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Go Back   REVscene Automotive Forum > Automotive Chat > REVscene Nation: Beyond The GVRD > Island Off-Topic

Island Off-Topic "Must you always talk about cars?" Not in here.
For other things in life..

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Old 10-18-2008, 05:55 PM   #76
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Fuck it, if you want to buy a house, buy a house. Every month you wait is a month spent letting finances rule your quality of life. If you're worried about how rate changes over the next few years can affect your ability to pay your mortgage, you're probably not in good shape to buy anyways. But to sit in a rental house and pay someone else while you speculate about the market is foolish. Worried about the value of your home going down? You can counteract a lot of it with sweat equity. There are ways around everything, you just gotta be prepared to take a leap or put in some effort from time to time.
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Old 10-18-2008, 10:05 PM   #77
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#1) Housing prices are dropping because they were too high, and the average person couldn't afford them. If interest rates go up, prices will have to come down all that much more for people to be able to afford the payments. High interest rates, low prices. Low prices, high interest rates. It's always been like that.

#2) Why would you buy a house now? Houses in Victoria have come down about 2% every month since April. Every month a prospective buyer waits, the typical house comes down by $10,000 or so. It's very hard to argue with a number like that. Maybe Victoria will buck the trend, and we'll be the one city in the world where housing prices go up instead of down this year?

Recessions aren't terrible things anyways. Strongest businesses survive, yada yada.

If you're interested in housing related news in BC, vancouvercondo.info posts a variety of local stories pretty regularly.
You are telling me the average house price has fallen 60K since April? And house prices will only go to what the market will support. There was enough people buying houses to warrant the prices. And Victoria traditionally is not like other housing markets.

Do what you wish, I will still be spending money as per usual.
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Old 10-18-2008, 10:27 PM   #78
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*cough*

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Old 10-18-2008, 10:44 PM   #79
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Thanks Enraged. Yes, single family house prices have fallen about 60K since April.

April 2008: 630K average, 558K median.
Sep 2008: 549K average, 500K median.

Cue the "well it's probably not going to get much lower, Victoria is special" rhetoric in 3... 2... 1...
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Old 10-19-2008, 09:40 AM   #80
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btw, were the same houses sold in Sept as were in April? Those numbers have always bugged be a bit as they are trends of houses within a range. Interestingly, exact copies of my house are selling right now for exactly the same price they were in April. The benefit of a new house is that there are bound to be others exactly like it so you can look at trends for the same house, not just the market as a whole.

Keep waiting to buy though, it is in everyone best interest.

btw, I live in Langford...the one you didn't circle as for having a price drop.
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Last edited by sixthgear; 10-19-2008 at 09:42 AM.
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Old 11-10-2008, 07:04 AM   #81
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Bumping to the top. Circuit City US and Canada (The Source) filed for Bankruptcy today. And mixed in with GM running out of cash by January... figured it was a good time to bump the thread.
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Old 11-10-2008, 08:18 AM   #82
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Circuit City closing has more to do with the fact it just sucks than the economy.
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Old 11-10-2008, 09:00 AM   #83
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Circuit City closing has more to do with the fact it just sucks than the economy.
Agreed, but they are saying it was the economy that closed them.
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Old 11-10-2008, 09:08 AM   #84
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how about gas being under a dollar. That scares the shit out of me.
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Old 11-10-2008, 10:00 AM   #85
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i love it

it be rad if 94 was there
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Old 11-10-2008, 10:02 AM   #86
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how about gas being under a dollar. That scares the shit out of me.
Enjoy it now, because I'm pretty sure it's going to sky rocket come next year.
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Old 11-10-2008, 02:11 PM   #87
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8300 people lost their jobs in BC last month

Those numbers are supposedly skewed by temporary jobs related to the election, but 8300 people laid off this month is about 1 in 500 for the entire province.

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i love it

it be rad if 94 was there
Is it just me or is the spread between 94 and 87 a lot more than it used to be?
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Old 11-11-2008, 12:09 PM   #88
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i like home home and condo prices went up last month in victoria.
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Old 11-11-2008, 02:45 PM   #89
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sales fell off a cliff, so a few higher dollar value sales can really skew the numbers for the month.

ha, looked up the sales for oct 07 vs oct 08, more than a 50% drop in sales. a few more months of this, and prices will start dropping even more.
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Last edited by Enraged; 11-11-2008 at 05:14 PM.
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Old 11-11-2008, 03:40 PM   #90
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i like home home and condo prices went up last month in victoria.
Just drive around and see all the "new price" signs on houses for sale. I severely doubt those houses went up in price, or that they'd advertise that.
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Old 11-11-2008, 05:26 PM   #91
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Average SFD sales price was up in October due to several $2M - 3M houses selling. Median SFD price was down. The average price in Victoria jumps around too much to be a reliable indicator--especially when only ~175 houses sell in a month.

Sales were extraordinarily weak this month, no doubt because of the financial crisis which occurred started the beginning of October. Housing supply is now up to 8 months of inventory, condo and townhouses WAY up at 16 MOI.

It's nothing compared to Vancouver though.
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Old 11-11-2008, 06:26 PM   #92
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Just drive around and see all the "new price" signs on houses for sale. I severely doubt those houses went up in price, or that they'd advertise that.

Some of the "New Price" signs don't really mean much. You can price a home 100k more than it is worth, drop the price $100k and advertise it as a 100k discount/price drop.

I did a real estate project/investment this past year where I subdivided a lot and built two IDENTICAL houses on it.

1st House - Sold in March, asking price: 440k, selling price: 440k, days on market: 20
2nd House - Sold in October, asking price: 489k, selling price: 467k, days on market: 63

Second house took 43 days longer to sell and I sold it for 22k less than asking price! Obviosuly that sounds a lot worse than the actual situtation.

I agree prices will fall and I am not going to be doing any real estate projects/investments for at least 10 months or so. However, prices most likely won't drop 15% from where they are currently and it is probably going to take some time.

Last edited by Croatian7; 11-11-2008 at 10:12 PM.
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Old 11-11-2008, 06:58 PM   #93
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Is it just me or is the spread between 94 and 87 a lot more than it used to be?
Its not just you... when I used to drop 91/94 in the tank it was 4 cents more per octane level (87 > 89 > 91 > 94). The first jump in octane is now either 6 or 8 cents more.
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Old 11-11-2008, 08:03 PM   #94
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I agree prices will fall and I am not going to be doing any real estate projects/investments for at least 10 months or so. However, prices most likely won't drop 15% from where they are currently and it is probably going some time.
I'd be happy with even a 5% drop, as just that would save me $10k+.
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Old 11-14-2008, 12:04 PM   #95
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Addressing the original question, some people are definitely pooched... autoworkers, certain business sectors, people who bought at the peak of the housing market, etc...

But that doesn't mean there isn't money to be made...
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Old 11-14-2008, 03:56 PM   #96
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Addressing the original question, some people are definitely pooched... autoworkers, certain business sectors, people who bought at the peak of the housing market, etc...

But that doesn't mean there isn't money to be made...
You are only "pooched" if you purchased a house and need to sell it right now. Otherwise you are still ok.
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Old 11-14-2008, 06:16 PM   #97
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You are only "pooched" if you purchased a house and need to sell it right now. Otherwise you are still ok.
Huh? I don't get it? That is like saying I bought $100,000 worth of stocks, now they are worth $50,000 but I don't need the money right now so I am okay?

You might not have to forclose on you home, but having a larger morgage than the value of your house would suck!
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Old 11-14-2008, 06:22 PM   #98
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The house market will pretty much always recover. Unless someone needs to sell their house they can hold onto it and ride out the decline.

Your comparison to stocks is really not related, but yes having a mortgage larger than the value of the house sucks, but that has happened before and it will happen again.
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Old 11-15-2008, 10:38 AM   #99
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Yea, the stock market always recovers as well, so unless someone has to sell their stocks they can ride out the decline.
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Old 11-15-2008, 10:51 AM   #100
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