Cheaprealty.net

Well, chalk up some more million dollar + inventory. A few days go by, and another few properties are added to the waiting list. The inventory of single family homes increased as well. Over 8 months of "above median" condo inventory is now listed, based on the February 2008 VREB stats. This is March, shouldn't buyers be taking up the slack by now?

I see over at Rob Chipman's site his most recent report of price changes was that 90% + of all changes were reductions. Also, the average list price in Chipman's area was $556,677, while the average sale price was $548,169, a difference of $8,508, or 1.53%. Which is lower. Is that a hot market? I know Vancouver and Victoria are not the same place, but I would assume that Victoria is not the tail that wags the dog--but rather, the opposite is about to occur.

That is to say, when prices in Vancouver start falling due to the mother of all condo gluts, all outlying areas, including Victoria, are going to get slammed.

But perhaps you disagree?

Just a question, forget about the market, think about your own finances. Based on that, how much should a cheap condo cost? Imagine the mortgage rate is 7%. What does that do to the cost? Imagine you were given that condo for free. How much would that still cost? Could you look after it?

So for Victoria or wherever you are, where is the point that the price has fallen so far you would think you were really getting a deal?

Would you be buying a bigger place, or just getting into the game?

Last week I took a walk in Songhees mid week, in the early evening. One of the most startling things I noticed was the complete absence of anybody around. In the big courtyards between the large apartment buildings, nobody was out enjoying the early evening air, despite it being a warm, clear, beautiful evening. There didn't seem to be many people out enjoying their balconies either.

Spinnaker’s pub was full, but the general area was eerily empty of activity. There were some homeless guys drinking beside the seawall, maybe they scared all the seniors indoors.

Was everybody at Spinnaker's? Was everybody inside watching Access Hollywood?

Or was nobody home, because the apartments are now all owned by absentee owners who only visit for brief periods, if at all.

How long will it take for a real neighbourhood to develop in Songhees, if ever?

What would Victoria be like if neighbourhoods like this became the norm, and spread throughout the city?