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pain coming for years

hope not

nice recap, thanks for that !!

What happened in the 1980's and 2008 is about to happen again...I was active in the market back then and now we are looking for another house but we can wait until things start to collapse.

I just see a lot of greed right now with sellers dreaming about a big payday. They should have tried to sell 1 to 2 years ago.

You need to stop looking at the trees for the forest. Pick up a few books on the history of economies engaged in fiscal / monetary policy and the results thereof. The lowering of rates at this pace is a sign of poor fundamentals, not a show of health. Look to what’s happening in Europe, Asia right now as an indication of capital flows, currency weakness for $CAD, and relative low competitiveness. This is a classic bear trap for those getting in. There are far more lucrative carry trades right now outside of RE. It’s hard to blame anyone for this position besides the history of the human psyche and an inability for coordination and contain fear / greed cyclicals. But alas, we’re here again 😊

The only thing interesting about the Victoria market was the special airbnb zoning.

I feel like it's still overpriced especially the Langford area. With the amount of construction going on there I doubt if those 2 bds townhomes priced at 700k plus will sell, even with a rate cut. With that money you can easily buy a condo near downtown Vic right now.

Everything overpriced and old

I moved to Victoria for work left after 1.5 years due to fact I would never be able to own a home. Rentals expensive and most dumps I came back to Okanogan bought home 4 years ago.

Correction required

What about the rental houses 1bed or 2beds. Thank you.

Your odd mayor dosen't help. He's brutal...

Hi, Canadian family living in Singapore here, not even looking for a home in Victoria but happened upon your video and had to say well done! Excellent quality and content, great market breakdown, quite impressive, you made me want to move there.

The homeless are tapped out so they won't be buying homes anytime soon.

Red flag !!!! Porch light upside down...🤦‍♂️

What are your thoughts on leaseholds?

Thanks..lifting conditions in gorge on tuesday 1937 house. Relieved anxiety

You’re missing key macro data (domestic and global) in your prediction. Like the impact of the USA triggering a global recession post Sept2024; regulation changes tightening lending requirements; credit risk departments in the major banks forecasting prices below the 2021 run up. #NotFinancialAdvice #DoYourOwnResearch

Don't buy until 4th quarter of 2025!! Mark my words!

Interest rates need to stabilize at current levels The zero rate economy has destroyed canada's economy It's pushed the public debt to GDP RATIO to 120 % Japan's ratio is 275% after 20 years of zero rates Thus theory of lower rates destroys a countries economy Keep bank rate above 4 ot 5 %

When even the realtors are saying its going to take a couple years for condo prices to bounce back, it must be bad.

That's where my Aunt Kay lived. She was in a taller apartment building.

Wow....not good for realtors.😮

No way....what a joke.

Twenty percent of Sale price?...that sounds like a rip off..

I agree I think....unless you're a professional house flipper...then this might not make you happy.

My Aunt Kay retired in Victoria..I used to go up n visit her. I even stsyed with my Moms friend in Ladysmith as a kid. I like Vancouver Island. I need to go up n visit .

As long as they get to write off capital loss it is a fair tax.

I see no value in real estate these days the correction will have to finish first.

alot of india citizens are moving there

My house was built in 1908. In 1946 there was a 7.3 earthquake in Victoria . No damage at all. I wonder how those flimsy particle board and plastic new builds would hold up to a quake. Especially the ones built on sand on the way to Metchosen. That whole development makes me shudder …

As far as tsunamis are concerned, the southern island is fairly protected by the Olympic Peninsula.

If you live in langford and work in victoria; good luck with the traffic. The cloverleaf overpass only slightly reduced the rush hour traffic jam.

Prices went high, fast, partly because too many people in our communities wanted it that way….they wanted to profit off their neighbours. Some of my friends did well and now own multiple dwellings. Well, they currently co-own with the bank I guess. They were not the cash buyers that also flood Victoria. Some friends are hanging on by a shoe string in grotty, old, small but affordable rental units. Three of them work in health care. So, side note…..If you want good health care, as an example, for your beloved in the dementia unit, you also need your workers caring for that loved one to be securely housed. As many of those care aid jobs don’t pay all that well.

Moved here for the kids in the 90's. They left when they were old enough. The only advantage living here is a decent climate for Canada but bot not worth the effort. With the number of humans moving here, which is a very confined area, it will become a cement coffin packed with humans in no time, unfortunately. The only nature you will find here is cockroaches and rats when all the building contractors are done. Money and greed. We came from a great city in the east to a nice quaint town. But the quaint town is no longer and it will and could never be able to attain that greatness we left. The infrastructure will be overwhelmed long before that. The lineups, traffics jams. souring costs of living and absolute frustration will be the final say. Add that to the list already presented. Nice place to visit, inhospitable place to live. One more downer: the health system has been reported as the WORST in Canada. This has to be one of the worst places to live in Canada,

lol you make home ownership sound horrendous unless it’s newer or you have lots of money set aside. I’ll just take a new townhouse instead

I love Gonzalez

here's a bit of info out of all the municipalities Saanich was the best at engaging me as a self employed artist half of my murals are there and I managed to get roughly six months of time to display my prints in both their city hall and community center's, none of the other area's made any effort.

The interest rates are still too high for the average person trying to get into the market.

Maybe not right in Victoria but in neighbouring regions there is the the risk of archeological requirements. I looked at a waterfront home needing the septic field redone. The owner had quote from 8 years ago for 30k to re-do it all, which is trivial on a 1.4M home, but the area had an archeology covenant placed on it out of the blue - so anyone wanting to just fix the septic would have to endure years of an archeological dig and up to $200k just to look for some refuse left by humans a few hundred years ago.

Is downtown's walk score negatively affected by the need to step over or around sleeping, stoned or mentally ill people setting up "shelters" on the sidewalks? If you or your kids don't know how injection drugs are best used, they'll find out pretty quickly downtown, and even the police can't do anything about it. How about the city planning department that's working overtime to ensure that you do your part for the environment by deliberately making driving anywhere a complete nightmare - something they're very proud of because they want bikes to be quicker than cars - incidentally, do not ever come close to hitting a cyclist, even if they ride like idiots, they have special protection in the municipal by laws. Then there's the city council - mostly way out there on the left fringe losers who want you to billet homeless people - not a joke, the last mayor suggested that older folks with some extra space should allow homeless people to live in their homes. Then there's rent - if you can't drop $1500 on rent for a small one bedroom, that doesn't come with a place to put your car, don't bother with Victoria. Do not walk away from Victoria, run. Lose the rose coloured glasses and Victoria is like a potted (?) version of Vancouver without the night life.

Trust the govt to make things worse ,

I don’t understand how we can allow the government to tell us what to do with our properties. It’s criminal. 😢

Same in Toronto. Many empty condominiums owned by investors that cannot sell.

I can find something nice in all areas of this amazing city but…my favourite place is where I’m lucky to live…Cordova Bay.👍🏾👍🏾

Hi Ira, good points as always, how is the multiplex contractors coming along in Victoria? My elder neighbor thinking to sell their longterm home and I want to know if O can sell part of my backyard land which is adjacent to her yard.

Hi Ira, good points as always, how is the multiplex contractors coming along in Victoria? My elder neighbor thinking to sell their longterm home and I want to know if O can sell part of my backyard land which is adjacent to her yard.

It's all over priced.

Victoria has been a mess since they implemented the Sea to Sky greenbelt surrounding the city back aroind 1990. I remember saying then that this was goong to drive housing prices rhrough the roof. Good to see my prediction came true.