Will rate cuts save Victoria, BC real estate?

[@connarolinagrant4148]

As someone who left Victoria post pandemic for Calgary.... I can't believe the drop Victoria is at with its market..... I was bidding 430K for a 1 Bed in bloody esquimalt and still lost! in 2021!! I saw today the same building with a 2 bed going for 420,000K - Meanwhile in Calgary I bought a townhouse for 225K in Summer of 2022..... Last unit next to us just sold for 350K - Up 125K in Alberta...... While if I had of got that condo in Victoria I would be down!!! - I hope the reality is finally kicking in on that island for young folks. Don't over pay for old trash just to be in Victoria, there is more to life than living in Victoria. It is for retired folks, not the couple that's 25 and wants to actually get a jump on life without the bank of mom and dad. BC and Victoria in general have a very odd small minded mindset that you HAVE to live there and everywhere else is terrible........ The amount of people that would scoff and moan about how terrible Alberta was to me when leaving was hilarious. My entire neighbourhood here are young families 25-35 and they are all from BC or Ontario. Everyone here laughs in the fact we can actually have children, own a home, and if you so desperately need to get hippy dippy, Banff and the Rockies are an hour drive away. The entitlement of that city has added to it's insane market values. Sadly, we are next. But I urge anyone looking outside the box to take a look at Calgary. For a small window of time, you can still get in here and get a great jump on your future.

[@roarlisfang2860]

I feel like it's still overpriced especially the Langford area. With the amount of construction going on there I doubt if those 2 bds townhomes priced at 700k plus will sell, even with a rate cut. With that money you can easily buy a condo near downtown Vic right now.

[@IraWilley]

I think the problem is they are 2 bedroom townhomes…. People will pay more to get 3 beds since they can be in there a lot longer but 2 bedroom townhomes don’t make much sense… better to get a condo.

[@roarlisfang2860]

@@IraWilley Exactly. When a 2b condo can't sell at 500k, we can't expect essentially a condo with a garage to sell at 700k.

[@LizBennett-qq4lx]

I moved to Victoria for work left after 1.5 years due to fact I would never be able to own a home. Rentals expensive and most dumps I came back to Okanogan bought home 4 years ago.

[@Diesel735]

Kelowna is a good place to buy right now......Especially if you want to live with smoke and forest fires.

[@Michael-gf1jn]

rate cuts will devalue the dollar, meaning it takes more dollars to buy a property.

[@offgridwanabe]

Correction required

[@nanooseguy327]

nice recap, thanks for that !!

[@bob-e1l8f]

I just see a lot of greed right now with sellers dreaming about a big payday. They should have tried to sell 1 to 2 years ago.

[@simonjochlin7589]

You need to stop looking at the trees for the forest. Pick up a few books on the history of economies engaged in fiscal / monetary policy and the results thereof. The lowering of rates at this pace is a sign of poor fundamentals, not a show of health. Look to what’s happening in Europe, Asia right now as an indication of capital flows, currency weakness for $CAD, and relative low competitiveness. This is a classic bear trap for those getting in. There are far more lucrative carry trades right now outside of RE. It’s hard to blame anyone for this position besides the history of the human psyche and an inability for coordination and contain fear / greed cyclicals. But alas, we’re here again 😊

[@billferguson1368]

Yup. A huge bust is now underway.

[@Lpmeff]

pain coming for years

[@LR-jv2zd]

If the economy pulls back then it could get ugly!

[@anthonydavis231]

The only thing interesting about the Victoria market was the special airbnb zoning.

[@IraWilley]

Don’t forget the bike lanes!

[@bob-e1l8f]

What happened in the 1980's and 2008 is about to happen again...I was active in the market back then and now we are looking for another house but we can wait until things start to collapse.

[@LizBennett-qq4lx]

Everything overpriced and old

[@cloudedjourney]

People come for the weather and the nature.

[@connarolinagrant4148]

@@cloudedjourney Live in Calgary for half the price. You can fly for weather and nature x4 times a year and still save money lmao.

[@jasoncarpenter2878]

Its still comically over priced.

[@klnrklnr4433]

hope not