My wife and I have been house hunting in Victoria B.C. Canada for some time now.
Rather not say how long.
Babies become children. Children become teenagers.
Well maybe not that long. But long.
And at this moment in time, I really believe we are on the cusp of a real estate melt down in Victoria (and Vancouver and Toronto and Calgary and…)
Now the CMHC and most real estate companies will wave their hands in your face saying “No, no, no, Colin, no, no, no! The market is brisk. It’s alive. It’s robust. Houses are selling, selling, selling. Prices are rising or stable. Buy now! Buy now!”
Truth is: There is a glut of houses, condos and town homes on a seriously bloated marketplace here in Victoria.
And some odd situations too.
Like stucco bungalows, that 10 years ago, would have been around 220G are now between 500 and 600G. Duplexes that are merely the above, slightly larger and split in two… for 500 and 600G… meaning that the “whole” house is worth 1.2 Million.
No. No, it’s not worth that. Condos for around 450G to 500G. Now why someone would buy a glorified apartment for 1/2 million escapes me… but whatever.
Town houses for 600G (that listed when new 1 year ago for 729G)
And dozens and dozens of houses that have been on the market for 60 to 120 days – many of which that have had “price reductions” of 10, 20, 30, to 60G… and still not selling.
Thing is – the market appears to have lost most of its thrust. And with that ensuing vacuum… there is only one way to go.
Down. But how far?