[TouringTeg]

Great post OriginalHypa

I've witnessed first hands how single family houses are going up dramatically compared to condos. Condos in downtown Victoria have seen gains but there is always a newer shiny condo being built around the corner. As a bonus you can AirBnB since Victoria is a popular tourist destination.

The value is in the land. I know of an organization buying up car dealerships all over North America because of the land they sit on. They will be developed in the future.

My investment condo in Langford is worth about the same as 5 years ago. At least the renters are paying down the mortgage. Rental costs will go up here as purchasing becomes more expensive. You guys are already seeing ridiculous rental market.

Meanwhile a friend of mine just sold his small home in Langford yesterday for full ask 570k. Took him a few weeks but he was patient and stood firm after receiving low offers. It was purchased a few years ago for 440k. 2010 ish build with a 1 bedroom suite.

I have an investment house in Langford (2009 build) small lot, rented top and bottom. 3 bed up 2 bed down. Rent more than covers my costs. Purchased for 455k 4 years ago and worth about 560k now. Not a big gain but it was what we could afford at the time.

Tempted to sell it but I want to hold on it to until I can sell it to pay off the mortgage on my current home in Saanich. Paid 520k for current home and worth over 700k now.

Small potatoes compared to hypa but you can see how owning land is helping me get ahead versus my day job which pays the bills.

On a side note, I feel like Victoria houses are still underpriced.