1893 replies to this topic

[jonny]

Saanich developers drop condo plans in favour of rental suites

Two condominium proposals in Saanich have been re-envisioned as purpose-built rentals, according to documents filed with the municipality.

Tri-Eagle Development Corporation’s Radius at Royal Oak project, originally slated to become a condominium residence along the 4300-block of West Saanich Road, will start construction later this year as a six-storey, 66-unit purpose-built rental complex.

“We realized throughout the planning phase for Radius that there is tremendous demand for workforce and down-sizer purpose-built rental housing in Royal Oak,” said Oliver Tennant, Tri-Eagle’s Development Coordinator. “Although initially planned as a condominium, condo-quality rental apartments became our focus and it has been a pleasure working with the Royal Oak Community Association and District of Saanich throughout this process.” [Full article]

 

This is being built by Homewood.

Edited by jonny, 21 April 2017 - 07:46 AM.

[Mike K.]

Yup, Homewood builds virtually all of Tri-Eagle's projects.

[Mike K.]

A quick market update.

 

Over 1,600 rental units underway throughout Capital Region

http://victoria.citi...using-victoria/

[sdwright.vic]

Headline says 1600... first sentence says 1700.... who's your editor? 🤗

Edited by sdwright.vic, 05 May 2017 - 08:20 AM.

[Mike K.]

Oopsie daisies. Fixed. Thank you.

[FirstTimeHomeCrier]

Relevant piece of satire from The Beaverton.

[LJ]

In Vancouver they are blaming "short term renters" at three different condo's for breaking into all the storage lockers and mail boxes.

 

I guess you have to have a fob to open the doors and that is what they did.

 

Short term rentals are against the law in Vancouver so I guess individual strata's didn't find the need to pass a short term rental ban bylaw.

 

http://globalnews.ca...rt-term-rentals

[VicHockeyFan]

It looks as though the renoviction holdout at Cook St. just stopped paying rent a few months back.  So he should maybe not be surprised he lost his arbitration yesterday.

 

http://www.timescolo...ules-1.20185347

[jonny]

Damn, those two really didn't play their cards right.

 

These can be tough situations, but at the end of the day it's good these landlords are updating some of these older buildings. Many of them are really nasty. Not just outdated, but gross. The type of filthy that can't be vacuumed up.

 

 

Eleven people applied for dispute resolution under the Residential Tenancy Act and 10 accepted a settlement with the landlord for higher compensation. Smith said tenants signed a non-disclosure agreement, but he was told some were given about $8,000.

Edited by jonny, 25 May 2017 - 09:01 AM.

[Benn]

Any clues on what the going rate for 2 bed / 2 bath condo downtown, Cook/Johnson area is? Concrete building, 1000 ft2, parking and hot water included.

[jonny]

At least $2k/mo.

[VicHockeyFan]

Ya, $2200 if it has laundry in.

[Mike K.]

What's the age of the building?

[Mike K.]

Although mostly related to purchasing real-estate, there is some mention here regarding rental rate increases and how they are affecting renters who are turning to purchasing condos in lieu of renting.
 

British Columbia's Capital Region is experiencing a construction boom as population growth fuels demand for housing. Job prospects and an increase in boomers choosing southern Vancouver Island as a retirement destination are expected to keep the housing industry busy for years to come.
 
Perfect storm of jobs and population growth pushing Victoria real-estate values higher
http://victoria.citi...-values-higher/

[Mike K.]

While the common consensus may be that new rental housing units have only started coming online over the last year or two, there's been quite a significant push for rental housing stretching back to the beginning of the decade.

 

Hudson Walk One and Two (at right and at left, respectively) at downtown Victoria's Hudson District are comprised of 284-units of purpose-built rental housing. Hudson Walk One was completed in 2016, while Hudson Walk Two is currently nearing occupancy on Caledonia Avenue at Blanshard Street.

 

Victoria rental unit round-up: thousands built since 2010, thousands more underway and planned

http://victoria.citi...ay-and-planned/

 

Thousands of purpose-built rental units have been added to the Capital Region’s housing stock since 2010 and thousands more are on the way, according to Citified’s data.

Over the last seven years alone some 700-units of subsidized, affordable and supportive housing were created throughout Greater Victoria while hundreds more are currently under construction or planned for completion by 2019.

And a relatively new phenomenon has also taken hold in Victoria that’s seen aging transient inventory converted into both luxury and subsidized rental accommodations.

The Queen Victoria Inn and the Dominion Hotel were transformed into rental apartments in 2014 and 2015 yielding 124 and 97-units, respectively. Another 200-odd hotel units are in the process of being upgraded into rentals at the Harbour Towers hotel complex in James Bay, while several hundred former motel and hotel suites along Gorge Road East and upper Douglas Street were also transitioned into various strata of rental housing. Esquimalt’s EconoLodge Inn & Suites on Craigflower Road at Admirals Road is currently undergoing a phased conversion into 96-units of rental housing, and the former Tally-Ho Hotel complex on Douglas Street near Finlayson Street will soon be turned into over 50-units of supportive housing for hard-to-house individuals. [Full article]

[lanforod]

Do these numbers mesh with the reported population growth? Or perhaps is stock elsewhere being removed, maybe going to short term rentals on AirBnb (no, I don't want to start that debate up again, but I am curious here...).

[Mattjvd]

What affect do you think the recent boom of purpose built rentals will have on the market long-term? 

The stock of cheep rentals in the city are (mostly) old buildings. I don't have the data, but I'd imagine they were on the picier end when they were first built?

 

So over the next 20+ years, how would you expect the rent in these new building to rise? Compared to wages and the rents being changed in future new builds?

 

(I use the Royal 'you', of course. Not addressing anyone specificly) 

[Mike K.]

It will have zero effect. We're going to lose older apartment stock over the next decade, and we're not building enough stock to make up for that loss. As per my piece here: http://victoria.citi...cement-by-2025/ we have a lot of hurt coming up and few pain meds.

[rjag]

I think older stock needs to be replaced at 2 to 1 to make a difference. I remember reading something about the number of new apartments being built annually in Seattle and it was an incredible amount and when dialed down to Victoria ratio it was like a 1,000 new per year for the next 10 years...Mike you remember that article?

[Mike K.]

Yeah!

 

Many landowners want to do just that, take down ~40-unit woodframe 70's buildings and replace them with twice as many modern units. But officialdom now wants to ban the demolition of old apartments. How is that helping? The answer is it's not, for gosh sakes. But what it is doing is unfairly pushing a serious issue onto another council's lap while the current councillors backing the ban look like they're making a difference.