1419 replies to this topic

[insanelydeadlydisease]

Just an anecdote here, I had no problems renting out a basement suite in January which is one of the worst months to have a vacancy. Had lots of interest and no problems renting quickly. 

[Mixed365]

The VV list of rentals to come:

Customs House

Hudson Walk

Sawyer Building

Empress Rental

Domion Rocket Residences

819 Yates St. 

The Rocket Residences at the Dalton
1075 Pandora
Azurro 

[Nparker]

And if the Mason Street NIMBYs don't kill it, add to the above list the St. Andrew's School project.

[Mr Cook Street]

And the handful of units planned for Cook and Oliphant.

[Nparker]

And the handful of units planned for Cook and Oliphant.

You mean in that "massive" proposed development? 

[jonny]

You mean in that "massive" proposed development? 

 

Yes, the "Burj Cook Street".

[Nparker]

Yes, the "Burj Cook Street".

Love it. 

[Nparker]

It would seem our "flood" of upcoming rental  units can't come soon enough:

http://www.cfax1070....ble-in-Victoria

[spanky123]

It would seem our "flood" of upcoming rental  units can't come soon enough:

http://www.cfax1070....ble-in-Victoria

 

They must be referring to purpose built rental apartments and not count the hundreds of listing for condos and secondary suites which are currently on the market.

[Mike K.]

Yeah, it's actually getting a little tough for some rental apartments. Units are sitting empty for many months. At least it provides opportunities for upgrades.

Speaking of upgrades the Lord Harley building at Quadra and Tolmie is undergoing a major exterior restoration.

[spanky123]

They must be referring to purpose built rental apartments and not count the hundreds of listing for condos and secondary suites which are currently on the market.

 

CMHC report now states "purpose built rental apartments".

[pherthyl]

Yeah, it's actually getting a little tough for some rental apartments. Units are sitting empty for many months. At least it provides opportunities for upgrades.

 

It was tough for rental apartments 2 years ago.  Rental market has been improving since then and is back to pretty good as shown in the CMHC report.  If apartments are still sitting empty for months then that indicates overpriced.

[Mike K.]

The figures in the CMHC report are from April (collected throughout the winter) and with UVic having wrapped up for the summer there's a lot of inventory sitting around that's not being absorbed.

 

Older apartment buildings are starting to feel the effect of a slew of modern rental apartments coming onto the market. 1,600 rental units are planned throughout the region with 420 under construction.

[Nparker]

...Older apartment buildings are starting to feel the effect of a slew of modern rental apartments coming onto the market....

This.

[Greg]

 

Older apartment buildings are starting to feel the effect of a slew of modern rental apartments coming onto the market. 1,600 rental units are planned throughout the region with 420 under construction.

 

And that is how you actually go about creating more affordable housing units...

[Mike K.]

Exactly. And done so without having to go hat in hand to the tax payer.

[pherthyl]

The figures in the CMHC report are from April (collected throughout the winter) and with UVic having wrapped up for the summer there's a lot of inventory sitting around that's not being absorbed.

 

That's normal seasonality and has little effect on dedicated rental units as most UVic demand is soaked up by UVic housing and private suites.

April 2013:  3.4%

Oct 2013: 2.8%

April 2014: 2.7%

Oct 2014: 1.5%

April 2015: 1.2%

 

Maybe the new units will bring this up a bit, but so far strong improvement and no sign of any weakening.

[Mike K.]

 
1,000 rental units eyed for downtown Victoria
http://victoria.citi...ntown-victoria/
 
Rental home development activity in downtown Victoria is at levels not seen in decades with nearly 1,000 units currently under construction or in-planning, according to Citified's data.
 
As low interest rates give lenders incentives to seek out long-term stable income generating opportunities, would-be condo developers are altering course to fill both a void for quality rentals and tap into investment capital bullish on Victoria. [Full article]

[Mike K.]

Lots of activity taking place right now. We can expect another similar volume of construction starts next in 2016.

 

 

Over 1,200 condos and apartments rising in downtown Victoria and periphery

http://victoria.citi...-and-periphery/

 

The City of Victoria is experiencing an explosion of residential construction in the form of market condos, market and affordable rental apartments.

 

1,205 high density homes, not including townhomes, are in various stages of construction among 18 projects throughout the City of Victoria, just one of 12 municipality's on the south Island. The frenzy of construction activity can be hard to keep straight so Citified has compiled a list of projects together with a profile link that contains even more information on each development. [Full article + list of projects]

 

 

[Bingo]

The B.C. Residential Tenancy Branch has set the maximum allowable rent increase for 2018 at four per cent — making it the largest potential rent increase in five years. 

In 2017, rent increases were capped at 3.7 per cent. While a four per cent increase in comparison might not seem very large, it's more pronounced given the low vacancy rates and sky-high rental prices in Vancouver. 

According to data tracked by Canada Mortgage and Housing Corporation, rents in Metro Vancouver had a sharp increase of 6.4 per cent in 2016 .... even though the rental cap that year was 2.9 per cent.

CMHC explained the discrepancy, saying the data suggests tenants were signing new leases with landlords. 

Normally, rent increases are capped at two per cent plus inflation, but this only applies to month-to-month tenancies. It's not uncommon for landlords to use a loophole that instead asks tenants whose term is up to sign a brand new fixed-term agreement, where it would be theoretically possible for them to circumvent the rent increase cap. 

http://www.cbc.ca/ne...4262651?cmp=rss