July: Market continues slight improvement, but remains balanced
July numbers are posted by the VREB and as usual I’ve updated my long running historical data. On the surface, it looks pretty unremarkable. Sales, inventory, and median prices all within a couple to a few percent from this time last year, and a market right in balanced territory. But market conditions took another little step in a positive direction, continuing what we’ve seen since January and tipping just slightly over to the sellers side of balanced for the first time since last October. I wouldn’t get excited about it until we see a sustained positive trend for 12 months but it’s worth watching.
On a seasonally adjusted basis, sales of single family properties were about flat from the previous month while condo sales ticked up a bit from a very weak June.
Total sales are on a slight uptrend, though still solidly on the slow end of the historical range and still not into what you could call a breakout from where we’ve been in the last 4 years.
New lists came in a little weaker in July, which is really the reason behind the small strengthening in the market. It hasn’t been enough months to drag down the trend though and this series is very noisy to start with.
Lower new listings set against steady sales mean that inventory also took a hit. Not just on an absolute level (which is pretty common after the peak spring sales period), but also on a seasonally adjusted basis. Seasonal adjustment always gets a little unstable at the tails, but this is the first substantial decline we’ve seen in adjusted inventory levels since early 2023.
Lower new and active listings drove market balance towards sellers, and that’s visible on both the charts of months of inventory and sales to new list ratio.
Combining the two measures show another small improvement from June, with the market overall nearly perfectly balanced.
Median prices bounced back a bit from the super weak June figures, with both detached ($1,165,000) and condo ($525,000) medians close to what they were a year ago (down 1% and 3% respectively).
For a change, the chart below is the 12-month averages instead of the 3-month rolling average chart I usually post. It shows how little has changed in pricing as the market has bounced between cool balanced to warm balanced over the last few years.
The peak of the market was spring 2022, and since then
- Detached prices are down 9%
- Condo prices are down 13%
- Inflation has cut real prices another 13%
- Nominal incomes are up about 17% (data to 2024, projected to 2026)
- While rates are down by about 1-1.5% from peak
All that has improved affordability substantially, though we’re still not where the market has historically turned around.
For example, payments on a median condo is around 25% of household income, which is a strong improvement from the peak of 35% a few years ago, but in the past, the market didn’t bottom out until payments were below 20%. We could get there with lower rates, lower prices, or a longer period of no movement. Or are we in an era of permanently poorer affordability and this is as low as it’s going to go?
>…>> Ya it just reads like a bs story
Agreed, a bs made-up Reddit story. Using the same style as numerous Barrister/Inherited “looking for advice” bs posts here on HHV.
Ya it just reads like a bs story , not too many people would go on line and say they committed fraud and ask for good honest advice . Banks don’t care how u get your money as long as your paying the bill
Not sure if you read it but owner submitted fake T4 to get the original mortgage so makes sense bank won’t renew now.
Marko, read like a pumped up bs story. If he’s paying his mortgage and the property hasn’t really gone down then that’s an auto renew . I would bet the author is some sour renter
This is kind of wild -> https://www.reddit.com/r/PersonalFinanceCanada/comments/1w888q9/my_bank_has_refused_my_mortgage_renewal/
100% agree with you. The government is a reflection of the people. In my strata they are trying to bring in a short term rental bylaw that goes above and beyond the STR regulations the COV and province have in place. Then the exact same people reach out to see if I know of anything available in the building for their daugther, son-in-law and grandchild to come stay at for a month (but they are actively trying to make it illegal to rent a place for a month or two).
Then they support people in government that tell Canadians to vacation at home which means they support the idea (fair enough cause), but god forbid a fellow Canadian owner in the building rent their place out for two months’ to another Canadian escpaing winter in Winnipeg.
You can’t write this stuff.
Obviously there’s more red tape and fees to build 4-6 units on a small SFH sized lot. Feel free to blame government, but don’t expect it to change.
There’s tax increases for everyone, not just developers. No reason developers should be exempt. Residential Property taxes YOY were up 7% in COV, 8% in Saanich and 11% in Oak Bay. So of course they’ll be up for developers fees and DCCs too.
None of that changes the reality that numbers of missing middle units is small and falling 23% YOY.
Shouldn’t put all the blame on governments for red tape. More regulation and tax’s are well supported by the public. That’s how we solve problems and it’s not ever going to change .
I have a client with a missing middle property where the tenants just moved of the SFH that will be torn down and through word of mouth a specialist doctor and his family moving up from the US were begging to rent it from him for 10 to 12 months while they settle in and this would have worked for my client too; however, he felt it was way too much risk with the amended “City of Victoria’s Tenant Assistance Policy (and Tenant Protection Bylaw).” Just leaving it vacant until BP is issued as a result of red tape. He rented it to the first set of tenants to get some cashflow but now that he is closer to BP just not worth the risk of having the city involved on top of the RTA (4 months’ notice, etc.)
On a side not, I’ve been helping builders buy missing middle properties and the SFH rental market is night and day difference from condos. I have builders renting houses that will be torn down upwards of $4,900. One for $4,500 and one for $4,300 and all had a ton of really good applications. If you have a SFH for rent and you allows pets the floodgates open in terms of potential renters.
My missing property….yea the red tape is just insane. I purposely bought a property with no trees and still have to spend money on arborist reports, tree replacement plan, etc. 23 page arborist report and this is the table below…all zeros (no trees) 🙂 Going to be well over 10 consultants for some very basic slab on grade townhomes on a flat lot with no trees and two years +/- for DP/BP.
Pursuant to City of Victoria Tree Preservation Bylaw No. 21-035, the tree replacement calculations are as follows:
Table 1: Tree Impact Summary Table
Tree Status Total # of
Protected
Trees
Total # of Protected
Trees -REMOVED
NEW or
REPLACEMENT
Trees
EXISTING Non-protected
Trees Counted as
Replacements
Onsite Trees 0 0 0 0
Private
Offsite Trees
0 0 0 0
Love how you shamelessly cut out the very next sentence where the lack of supply is blamed on permitting, etc. “Alarm bells should be going for municipal, provincial and federal politicians. However, many are acting business-as-usual ratcheting up DCCs, fees and regs while ignoring growing red tape for permits..”
Good point.
So much for the missing middle upzoning will “build, build, build” narrative that’s been predicted by some here on HHV. Missing middle numbers are small (256 year to date) and have FALLEN 23% YOY. Victoria builders association say regarding the missing middle numbers falling- the bright spot is over and alarm bells are going off. Sales numbers seem dismal too, with HHVers posting as news when a missing middle unit sells.
In short, no “Auckland miracle” like we were promised.
https://www.vrba.ca/news/cmhc-new-housing-declines-30-in-greater-victoria/
“ We have previously said Bill 44 enabling small multis in single family zones has been the bright spot in the housing picture. That bright spot has been eliminated as small multis such as new townhomes, duplexes, etc have declined 23% vs last year.
Alarm bells should be going for municipal, provincial and federal politicians.
Year to date, CMHC’s report shows 161 single family homes, 256 row/townhomes/duplexes, etc, and 1,621 apt/condos.”
Lol you sound like me
On the whole, they are. That being said you have the right product in the right location and it still sells well. The last three sales in building in the last month
$1,504 per square foot (1,662 sq.ft. ocean view unit for $2,460,000 sold right away)
$1,255 per square foot (another ocean view unit)
$1,125 per square foot (partial ocean view unit)
At the same time you can get non-ocean view units in my building for under $900 per square foot and those aren’t selling right now.
My feeling is you have people with money (especially with the recent stock market run up) and they want nice stuff and there is only X amount of nice stuff. They don’t want the “deal” on the penthouse at 834 Johnson, for example. They are prepared to pay a premium for a solid building in a good location even in this market.
Another example, Sayward Hill. Lots of condo selling up there $1.5 to $3 million regularly.
Are the prices for the new pre-sale in Oak Bay up there, for sure. However, there isn’t another condo pre-sale in Oak Bay and there won’t be for years.
Really? Wow, that surprises me. I thought luxury, and luxury condos in particular, were really lagging right now. Good point–if they hit the market far enough in the future they might benefit from the supply shortage in 4-5 years. It’s still a big risk though.
There is almost zero condo construction in the pipeline. This pre-sale has been selling reasonably well at over $1,200 per foot -> https://www.realtor.ca/real-estate/29674520/404-511-rithet-st-victoria-james-bay
My theory on it is there simply anything pre-sale available anymore. Everything being built these days is rentals and not everyone will want missing middle. Therefore, if you want a brand brand new condo options are limited. In 5 years it will be extremely limited, the newest available inventory will all be 7 to 10 years old.
Interesting discussion on Reddit -> https://www.reddit.com/r/VictoriaBC/comments/1w5v69c/rental_apartment_has_11_units_empty_but_not/
Are the new listings at 2326 Oak Bay meant to be a joke?
Wow – I agree!
The latest leg of the bond sell-off is a reflection of a mix of high government debt issuance, an oil-price shock that has reignited inflation concerns and expectations that central banks may keep monetary policy tighter for longer. The move may mark more than another bout of bond-market volatility, with consequences stretching across economies and financial markets.
“This is the continuation of a medium-term trend that’ll keep going for many years,” said Robin Brooks, senior fellow at the Brookings Institution.
Natalia Lojevsky, managing director at CIFC Asset Management, also sees scope for yields to rise further, with heavy debt issuance now colliding with renewed inflation risks.
When Canada imposes targeted tariffs on U.S. goods, the consumer loses through higher prices and reduced choice, but Canadian manufacturers gain because the tariffs are aimed at items where the U.S. is a convenience supplier, not an irreplaceable one. Once the convenience advantage disappears, Canadian buyers switch to Canadian, Mexican, EU, and Chinese suppliers.
But the second‑order effect is far more interesting: Canadian buyers begin actively searching for alternative suppliers, and that search often uncovers lower‑cost global options that were previously ignored simply because the U.S. was “close and easy.”
Market will soak it up. Free trade is dead and tariffs here to stay, economy will adjust as it had before nafta
New BC home construction costs expected to rise 8-10% from tariffs. These are the counter-tariffs added by Ottawa on imports to Canada, effective Sept. 8. Since developers are already selling at the highest price a buyer will pay, it’s unlikely they can rise prices to compensate. Profit margins shrink and borderline projects will be shelved.
“ The Independent Contractors and Business Association estimates the schedule, which includes 400 lines that hit steel, aluminum and wood products used in building materials, have the potential to add eight to 10 per cent to the cost of construction. Increases are “obviously going to affect the desire for people to even do projects,” said John Ramos, owner of B.C. firm DBD Westcoast Construction”
Also, new product hitting the market too -> https://www.realtor.ca/real-estate/30215193/1-768-lindsay-st-saanich-royal-oak
Noticed there is a similar product on Kenmore and Columbia(?)- word on the street owner from AB, and hired a local company to manage the trades.. took a peek myself, aggressive design in the side yard setbacks
5 year bond yield hitting a two year high today….I can’t say I predicted that six months ago. If this continues and we do get a few rate hikes in 2027 it is going to be very difficult for the market to get going. It is going to be more of the same, slow and steady sales with sideway prices of SFHs.
Ironhead- where are you getting your information? You don’t know what you’re talking about and look like a fool.
LOL Frank made gains on his oil and gas stocks but is against us investing in oil and gas infrastructure.
Sept 1st 2026
Month Aug Aug
Year 2026 2025
New Unconditional Sales 591 523
New Listings 1,158 1,078
Active Listings 3,662 3,598
Thanks to world turmoil, if you were invested in resource stocks (oil and gold) you had a great year. My portfolio (RRSP)!was up 200 grand in February, dropped 100 grand and now is back up to February levels. Bank stocks continue to outperform, must be owned by the mafia.
More missing middle sales including the second unit has now sold at 786 St. Patrick.
Also, new product hitting the market too -> https://www.realtor.ca/real-estate/30215193/1-768-lindsay-st-saanich-royal-oak
Mondays are usually solid for sales, but even without today’s sales a surprising (at least to me) 5 year high for sales. I had one set of clients upgrade homes in August and they paid cash for the upgrade and will be listing theirs soon. In chatting to them huge stock market portfolio run up in the last year. I wonder if that is helping a bit on the higher end of the market. Maybe our climate a bit too bringing in a few extra sales? Friends’ house flooded in Ottawa, fires in BC, etc.
August 31st, 2026
Month Aug Aug
Year 2026 2025
Net Unconditional Sales 566 523
New Listings 1,116 1,078
Active Listings 3,667 3,598
2026 – 566 plus sales from today (20 to 30?)
2025 – 523
2024 – 545
2023 – 544
2022 – 478
Ya much better places to put your money , although I guess u can sell them off slowly over time if u needed to recycle your investment
Impossible to get a mortgage on that package deal, so the buyer would need cash. Better investments out there than 10 shoe boxes.
Interesting listing, a package of 10 condo units -> https://www.realtor.ca/real-estate/30209845/604-751-fairfield-rd-victoria-downtown
We have to get permission to transport those valuable resources since most of them are land locked. Good luck with that.
Well, unless we’re going to roll over to the US, we have to do something. Greater access of our many resources to world markets seems like pretty much the best infrastructure spending one can think of IMO.
Thirsty- You don’t get out much. Accessing those trillions in resources costs trillions. Don’t spend your billion yet, leave that to the pros in Ottawa.
Frank, that’s plan. Spend big on big projects that will pay off big when they start producing. Canada as the 2nd largest land mass is sitting on trillions of dollars in the ground. Every Canadian is probably a billionaire if we ever decided to sell the place
Canada is doing great, going deeper in debt. Government is spending money like there’s no tomorrow.
Canada is kicking butt. Good times ahead with so many big projects getting going . Go Canada Go
Canadian economy growing at the fastest clip in three years, didn’t expect that. I guess everything is fine 🙂
No real discounts for nice properties in nice neighborhoods at price points under $2.2 million. I think that’s a good take away that while the market is soft, there’s no shortage of money sitting on the sidelines.
I left out ’22 because it is the outlier correction year. That’s interesting regarding the accelerated sales pace. And there’s no denying that excess inventory has certainly eased.
Maybe the mainland fires have something to do with the strong market. If I had the means, I would be motivated to leave a place like Kelowna. Air quality is paramount, you’re literally taking years off your life sucking that smoke in.
Any particular reason why we left out ’22?
As far as sales we had 143 last week and we have a full week left plus a Monday for the last day of the month (usually good for 20 to 30 sales). Currently we are at 433. I am hesitant to say substantially above 550 as the sales pace can always slow, but if it held steady, we are looking at around 600 +/-. It will certainly be above 550, just not sure how much.
I personally thought the summer was going to be complete disaster kind of like summer of 2010, but for whatever reason sales have been reasonable.
Is the the number expected to be significantly above 550? The average of ’25, ’24, and ’23 is 537. In that context, 550 would be only 2.5% above the average.
Looks like househunt Victoria is calling a bottom. Go Canada Go
Victoria Real Estate Board
Month Aug Aug
Year 2026 2025
New Unconditional Sales 433 523
New Listings 885 1,078
Active Listings 3,708 3,598
This is going to be a solid month. Looks like we will be above 550 sales for the month of August which will be a five year high. Inventory coming down too closing in on being in-line with next year.
2026 – 550+ projection
2025 – 523
2024 – 545
2023 – 544
2022 – 478
This is also the first month this year that will be substantially higher than last year YOY in terms of sales.
I didn’t buy Leo’s analysis above “But market conditions took another little step in a positive direction, continuing what we’ve seen since January and tipping just slightly over to the sellers side of balanced for the first time since last October.”
but looks like he was right it is taking small steps in a positive direction.
Lawyer in the podcast gave a reasonable opinion on Dripa/U.N. I thought.
The entire premise of RE selection in Victoria is to stay far away from the reserves.
Dripa and the U.N sucks , but that’s just my opinion. If the ndp and the people of b.c. are fine with it i am too. It has very little effect on me , so I don’t really care much
If anyone is interesting in the best explaination I’ve heard on The Cowichan Decision, here is a good podcast with an aboriginal law lawyer -> https://www.youtube.com/watch?v=DojJ0Wt8UNc
Price declines in the downtown condo market appear to be slowing this week, largely because agents have begun pricing new listings more realistically. At current levels, you can now find 10‑ to 15‑year‑old lower‑floor units trading at roughly 15–16× gross rent, which is the first sensible pricing we’ve seen in some time.
Outside the core, older one‑bedroom condos from the 1970s and 1980s have reached an interesting point: the monthly cost of ownership is now comparable to the cost of renting the same unit.
At that stage, the math speaks for itself — it may be time to consider giving your landlord a kiss good‑bye.
Ok champ.
Rising interest rates should, in theory, cool housing demand. Yet the opposite often occurs: buyers accelerate their timelines because they’re afraid of being left behind. Historically, strong labour markets and broad wage inflation reinforced that behaviour by keeping more households qualified.
But those conditions no longer exist. The fundamentals required for sustained, double‑digit home price growth and persistent rent inflation simply aren’t present. And we’re not dealing with a shortage of active listings.
Without investor‑grade returns, without rapid appreciation, and without tight inventory, rate‑driven urgency doesn’t materialize. Instead of fear‑of‑missing‑out, the dominant sentiment becomes caution — buyers are more concerned about overpaying than being priced out.
Two additional factors matter: unemployment and population change. Canada’s unemployment rate climbed through 2025, and the country recorded its first annual population decline in modern history. With fewer homes being built, reduced immigration, and public‑sector layoffs, upward pressure on unemployment is likely. These conditions weaken demand rather than accelerate it.
Another overlooked issue is the “500,000 homes Canada needs” narrative. That estimate was built during a very different economic moment — one defined by record immigration and rapid household formation. Today’s demographic reality is fundamentally different, yet the number continues to be repeated without meaningful revision. A static supply‑gap estimate in a slowing population environment leads to policy conclusions that no longer match the underlying data.
Taken together, these shifts reinforce a market defined by hesitation rather than urgency — one where caution outweighs fear‑of‑missing‑out, and where buyers are more focused on value than velocity.
Looks like it “worked” for one day. Bessent is a moron. This is happening because of deficits, tariffs, and the idiotic war they started. They’ve shown zero interest in changing course on any of that. Where rates will be a year from now is anyone’s guess. My guess is they’ll be higher, which will dampen interest in real estate. If so, people with cash will be in a good position if they’re still looking to buy.
https://www.youtube.com/watch?v=8cnMJq8wV_M
Golf is a drinking game like curling and darts.
“I walk about 27 holes on a weekly basis and very pleased with my new irons”
That’s a good workout if your in your 70’s, try speed golf if you want a real workout, when I was younger I could play 18 holes under 1 hour on a 6,200 yard course shooting near par.
U.S. national debt exceeds 40 trillion dollars. Something bad is going to happen some day in the financial markets. When? Only the shock market big boys know. Government spending around the world is out of control. They’re just interested in getting re-elected so they can lead a billionaire’s lifestyle on our money. I’m sure none oh them wait months or years for surgery.
I fee like Just Jack the appraiser has been replaced by Groot the AI appraiser bot
Well, here goes the quantative easing idiocy again.
https://apnews.com/article/bond-market-yields-treasury-bessent-bd0cead63ff1b7f2e99d4c8cce0a28d3?utm_source=app&utm_medium=android_share&utm_campaign=more
I guess we might be at the low point for mortgage rates right now, any bets on 7-8% mortgage rates in 2 years when the money needs to be accounted for?
Marko is good to read. Often seems to have a balanced view.
Lol, sounds like a move only a loser would make.
Mute Mute Mute, just ignore them. losers will always be losers, whether its real life or on the internet
Peter, not every post is about you. I stay on the subject matter and avoid personal attacks. Leaning on personal shots isn’t argument — it’s just laziness.
And….was anybody debating that? so the answer is – wait for it – ok don’t buy stupidly, don’t buy a deal that is “weak at the beginning”, buy with some common sense. Ok, to that extent, I freely “take back” my no-brainer logic, you actually do need a brain to make a reasonable decision, I admit it! does that make you happy? Sigh. Your responses, per usual, are not so much “wrong” as they are somehow non-responsive and kind of missing the point. It’s like some verbose AI-fluff response with wrong inputs.
Thank you, now I – duh – finally understand how buying a home may actually be fundamentally different than buying a GIC. Thanks for the wise tips such that I might go more safely into the cruel world I unthinkingly venture into.
Yup just don’t cheap out on the neighborhood!
I walk about 27 holes on a weekly basis and very pleased with my new irons 😉
Good to c Canada and the USA have come to a deal on tariffs. Should be good for the economy. Go Canada Go
Comparing the ROI on a home to a Guaranteed Investment Certificate is fundamentally wrong.
As the name implies, a GIC is guaranteed; the return on a home is not. A home is a volatile, market‑driven, real asset, often purchased with leverage. A GIC is a fixed‑income product with contractually defined returns and virtually no market risk.
If you want a meaningful comparison, don’t use GICs—compare a home to something in the same asset class, such as a Real Estate Investment Trust (REIT).
If you want a meaningful comparison, look at what investors are actually paying for real estate. Compare the returns individual homeowners achieve to the returns institutional buyers accept when they purchase large apartment complexes. That’s the correct asset class. Both involve real‑estate risk, both rely on appreciation and income fundamentals, and both are priced according to market conditions — not guarantees.
But this type of analysis is well beyond the capabilities of most homeowners. And that’s precisely why so many people fall back on the GIC comparison: it’s simple, familiar, and wrong. Real estate should be evaluated against real estate — not against risk‑free fixed‑income products.
“I need a nice home and nice things”
If you need nice things to be happy then there something else wrong, nice things may make you feel happy for a short time but they will never permanently be a cure for your unhappiness and will become an endless pusuit, I suggest you try exercise.
Peter, a lot of that “no‑brainer” logic depends entirely on how long you plan to own the home. A longer holding period can smooth out volatility, but it does not repair bad fundamentals. If the deal is weak at the beginning, it will still be weak at the end.
You can model 5‑, 10‑, or 15‑year scenarios, or even run it out to the end of the mortgage term — but every one of those projections is built on assumptions that are prone to error. Appreciation, expenses, rent growth, interest rates, and repair cycles are all guesses dressed up as numbers.
The alternative is what most homeowners actually do: follow whatever the other guy is doing, on the assumption that he knows what he’s doing. That’s not analysis — that’s herd behaviour — and it works only when the herd happens to be right.
So how often is herd behaviour right? Rarely, it feels safe because it offers social proof. When fundamenals are weak, the herd is almost always wrong because it’s reacting to sentiment, not analysis.
Here’s a short check list to consider when it comes to fundamentals.
1) Overpaying in frothy markets
2) Buying negative-cash flow properties
3)Assuming appreciation will bail you out
4)Ignoring rising expenses and stagnant rents.
Air quality and water quality are the second most important factors when determining where one with the means wants to live. If it isn’t, it should be. Climate would be number one. Poor air quality will shorten your life like nobody’s business. If you can escape the smoke, you should.
Absolutely. The combination of those factors plus principal residence exemption makes home ownership of primary residence a no-brainer, and now’s a reasonable time to buy.
I am good, I need a nice home and nice things. It was more of a question to OP and other people chasing Financial Freedom in general. Many of them aim to live a minimal lifestyle to achieve “financial freedom” even if they do enjoy life’s luxuries which is interesting.
We were negotiating an offer the other day and my sellers were of the opinion of don’t budge on the price and in three months +/- the market will pick up as a result of the fires/smoke in the interior.
I guess in theory it kind of makes sense that people would want to move here, but at the same time my retired neighbours a couple of years ago sold their condo to move to Kelowna to be closer to their grandchildren. I lot of different moving parts in terms of simply moving to Victoria for the sake of air quality including lack of health care, etc.
Also, a lot of people have emailed over the last 10 years to help them with the owner builder exam after a wild fire and my impression is most people had/have small homes/cottages (<1,000 sq.ft.) burn down and they are re-building a similar size. I don't get the impression that 3,000 sq.ft. $1.5 million-dollar newer homes are burning down in mass (i.e., someone who could afford to move to Victoria).
That all being said, this summer market has been extremely resilient, and it has really surprised me. This month will be the first month this year where I think we will be up YOY for sales by more than 1 sale so something is propping up sales for sure. It could be lack of smoke and simply an attractive place to live is bringing a few extra people?
Why are you unsatisfied grasshopper?
When construction slows, demand for serviced lots should fall, and land prices should correct. But in Greater Victoria, that correction is happening painfully slowly.
The recent Dunnet land sale at $650,000, down from its 2022 asking price of $1,075,000, is exactly the kind of reset the market needs.
https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/housing-data/data-tables/housing-market-data/monthly-housing-starts-construction-data-tables
July Standalone Seasonally Adjusted Annual Rate (SAAR)
– Decreased 5% in July (229,074 units) compared to June (240,773 units).
What happened to Carney’s 500,000/year?
Victoria seeing a big drop too, according to CMHC, year- to-date, (Jan to July 2026) Greater Victoria has posted 2,038 new homes, a 30% decrease from the 2,920 last year (Jan to July 2025).
With today’s technology, whatever fleet of warships we could muster would be wiped out in 15 minutes. I heard somewhere that Canada had the third largest fleet after WW2. Not sure how accurate that is.
My previous post concerning investing in million dollar properties did not include your primary residence. If you can swing it, buy the best property you can afford. It will pay off in the long run.
Is it really financial freedom to live a life you are not satisfied with?
I think we are within 5% to the bottom, so looking at it from a long-term perspective it might as well be the bottom. As we have seen before, the market could easily move 20% within a year.
I agree, if you purely want to make money then there are likely better places to put your money. But I think it’s a pretty damn good deal to live in a nice house in a nice neighborhood while at the same time be almost guaranteed that the ROI of your home will appreciate more than a GIC. I appreciate my home more every time I drive through a neighborhood/street in town with unkept houses, cars parked all over the road/lawn, nests of overhead powerlines etc. or new developments with the minimum required setbacks where the houses are closer to each other than some of the older detached townhouses.
On a totally unscientific basis, I run into a couple at a garage sale from the Okanagan that said that they were house hunting here since being older the smoke was too much for their health to bear. I wonder whether we might see more retires moving here as well.
Talked to my buddy who is a machinist at the GM plant in Oshawa who is also looking to move here. Seems the general opinion is that GM is doomed in Oshawa in the long run (and maybe the short run). Stallantis no longer sees Canada as a stable place to invest long term capital. Cant tell what the tariffs are going to be from one week to another. Being in his late twenties and not married I am guessing it is a good time to consider a move.
My point is that all this might help the real estate market here (or not).
I don’t think anyone has a clue what the “best” will be, but can’t hurt to be diversified.
Maybe. It’s still an awfully expensive bottom. But I’ll give you the fact that the equity markets are comparatively at a much headier level, such that some rebalancing could make sense. Purely from an investment point of view, I personally doubt that rebalancing into Victoria real estate is going to be the “best” investment decision (not a bad one by any means, just not the “best” IMO from a narrow investment potential point of view). But I think it works sensibly especially if driven not just by investment decisions but primarily by wanting to buy a decent place to live.
One good thing I think this slowdown has done is get us away from the real estate mania and back closer to a RE market driven more by people just primarily looking to buy a place to live.
Frank, you metioned earlier why Canada with its shoreline isn’t building ships?
https://www.cbc.ca/news/politics/submarines-germany-canada-corevettes-warships-9.7308142
Good post.
Putting over a million dollars into one asset would not be a wise investment decision. Diversification is always recommended. Buying Victoria real estate is too concentrated of an investment. One earthquake could wipe you out. Lots of earthquakes around the world these days (probably no more than normal). Do you think earthquake insurance would ever be available after one occurs? What percentage of people carry it? Everything appears to be on shaky ground. I also believe that Canada will be taken over by the U.S. in the next 100 years. It’s inevitable, we are defenceless.
Good to c a uptick in sales, maybe some folks will take some money out of the market and buy real estate at the bottom
Victoria Real Estate Board
August 17th, 2026
Month Aug Aug
Year 2026 2025
New Unconditional Sales 290 523
New Listings 624 1,078
Active Listings 3,749 3,598
Sales pace is now ahead of last year. I am predicting 550 sales for the month. This summer is turning out to be better in terms of sales than I anticipated. I thought it would be worse/slower.
Victoria Real Estate Board
August 17th, 2026
Month Aug Aug
Year 2026 2025
New Unconditional Sales 290 523
New Listings 624 1,078
Active Listings 3,749 3,598
Sales pace is now ahead of last year. I am predicting 550 sales for the month. This summer is turning out to be better in terms of sales than I anticipated. I thought it would be worse/slower.
Bank account and rental properties.
Vicre, where are they putting their money. Retirement is a very prickly lifestyle change, I would say for most people it’s a real wake up when try c how fast they’re burning threw they’re money
Interesting that tradies typically don’t have stock portfolios for retirement. Seen that with almost all the ones I know.
You need expensive assets to sell when you’re old. Very hard to retire and maintain a standard of living on a lifetime of a working .
Yup happening as we speak. Location, location, location. If you followed that for the last 15 years you would have been a millionaire instead of waiting for a crash like someone posters here.
But! Life is meant to be lived and having a home you’re happy in is a reasonable trade off for early financial freedom I think.
You may not mean early financial freedom. You may mean short-term extra cash each month vs. spending more of that each month on housing for the better more expensive house? If you would have invested that difference I still doubt you would match your tax free leveraged returns on a well located home long term in our area. I’d say that right now there are probably thousands of people in Canada assessing wildfire season and looking at places like Victoria and the island as a better bet.
Your children will grow up and move out. It will happen faster than you think. You won’t necessarily need that big house anymore. At that point you could sell and be much further ahead after tax than you would have been staying in the small bungalow. If you stay longer than this chances are it will the bigger home will be paid off and, giving you monthly financial room, and, ultimately, it can be sold to finance any support you need in your final years. Your more expensive house will probably be a much better path to long-term financial freedom.
I think the bigger thing to think about if someone is looking at their primary residence as an investment is the value of the land vs the land of the house. A 1.5M house in Oak Bay where the land is worth 1.3M is probably going to do a lot better 10 years down the road than a 1.5M house in esquimalt with more updates where the land is worth 850k. Personally we stretched for a house in a nice neighborhood where the land was 95% of the value and we can renovate the house over time. This obviously requires someone to be willing to live in a house with inferior finishes for a while so it isn’t for everyone
That’s they key, don’t be delusional on the location. The price variability in different neighborhoods are there for a reason.
Fair enough, not enough info based on the info OP provided so far. What we do know is that almost everyone who had the ability but didn’t stretch a little bit during the previous runs up in Victoria are regretting it later on. For example ~$150k was the delta between Oaklands and Oakbay 10 years ago, at ~2.5% interest rates it was going to be 600-700 more a month depending on amortization. Sounds like a pretty good deal in hindsight doesn’t it?
I think what you’re saying especially makes sense if you can afford to buy somewhere nice where you want to live and basically stay in that neighbourhood. But you might choose to sacrifice early if it’s part of a reasonable plan to get you significantly ahead later.
Where we lived in Vancouver, it would have been financially negligent to ignore the investment potential, because a SFH is so expensive it sucks up basically all you’ve got to give, so there had better be a financial plan that makes sense to you, and staying put was not that plan for us. It worked out for us because we always wanted to retire to the Island anyways. We lived most of our working lives in West Van, in houses that don’t compare in any way to the one we have here. And that was fine, for a couple of reasons. One being that even without the fancy house, we were living in a great area, very near to where we needed to be for careers, enjoying the beaches, nature, and having the kids in good schools, and so it sure didn’t feel like some big sacrifice. And the other being that we had a plan to retire to the Island. So when we were ready to do that, we sold our cottage in Ambleside and dollar-for-dollar bought something much nicer here on the Island. The earlier sacrifices, plus the plan to move here in retirement, worked well to give us what we have.
Given the choice I don’t think anyone is picking East van over the West side.
Oak bay is likely to underperform once it hits a price inflection point just like West side Vancouver where some houses are now trading at 2014/15 prices which is close to 3 million for a teardown.
Looking at your main residence as investment potential rather than lifestyle enjoyment is puzzling. The whole point about making money is to be able to live a comfortable lifestyle you enjoy while you still can. Why anyone would sacrifice that during the prime ages of their life just to trade for the same thing in their later years doesn’t make sense. Lastly for those that have been in Victoria for sometime, esquimalt had the nickname of esqumpton and there is a reason for that.
These things are all totally subjective, but yeah, personally, we’ve always followed a priority of living in the best neighbourhood we could get into even if the house was sub-par, and we never regretted it. But since your issue was investment potential, I don’t think it’s all that clear that Esquimalt is always going to under-perform; I mean, to me it looks like it has upside/redevelopment potential, especially given its proximity to town. If you’re happy with the house you’ve got there, I wouldn’t worry too much about it.
When we first moved to Vancouver, everyone wanted to live on the West side, and East Van was on nobody’s preferred list, but we saw that change substantially over the years. Sure, Esquimalt is never going to be more desirable than Oak Bay, but I do think it has upside, personally.
Being stuck in a house you don’t like is not Financial freedom…..
We moved our family of 2 kids plus a dog from a freehold 1 bedroom 1 den 50s bungalow near shelbourne and north dairy that shook every time any large vehicle drove by, often waking me up in a panic that there was an earthquake happening, to a quiet freehold 5 bedroom 80s build with a suite in royal oak.
Quality of life is like night and day. Worth it. Wake up every day looking at my house feeling incredibly grateful – and somewhat in disbelief that we’re here…. and it’s been 6 years since we moved. But I do sometimes think about the financial freedom we could have had if we’d stuck it out in our bungalow.
But! Life is meant to be lived and having a home you’re happy in is a reasonable trade off for early financial freedom I think.
Mostly agree that area is ridiculously shady although deerwood in particular was a really cool house, I think any time of year it would get interested buyers. And the kentwood house had a tennis court, I was wondering if now is a particularly good time to be selling a house like that with all the pickleball fans.
How are you sacrificing vacations if you are stretching out the amortization? Are you saying you are not planning to vacation until the mortgage is paid off?
Some people value living in a nice upscale neighborhood.
If you are comparing freehold vs freehold, then no, not worth it.
If yo are comparing strata vs freehold, then maybe.
We looked at upgrading and found we could afford it, in that we could afford the increase in debt service costs. The real cost was increasing the loan term from 15 years on current to 25 years on new loan. That’s an extra 10 yrs of mortgage payments. Millenials like me are asking is the “upgrade” worth the extra years of work? If the promise is that the oak bay house will appreciate faster than the Esquimalt house, and therefore you’ll be better off later, is that worth sacrificing vacations, niceties of life now and for an extra 10 years? We don’t think it is.
Good time to sell Kentwood and Deerwood while there is some sunlight on otherwise dark and gloomy locations for much of the year.
LOL
“Lol you should post that on that Vancouver island housing market fb group or the Victoria subreddit and see what kind of replies you get”
For BCIguy that loves to criticize others for being behind the times and out of touch with Victoria real estate admitting he frequents Facebook comment sections is pretty brave because he’s finally admitting that he and all our moms share many opinions we all just smile and nod at.
Buying or selling older leasehold condominiums can come with a range of complications — often more than with older strata condos. That’s why it’s essential to work with a knowledgeable real estate agent who can clearly explain your ownership rights, potential special assessments, financing limitations, and any escalation clauses built into the head lease.
Even traditional strata complexes eventually reach a point where the cost of maintaining the building becomes unsustainable. As major systems age, special assessments tend to become larger and more frequent. In some cases, the strata corporation may need to wind down entirely, a process that can take years and significantly reduce the equity owners expected to receive. Legal disputes, redevelopment negotiations, and payout delays can leave owners without the funds they need for their next purchase.
Despite these challenges, older leasehold condos can still offer excellent value depending on your circumstances. Many are located in some of Victoria’s most desirable neighborhoods. You can enjoy the same walkability, ocean access, and amenities as residents in newer million‑dollar buildings — often for a fraction of the price, sometimes as little as one‑fifth of the cost of a new condo.
https://youtube.com/shorts/v9vUkGiaVHY?si=hrihHuryiWNSdBjB
Salt Spring is a wonderful island, but with only about 6,100 homes and a full‑time population of roughly 12,000, the real estate market is extremely shallow. Over the past 30 days, just 14 homes have sold, ranging from $240,000 to $2,700,000 — a massive spread across a very small number of transactions, each differing significantly in location and physical characteristics. While the market is shallow, it doesn’t operate in isolation. Salt Spring generally follows the broader real estate trends of Greater Victoria and the Gulf Islands, even though its own sales volume is limited and highly variable.
Are they different? The ones I’ve met have two arms, and two legs just like us. Any other differences would be relatable to that of living in any small community.
1015 kentwood sale at 1.9M, 270k over assessed…
945 Deerwood sale at 2.185, almost 600k more than assessed and the Nov 2020 sale price…..
Real estate is basically dirt. If you don’t own the dirt you don’t own real estate. It’s simple.
So say Mt. Washington ever since freehold conversions.
Orchard House is dumpster fire.
Uff, leaseholds are really taking a beating in this market. 13 active listings at 647 Michigan, not one sale this year. None of the last 26 listings have sold, have to go back 27 listings for a successful sale.
I wonder what the market is like on Salt Spring. It takes a different person to want to live there.
It only takes two interested buyers to drive the price up. I’ve seen it myself — I was in court for a farm foreclosure on Salt Spring Island where only one person showed up to bid. They walked away with a great deal. But once you’re bidding against others, the chance of getting a bargain disappears. Competition sets the price, not value.
No matter the foreclosure process, the point I was making is that you probably won’t get any deals buying a foreclosure. Lots of other vultures out there. One tactic would be to go to estate sale where the family is clearing a relative’s house. Strike up a conversation with them and you might get your foot in the door. It’s a long shot but you might get lucky. Give them the option to leave the remaining contents, the less work they have to do can motivate them to sell privately. I’ve bought 2 houses from my realtor friend before they were listed, full of stuff. Cash and an early possession date helps.
Just to clarify a point raised by Marko: Frank has repeatedly stated on this platform that he has owned property in Manitoba. So when he commented on how foreclosures are handled there, I understood exactly where his remarks came from — and his description of the Manitoba process was correct.
The irony is that if Marko had taken even a small moment to check, he could have informed himself before launching into a personal attack on Frank, and for reasons unknown decided to drag me into it as well.
Frank is free to comment on Manitoba just as Marko is free to comment on Croatia. And as for Marko’s comment about me, I fact‑check my posts before submitting them and routinely provide my sources.
late to the comments to Marko or anyone needs some car insurance or home insurance or even life insurance…
1)I pay around $600 with a “2000” deductible for Collision, + “1000” deductible for Comprehensive ( to cover shit like my own faults hitting a tree or crack the rim etc… but the min. Third party liability is 2M( NOT 3M not 5M crap, I know the sales guy keep telling you it’s 30 bucks difference…) Totally agree with Marko the savings towards some dividend ETFs.( and yes, I DRIP them all in cash acct RRSP and tax free acct and use myacb.ca to do my own filing)
2)home insurance, my insurance guy is quite upfront about using 5K deductible as he is too busy chatting with me about my commercial insurance(and he noted that I actually do not need 5M general liability coverage but only needs 2M… saved me almost 38% the premium)- I work with a competent, honest guy that are eager to earn trust( instead of commision)
3) another life insurance guy- he sold me t10 term insurance around $470/year with a preferred rating ( yes It required blood work done) , and results came back that I am a diamond plus, non smoker. I am getting very close to pay off my personal debt now ( yes, I am keeping the Home Equity Line and use that shit towards stocks and write off the interests) and on the commercial side, I plan to get more debt from the bank or a local credit union, one gal told me that they are expanding their max allowable debt from 8M to 10M for their client now so I have much room to play.
Average Canadian sees a doctor 6 times per year. USA is 40% less at 3.5 times per year. (See oecd data from 2023).
The likely reason for the difference is that it’s free/unlimited in Canada.
A lot of Canadians visits are for trivial matters (Rx renewals, BP checks, follow-up of cleared up flu), and wouldn’t occur with a small user fee. For example, charge a user fee for more than 3 routine visits per year, with exemptions for means testing.
If we reduced Canadians visits per year, that could free up spaces for people with no regular doctor.
https://www.oecd.org/en/publications/2025/11/health-at-a-glance-2025_a894f72e/full-report/consultations-with-doctors_6cbfac99.html
2 bed 2 bath unit in the Aria just sold for 120k more than the spring 2022 sale price. Location is everything when it comes to RE, don’t mess it up when buying.
True enough – we probably all know people who gunk up the system by going to the doctor if their kid has the sniffles, or to emerg if they have a hangnail. Personally, I’d be happy if the gov’t instituted say a minimum $20 cost (means-tested if necessary) for every doctor visit, just to cut down on that stuff. Then give that money to clinics willing to re-institute some hours for open walk-ins.
Victoria Real Estate Board
August 10, 2026
Month Aug Aug
Year 2026 2025
Net Unconditional Sales 135 523
New Listings 334 1,078
Active Listings 3,765 3,598
A little too early to call but sales pace similar to last year.
For lots of folks it’s something for nothing , even if they have to wait in emergency for 15 hours. Canadians have nothing to brag about when it comes to health care
Just mute both of these clowns like what I have done recently.
Hmmmmm I think I rather my life be saved them figure out the money than die while waiting for diagnosis.
Right, so instead of educating yourself you are opting to post complete non-sense like I-am-groot.
No I didn’t watch the podcast, I was busy enjoying a pristine summer day at the cottage by the lake. Perfect temperature, clear blue sky, fresh air, peace and quiet, no mosquitoes ( thanks to the dragonflies), no drug addicted zombies, surrounded by Mother Nature-birds, deer, etc.. Heaven on earth. I understand that the foreclosure process is different in B.C. I once put a bid in on a property up Island 20 years ago. In Manitoba, foreclosures are put up for auction, are usually postponed several times and if they end up being sold, are usually not much of a bargain. Outstanding property taxes and utilities are also tackled onto the sale price. Viewing and inspection are rarely available and major repairs can be expected. Properties in bad neighborhoods go unsold.
Americans also have a high rate of medical bankruptcies.
I take it you didn’t watch the podcast where the foreclosure lawyer explains how it actually works.
Foreclosures are usually not a great way to get a deal on real estate. The lender usually has set a minimum sale price to attain, so low ball bids are worthless and ignored. You might save a little money if you’re the successful bidder, but you will definitely get several hidden surprises that you were unaware of since viewing is rarely offered. Best way to get a good deal is to find a private sale or know a realtor that will sell a distressed property directly to you with the approval of the seller. I’ve bought most of my properties that were never listed on MLS. It pays to have to have a lot of connections.
Canadian mortgage performance isn’t a reflection of borrower virtue; it’s a reflection of system design. The architecture of Canadian mortgage finance — full recourse, short terms, and concentrated institutional risk — makes foreclosure a value‑destructive outcome for lenders. As a result, Canadian institutions intervene early and often to prevent loans from sliding into formal delinquency.
By contrast, U.S. foreclosure rates are higher not because Americans are inherently less stable, but because U.S. lenders operate in a framework where non‑recourse rules, securitization, and fast statutory foreclosure processes make liquidation the default remedy. In many cases, servicers are contractually obligated to push delinquent loans into foreclosure rather than negotiate.
Lender behaviour within Canada isn’t uniform either. Large, well‑capitalized institutions have the balance‑sheet flexibility to restructure terms, extend amortizations, or carry arrears while working with borrowers to restore performance. Their diversified portfolios and regulatory oversight make workouts economically rational.
Class‑B and private lenders, however, operate under entirely different constraints. Thin capitalization, concentrated exposure, and investor pressure for short‑duration yield leave them with almost no tolerance for arrears. For these lenders, a delinquent loan is not a problem to manage — it’s a threat to solvency. Their enforcement posture is correspondingly aggressive.
Good primer on foreclosures.
In foreclosure work, the initial appraisal is almost always completed while the owner is still living in the home. The property is furnished, utilities are on, and the overall condition is stable. At that stage, the lender isn’t preparing for a sale — they’re assessing equity and determining how to proceed with enforcement.
If the borrower cannot refinance or resume payments, months typically pass before the file reaches court. By the time a judicial sale is authorized, the property is usually vacant, often winterized, and frequently in a noticeably different condition than when it was first inspected.
By that point, the original appraisal is out of date. It reflects an earlier stage of the foreclosure process — owner‑occupied, lived‑in, and stable — not the current “as‑is, where‑is” reality of a vacant foreclosure asset.
By the time a foreclosure file reaches court, most or all of the homeowner’s equity is usually gone. Carrying costs, arrears, legal fees, and market drift erode the position month by month. What began as an equity‑check for the lender becomes, six months later, a distressed asset with little remaining margin.
For owners facing this predicament — and unable to secure refinancing — the best advice is to hire their own real estate agent early, before a foreclosure charge appears on Title. Once the lender’s petition is registered, the owner loses control over timing, marketing, and negotiation. Acting early preserves whatever equity remains.
If anyone is interested in court foreclosures in BC this is an excellent podcast with a BC foreclosure lawyer -> https://www.youtube.com/watch?v=jUPPARaP5F4&t
There were two sales in 2021 and the first one in 2021 was substantially less than than the second one.
lol, yes pick wisely
or married the wrong person and got divorced.
Frank, easy with Debbie downer stuff. Only reason some people aren’t doing well is because they’re not trying hard enough
255 Government has been an interesting listing over the years. It just sold for the 4th time since 2019. The most recent loss was $349k or 17.5% since the sale in 2021, not including sellers fees. They could have spent $70k/year on rent, kept their down payment in the market and come out way ahead.
650k for 2 floors with 3 bed 2 bath would be attractive if there is a decent sized deck out the back IMO.
A country with the longest coastline in the world should be master ship builders, we aren’t, that’s pathetic. We should be building ships and submarines for the rest of the world. We have all the resources at our fingertips, and shouldn’t be exporting raw steel except in the form of a finished product.
Everything is amazing when you’re looking down from an Ivory Tower. Get down and dirty in the trenches and things have never been worse.
Patrick, good post, Canada has a lot of good stuff happening , Canadians need to to turn those frowns upside down. With money comes happiness
Oh Canada!
A remarkably positive Bloomberg Businessweek segment, praising all things Canadian – Carney, Canadians, Canadian stocks, business opportunities.
The “love” continues in the 800+ comments
The main speaker on the video is Matt Winkler, an American who co-founded Bloomberg news and is still Editor in-Chief.
( ⚠️ Trigger Warning for Canadians: This video contains unusually positive comments about Canada. Canadians accustomed to hearing only what’s wrong with the country may find the optimism disturbing.)
https://youtu.be/xZGbTYirIsk?si=6BM8QibqVNvaB_-q
“This video features Bloomberg News Editor-in-Chief Emeritus Matt Winkler discussing the recent surge in international investment in Canada (0:06-0:26).
Key Takeaways:
• Investment Boom: Canada has experienced record-breaking foreign investment, with $183 billion poured into stocks and bonds over the past year. Since Mark Carney became Prime Minister in March 2025, the Canadian stock market has outperformed major global markets, appreciating by more than 40% (1:12-1:30).
• The Mark Carney Effect: Winkler attributes much of this success to Prime Minister Mark Carney, highlighting his extensive experience as a former Governor of the Bank of England and the Bank of Canada, as well as his past role as chair of the Bloomberg board. His reputation for “reasonable” policies and data-driven decision-making has bolstered global investor confidence (2:15-2:53).
• Economic Resilience: Unlike the US and the Eurozone, Canada has seen a downward trend in inflation, making its bond market highly attractive to investors (1:38-1:53).
• Trade Tensions: Winkler notes that while Canada and the US are close allies, recent trade tensions and tariffs—which he describes as “taxes on consumers”—have caused friction. In response, some Canadian provinces have restricted American alcohol imports, causing significant financial losses for industries like California wine (3:22-4:08).
• Strategic Shifts: Canada is increasingly looking for diverse international partnerships. A notable example is the procurement of 12 submarines from a German company (ThyssenKrupp) rather than a traditional US supplier, signaling a strategic shift in global engagement (5:27-6:05).”
Ground floor exterior entrance strata unit (kind of like a ground level condo) and then a two level towhome on top of that.
This is the best example of stacked townhomes in Victoria -> https://maps.app.goo.gl/He4QQSnwUrHvJkVH9
The lowers have always sold really well in the past which I’ve never understood as they are 500 sq.ft. with limited natural light and no parking but I think they appeal to people with pets having a small patio and exterior entrance door.
I am guessing lowers will be under 450k (assuming one bed) and uppers under 650k and then no GST for first time buyers and no PTT.
2026 homebuying intention survey in Canada shows:
——— BC still highest in Canada, and millennials rising higher with now 25% intending to buy this year. That’s up from 23% in 2025.
——— Overall BCers have highest intention (20%) to buy compared to Canada overall (17%). Lowest province intention to buy is Manitoba (14%).
https://renxhomes.ca/millennials-drive-2026-homebuying-intentions-in-canada
“Millennials drive 2026 homebuying intentions in Canada
Wahi survey shows 25% of millennials plan to purchase a home this year, outpacing all other generations despite ongoing affordability pressures
Canadian millennials are showing they are committed to their plans to buy a home in 2026, even as affordability challenges and economic uncertainties continue to shape the country’s real estate landscape.
According to the third annual 2026 Homebuyer Intentions Survey from digital real estate platform and brokerage Wahi, millennials are more likely than any other generation to say they will purchase a property this year.
The survey found that 25 per cent of millennials say they will “probably” buy a home in 2026, up slightly from 23 per cent last year. This positions millennials as the most determined demographic of prospective buyers in Canada.
Overall, 17 per cent of Canadians report they are likely to buy a home this year, unchanged from previous surveys, suggesting that overall buyer intention has remained steady despite broader concerns about tariffs, job security and affordability.”
Doesn’t the fight now turn into making sure your kids end up in either oak bay or Claremont for highschool if going the public route?
What is a stacked townhome? You don’t own both top and bottom?
Lol you should post that on that Vancouver island housing market fb group or the Victoria subreddit and see what kind of replies you get.
How about this as an example of where the market may be heading?
https://www.youtube.com/shorts/cYUDldP7j1k?feature=share
I think the millenial rush to family friendly housing bubble is over. Now is just little moves from this to that, but mostly we’ve found our spots. All eyes are now on getting the mortgages down and raising the kiddos. Noone wants to take on any more debt because that debt is slavery and we want to travel.
Might be the bottom, might not but after 5 years of flat/down unlikely if the market is to drop further that it would be too much more % wise while on the other side your risk in the next 5 or 10 years that we have a year where prices jump 20% in one year.
For a princpal residence that you plan to live in for 10+ years pretty good time to buy, imo. People have a short memory and have forgotten markets not too long ago where listings hit the market on Thursday and have your offer in at 5 pm Monday along with 10 other offers.
Missing middle has been selling well despite the slow market which makes me thing there is going to be a huge crunch on SFHs in the future (as when the market picks up missing middle will sell even better and more and more SFHs will be bought to be torn down and replaced with missing middle).
Just got an update from Royal Bay and they have 60 stacked townhomes coming this fall. My guess is they are going heavy on townhomes secondary to the GST holiday for first time buyers. The lower stacked units and the townhomes above in these stacked townhomes are both going to be in the ballbark for 1st time buyer budgets.
Grateful for your effort and talent creating these analyses, @leo. Thanks.
Yep, yep it’s looking like the bottom. So the market went down 9 points top to bottom, not a big crash and I’m guessing we will pu those 9 points quick enough
959 Carolwood Dr selling over ask and 200k over assessed at 1.63 is a surprise.
Nah, just trying to give prudent advice for the house hunters still on here. I believe there is a graveyard of past HHV posters trying to time the market while investing in equities and all of them ended in disaster. I’ve been bearish on housing the market since spring 2022, bunch of ignorant people on here thought otherwise and they are all gone now with the exception of Patrick, Thursty and maybe Marko. Now I am saying IMO the bottom is near so if you want to get in the housing market especially SFH, don’t wait too long.
Vic re , lol, you sound like a real estate agent trying to create fomo.
Real estate is dead for a few more years to come, meanwhile the stock market has doubled in the last 4 years.
Been saying this for a long time, bottom is near when you get close to cash flow break even with 20% down. We are close and in some cases there on the recent sales. Don’t wait too long if you want to buy!
Here’s a nice video of a builder in Pacific Palisades addressing construction after the fire in L.A.
https://www.youtube.com/watch?v=eYnVtkviuS0