Comments on: Strong and Balanced Real Estate Market for Victoria in 2008

By: TimAyres

TimAyres — Mon, 20 Oct 2008 06:19:07 +0000

Hi Dave, thanks for your comment, even though it’s a bit late as this post was written at the end of 2007.

I’m not sure what you mean. 30% from what? If you mean 30% from their peak in April or May of this year, I think you’re wrong. Supply is trailing off as many people who don’t need to sell or aren’t confident in selling right now just aren’t bothering to list their homes for sale.

Contrary to what some people believe, the real estate market is not the stock market. There are not countless “investors” who hold portfolios of properties like they hold portfolios of stock. The fact remains that most homes sold in our area are traded between people moving into, out of, and within the region.

General demand will increase once this economic storm blows over. People still need to move into and out of the region, and smart buyers will be buying in the next 6-12 months.

Sooke isn’t a “backwater town.” It’s a growing, improving and diversifying are whose residents are lucky to live here. Low taxes, a clean environment, and peace and quiet, which is more than I can say for many towns in our region.

It was very brave of you to use an anonymous e-mail address for your comment, too.

By: Dave

Dave — Mon, 20 Oct 2008 05:23:40 +0000

You would have to be seriously dimb or delusional to think that prices can only fall 30% now that investor sentiment has changed, supply far exceeds demand, and the world is slipping into a recession.
We will be lucky to get out with only a 50% drop!
Especially in a backwater town like Sooke which had gone too high too fast.

Prices will go up again just give it 25 years or so…..

By: Irrational Exuberance

Irrational Exuberance — Sat, 12 Jul 2008 01:01:20 +0000

Any economist would tell you that the Canadian economy has been stagnant for almost 2 years… not booming (look at the TSX stats). Housing prices are based on supply and demand… it doesn’t take an economist to figure out that investing in the BC housing market right now could be very dangerous. I think the VREB stats speak for themselves – lots of inventory and less demand. I’m a consultant that is working on alot of the larger resort and urban condo developments across BC and many of my clients are getting nervous…. Anyways, we will see how things evolve next Spring….. I think you probably know whats up too… but it’s not good for business to discuss such things…. The only reason I wrote this is I’m just so tired of reading predictions that may lead to less knowledgable famalies ending up over extending themselves based on false predictions…

By: Wilhelmina

Wilhelmina — Fri, 28 Dec 2007 17:28:50 +0000

I just passed my real estate exam and am thinking….now what? Was looking around at different sites. I really enjoyed viewing your site. This must be an amazing amount of work and expertise to keep this current. Very well done. Thank you for the inspiration. I did sign up to get your newsletters online and hope that this is okay.
Thank you
Wilhelmina