I see more and more wealthy retired population moving to Victoria across Canada and interestingly from EU countries as well. With their deeper pockets competing for the limited inventory, I think Victoria will not be affordable for the foreseeable future. Compounded with labor shortage, aging population and inflation, it will be more expensive to build new homes. I already see developers flying in crews from Alberta. That is how bad the labor shortage is.
Victoria is a tourist destination and popular retirement location. Unfortunately, having a young family and wanting to live out your Canadian dream is unattainable for most.
@@IraWilley There are many seasonal services required for tourism and everyone knows about the health care issues on the Island. Where can people afford to live and save money for their future..... Campground, RV, couch surf, friends, basement suite, park bench? I don't know any young family with a steady combined income of 100k+ per year that would qualify for a mortgage.
Land in Victoria is extremely expensive. Building costs, even for a very modest, no frills home, are also at an all-time high. Most people’s dream is still a single-family detached home but in Victoria, it’s cost prohibitive for most people. What must change is public perception of what is a good family home in which to raise a family. What if instead of building 4 detached walls, with side and front/back setbacks that are unnecessarily generous, we were to build side x side x side, street facing attached townhomes? I’m thinking of the terrace houses in the UK or the Brownstones of Brooklyn? No, it’s not a fully detached home but if we agree that ship has sailed, could we also agree that this style of housing might still be considered superior to an apartment style condo home? Could we agree that it’s still better to be street facing with own fenced backyard than to take up valuable short supply land on building meandering roadways and common landscaping to develop a townhouse complex that has so many rules children aren’t really welcome anyway? Local governments could do a lot to work with urban planners and developers to provide zoning and permits that would facilitate prospective homebuyers to achieve an updated albeit different version of the Canadian homeownership dream.
Condos in Victoria for 550k are pretty run down and need a lot of work - same with townhouses in the 700k range. With older builds also come higher strata fees...
True. But the locations of some of these older condos (Fairfield for example) are great so I think they do have some advantages, and the layouts/space is generally bigger. I think the money put in for renovations and building improvements can be recouped.
Let's see where the housing market settles down. We are seeing lowest house sales in decades this past couple months. Are we stepping into a recession? Victoria wouldn't remain immune to these factors. It's quite unpredictable at this moment.
Hi Kyle, I believe the low inventory is causing this home price increase right now. One good home comes up a week, it gets a lot of attention. If interest rates go up again March 8, and if March-June brings more inventory (it has every other year in history) then home prices should come down. But that's based on economics, and Victoria also defies odds many times so we'll see. Buy what you like and can afford and can hold for 5 years and don't listen to us Realtors haha
Greetings, I have some questions about canada inmigration, and was wondering if you'd be so kind to up to help me out. If possible through text or email or whatever is more comfortable for you. Thank you for your time!
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I see more and more wealthy retired population moving to Victoria across Canada and interestingly from EU countries as well. With their deeper pockets competing for the limited inventory, I think Victoria will not be affordable for the foreseeable future. Compounded with labor shortage, aging population and inflation, it will be more expensive to build new homes. I already see developers flying in crews from Alberta. That is how bad the labor shortage is.
Great assessment. Victoria will always be desirable and the minute prices ease up, we have a lot of people from outside the city waiting to move here.
Victoria is a tourist destination and popular retirement location.
Unfortunately, having a young family and wanting to live out your Canadian dream is unattainable for most.
Yes, tourism and retirees are always going to add additional pressure on the housing market here.
@@IraWilley There are many seasonal services required for tourism and everyone knows about the health care issues on the Island.
Where can people afford to live and save money for their future..... Campground, RV, couch surf, friends, basement suite, park bench?
I don't know any young family with a steady combined income of 100k+ per year that would qualify for a mortgage.
@@Diesel735 Instead of sleeping we'll all be Door Dash or Amazon drivers at night and maybe that's the solution.
Land in Victoria is extremely expensive. Building costs, even for a very modest, no frills home, are also at an all-time high. Most people’s dream is still a single-family detached home but in Victoria, it’s cost prohibitive for most people. What must change is public perception of what is a good family home in which to raise a family. What if instead of building 4 detached walls, with side and front/back setbacks that are unnecessarily generous, we were to build side x side x side, street facing attached townhomes? I’m thinking of the terrace houses in the UK or the Brownstones of Brooklyn? No, it’s not a fully detached home but if we agree that ship has sailed, could we also agree that this style of housing might still be considered superior to an apartment style condo home? Could we agree that it’s still better to be street facing with own fenced backyard than to take up valuable short supply land on building meandering roadways and common landscaping to develop a townhouse complex that has so many rules children aren’t really welcome anyway? Local governments could do a lot to work with urban planners and developers to provide zoning and permits that would facilitate prospective homebuyers to achieve an updated albeit different version of the Canadian homeownership dream.
Condos in Victoria for 550k are pretty run down and need a lot of work - same with townhouses in the 700k range. With older builds also come higher strata fees...
True. But the locations of some of these older condos (Fairfield for example) are great so I think they do have some advantages, and the layouts/space is generally bigger. I think the money put in for renovations and building improvements can be recouped.
Thank you so very much for your fantastic service on these matters and videos
Thanks for the video! How do we find those affordable homes directed at low income people?
Let's see where the housing market settles down. We are seeing lowest house sales in decades this past couple months. Are we stepping into a recession? Victoria wouldn't remain immune to these factors. It's quite unpredictable at this moment.
I agree, I think unless you *have* to buy right now or the dream property comes up, then it's best to wait and see how things play out.
Is the low inventory causing house prices to rise or are they expected to fall at all with how much mortgage rates have gone up?
Hi Kyle, I believe the low inventory is causing this home price increase right now. One good home comes up a week, it gets a lot of attention. If interest rates go up again March 8, and if March-June brings more inventory (it has every other year in history) then home prices should come down. But that's based on economics, and Victoria also defies odds many times so we'll see. Buy what you like and can afford and can hold for 5 years and don't listen to us Realtors haha
Greetings, I have some questions about canada inmigration, and was wondering if you'd be so kind to up to help me out. If possible through text or email or whatever is more comfortable for you. Thank you for your time!