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Victoria's residential rental market


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#1101 Casual Kev

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Posted 16 June 2020 - 08:01 PM

This makes no sense. I choose the single person over the couples. The current tenant in the suite I help rent is a single guy.

 

Dunno, that was what I figured when I seemed to get turned down or ignored for anything barely over 600 sqft.



#1102 spanky123

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Posted 17 June 2020 - 07:43 AM

Dunno, that was what I figured when I seemed to get turned down or ignored for anything barely over 600 sqft.

 

A landlord might see DINKs as a better financial risk (ie one loses a job and the other can still pay).



#1103 MarkoJ

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Posted 22 June 2020 - 07:18 PM

Starting to see downward pressure on rental rates...


https://victoria.cra...7145883846.html

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#1104 Mike K.

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Posted 22 June 2020 - 08:16 PM

Holy smokes. What were the rents before?

My unit on the 16th floor, 550-600 square feet was $1,470 in 2016. I was paying about $1,600 when I left in early 2018, but I see a 10th floor listed in that link at the same size in Hudson Mews (different building than mine, but I think rates were similar, maybe a tad lower) for $1,515.

Parking was in addition at $150, as was storage at $35. So my total rent was $1,655 in 2016. Total rent for that 10th floor unit would be $1,700 all-in.

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#1105 Casual Kev

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Posted 26 June 2020 - 03:58 PM

Starting to see downward pressure on rental rates...


https://victoria.cra...7145883846.html


Pretty big asterisks on some Hudson District units. The cheapest floor plans at the Mews have a front seat to the Hudson Place Two construction site. They do have some decent prices elsewhere though.

I had a looking for rental ad up and I was offered a 1+den at the Aria for 1600 if I didn't take the parking... Would have done the deal if I hadn't already found something else.
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#1106 Citified.ca

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Posted 29 July 2020 - 10:15 AM

Of the three regions on the south Island, one is under-building by a significant margin.
 
14,000-units of rental housing earmarked for Greater Victoria as developers build out of housing crunch

https://victoria.cit...housing-crunch/


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#1107 Mike K.

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Posted 07 October 2020 - 05:40 AM

Horgan is imposing a rental rate increase ban through the end of 2021, including overriding any leases signed between tenants and landlords prior to the increase ban.

As housing values rapidly rise in the CRD, whatever suppression is used now will eventually be overcome later out of basic economic necessity. So while the rent increase ban is politically good today, it’s not going to have the intended affordability impact over the medium term, and as we start paying back the debt accrued due to covid rental rates will reflect the higher costs of doing business.

Further to this, rental development is drying up on the West Shore.
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#1108 lanforod

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Posted 07 October 2020 - 07:13 AM

Horgan is imposing a rental rate increase ban through the end of 2021, including overriding any leases signed between tenants and landlords prior to the increase ban.

As housing values rapidly rise in the CRD, whatever suppression is used now will eventually be overcome later out of basic economic necessity. So while the rent increase ban is politically good today, it’s not going to have the intended affordability impact over the medium term, and as we start paying back the debt accrued due to covid rental rates will reflect the higher costs of doing business.

Further to this, rental development is drying up on the West Shore.

 

You have a source for this? 



#1109 Mike K.

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Posted 07 October 2020 - 07:18 AM

In this instance my friend, Google is your friend.

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#1110 Nparker

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Posted 07 October 2020 - 07:29 AM

Horgan is imposing a rental rate increase ban through the end of 2021...

Presumably, this ban extends to my property taxes and strata fees as well. <_< Why are property owners being asked to carry an unfair burden of costs in a time of crisis?


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#1111 lanforod

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Posted 07 October 2020 - 07:32 AM

In this instance my friend, Google is your friend.

 

Ah found it. Buried under all the $1000 bribe headlines.



#1112 Nparker

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Posted 07 October 2020 - 07:34 AM

Bribes with the taxpayers' own money.



#1113 Mike K.

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Posted 07 October 2020 - 07:37 AM

Coupled with the inability to evict individuals, lost rental revenues, and now the rental increase ban, there is going to be a serious reckoning when the dust settles by 2022. The market can't sustain property tax and operating cost increases at the levels they continue to increase, and now facing unprecedented debt, the future is not going to be pretty.

 

The NDP planned to build 100,000-units of housing within several years, and at the pace they have brought social housing units to market thus far, they will not reach the 100,000-unit figure until 2118. I'm not kidding.


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#1114 VIResident

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Posted 07 October 2020 - 07:46 AM

Bleak. 



#1115 TwilightZoneVictoria

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Posted 07 October 2020 - 09:15 AM

Presumably, this ban extends to my property taxes and strata fees as well. <_< Why are property owners being asked to carry an unfair burden of costs in a time of crisis?

It will backfire when things open back up and we have more in-migration (economy humming, uni students back in full swing). Landlords will increase to accommodate for the extra risk when new units hit the market. 



#1116 A Girl is No one

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Posted 07 October 2020 - 09:53 AM

Coupled with the inability to evict individuals, lost rental revenues, and now the rental increase ban, there is going to be a serious reckoning when the dust settles by 2022. The market can't sustain property tax and operating cost increases at the levels they continue to increase, and now facing unprecedented debt, the future is not going to be pretty.

The NDP planned to build 100,000-units of housing within several years, and at the pace they have brought social housing units to market thus far, they will not reach the 100,000-unit figure until 2118. I'm not kidding.

And did most of those units go to people who do not work in the cities they are housed in, many of them homeless newly arrived in town, therefore not making things better for the low income workers but actually worse by taking inventory out of the existing pool?
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#1117 Mike K.

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Posted 07 October 2020 - 09:53 AM

The risk is in government policy.

So now you’ll have built is risk in rental prices, knowing there could be economically damaging government intervention at any point.

Ie, someone who would have rented a suite at $900 might now push for $1,000, just to ensure any adverse policies are buffered.

Of course in Victoria it’s more like charging $1,700 in lieu of $1,600.

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#1118 A Girl is No one

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Posted 07 October 2020 - 10:03 AM

The risk is in government policy.

So now you’ll have built is risk in rental prices, knowing there could be economically damaging government intervention at any point.

Ie, someone who would have rented a suite at $900 might now push for $1,000, just to ensure any adverse policies are buffered.

Of course in Victoria it’s more like charging $1,700 in lieu of $1,600.

No problem.. the city will take over the business of providing housing ... exactly what they want...
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#1119 dasmo

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Posted 07 October 2020 - 12:41 PM

Toronto in trouble. 

 

Condo Listings Surge 215% in Signal of Downtown Toronto Weakness

 

https://www.bloomber...of-new-listings



#1120 Mike K.

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Posted 07 October 2020 - 06:48 PM

Now that’s a surge!

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