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Victoria rental housing market and related issues discussion


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#781 Nparker

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Posted 16 July 2017 - 11:54 AM

From the above report:

...Overall, the three data sets present a picture of rental restrictions in Vancouver...[where] between 9% and 15% of the apartment condominium stock cannot be rented...

So at least 85% can be rented. That doesn't sound like any significant changes to the Strata Property Act need to be made, especially where locally, the the CoV will not approve any new condo developments unless a covenant prohibiting rental restrictions is in place. We are also in an era (for the first time in at least  a generation) where purpose-built rental properties are being constructed, so it seems to me as though the situation is taking care of itself. Once again the CoV Council comes up with a solution looking for a problem.

Also, rather than take away the existing rights of strata owners, why not continue to encourage the creation of greater numbers of purpose-built rentals through financing and tax incentives? Why does the solution always seem to involve limiting what property owners can do rather than looking for creative solutions that work towards the desired goals?


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#782 VicHockeyFan

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Posted 16 July 2017 - 12:49 PM

screenshot-evaluebc.bcassessment.ca-2017-07-16-13-45-38.png

 

screenshot-evaluebc.bcassessment.ca-2017-07-16-13-44-58.png

 

So a woman addressed council on Thursday night re short-term rentals.

 

She bought a Janion unit for $305,000 in April.  

 

She says, wait one minute, she already pays tax at 3x the value of a hotel unit at Ocean Pointe (see above, units there are strata-titled).  She rents her unit at $80-100/night.    And she pays her cleaner $50 for 1.5 hours.

 

She says that the City wants to further punish her, with commercial taxes and extra licensing, yet the Ocean Pointe rents their suites at $300/night and pays their cleaners $12/hr.

 

She has a point.


Edited by VicHockeyFan, 16 July 2017 - 12:50 PM.

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<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#783 Daveyboy

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Posted 16 July 2017 - 06:17 PM

Comrade is playing to his audienceHe knows that rentals are tight in Victoria so..........

 

I cannot buy into a condo building that is entirely owner occupied and prevents units from being rented.  If I do buy a condo I am not allowed to rent it out on a short term basis.  If I accept a short term work contract in another city I cannot leave my unit vacant.

 

Is there a certain colour he wants to mandate for the common areas?   Should the underground parkade be converted to extra units for rent?  Should a certain percentage of units in a building be immediately converted to low barrier housing?  I need the answers.....


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#784 Nparker

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Posted 16 July 2017 - 06:49 PM

I believe Comrade Isitt's goal is to get all condo purchasers to buy units then immediately turn them over to Cool-Aid to use as low-barrier homeless shelters.


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#785 rjag

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Posted 16 July 2017 - 07:01 PM

I believe Comrade Isitt's goal is to get all condo purchasers to buy units then immediately turn them over to Cool-Aid to use as low-barrier homeless shelters.

 

Him first...



#786 LJ

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Posted 16 July 2017 - 07:03 PM

I'm getting a little tired of hearing that there is no affordable housing in Victoria. If it were true there would be houses on the market for years. There isn't, they are selling like hotcakes. 

 

Build a lot more rental properties cause those people complaining about affordability are never going to own a home in Victoria.


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Life's a journey......so roll down the window and enjoy the breeze.

#787 FirstTimeHomeCrier

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Posted 16 July 2017 - 07:42 PM

I'm getting a little tired of hearing that there is no affordable housing in Victoria. If it were true there would be houses on the market for years. There isn't, they are selling like hotcakes. 

 

Build a lot more rental properties cause those people complaining about affordability are never going to own a home in Victoria.

 

Well every house is technically affordable to at least a few people. That doesn't mean it's affordable to an average working individual or family. 


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#788 jonny

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Posted 16 July 2017 - 07:45 PM

But Victoria is full of average working individuals and families.
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#789 VicHockeyFan

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Posted 16 July 2017 - 08:14 PM

Well every house is technically affordable to at least a few people. That doesn't mean it's affordable to an average working individual or family.


If we today somehow created an extra 5,000 1600 sq. ft. houses in Victoria that were only $300,000 each would that solve our housing problem? Very unlikely. They would be snapped up by investors. But the reality is they would never ever sell for $300,000. Nor should they. Our market is better than that.
<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#790 jonny

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Posted 17 July 2017 - 07:49 AM

One thing is for sure, we complain a lot. We live in a nice small city with a stable economy that is growing at a decent clip. Neighbourhoods are being renewed, upgraded and expanded. The first rental buildings built in decades are coming online now.

 

I have some average friends who live in Washington DC, where the average rent for a one bedroom apartment is a whopping $2,000 a month. We're currently at around $1,200, which is only slightly higher than Kelowna, and about the same as places like Calgary, Edmonton, Saskatoon and Halifax.

 

Sometimes it just seems like Victorians simply don't get outside of Vic much. Our collective analytical abilities are pretty terrible. Sure, rents have increased dramatically since the 80's and 90's. Hey, did you know that a Coke used to cost five cents? I never see the local media or politicians compare us to other Canadian cities.


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#791 Nparker

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Posted 17 July 2017 - 07:57 AM

...I never see the local media or politicians compare us to other Canadian cities.

Unless it serves their agenda. 

 

i.e. Comrade Isitt referring to a Vancouver survey suggesting that rental restrictions in a small percentage of older condos are directly responsible for homelessness in Victoria.


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#792 VicHockeyFan

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Posted 17 July 2017 - 07:58 AM

^ Yup.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#793 Awaiting Juno

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Posted 17 July 2017 - 10:19 AM

Would there be more rental units available if stratas could not restrict rentals: yes.  Would it solve the affordability problem: unlikely - and might make it worse.  Like it or not, strata restrictions often mean that the price of the strata for those who wish to buy into it is reduced as the amount of demand for the unit is limited.  Instead of the unit being globally appealing regardless of desire to be an owner-occupier or landlord.  It's one of the reasons SFH command a premium over similarly sized strata properties (that and you aren't at the whim of some council that can be quite arbitrary at times, rather you only have to contend with your own arbitrariness).  So lifting the restriction might make buying a property in Victoria even more expensive for owner occupiers, not less.  Same would go for buildings that are designated for those over 55. 


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#794 jonny

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Posted 17 July 2017 - 10:39 AM

Good point AJ. Rental and age restrictions make 55+ buildings quite a bit cheaper than buildings with no restrictions.



#795 Nparker

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Posted 17 July 2017 - 10:43 AM

Would there be more rental units available if stratas could not restrict rentals: yes.  Would it solve the affordability problem: unlikely...

It may or may not significantly add to rental stock. Presumably, the number of strata owners who have properties in buildings with rental restrictions is rather low, otherwise these rules wouldn't likely be in place as the owners would have voted against them.

 

As for affordability, I doubt that even adding all the current restricted condos to the market would a noticeable price reduction occur. What reason would strata owners have for offering their units at below current market rates? I can assure you if I needed to rent out my 2 bedroom, 900 square foot downtown condo it wouldn't be for cheap.



#796 VicHockeyFan

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Posted 17 July 2017 - 07:30 PM

Isittism is spreading up-Island:

 

After submitting an offer on the place about a month ago, they learned the strata had an age restriction of 19 years and above.

"I know that they [Qualicum Beach] have been trying to attract young families for some time so we wanted to be one of those young families," said Alexander. "It's just disappointing that so many of the strata complexes are age restricted. It's just too bad."

A town councillor heard the story and he's now planning to call on staff to look into removing age restrictions in all the municipalities strata complexes.

"Having age restrictions I think is just fundamentally wrong," said Neil Horner. "It's like saying blacks can't live here or that Chinese people can't live here."

 

http://www.cheknews....mplexes-348174/


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#797 Bingo

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Posted 17 July 2017 - 09:07 PM

A young family recently had their dreams set on making their first home a Qualicum Beach duplex.

After submitting an offer on the place about a month ago, they learned the strata had an age restriction of 19 years and above.

http://www.cheknews....mplexes-348174/

 

Yes, It is restrictive for all of those who are in the 10 - 19 age bracket who make offers only to find out they aren't old enough.

I bought my first house on Park Avenue when I was only 10. Try that today and you go DIRECTLY TO JAIL.


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#798 sebberry

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Posted 17 July 2017 - 09:23 PM

Good point AJ. Rental and age restrictions make 55+ buildings quite a bit cheaper than buildings with no restrictions.

 

And when my property value doesn't increase at the rate of my neighbours because we have limited rentals, it's of no benefit to me.

 

Look.  If a building is 3/4 full of people who don't want rentals, then this proposed change to the SPA will be of little impact to that building. 

 

A group of misguided, ill-informed and cantankerous strata owners shouldn't have so much input and control over the remaining owners. 


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#799 Nparker

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Posted 17 July 2017 - 09:31 PM

...If a building is 3/4 full of people who don't want rentals, then this proposed change to the SPA will be of little impact to that building...

How do you figure that? What Comrade Isitt proposes would strip stratas of the ability to restrict rentals in their buildings even if 100% of the owners didn't want them. 



#800 sebberry

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Posted 17 July 2017 - 09:45 PM

How do you figure that? What Comrade Isitt proposes would strip stratas of the ability to restrict rentals in their buildings even if 100% of the owners didn't want them. 

 

Because if 75% or 100% of owners in a strata don't want rentals, then the building will be either 75% or 100% owner-occupied.  Rentals will be of very little concern in these types of places.


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