1451 replies to this topic

[Love the rock]

I highly doubt you can get a small house for 2000-2500, a 2 bedroom condo certainly, but please let us know what you find

If you find a small free standing house for 2500 remember your utilities will probably be on top of that the end result will be a lot more .
A condo would definitely be cheaper with utilities.

[ovovov]

 Downtown Brand New 1-Bedroom Condo On 11th Floor Available June 1st

 

 Downtown Brand New 1-Bedroom Condo On 15th Floor Available June 1st

 

 Downtown Brand New 1-Bedroom Condo On 14th Floor Available June 1st

 

 

three newly built 1 bed room condo is advertising for $1895-2000+

 

 

what do you guys think about those crazy rent?

 

I suspect it has to come down to maybe $1400?/month???

 

 

 

 

 

 

 

 

[lanforod]

Actually only seems a little bit high considering all the amenities included. If they were furnished, I'd actually say they're a bit low. You're definitely paying for the view though.

[Mike K.]

I suspect it has to come down to maybe $1400?/month???

 

Not much a chance of that happening.

 

A 1BR apartment on the second or third floor of a 1990's condo rents for $1,400/month in downtown Victoria. For a brand new 1BR with views $1900+/month is pretty standard, especially since parking is included.

 

A studio without parking in a brand new building will go for $1,450 all day long.

[ovovov]

now see above post , the new building is asking for 1995+ for 1 bed room.... crazy rental market those days...

To redirect this thread back to the rental market, as an outsider moving into the city in the near future:

 

My general impression is that price levels are similar to those in Lower Mainland suburbs (Richmond/Coquitlam specifically). What intrigued me the most is that price levels don't seem to vary much across localities until you get all the way to Langford or Central Saanich. It makes sense; if you're not in or near downtown then you're either by the ocean or by the mountains. Only Esquimalt and Rock Bay seemed a bit cheaper, but the buildings also seemed more dated than usual.

 

The price floor also seems to be quite high for a 1-bed - the most common asking prices for a 1-bed in the archetypal old wood-frame rental hover between $1,150 and $1,350, with bachelors going at around $1,000 if small sized. Most legal suites at detached homes are going for the same asking prices, sometimes even higher. It doesn't take much to upgrade to a newer rental or condo, though - I saw quite a few 80's/90's condos  going at the same price range, though these postings went quick. And there are some new condos going for $1,500-$1,600, mostly around downtown and Vic West. There's a ton of stock out of Langford; what gets you an old rental in the "core" will get you either a new legal suite or a smaller condo there.

 

I personally settled for $1,400 at one of the new rentals popping up downtown; figured I'd pay be the extra $200 or so to be close to work and have new everything, without worrying about mold or coin laundry not working or hearing my neighbor from across the building. The proximity+new premium would've been a lot higher in the Lower Mainland. I'm also fortunate that I don't smoke or have pets... the vast majority of new rentals don't permit either. Oh yeah, and I can't fathom trying to look for an apartment with kids tagging along - a friend of mine moved to Victoria not long ago with his wife and 2 daughters and all he found was an old Esquimalt 2-bed for $1,800... sometimes none of the laundry machines work, he says.

 

As an aside, prices have definitively spiraled waaay upwards over the past few years. Looking at CMHC reports, average 1-beds rents in Greater Victoria were $849 in October 2014 but $1072 in 2017 - that's a 26% increase in 3 years. Due to maximum rent increases, incumbent tenants didn't absorb all of the blow so new tenants are bearing even more of the cost. As an anecdote, I ran into an ad for a 1-bed at an old wood-frame for $1,150; I googled the address to check reviews and I found an older posting for the same kind of unit (same photos and all) from late 2014; they were charging $880 then. Oof.

[spanky123]

now see above post , the new building is asking for 1995+ for 1 bed room.... crazy rental market those days...

 

Is that the Government subsidized "affordable" rate or the regular rate?

[ovovov]

Either way, the market wants someone to pay for $2000/month.

 

Things had changed so much since 2003.... stayed at a home stay about $550/month. Camosun ELS students pay about $990/m for a room...( which requires a window and a bed-that’s it).

 

Furthermore, in 2006 my rent for 1 bed at Shelbourne st was 790- and I had to split with another buddy who lived in the living room.

 

Also, one co-worker told me today she is living in downtown with another friend in a 2-bed room, costs her about $1200.

 

 

I Also I also remember the days my first apartment in low 190k a few years back, brought 2nd one at 230k, and sold it after living in it for 1 year. Too bad……

[tjv]

Not much a chance of that happening.

 

A 1BR apartment on the second or third floor of a 1990's condo rents for $1,400/month in downtown Victoria. For a brand new 1BR with views $1900+/month is pretty standard, especially since parking is included.

 

A studio without parking in a brand new building will go for $1,450 all day long.

I think the rents of $2000 are reasonable given the current real estate prices.  The question is are salaries catching up with these rents/sale prices

[Casual Kev]

I think the rents of $2000 are reasonable given the current real estate prices.  The question is are salaries catching up with these rents/sale prices

 

That's the problem, income levels haven't come close to matching to either real estate or rental price growth.

 

https://globalnews.c...th-home-prices/

 

Rental rate hikes in Victoria weren’t quite as pronounced — but they still grew faster than renters’ incomes.

In 2006, it cost about $742 to rent a rowhouse or apartment; by 2016, that cost had climbed to $1,003.

That makes a growth rate of 35.2 per cent against income growth of 6.6 per cent in the same time frame.

[sdwright.vic]

^Plus hikes in food, transport, utilities.

Salaries are in no way staying in line with other increases. A .75% to 1.5% raise in a year when rents can go up by 4%.

[jonny]

Well I hope you all are writing and communicating with your city councillors, especially those like Madoff, Isitt and Loveday, to ask why they continue to insist on restricting the supply of housing so tightly. 

[sdwright.vic]

^I do, and with them it accomplishes nothing but getting but on a spam list (Isitt), that when you complain about it and the legality, get told to stop emailing then.

[jonny]

^I do, and with them it accomplishes nothing but getting but on a spam list (Isitt), that when you complain about it and the legality, get told to stop emailing then.

 

I love how Ben Isitt always responds to me with "Thank you for taking the time to provide this input." and then promptly votes the exact opposite of what I wanted. Oh well. 

[Nparker]

I love how Ben Isitt always responds to me with "Thank you for taking the time to provide this input." and then promptly votes the exact opposite of what I wanted... 

OMG yes!

[Casual Kev]

Well I hope you all are writing and communicating with your city councillors, especially those like Madoff, Isitt and Loveday, to ask why they continue to insist on restricting the supply of housing so tightly. 

 

There are a lot of problems in this world, but few things trigger me more than seeing most rental offerings being bits and pieces of single-family homes... the same people who shriek about "character" and "safety" at any densification proposal have no qualms with paying off their mortgage off the backs of tenants who have no other option than to dwell at a stranger's basement. 

[Mike K.]

And don't forget the folks who come out to council chambers decrying the cost of new real-estate, and how it's unaffordable, how it's outrageously overpriced, etc, and therefore should not be supported, bu who have no qualms over list their real-estate asset(s) for top-dollar prices.

 

It's a point I've brought up too many times to count when a homeowner invokes the affordability angle during conversation, but who I know recently sold off a real-estate asset at a top market rate.

[Citified.ca]

All of Hockley Avenue's recently-build apartment buildings have been listed for sale, together with an 11-storey rental tower currently underway on Claude Road to the north. The Langford buildings are listed for $84 million and contain over 220-units.

 

Big money: Six newly-built Langford apartment blocks listed for sale at $84 million

https://victoria.cit...-at-84-million/

[NinVic]

Me thinks the current government will indirectly cause an economic slowdown due to the various anti growth policies (pipelines, non-resident taxes, more tenancy regulations), etc... and this will solve the "housing" problem by itself.

 

What I wonder are how many rental units are occupied by people working in the trades building all these new buildings. Once all the current new projects are finished, will these people find employment in future projects or not?  If not, they'll be moving out town fairly quickly I think hence freeing up rental units and raising vacancy rates and lowering rents somewhat. 

 

I believe there's a "scarcity premium" in a lot of the current new rent levels of 10-15% and once market has more supply at the top end, like Yello, Bosa's Pandora street project and some of the new condos as rentals, the top end should soften with a corresponding effect onto lower rent levels as well.    I heard that V1488 is not full after a few months of marketing so that has me wondering about the depth of the market at the top end.

 

This being said, there are opposite forces on the new condo side with stronger mortgage rules which may force people to rent longer.  So hard to say what net effect will be.

[sdwright.vic]

V1488 isn't very habitable in my opinion looking at the floor plans. In most the kitchen literally sit in the middle of the dinning or living room.

[Nparker]

V1488 isn't very habitable in my opinion looking at the floor plans...

Could you post a link to the floor plans?