write an article for a magazine on people that hold out on development and what the long term consequences might mean. So far I have one in Vancouver and one in Burnaby. They would make good parks for the neighborhood.
There’s one on Jenkins going on right now. A house that’s actually a duplex but it doesn’t look like a duplex. Towers all around it now. Peat roads another example. There everywhere out here. They usually end up selling for far less than what they should have and becoming a parking lot.
Where have you seen this happen Max? I’d like to take a drive by it?
I think there is. On the side closer to Langford. They will just build all around them. Its hilarious to watch it happen. Especially when its under construction. We don’t take kindly to nimby’s out here.
Checkout the parking lot at the food banks.
Maybe just a very strenuous tug job from one of their caddies.
Do you think I possibly face the threat of being unalived?
Isn’t there a land assembly on the corner of Sooke Rd and Veterans that has been trying to sell but they are missing one owner (they own 1/2 of a duplex) and the rest have been forced to wait?
Max, careful—you might be ruffling the cabal’s feathers. You risk being muted. I must admit that some of the stuff you write is out there, but there are times you have shown great insight on topics. Things that make me go hmmmm.
What sets HHV apart isn’t just its sharp analysis; it’s the rare independence in a landscape dominated by realtor-run blogs (TM). That freedom gives HHV a level of authenticity and candor that’s hard to find elsewhere. Realtor-operated blogs often face internal pressure to maintain a sales-friendly tone, so posts that challenge the narrative can quietly vanish.
Probably more so the lack of ability to manage a budget. I recall marko saying there’s plenty of luxury cars in those new westshore entry level neighborhoods. Luxury cars should never be in the garage or driveway of an entry level home.
I’ve been thinking about something MJ said recently—he used the term “mudding,” – it’s muddling, and I suspect he might be referring to land banking.
It’s a strategy where developers buy property today, often with a house already on it, and hold off on building for five to ten years. In the meantime, they collect rent to cover carrying costs, waiting for the market to rise and make development more profitable.
It’s a clever way to control costs. If the property includes a rentable home, it becomes a self-sustaining asset while the developer plays the long game. Land banking is like playing chess with real estate—thinking several moves ahead to manage risk and seize opportunity when the timing is right.
But it’s not without risk.
During COVID, I looked at a property in James Bay that had been purchased by a Vancouver developer. She paid well above market value, banking on future land lift. Unfortunately, the numbers didn’t pan out. Even with appreciation, the development wasn’t viable, and she ended up selling the property at a significant loss. She also over estimated the rent and was bleeding red ink each month.
In contrast I looked at several adjoining properties in Saanich where the developer has been doing the same thing over the last decade and it is very successful.
And here’s the tricky part: identifying land banking isn’t always straightforward. You need to know who the purchaser is, what their intentions are, and whether they’re using intermediaries to mask their strategy.
Land banking can be a smart move, when it’s done at scale or in high-demand areas.
I’m sure you wish that was your lot on the corner of Sooke and Veterans that you have been trying to dump for the past 8 years now. The property with white tail deer and the frogs. The super car wash located directly across the street seems to be doing just fine. Whats the problem? Do you think perhaps you may have pissed off the Colwood counsel?
When someone is muted does it stick forever?
A vacant lot just sold in Sooke today. This is the first sale since April 8th in all of Sooke for vacant land and currently there are 97 vacant lot properties listed.
A bit better in the core; however, I don’t think I’ve seen vacant land sales stall this much in my career.
I think what’s mudding the waters a bit is there are more SFHs being sold right now for purposes of vacant land (tear down and build multi-plex) than actually ready to go vacant land.
Well actually it was more than 16, but a number of transient zoned building introduced bylaws to ban short term rentals before the government did it; therefore, the transient zoning was a mute point. For example, 770 Cormorant previously had transient zoning but a bylaw not allowing rentals less than 30 days.
The number 16 was never ever going go grow, in-fact perhaps maybe 1 or 2 more were going to come off the list if they got enough owners do introduce a bylaw banning Airbnb.
Brilliant politics in my opinion as the ban was ultra popular but you piss of a very small subset of owner. I would bet the majority of the owners in these buildings (that didn’t AirBnb their units) welcomed the ban….until they go to sell and find out it dropped their value 15% 🙂
I understand the value that comes along with the ownership of a dog. Its even more valuable to me than money.
Deleted as I don’t need some puke saying LMAO
I love my dog, my Wife walks him everyday. We love dogs. We actually have three dogs buried in the back yard that we both loved very much.
Max, for many, rising costs mean less to spend on goods, services, or even moments of respite. That reduced consumption doesn’t just pinch wallets—it reverberates through local economies. Fewer restaurant visits, fewer service calls, fewer extras. Eventually, businesses adjust, and that adjustment often means layoffs.
In the end, it’s not just about stretching your dollar—it’s about stretching your time, your expectations, and yes, maybe walking your own dog now.
I’ve expanded on my post, knowing it may strike a nerve with some readers. That’s never my aim—I’m simply trying to unpack the dynamics of a system that feels, at times, like it’s moving on autopilot.
The reality is, none of us knows where things are headed. Economic models and market forecasts give us frameworks, but they often miss the human nuance—especially when such a small slice of the real estate market sets the tone for everyone else.
My perspective comes from the refinancing side, where I see the long tail after the excitement fades. Real estate agents may be long gone by the time homeowners realize the weight of their financial commitments. And I find myself asking: how did some of these buyers even secure bank financing in the first place?
The answer, more often than not, is “B” lenders—who operate on different terms and assumptions altogether. It’s not good or bad. It just adds another layer to the complexity.
I don’t claim to have the answers. I’m just offering the kinds of questions I believe are worth holding in the light, even if they make us uncomfortable.
No its not. Its called in their prime earning years they fucked up in life.
I’ve been seeing an uptick in debt consolidation lately, especially with homeowners rolling short-term debts into their mortgage. The goal? Lower monthly payments and a bit more breathing room. What’s surprising is how many are pushing their mortgages to the limit—maxing out to manage immediate cash flow.
It’s a revealing shift as in the past people were re-financing to buy condominiums and other investments. That’s not happening today; it’s about survival and stability in a high-cost environment.
I don’t have any recent sources, but Money Magazine published in March 2024 that Canadians owe $1.79 for every dollar of disposable income. As of early 2025 Canadian mortgage debt at 1.85 trillion and the total consumer debt has surged to $2.56 tillion. That means mortgage debt alone exceeds Canada’s GDP, depending on how it is measured.
https://everythingmortgages.ca/blog/mortgage-delinquencies-surge-in-2025/
However, there is a counter argument that while it may be tough on some, most will weather the storm.
https://www.msn.com/en-ca/video/money/bank-of-canada-warns-about-higher-mortgage-payments/vi-AA1IRbIC
NOTE: While many mortgage holders may have received salary increases, economists often overlook a crucial nuance: the real estate market represents only a small fraction of total mortgage holders. With just 2% of the overall housing inventory actively listed, this sliver of the market disproportionately influences the entire landscape.
What happens within that tiny segment can affect every homeowner.
From setting property benchmarks to shaping public perception and policy responses, the dynamics of this 2% ripple across the broader economy—regardless of income changes. It’s a subtle but powerful feedback loop that’s often underestimated.
Re. 16 condo units with transient zoning…
Thanks, forgot about those.
Which I don’t. And I could have done a little better two weeks ago.
No but may have been able to do a little better locking in a rate 2 weeks ago. Doesn’t really matter though, difference is negligible unless u have a monster mortgage balance.
Max, in real estate and investing no such thing as ripped off , looks like u got the deal that works for you and that’s good enough.
I don’t think I got ripped off man.
Heloc doesn’t cost more or come with a higher rate, just harder to qualify that’s all.
16 condo buildings in downtown Victoria has the transient zoning. You can find a detailed list online.
I do own desirable dirt. 3.99% she flipped my loc into it and I get a new roof.
Marko, I thought there were only a few buildings (2-3) with the short term rental zoning. And weren’t these new (or newly renovated) to contain mostly studio size, presumably for Air BnB? Could you explain what you meant by the hotel/other 16 buildings?
U wanna own diserable dirt ..
Seems high still, I know people that locked in that range last September/October on a new purchase, uninsured.
It is. Still sucks coming from 1.86% 5 year fixed.
That’s a great rate Max, and more realistic. Next to zero rates only help the well off people who are able to qualify, credit card rates never went down. It’s a much better balance. Rates should never go to near zero, it only creates more problems in general, like inflation.
We finalized the 5 year fixed today. This time last year I thought for sure it would be around 2.75%. I was very wrong. With the discount rate and preferred membership we locked in today at 3.99% 5 year fixed.
Don’t bother responding to this guy, just a complete idiot all around.
Its never going to be affordable man. Living on this rock comes with a price. The only thing the taxpayer can do is continue subsidizing the efforts aimed at solving this affordability issue, which in the end will result in absolutely nothing.
That’s kind of why its important to own dirt.
When city zoning allows for greater density—like taller buildings or more units per lot—the development potential of land increases, making it much more valuable. That shift doesn’t just affect future builds; it inflates the price of all nearby land as sellers and investors anticipate stronger returns.
it’s a feedback loop that’s reshaped urban real estate markets, and Victoria is a prime example. Landowners started pricing properties based on potential, not current use—especially in areas near downtown and major bus routes. – Higher land costs pushed developers to build more units per site, often smaller condos to maintain affordability. Ironically, it made condos more expensive per square foot, squeezing entry-level buyers and renters.
It’s a tricky balance: densification can combat sprawl and provide needed housing, but when land prices soar, affordability goals get undermined.
Reversing the rise in land prices caused by increased condo density isn’t easy—but it’s not impossible either. It requires restructuring incentives, reforming zoning, and rebalancing who benefits from urban growth. The key is to stop giving away density without getting affordability in return. When cities allow more units per lot, they must also control how that value is distributed—otherwise, landowners pocket the gains and prices keep climbing.
If you want to know more then google Cambridge Densification Strategy
..>> There are literally single rental developments in greater Victoria under construction or approaching completion that will bring more units to the rental market than what came to market for long term rent as a result of the AirBnb. AirBnb just another easy scape goat for politicians.
Good point. This also applies to homes subject to the “spec tax” . Only 900 pay spec tax in Victoria. Based on government estimates, the number that have returned to the rental market to avoid the spec tax is much less than that. For example, if it is 400 units returned, that is a one-time gain, but it also lowers demand for new units by the same amount. So we might see 400 less units built. And we are seeing a collapse in housing starts in Victoria – down about 30% this year alone. A big part of that is no demand from Airbnb landlords, foreigners, second homes for other Canadians etc. So we see less units built. And our economy is hurt by the loss of the foreigners/visitors/business travelers occupying these units, as well as lowered construction of new units.
One building in Victoria had these small layouts and it use to be a hotel 🙂
The other 16 buildings with short term rental zoning had regular condo units you would find in another other building.
100%, guess what’s going on with the 10 towers left to build at Dockside? Nothing. That’s okay we brought a few units at Janion to long term rental market.
There are literally single rental developments in greater Victoria under construction or approaching completion that will bring more units to the rental market than what came to market for long term rent as a result of the AirBnb. AirBnb just another easy scape goat for politicians.
On a personal note, hope they keep it banned 🙂 I have an Airbnb guest coming up for 38 days at $385/night + $500 cleaning fee.
If that were the case, Victoria would not be as vibrant as it is today.
It would be much simpler to state:
Even when growing cannabis or magic mushrooms the priority is the yield.
The issue wasn’t building condos for Airbnb— it was the decision to relax minimum size requirements. This shift may have served short-term rental interests, but it’s contributed to a shortage of condominiums designed for actual home occupation. We’re left with units too small to meet the needs of residents looking for livable, long-term housing.
The allure of maximizing short-term rental profits through Airbnb-friendly micro-units often overshadowed the long-term need for livable, family-friendly spaces. When developers prioritize small layouts to boost yield, it’s easy to forget that homes aren’t just places to sleep—they’re places to live.
Imagine if cities had paired Airbnb flexibility with minimum livability standards—like mandatory square footage, storage, or multi-room configurations. That could’ve supported both temporary visitors and permanent residents.
It would have been much easier for you to type…The Government should not be involved in business or free enterprise.
They got the solution wrong, the problem wasn’t that there are AirBnBs, the problem was there was too few. AirBnbs. This aslo developed from there being too few hotel rooms. If it was possible to build too many AirBnbs you have surplus driving down cost and people moving them to long term rentals. The problem is the difficulty of getting anything built. Just let investors over build, if it fails, it fails, but the risk is on them. The result either way is surplus stock. Same for hotels, it would be great to add the those as well. But governments have inserted themselves so far into the process adding cost and time, the building just slows or stops. This ends in the loser discussion of proper distribution of limited supply. Guess what, that results in the supply becoming even more limited in the long run.
I think it was unfair to change the rules for those AirBnBs that were in the Victoria buildings specifically grandfathered for this purpose. And I think it’s kind of dumb to force everyone who might have used AirBnBs into hotels (insufficient amenities, and not enough competition in Victoria) or someone’s dingy basement suite. But I also think the AirBnB changes did help with vacancy rates & rents, and continue to be popular.
Perhaps a reasonable compromise for owners & users would be to relent on the buildings that were grandfathered specifically, especially if our vacancy rate climbs. Probably not under the current gov’t though.
Probably no real point in re-hashing this?
Most AirBnBs were not homes, they were hotel rooms that are now useless.
AirBnB was a fake issue much like the foreign buyer issue. Only basic political wedges for the simple minded voter that it easily duped by scapegoating. “That person has something or more of it, so they are depriving you of it”. As people are discovering, you need investment by investors to build these things called homes. So, basically by servicing lazy politics and policies to appease the simple minded and xenophobic, we have managed to crash the most important part of actually building homes; which is the money needed to build them. Mostly because it was too tough for those working at all 3 levels of go to admit in the last 15 or 20 years it was them that made it go from 3-6 months to build a home to 2-3 years with piles of extra cash needed to do it. They are the ones that usually say one more tax or one more rule won’t make a difference because there are so many already (so they add more and more). The funny thing is, they are also the ones that argue against cutting tax, rule or budget because it’s all too large anyway. Which is the evidence they no idea how anything works where money matters as a part of survival for a business, entrepreneur or even a household because all their failures are backed by the taxpayers; whether in the regulations they implement or their own lifestyles (meaning their pay cheque is there if they succeed at their job or not).
They had plenty of warning. It was mainstream news that the bureaucrats were all over it. People just didn’t think they were serious about it. Well, guess what? They were very serious about it.
I don’t think Victoria’s condo market is under a lot of stress and no it’s not crashing . I doubt people who have leveraged and are having to rent their units out longer term are hurting much . It’s just a shite investment right now with flat returns
When it comes to the AirBnb issue, I have no problem with people making a business out of that.
The problem for me is when the rules are changed midstream on people.
I never owned an AirBnb but is everyone really ok with rules that can be changed after you have invested a large chunk of money into an investment?
Of course, anyone who runs a business should likely have factored in the “what if” scenario.
I always try my best to factor in the worst case scenario. The real possibility of higher interest rates, loss of job, higher taxes, unexpected repairs, falling value, and most importantly…… world affairs.
The ability to hang on, through difficult times… has always been the first thing I think about.
It’s a crazy, unpredictable world out there!
No matter what the investment is, you lend your money to someone or something in hopes of making a return on your money. That money could be earned or it could be financed. If its earned money I personally think private lending in the form of performance draws with up front collateral is safe, fast, with a high roi.
It was a pump and dump, and it was obvious. Like when the taxi cab driver is telling you the best roi on your money…Its highly likely that particular investment is just about ready to implode.
A lot of the people caught up in the AirBnB frenzy didn’t buy just one unit, they bought several. Greed is a wonderful thing. Especially if they remortgaged their home to purchase them. They made money for several years, don’t feel sorry for them, that’s the risk of going into any business. Now they own something nobody wants. What about giving them to the homeless? Yeah right.
I don’t think so. They just got really stupid with the micro units and the airbnb hype. Some people put their house on the line in the form a a second mortgage or a Heloc to finance the micro unit that just won’t sell, no matter how hard they try. If they do manage to sell the unit they will realize the loss on the investment immediately, If they are financed to the balls they are likely underwater even on the house that was used as leverage to arrange the financing to purchase the micro unit, If they are lucky enough to be able to rent it they will be cash flow negative…Bigly.
It was the precons, people made a lot of money off precons, and good for them. Sometimes it doesn’t go as planed. As a result there will be casualties.
let’s rip off the band-aid & turn it into a bike lane?
good luck trying to get out of James Bay.
Blanshard is now effectively only one lane heading north. Perfect!
The trickle down will be interesting to see, some of the money here comes from away. Even though every real estate market is local, if the centre of gravity market craters in the country, a crisis of confidence could quickly go national or at least people will wait and see how it plays out and might be gun shy about big purchases.
1725 Mortimer seems to be a decent deal selling for 950k. Rush4life, did you buy something yet?
On a complaint basis. These items must be stored inside or behind the front face of the dwelling.
Brand new….
Those Toronto numbers can’t be right. They are insanely low for a city of that size.
The 97% drop compared to 2021 is insane. It would appear we are much more insulated here on the island versus some other markets across Canada.
Yes and one or both of those neighborhoods also prohibit work trucks parked in driveways or on the street unless actually performing service. But not sure how strict and timely enforcement is.
Even if they are the latest and greatest recreational vehicles?
Oak bay and Broadmead are the ones that come to mind.
Name those neighbourhoods please.
RVs and Boats aren’t allowed outside in some neighborhoods as it brings the curb appeal down.
That’s called a real house with a ten foot setback on one side for the RV and the boat.
Leverage is utilized because the cost of capital is lower than the return on investment. Harder to quantify the return on public infrastructure projects.
Tell that to the ministry of health and island health people that got canned in the past 3 months.
I’m not aware of any layoffs to date. I think there will ultimately be some combination of downsizing through attrition, buyouts and layoffs. But nothing like what happened in the early 2000s.
Infrastructure projects, whether public or private sector, are always built with borrowed money.
And the cost is capitalized so the total outlay doesn’t show up as a deficit. It was the private sector which actually started this, the public sector followed.
Feds too Deryk, September may be an eye opener. Too bad the G’s don’t cut back in good times and spend in bad. Now would be a good time for all kinds of infrastructure projects but the $$ is spent.
More provincial government layoffs coming down the pike.
It’s going to be hard on families unfortunately.
My heart goes out to them.
I don’t see anymore than usual tbh, those properties are not liquid, some have been on and off market for close to 10 years.
Has their been an uptick in luxury/high end homes coming onto the market? My normal bike ride along Beach and then through the Uplands and down Arbutus/Queenswood it seems like every second home is for sale. Stress from COVID move-up buyers now feeling the pinch? Or just that it summer and people are trying the market? Seems like a lot of 4M+ homes for sale in these areas.
That is a disgusting sight to behold, Ironically NE Calgary is the ghetto of all Calgary….
i believe Calgary has cracked down on this now
“unidriveways”
welcome to beautiful NE Calgary
I understand that is not feasible in everyone neighborhood, but there will be neighborhoods where this will always be the case because there will always be demand for it. It will just further drive the disparity between desirable neighborhoods and undesirable ones.
I agree, but should we slow density to ensure everyone can street park their large SUV and their friends have ample room to park when they visit in their F150?
If enough multi-plexes are built it might actually change behavior for the positive like households own less cars and buy smaller cars as it becomes more difficult to find parking.
I also think front yard parking would help a lot with parking. You can easily fit two off street parking spots per unit with multiplexes designs like this -> https://maps.app.goo.gl/YYvgK7nCfp3UvZ6C7
Maybe? However it would be a pretty big shift. The average Canadian household currently owns 1.5 vehicles. Taxis are only good for short trips and require some planning. Canada is a big country and we, like many Canadians, travel long distances frequently. And parking for one vehicle is already a problem in many places. Maybe car preferences will shift towards smaller vehicles first – like in Europe or Asia.
Well, based on how the taxi lobby and governments slowed up ride sharing (Uber and etc..) Maybe 40 years…? It’s likely most households could make due with one car now, however, the key point is that it should be up to them decide how many cars is best for their own households and not others trying to impose ideals of an appropriate number of cars someone else’s household should have through cumbersome regulatory activism.
Why did Apple abandon its self driving research department? Loosing billions of dollars and laying off 2000 people. Simple- liability. Also, they don’t work well in the snow, stranding anyone dependent on them. No thanks, I’ll drive myself wherever and wherever I feel like it. My insurance covers any liabilities.
Peak density could intersect with advancements in self-driving. I could see Robotaxi/Waymo on the streets of Victoria in the next 15 years +/- and at that point I would think most households could do with one car?
Not at all, $1 million mortgage will cost just under 5k a month with 30 year amortization. Totally doable for households making $250k+ without suite income.
You have a point. The Victoria parking bylaws used to be restrictive and only residents of duplexes or SFHs were permitted to park in residential only zones. The city parking bylaw has been changed as well to allow anyone living on a street and their guests to park in residential only parking (provided it is residential only on both sides) vs. before when it was limited to duplex and SFH only – triplexes-condos had to provide adequate parking. Definitely going to be an issue.
…And a big driveway in front of those double car garages. Look at Graham Street off Bay for example, they never did have onsite parking. Yes, people need to find a place to park somewhere and have to walk home a couple of blocks everyday.
Yeah, but its not like the current 5 year fixed rate is a death blow or anything.
Double car garages for SFH should be a minimum requirement. Look at the mess of cars on the street in neighborhoods full of older homes with suites, the streets are absolute chaos.
Don’t these places have parking? And there is still a parking requirement in OB, although it is relaxed.
And there is a fair bit of capacity on those streets, although taken to the extreme it’ll end up like the small Kits streets.
Yeah, we are living in that world where apparently folks demanded to have a carbon tax. The same lobby seemed to win on having no parking as part of new construction. Hopefully, that no parking lobby goes the way the carbon tax thing did. Mostly because it still appears the vast majority of people want to be able to park where they live instead of circling several blocks and hiking.
Isn’t this the risk everywhere now? In Victoria they are building sixplexes with no parking whatsoever.
https://cheknews.ca/568-unit-development-pitched-for-oak-bay-waterfront-1266758/
I actually think this development will go through. The area is “buffered” from the rest of South Oak Bay by the golf course, there is already apartment and hotel buildings adjacent, golf course is on the other side of the street and there are only maybe 4-5 houses on the waterfront side before again the golf course cuts that area off. It would be high end condos like the Oak Bay Beach hotel condos so certainly would not erode the reputation of Oak Bay as an upscale community. If approved, that would satisfy Oak Bay’s requirement for more housing I think in one shot.
It’s a good price for a townhouse in O.B . But at 3 floors it’s a young man’s game
Not sure if efficient is the right word, likely just small. 1600 sqft over 3 stories with 4 bed and 4 bath….. Probably steep narrow stairs (min building code)and tiny bedrooms. If the stairs take up 100 sqft all together then you got 1500 sqft left for living room, kitchen, 4 bedrooms and 4 washrooms?
Would be good to understand the parking and traffic situation for 568 units with guests and deliveries. Looks like a nice higher end building otherwise. The St. Patrick townhouse has 4 bed 4 bath which is pretty efficient for 1600 square feet. However, one parking spot. That would be enough to deter me knowing that these triplexes will become way more common – reducing street parking to make room for driveways and increasing competition as 3-4x the residents and guests compete for spots.
$1.6 million is missing middle? Hope they have good knees, not one photo of all the stairs.
Edgarallen, it was good for a chuckle. They are allowed 8 units though
I told you rates weren’t gonna come down like you wished.
https://cheknews.ca/568-unit-development-pitched-for-oak-bay-waterfront-1266758/
Let the pearl clutching begin
Yeah, I’ve reached out to lock in my next five year fixed. I have to say though, that once in a lifetime 1.86% five year fixed that I will be adjusting to was one hell of a sweet ride man. When you consider the principle payments to the asset over the past five years at emergency level interest rates that really hammered down that principle in very short order…The transition into these new higher interest rates is really easy to absorb.
South Oak Bay missing middle hitting the market -> https://www.realtor.ca/real-estate/28607498/2-786-st-patrick-st-oak-bay-south-oak-bay
Well, there’s a nice deal for someone. Good job!
1539 Monterey Ave
Mysty woods has a weird floorplan. The only entrance to the house from the garage goes to a bathroom for the one bed suite. Les Meadows also is a 2 bed suite vs the 1 bed at Mysty woods.
Not having a strata title/strata fees, the extra bedroom in the suite for additional income, and better floorplan seem like good reasons for a discount. 250k does seem like a bit steep of a discount to me though
Anyone been to 1275 Mysty Woods? Seems cheap for $1.227, wonder if there’s something wrong with it. Could be because it’s backing on to royal oak drive which is noisy but so does 1286 Les Meadows and that sold for $250k more 3 months ago. There is $253/month strata on Mysty woods but not sure if that warrants a 200k discount.
Mortgage rates will still be in the low 4’s even without any further BOC cuts. Should be welcoming for all those who signed shorter 3 year mortgages in late 2022 and all of 2023 renewing in the next year and half.
5 year bond yield trending up, didn’t see that coming earlier in the year.
I enjoy groot’s posts. There’s plenty of good information in there.
Just out of curiosity, does anyone see a problem with an outstanding arbitration hearing while trying to sell? In this case, a former tenant, now vacated, who soiled a carpet now cleaned, who doesn’t want to pay for their mess.
Not really sure what you mean, but I am pretty sure no one is actively wishing to get laid off. But layoffs do happen in the public sector and in a town like Victoria where a significant number of people work for government and government related entities, any belt tightening by the public sector is not a catalyst for increased real estate demand (buying or renting).
Infrequent, I agree, I think there’s some value there as far as stats go, at least he does stay on topic .
I don’t mind Groot’s little sub-blogging in the comments here, it is easy enough to ignore and at least it’s sort of “productive” food for thought in some cases, unlike a lot of the protracted back and forth bickering that occurs.
“when you get raises and promotions for being their [sic] the longest, intelligence has much less to do with income that you’d think”
irony detected
https://househuntvictoria.ca/2025/07/12/june-market-remains-stable-as-fear-fades/#comment-129780
I would argue that government employees are sheltered from most things and actually have the lowest tolerance for market dynamics of any class of people. That is one reason for working for government after all. Isolating yourself from things out of your control in exchange losing control over many things.
Additionally, when you get raises and promotions for being their the longest, intelligence has much less to do with income that you’d think.
I would suggest that anyone working in the private sector dealing with market dynamics daily as part of their livelihood wouldn’t’ really care what happens to the price of their house, especially if they are diversified properly.
I mean I don’t. At all.
Probably will be next year before we see any substantial movement. Anyone renewing this year (purchased in 2020) while faced with higher rates will still see property value appreciation compared to their purchase for the most part. Next year and the first part of the year after will be a different story where people could be faced with higher rates and lower property values compared to their purchase, combine that with job losses then things could become a little dicey.
Wonder whap happens if you narrow down to 1bed condos under 600 sqft.
Agreed. Surprised this thing hasn’t sold yet, although It has lot issues but at the end of the day an unrenovated late 80’s home in broadmead for under 1.4M is a compelling proposition in the current market. https://www.realtor.ca/real-estate/28551520/4345-faithwood-rd-saanich-broadmead?view=imagelist
Victoria Real Estate Board
Month Jul Jul
Year 2025 2024
New Unconditional Sales 260 650
New Listings 597 1,319
Active Listings 3,754 3,348
Pretty much everything same as last year in terms of sale pace, etc. with slightly higher inventory.
.>> I think the softest in condos is being missed in all metrics including assessed value. For example, BC Assessments does not account for whether a condo has a parking spot or not (which can be worth upwards of $60,000).
If this theory was true, there would still be some units with no parking listed and sold. And those will sell at lower prices, significantly lower prices than before according to your observations. Which would show up on Leo’s sales to assessment chart as an overall drop in this metric. But we haven’t seen that with overall condos selling at 101% of July 1, 2024 assessment.
SFH market is still very difficult to read. Lots of properties I don’t think will sell, sell but then properties I think should sell don’t sell. Like a house this past week in the Oaklands area went a few thousand over asking price (and a 104k more than 2023 purchase price).
I think VicREanalyst makes a good point re how is the market going to react going forward with what looks like no interest rate cut end of July and who knows about the next meeting after that. Difficult to see upward price pressure with mortgages rates in the 4% range. I think we are probably in for a relatively flat boring market for the time being.
We are now year of four of flat…about to head into year 5.
I think the softest in condos is being missed in all metrics including assessed value. For example, BC Assessments does not account for whether a condo has a parking spot or not (which can be worth upwards of $60,000). As I’ve said many times before I think the reason condo softness is not showing up in the numbers is buyers are simply buying more and better quality condos for the same amount of money as before.
For example, condos without parking are going to be a tougher sell in this market. Plenty of inventory of choice of condos with parking so more buyers are buying condos at lower prices with parking. As BC Assessments doesn’t account for parking it wouldn’t show up in the data. There is no metric (average, median, HPI, etc.,) that accounts for something like parking, for example.
However, on the ground if you look at building specific transactions prices have definitively dropped more than any overall market metric would indicate.
Totally get it—when one person starts to take over the conversation, it can be frustrating. A lot of folks come here for Leo’s market snapshots and genuinely want to learn and chat about real estate. But sometimes the discussions drift off track or turn a bit negative.
That’s where the MUTE button comes in handy. It’s a simple way to stay focused on the content you care about, without getting pulled into less helpful exchanges.
Ontario “colleges” are facing massive closures and layoffs, up to 10,000 “jobs” at risk. These were mostly diploma mills that took foreign “students” money to give them a foothold to enter the country. They provided little benefit to our economy, strip malls will have a lot of empty square footage.
Groot.
You post way too much. I have stopped reading anything that you write.
You seem to have a lot to say. Why not start your own web site rather than clogging up the comments in Leo’s?
There’s been a noticeable uptick in downtown condo activity lately, as the months-of-inventory has tightened to just 4. That shift points to stronger demand—and a more balanced market.
Over the past 30 days, the median selling price rose modestly to $542,500, purchasing a 738 sq ft unit built in 2009. This aligns well with median prices from 2023 and 2024, which stood at $550,000 and $535,000, respectively.
The resurgence in sales appears to be fueled by widespread price adjustments this year. Agents are pushing back on overly optimistic pricing strategies, resulting in more realistic listings—and, ultimately, more deals closing.
If this trend continues through the summer, we might see a more sustained recovery in the condo segment
I’m going to give this one to Thusty
https://youtube.com/shorts/TjuoP4-Pz0E?si=BenMZA5VOzAqpj2s
The correction may not be behind us yet—price declines are still happening at a notable pace. Over the past week, for every two new listings, there’s been one price reduction among existing inventory. That’s a sharp contrast to the peak market, when reductions were rare and upward adjustments were common.
A few sales have closed over asking price, catching attention—but the final sale prices weren’t exceptional. More likely, these outcomes reflect deliberate underpricing or misjudged initial valuations aimed at driving quick sales rather than setting new price benchmarks.
Until we see consistent price stability and fewer reductions, it’s premature to declare the market correction over.
I just had a text from a condo owner in Sidney that bought into a new building a few years back. A lot of the units in the complex were bought up by one person back then. That person just sold one of the units at 84% of its assessed value and this lady is worried that now her place has dropped in value.
One isolated sale—especially if it’s a strategic or distressed listing—can send ripples through an entire building, even if the broader market doesn’t support that kind of drop. In this case, 84% of assessed value might reflect unique circumstances that have nothing to do with the true market value of neighboring units.
It’s also wild how assessment figures carry psychological weight, even when everyone knows they’re not always aligned with actual sale prices. For this owner, a single transaction triggered uncertainty, but unless we see a pattern of similar sales, her property’s value hasn’t necessarily changed.
Some might be quick to judge her perceived naivety—but a bit of background adds nuance: this woman worked for the provincial government, earning $250,000 a year. It underscores a broader truth—income and professional stature don’t necessarily shield someone from emotional reactions to market shifts.
In real estate, gut instincts and anecdotal impressions often outweigh data. That fragility isn’t tied to intelligence—it’s rooted in how deeply personal homeownership is. Property isn’t just a line item on a balance sheet; it’s entwined with identity, security, and long-term aspirations. A single sale can stir disproportionate concern—not because the fundamentals changed, but because the sense of stability did.
Province is supposed to announce their full doge plans in August apparently.
See what happens, looks like the public and private sector layoff waves will start hitting when September and October roll around. Also, won’t be a surprise if the region loses a university or college in the not too distant future.
Good read Leo, that was a short lived correction, I’m guessing sfh has already slipped into a sellers market in the core
Construction costs in Victoria’s Core can vary significantly, especially for custom-built homes. With so many bespoke projects, it’s easy for budgets to spiral. The risk is ending up with a home that costs more to build than it’s actually worth on the resale market.
High customization drives up costs fast—especially with local trades, zoning quirks, and heritage restrictions—and it’s not always aligned with resale values, which are shaped by broader demand. It becomes a bit of a paradox: you create something unique and tailored, but the market doesn’t always reward artistry with profit.
https://youtu.be/8NRLiPUIps8?si=y2EW0ND2cMutUldW
Thinking of building a home in Sooke? Here’s what you should expect to pay your contractor for a fully turnkey middle of the line quality building, including landscaping:
1½ Storey Home (Approx. 2,100 sq. ft)
For a house with the primary bedroom on the upper floor, a reasonable all-in construction cost is no more than $285 per square foot. That price should cover everything—from foundation to finishings.
Basement Entry Home with Suite (Approx. 2,500 sq. ft)
A basement entry layout with a finished suite should come in under $300 per square foot. Again, this includes everything, even landscaping.
Important Insight on Cost Efficiency
Smaller homes tend to cost more per square foot, while larger ones cost less. Why? Because adding square footage generally means expanding existing rooms, which is far more economical than adding kitchens, bathrooms, or structural elements. In fact, reducing size by about 300 sq. ft. on a basement-entry home could increase the cost per square foot by roughly 10%.
You’d be looking at $60,000–$120,000 in contractor fees included in that price. That covers project management, hiring trades, scheduling, and handling permits. Basic landscaping such as grading, turf, minimal planting would be included at around $15,000.
House hunting in Sooke
Sooke is a diverse and expansive district, offering everything from compact city-sized lots to sprawling acreages and waterfront estates. That variety—and relatively low sales volume—can make it challenging to understand market dynamics.
To sharpen my focus, I’ve defined a clear search zone: single-family homes located within a three-kilometer radius of the Village core, on lots no larger than 15,000 square feet. This area captures properties most relevant to my goals and keeps me near the heart of the community.
Currently, there are 82 active listings in this category. Asking prices range from:
In the past 30 days, 12 homes in this category have sold. The median sale price was $831,200 and the average days on market was 54 days. These are middling figures and suggest the market is leaning in favor of buyers—something that’s been consistent over the last year.
However, here’s the sticking point: even with buyer-friendly conditions, prices have remained firm, ranging from $830,000 to $845,000 throughout 2023, 2024, and into 2025. That stability, despite longer selling times, makes the process more frustrating for active buyers. There are plenty of homes available, but prices just aren’t budging.
Despite sluggish turnover, the stability of sale prices suggests sellers aren’t feeling enough pressure to reduce pricing—even in a buyer-favored market with longer days-on-market. That could be due to a few factors: solid property valuations, limited inventory in the desirable core area, or sellers simply having the patience (and means) to wait out the market.