In Victoria, former Airbnbs are flooding the market — but no one is buying | Ricochet
In Victoria, former Airbnbs are flooding the market — but no one is buying | Ricochet
This article is part of a national, multi-outlet investigation into Airbnb and other short-term rentals, and their impact on the housing crisis. Our reporting has driven policy change on both ends of the country, and your donations have made that possible. Thank you to everyone who has donated to su...
Asking prices will have to go down then. This is part of The Process. Some of those investors who bought high are going to lose their shirts which sucks for them. This is also part of The Process. I dont think prices are going to drop to 2012 levels or anything, but some correction is better than none.
I say this all as someone who bought a house on the island over the summer. I am not going to lose my shirt on the deal as I am not selling.
So need my city to do this.
"at least 46 condos with this status have been listed" seems to be "Flooding the market"
That's stretching the definition quite hard....
46 units is literally a drop in the 160,000+ unit bucket that is the Victoria real estate market. That's 0.03% of the total units. A third of a tenth of a percent.
This is exactly what I said would happen, people said "there's so many it's distorting the market" and I said that there's not actually that many units and it won't do a damn thing.
Are you sure there's 160k units for sale right now, or are you comparing "units for sale" vs "units that could be for sale total"? And is apples-to-oranges comparison intentional?
literally
Oh. Gotcha.
I'm comparing the number of units for sale against the total size of the market.
It's a reasonable comparison.
You can't flood a pool with 1 liter of water.