In September, new cases were on the rise and now kids are headed back to school. Short-term rentals in Victoria (now vacant due to Coronavirus) may be converted to long-term apartment rentals or sold, and this could add unexpected supply to the market.

In 2020, before factoring in the pandemic, Victoria had approved an increase in property tax but then deferred it because of the pandemic. The drop in bookings may force many owners of apartments primarily used as short-term rentals to sell their condo or repurpose it for long-term rentals adding up to 3,400 homes to the market. 26 percent of B.C. Condo listings have risen materially in July, eclipsing previous years, while house sellers have been more reluctant to list. Home Price Changes: Changes in the market value of the desired home. How well the U.S. manages the pandemic - roughly 25% of the Canadian economy relies on exports south of the border. Quickly and visually locate the right rental in Victoria for you in the part of town you want. Civil Resolution Tribunal to pay $46,400 in fines. For example, a tenant who typically pays $2,000 per month, and wasn’t able to make their April, May, June rent payments would need to pay $2,800 per month for the 10 months beginning October 1st to pay back their arrears. For those who have held onto their jobs, an MNP survey released June 22nd says, a quarter of British Columbians are working reduced hours or receiving reduced pay. Find out more about the benefits of a mortgage broker. The most credible and reliable insight into Victorian real estate. Victoria City Council is considering a new bylaw that will establish minimum standards of maintenance in rental apartments throughout the city. So far in 2020 housing starts indicate that pre-sales have remained strong, however as the recession progresses, we expect pre-sales will trend downward. Active listings of condos, on the other hand have been very high. With accelerating prices, some homebuyers that took a cautious wait-and-see approach in 2019 got priced out of the market. In other words, Victoria home prices had exceeded economic fundamentals, in a low interest rate environment, before the impact of the Coronavirus. The rental market on a national basis continues to tread water, with the average rent staying flat at about $1,770 per month over the last three months. In March 2020, Victoria home ownership costs were 58% of the median household income. “Consumer confidence among Canadians has improved significantly, buoyed by positive views on real estate. An average of roughly 2.5 people live in one household. Data insights provided by the REIV are based on information sourced directly from real estate professionals operating in the market. In a March interview, Brendan LaCerda, a Senior Economist with Moody’s Analytics, estimates that each 1% rise in unemployment results in a 4% drop in home prices. A study headed by Dr. Kristine A. Moore, medical director at the University of Minnesota Center for Infectious Disease Research and Policy, warns that the pandemic will not be over soon and that people need to prepare for possible periodic resurgences of disease. Home In a presentation to the Federal Standing Committee on Finance on May 19th, CMHC’s CEO revealed that the agency now expects average Canadian home prices to fall between 9% and 18%. From a seller’s perspective, there are more changes in the market that influence prices downward so now may be a better time to sell than in two years and the annual real estate cycle usually favours sellers in the first half of the year. Melbourne’s most affordable suburbs within 10km of CBD. We surveyed over 50 Canadian real estate agents and 50% had observed a majority of short-term rentals being listed as long-term furnished apartment rentals and 25% expected Airbnbs owners would sell their homes to cash in the capital gains. Not everyone can afford to put their family in a house, and for many parents work-related travel makes it difficult to stay on top of basic upkeep (i.e., mowing lawns, clearing eaves, shovelling sidewalks). It will not help overextended Canadians who chose to finance their homes with private mortgage lenders. Prime Minister Trudeau, in a nationally broadcast address, has clearly stated that a second wave of Covid-19 is already happening across Canada. There is no guarantee that home prices will regain the current highs any time soon because a Coronavirus induced recession may inflict long-term economic damage. It also works with the additional filter features like setting your desired bedrooms, bathrooms, price rage etc. While sales of houses and condos have been high after pandemic health restrictions were eased, active listings of houses have been very low. The most recent data indicates that more Canadians are missing their monthly payments and it appears more Canadians are over-extending themselves. Prices are trending upward, but Coronavirus containment efforts will muzzle the market. International travel restrictions will continue to make the short-term rental business difficult through to the end of 2021. Looking for an apartment or condo for rent?

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