The Janion was intended for short term rentals was it not? So let it stay that way.

Keep crumbling under the NDP, homeless, free drugs, tent cities, job destruction, carbon scam tax, need to go on? 😊

Its still comically over priced.

Still dead in Sooke. Great deals. No one’s buying.

Lived in Victoria in Oak Bay THX for the memories

Just want to say thank you for info sharing. Honestly, it's not wise (imo) to compare prices to 2021. Lots of factors were disrupting the market, construction halted, immigrants flocked in, creating extreme seller advantages. The recent drops are just the market's recovery from the irrational craze generated by those factors. Eventually the real estate markets will return to the very basic of economics, i.e. supply & demand. Victoria buyers are strong, like you said, most of them are on stable mid-income jobs. At the same time, we see supplies steadily increasing as well. I'm optimistic, the market is in a good position for both buyers and renters, price drops will stop when the market is once again rational.

Condos? No thanks

16 years ago I paid $1200 for a 2 bedroom ground floor in a heritage home off Cook St. $375 for a studio off Quadra and Yates, and $450 for a 1 bed on Balmoral. Crazy how much things have changed!

Asking price was too high. If it was closer to market value the sales price would have been closer or equal.

😅😅😅😅😅😅😅😅😅 "Affordable" homes go on sale for $750,000. Rich people pick up 3. Sit on them until they hit 1,000,0000 and sell them. They just made 750,000 doing nothing. That is your beloved capitalism.

Good Lord all the men here don't even sound like men anymore when they talk it's so gross. This place is so creepy especially what they do to the kids. In British Columbia if you're not going to bend over for the Communist flag that they pushed down the throats of every kid in the school's ear bad guy. My friend's daughter was completely screwed out of all of her money because of these things going on and she can't even sell it now. I laughed so hard

Ndp has sunk bc its over evil eby has killed bc drugs crime can’t afford any thing what do u think people are gona do when no one can afford to live the island is finished you voted the devil in

The island is finished they voted ndp will ruin the island and bc look forward to higher taxes higher food prices higher gas prices higher costs people are leaving bc it’s over

The island is finished they voted ndp will ruin the island and bc look forward to higher taxes higher food prices higher gas prices higher costs people are leaving bc it’s over

Apartment Landlords could have a heart and end the need for greed.

Victoria is THE land of 'Too Much' for Too little. Every twit there....Cheaps out out or Badly Diys their house... often both. Quality control let alone common sense, is largely missing. Don't get sucked in by rainscreen claims.. Rain Screens are ONLY required as a patch resulting from inept National Bldg Code Bungles that caused the water problems and even then the Necessary is 'arguable' it being a snivel servant Ass covering (theirs) decree. Was an Architect for ~40 yrs, I've seen the reality. Houses were built for Decades (centuries even ) without Rain screen Affectations and Rarely if ever suffered rot or moisture issues.... True. Even 'Victoria' Insurance companies are on The Greed wagon.. The city is picturesque but it's also an overconcentration of frugal fools. I sold my 'Victoria' house years ago... and have Never regretted it.

So, what was the previous selling price? Asking price most likely ridiculous, but they still made money.

That's EXCELLENT news.

Good luck. All my properties have been destroyed by junkies and thieving Mexicans. Victoria police demands bribes to do their jobs. I've file 17 time with the office of the police complaints commissioner. Mayor alto has destroyed Victoria property values . My daughter was raped in front of Central middle school by mayor Alto's junkies on the first day of school. Junky didn't get charged because of woke policy. Thats why no one is selling properties. Victoria has a domestic terrorist playing politician for a mayor.

Lieing costs our soul elders need to know and be a food servant for the homeless .all transportation exhaust emissions are toxic for 🌎🛩️✈️⛴️🚁🛸🚀🛳️🚢🛥️🚤🚖🚘🚔🚍🚂🛺🏎️🚒🚑🛺🛻🏍️🚙🚗🚚🚐🚜🚛🚚🛵⛽🏭⛪🧳🌉🛤️🏗️🎡🎨🍺🗽🛁🧽

I want raw land..if you know of any affordable..lol

Canada is due for a deep recession. It's going to hurt recent property owners for years if not decades.

In bc you have to pay an extra tax grab when buy an residence it is added on top of the final fricking price

Do you have any videos on the difference between freehold lease and strata lease of a condo? Pros and cons, that kind of thing.

Blame the developer for this debacle. Failure to bring the project in on time and on budget. Poor planning and even poorer execution makes them look like incompetent amateurs.

I would be very cautious at this time…. Feels to me that the economy is on the verge of recession… not a time to be making speculative actions.. wait for stabilization, everything is very doubtful.

I don’t feel sorry for any realtor and others involved in the housing market. We have been over charged and raked over the coals for years. My hope is to sell and then get out….vastly overpriced. Compared to America, Canada is a joke. Palm Springs here I come….

I think we are in new territory.

Market struggling?! 😂😂😂😂😂😂😂😂 It is greedy capitalists struggling, normal people who want to grow kids in healthy society, never gonna stay in Canadian garbage with perverted marginals.

The economy is more or less dysfunctional. There are some classes of people who would not be able to handle a house or condo even if they get a home for free. They are lost and can never be helped. They are beyond help. 🤨

Downtown Victoria is a socialist paradise: indebted drones living in 500 square feet, surrounded by homeless drug addicts and empty commercial space. I lived through this before in Vancouver, believe me it won’t end well.

Another real estate agent pretending to be some sort of expert….in what ? Ask yourself, what do they do to earn a 7% commission on the first 100k and 3.5% on the balance? Pretty much nothing…is a realtor ever going to going to tell you the market is in a bubble when their juicy commission is dependent on high prices? Don’t forget all their lies…oh no…foreign buyers and speculators are not driving up prices, when buses 🚌 of Chinese tourists were being driven around neighbourhoods and open houses, and agents were coaching people how to set up short term rentals to fund speculative purchases…now they advocate for low interest rates to return to the good times of more speculative buying…they are leeches and should earn a flat fee…there is absolutely no difference in selling a $3 million property v a $500k condo….another real estate agent lie ..,,

Some people said Greater Victoria is the place to send all the corporation screw ups when they want to transfer staff away from their other branch offices or head office. It is being sent into exile as you watch your career, social life, and finances die. 😂

What language are you signing...cause all I get is gibberish?😂

We don't want more fucking condos. Nobody wants to live in them. We want houses that we can afford - something we haven't had in Victoria in about 20 years now.

I live in Victoria. Don't buy here, heck, think twice about visiting. It is SCUZZY! My friend works at a luxury car dealership. Just before opening, staff had to shoo away a drug addict taking a "number two" in the doorway! This place is UNAFFORDABLE, UNSAFE, AND GROSS.. even the "bougie" are living lives of quiet desperation.

Vancouver Island is an NDP stronghold. They voted for the crap policies that the horrific NDP socialist government has enacted.

Why the government keep pushing to build more ? And always say short of supply but is actually false, no one is buying and tons of supplies out there.

its a GREAT idea... bring it on !!

Oh My…..I feel really really sad that “Sold Over Asking” has come to an end and those greedy commission jewels and bragging rights have turned to Shiit.

Great market update!

Hadn't been into the downtown core for a while until yesterday and driving through I was amazed at the number of condo buildings under construction. Whole blocks have been knocked down and what used to be numerous parking lots all have new buildings on them. Pretty wild the amount of new inventory coming on stream.

Very Informative video thank you for sharing.

We could do with much slower development in Victoria. The last 15 years has had way too much development and it's affected the quality of life here, traffic is horrible, and interest costs as well as overdevelopment and sky high prices hare all contributing to a slowing market. We definitely need more rental units, so this is not a bad thing, nor are cancelled projects.

The crash is coming.

Too risky being a landlord these days. It was bad enough before the recent additional rules in favour of the tenant, never mind the internet rates, etc.

BC is done! Who is in their mind will be paying 2500 for 1 bed condo for rent in the city where is median income after tax is 2700-3000$?!?! Without foreign investors real estate bubble on the island and lower mainland will burst soon:(

They borrow your money with no interest back saying its your down payment for your future home. Once they build the home, they'll sell it to the current homebuyers with the current selling rates. But oh wait, too suspiscious, will turn them first to rental properties earning first before actually selling the condo and displacing the renters bc they just put in increase of 3% value yearly. They say will renovate but nooo, they will now sell the homes for mortgage or sell to another builder who will crack the building down and do the same process again. Sussss! Sooo sus!! How gov dont pay attention to this and dont give penalties or sanctions to these builders. Personally dont like pre sell homes bc its like a scam. And after years of waiting, they will give you back your downpayment and from then 200k home, its now 400k. Now how can a 5% down before be enough to buy a house now?

this one will be interesting to follow !

nice update Ira, thanks for your great recaps on what is going on in Vic !!