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Victoria rental housing market and related issues discussion


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#801 Nparker

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Posted 17 July 2017 - 09:53 PM

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...

It's still wrong to retroactively change the Act and strip existing property owners of their rights, especially when it's not going to do anything to make rents more affordable.



#802 sebberry

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Posted 17 July 2017 - 10:04 PM

It's still wrong to retroactively change the Act and strip existing property owners of their rights, especially when it's not going to do anything to make rents more affordable.

 

So why should the rights of individual strata owners be stripped by fellow owners in the building?

 

Is it reasonable to retroactively apply a restriction on an owner that wasn't in force when the owner moved in? 


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#803 lanforod

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Posted 18 July 2017 - 07:25 AM

This is a bit of a conundrum: On one side, you've got property rights being restricted in what may be unfair to certain segments of the population. On the other side you've got democratically chosen restrictions. 

 

Perhaps the solution is to require a new vote each year on each restrictive bylaw, in compliance with zoning - which would be fairly relaxed. This would include long and short term rentals and age. Included in the voting package each year would be statistical information related to the restriction - how much of the building is rented, approximate value loss due to restrictions...



#804 VicHockeyFan

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Posted 18 July 2017 - 07:27 AM

That's fine. And any strata that chooses to have that annual vote can do that.

#805 VicHockeyFan

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Posted 18 July 2017 - 07:53 AM

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.

 

From Padmapper's July rental report:

Similar to last month, Canada continued to see mixed price trends across its cities. Of the 25 cities, 6 experienced increasing prices, 8 decreasing, and 11 with no change. See below to see how rent in your city has changed this month.

Top 5 Most Expensive Rental Markets

  1. Vancouver, BC maintained its position as the most expensive city to rent in Canada. The median price for one bedroom units grew by 2.5%, settling at $2,090, while the median price for two bedrooms increased by 2.5% to $3,230.
  2. Toronto, ON, similar to Vancouver, kept its spot as 2nd. Rent prices slightly increased by 0.6% to $1,800 for one bedroom units and rose by 3% to $2,430 for two bedrooms.
  3. Barrie, ON climbed two spots, experiencing a steep increase of 5.2% to $1,210 for one bedroom rent. For two bedroom units, however, rent dropped by 1.4% to $1,390.
  4. Montreal, QC saw mixed price changes this month for one and two bedroom units. Rent for one bedroom units decreased by 3.3% to $1,160, whereas the price for two bedroom units climbed 2.8% to $1,460.
  5. Victoria, BC fell one spot this month, experiencing a drastic decline in rent for one bedroom units. Rent was down by 5.1% for one bedroom units while prices for two bedroom units slightly increased by 0.7% to $1,410.

screenshot-blog.padmapper.com-2017-07-18-08-45-02.png


Edited by VicHockeyFan, 18 July 2017 - 07:54 AM.


#806 VicHockeyFan

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Posted 18 July 2017 - 07:55 AM

So I do not know, is it a crisis that our 1-br rents are $220/mo. more than Winnipeg?  Or $70 more than Kelowna?  I mean, even a minimum-wage earner (of which there are very few, relatively) earns $85/day for a full shift.


Edited by VicHockeyFan, 18 July 2017 - 07:57 AM.


#807 Fred12

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Posted 18 July 2017 - 05:56 PM

 

  1. Victoria, BC fell one spot this month, experiencing a drastic decline in rent for one bedroom units. Rent was down by 5.1% for one bedroom units while prices for two bedroom units slightly increased by 0.7% to $1,410.

Makes sense,   I've been waiting for this for a year now.    2 bedrooms are finally moving in value up to where they belong,  more like 4/3rds the value of a 1br and people are less panicked about 1 bedroom rentals.


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#808 jonny

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Posted 18 July 2017 - 06:14 PM

So I do not know, is it a crisis that our 1-br rents are $220/mo. more than Winnipeg? Or $70 more than Kelowna? I mean, even a minimum-wage earner (of which there are very few, relatively) earns $85/day for a full shift.


Nope nope nope.

That's the point. We compare ourselves to 1995 or 2005 Victoria, but employ zero critical thinking abilities beyond X % change. The concept of doing an environmental scan is taught to all first year business students, but I guess they don't teach analytical skills in humanities school.
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