Housing Stress In Victoria

You could have bought this house for 1.1 Million last year, think about it....

Real Estate is dropping fast, this is but one example ( click on image to expand)

If you look at stats, its not so bad... nobody is building, trades people in Kelowna are now driving around in their pickup trucks, delivering food, and this is what we are seeing here on the street in Victoria BC.

Yes this is correct and verified, this unit has sat empty for months, not weeks, and finally the owner bailed, we don't know why? Divorce? Bankruptcy? Needed the cash to pay for liposuction? Who knows, but a hair cut of $137,000 below assessed? This is crazy.

The realtor we contacted, has stated the market is soft, so soft that sellers are just happy to have any kind of offer, its thin Pickens, and the worst he has seen in years. There is housing stress in Victoria, no doubt about it.

But is this any surprise? Not really. When you consider, we sent all the students home, as they had fake credentials, we stuffed a cork in the flow of immigrants that were flooding in and expanding our Economy, and before that there was this perception of a massive housing shortage, so condo permits were being handed out like joints at a Woodstock concert. And house prices and rents skyrocketed as Airbnb became the cornerstone of real estate investing. Well, we crashed Airbnb, and along with it, the real estate investor.

Its a perfect storm of calamities, all piling on top of each other, and then when you top it off with the US Tariff situation, over night, shutting down the lumber industry which is the backbone of this Province... (I am talking about BC by the way) you have to wonder, who has the money for these glossed up town houses, condos and single family homes? Nobody.

There simply is nothing left to save us... Interest rates? Too little too late, yes it staved off inflation, and probably prevented a protracted Recession, but it won't save the housing market.

So all we can do now is sit back, relax, and hope to hell it doesn't lead to a Recession.