You'd be surprised how busy UVic is in the summer. Some are serious grad students here for three months on university transfer programs. Others are more like student tourists; spending a summer in beautiful Victoria and taking a couple of elective courses. In addition you have visiting academics and don't forget the parents who travel to Victoria to spend a week with their kid. All that is gone now.
Victoria's residential rental market
#1061
Posted 29 April 2020 - 06:44 AM
- rjag likes this
#1062
Posted 29 April 2020 - 06:45 AM
UVic has a huge international student population, from what I understand. Several thousand, like around 5,000 or so. Cutting that in half, or seeing those numbers plunge further will make quite an impact on the rental market.
It’ll also be interesting to see how many undergrads switch alma maters to save money and stay at home, or at least in their hometowns. If mom and dad can’t chip in $10k for rent this coming year in addition to the other costs of living in Toronto or Montreal, etc, UVic might be the fallback for students from Victoria.
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#1063
Posted 29 April 2020 - 06:48 AM
Edited by Victoria Watcher, 29 April 2020 - 06:48 AM.
#1064
Posted 29 April 2020 - 06:49 AM
You'd be surprised how busy UVic is in the summer. Some are serious grad students here for three months on university transfer programs. Others are more like student tourists; spending a summer in beautiful Victoria and taking a couple of elective courses. In addition you have visiting academics and don't forget the parents who travel to Victoria to spend a week with their kid. All that is gone now.
There are summer courses, for sure, but is it “busy?” I recall it was at like 10% capacity when I had my summer semesters (which programs with co-ops do, and that’s primarily why schools with mandatory work experience have to offer summer curriculums).
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#1065
Posted 29 April 2020 - 06:52 AM
I suspect universities will tell students to come anyway but then still curtail large clssses and interaction. if they tell students to stay away like I say new internationals just won’t register here. plus they will have to lay off all their food services and recreation and housing and library and physical plant staff, that’s huge.
Those international students will still want to go somewhere, and you never know, the Island might sound like a good choice considering how low the contraction rate was relative to other places.
There are far too many moving variables right now to know what’s going to happen at UVic, but I wouldn’t be surprised if the university literally goes on pause in many ways until fall 2021.
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Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#1066
Posted 29 April 2020 - 06:53 AM
#1067
Posted 29 April 2020 - 06:57 AM
- Hudson Place
- Ironworks
- Fifteen88
- Yates on Yates, perhaps?
- The Row
- The Wade, and that’s not including quite a number of projects
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#1068
Posted 29 April 2020 - 08:00 PM
There are summer courses, for sure, but is it “busy?” I recall it was at like 10% capacity when I had my summer semesters (which programs with co-ops do, and that’s primarily why schools with mandatory work experience have to offer summer curriculums).
Don't the uni's rent out accommodation to the public in the summer?
- Sparky likes this
#1069
Posted 29 April 2020 - 08:02 PM
Don't the uni's rent out accommodation to the public in the summer?
they normally do in regular times.
#1070
Posted 23 May 2020 - 06:42 AM
1. "Rental properties vacated by students who have returned to their home town or native country; property owners who, faced with a shortage of international tourists this summer, put short-term vacation rental suites on the long-term market. These are some of the factors that housing advocates and real estate watchers say could reduce rental prices in Greater Victoria."
2. ".....Property owners fear more people will have trouble paying rent once emergency government assistance programs end and with the province facing an 11.5% unemployment rate, Hutniak said"
Residential rentals facing pandemic pressures amid absence of tourists and students
https://www.timescol...ents-1.24140008
#1071
Posted 23 May 2020 - 07:10 AM
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#1072
Posted 23 May 2020 - 08:27 AM
I’m looking forward to the AirBnB equation here. Will the people with vacation suites who’ve vowed to never rent them as long term apartments going to change their minds, or are they holding out for “some” semblance of a tourist season?
most will wait out at least one high season. even the one quoted in the article says she is renting janion for half price - $75/night - right now. that's hardly suffering. but even if it was vacant, if it rents for $150 next season and beyond she is well ahead.
the hardest part about going to long-term rental is there is no end. you can't just stop it later. you are stuck with your tenant (good or bad) and rent controls.
#1073
Posted 23 May 2020 - 09:27 AM
My friend just “finished” repairing a house he had rented to tenants who refused to pay rent. For six months. Upon moving out, he discovered a huge number of hidden sabotage gems like cut wires in the drywall, plugged drains, loosened bolts, etc.
Now you might be asking why I put “finished” in quotes. Well, low and behold, when my friend stepped out onto the elevated deck to take pictures for the listing, he noticed something wasn’t right. Walking under the deck he realized another calling card of his evicted tenants was cut support beams, just to the point where if several people had walked out onto the deck it would collapse, quite possibly during the first showing.
He has now embarked on rebuilding the deck.
No income for six months, and $20,000 in repairs was what he got for being a landlord. And due to the purposeful damage his tenants left that could have lead to a fire, serious flooding and now death or injury from a collapsed deck, he’s going to be pursuing legal action for nothing else than to seek jail time for someone who clearly had no qualms over putting people’s lives at risk.
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#1074
Posted 23 May 2020 - 09:31 AM
#1075
Posted 23 May 2020 - 09:37 AM
You don’t realize how destructive some people are, just for the sake of it, until you’re a landlord that has to stand idly by as someone destroys your home under the protection of the RTA. This is why AirBnB has become so popular. Even the mayor’s landlord, who was also her biggest financial backer in at least two elections, rented out two suites as vacation rentals in her single family home rather than make them available to full time renters.
- Nparker likes this
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#1076
Posted 23 May 2020 - 10:21 AM
1. "Rental properties vacated by students who have returned to their home town or native country; property owners who, faced with a shortage of international tourists this summer, put short-term vacation rental suites on the long-term market. These are some of the factors that housing advocates and real estate watchers say could reduce rental prices in Greater Victoria."
2. ".....Property owners fear more people will have trouble paying rent once emergency government assistance programs end and with the province facing an 11.5% unemployment rate, Hutniak said"
Residential rentals facing pandemic pressures amid absence of tourists and students
The TC keeps quoting rentals.ca yet if you look at their site they have a grand total of about 40 rentals of all shapes and sizes in Victoria. You can't gain anything meaningful with such a small sample size
- Nparker likes this
#1077
Posted 23 May 2020 - 01:59 PM
most will wait out at least one high season. even the one quoted in the article says she is renting janion for half price - $75/night - right now. that's hardly suffering. but even if it was vacant, if it rents for $150 next season and beyond she is well ahead.
the hardest part about going to long-term rental is there is no end. you can't just stop it later. you are stuck with your tenant (good or bad) and rent controls.
If she's renting a bachelor, even at 2/3 occupancy she'd be making about as much as renting it out long-term but with none of the commitment. Goes to show how much of a boon AirBnB is relative to long-term rentals.
Landlords really need to have an easier time evicting deadbeat and/or destructive tenants to reduce the risks associated with committing the unit to tenants. Unfortunately very few people think of AirBnB as a positive competing force that should encourage rethinking about housing supply or tenancy law. Rather they're seen as a plague that must be fought - ironically, to the benefit of incumbent AirBnB hosts and to the detriment of tenants facing rock-bottom vacancy rates.
#1078
Posted 23 May 2020 - 02:50 PM
if there is some type of wild extenuating circumstance and discrepancies at the very least the tenancy branch could issue an order in June that says future rental payments will go into escrow with the government. then when it’s sorted that money can go to the right party.
Edited by Victoria Watcher, 23 May 2020 - 02:53 PM.
#1079
Posted 23 May 2020 - 03:04 PM
Right. The rental scenario has become very daunting for small landlords.
My friend just “finished” repairing a house he had rented to tenants who refused to pay rent. For six months. Upon moving out, he discovered a huge number of hidden sabotage gems like cut wires in the drywall, plugged drains, loosened bolts, etc.
Now you might be asking why I put “finished” in quotes. Well, low and behold, when my friend stepped out onto the elevated deck to take pictures for the listing, he noticed something wasn’t right. Walking under the deck he realized another calling card of his evicted tenants was cut support beams, just to the point where if several people had walked out onto the deck it would collapse, quite possibly during the first showing.
He has now embarked on rebuilding the deck.
No income for six months, and $20,000 in repairs was what he got for being a landlord. And due to the purposeful damage his tenants left that could have lead to a fire, serious flooding and now death or injury from a collapsed deck, he’s going to be pursuing legal action for nothing else than to seek jail time for someone who clearly had no qualms over putting people’s lives at risk.
Ugh. Some renters giving the rest of us a bad name. I keep seeing these horror stories as justification for not renting units out long-term, so owners will instead AirBnB the property. Yet is that not taking the same risk?
- Mike K. likes this
#1080
Posted 23 May 2020 - 03:45 PM
Seeing lots of For Rent signs on buildings that used to say Waiting List....
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