7 Shocking Truths about Victoria, BC's Real Estate Market! 🚨

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🏠 Ira Willey | Victoria BC REALTOR® | Coldwell Banker Oceanside
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0:00 Welcome to Victoria
0:17 It's a Small Market
1:10 The Competition
2:03 Be Emotional
2:51 Victoria's Market is Insulated
3:12 Change is Coming
3:38 Work with Pros
4:28 It's Expensive!
5:15 Give me a call
DISCLAIMER: It's important to note that the views expressed in this video are solely my own and do not represent those of Coldwell Banker Oceanside, VREB, BCREA or any other organization with which I may be affiliated with. No agency relationship is created and any conversation resulting from these videos will be first conducted only after a Disclosure of Representation Agreement has been presented. These opinions should not be relied upon as financial advice. Always conduct your own research and consult with appropriate legal, accounting and financial professionals before making any real estate decisions.

[@JS-jh4cy]

Only thing to expect is to pay high like hell to buy

[@goldie3.147]

The greater Victoria Real Estate market is contacting. Some of the sellers with their over inflated prices are losing- the market has changed.

[@mikemurphy9778]

Always great content. Will call you when we are ready to start looking.

[@IraWilley]

Thank you! I look forward to the call when you are ready.

[@teeem2269]

My brother is a realtor and he helped me purchase a home in Victoria. Everything you said we experienced. Jump in and go for the ride! We found something we liked, our realtor moved on it. It was so fast. But we have a beautiful home, paid a bit more than we thought, but not worth squabbling over. Thanks for your videos, it was helpful as I was learning about the Victoria market.

[@IraWilley]

I see the same patterns all the time. Good homes in Victoria will go fast no matter what the market is doing. I am glad you got a home and thanks for watching the channel!

[@rishi505]

will home price go up in summer ? is there any lot Esquimalt AREA

[@SeanTheNoob]

Might be the most pretentious market in Canada. Nobody thinks housing can go down. Rude awakening coming.
There will be panic very soon.
Born and raised there.
Houses 1.3 for a working class city. Reality coming.

[@IraWilley]

No argument from me that home prices are ridiculous, but if you look at a 50 year chart of Victoria BC home prices there has never been a downward trend that lasted more than a few years. Can a crash happen? Maybe, anything can happen but it's not what I would be betting on.

[@SeanTheNoob]

@@IraWilley its because nobody of your age or mine has gone thru a bear cycle. you only know the bull. only those 60+ years old went thru the 80's. This time debt to income ratio is off the charts. I'd live in victoria again, but only after canada goes through its deleveraging, like the USA did in 08. Good Luck everyone, god bless.

[@themikebroadhead]

@@SeanTheNoob Sadly, the governments won't allow the bubble to pop. They've already asked banks to allow people to skip payments on mortgages. As soon as things start going even a little wrong, the BOC will lower interest rates (which really aren't even that high historically) and the government has lots of ways to prop real estate up in the future by rolling back the recent restrictions against foreign investments, immigration and short term rentals. They also are doing all these inflationary tactics like FHSAs and land transfer tax exemptions, etc. And they will probably do more like guarantee mortgages to lenders (which I think is happening a bit already), allow mortgages longer than 30 years, allow smaller down payments, etc. Canada just will have a widening wealth gap and younger people will get used to renting for life or waiting to inherit. No political party is going to make prices go down much - most politicians benefit financially from the bubble and voters won't accept a depression that would go alongside a housing crash. I hope I'm wrong, because this is a terrible market to try and buy into and it's not the Canada I want to live in. The bubble will likely pop eventually because it is unsustainable, but I don't see it happening anytime soon unless there is a deflationary Black Swan event.

[@SeanTheNoob]

@@themikebroadhead the bubble already popped. It’s called currency debasement.
People here in Mexico don’t think they are rich because a house is 2.5million pesos. The loonie has lost 32% against the pesos this year.
This is the thing people don’t understand. Your housing isn’t increasing in value, you’re losing the loonie. You’ll likely see a .50c loonie very soon as the value continues to erode. So any perceived “gainzzz” in housing has been eroded by the debasement of the underlying currency supported by it.
Canada has no economy. And has derailed GDP growth as an entire economy has been leaning fully on real estate. It’s over.
The loonie will continue to erode, the country will continue to sink into economic credit contraction, with no plan to get out of it.
Welcome to the bear market. It will be your first. It’s nasty. Buckle
Up.