1451 replies to this topic

[Victoria Watcher]

Toronto in trouble. 

 

Condo Listings Surge 215% in Signal of Downtown Toronto Weakness

 

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

 

listings are up.  ontario (or toronto?) also just clamped down on air bnb too (you must also live at any place you air bnb).  but it does not say prices have dropped.  

Edited by Victoria Watcher, 08 October 2020 - 03:37 AM.

[spanky123]

listings are up.  ontario (or toronto?) also just clamped down on air bnb too (you must also live at any place you air bnb).  but it does not say prices have dropped.  

 

If you read the article, every stat compares different periods. Sounds a lot like someone trying to manipulate data to get the result they want. 

 

If you want unbiased information then you need to look at the raw data. https://www.zolo.ca/...l-estate/trends

 

The reality is real estate prices are up 12% YoY and 3.2% MoM in Toronto. Shocker, you mean pricing isn't going down like the pundits wishing it were so are telling you?

 

I feel a little blue in the face by now but this isn't new or surprising. The programs the Government are putting in place to try and make housing affordable are having the entirely expected result of driving prices up. 

Edited by spanky123, 08 October 2020 - 06:46 AM.

[Mike K.]

We’re also going to see a condo listing boom as SFD prices are so high now that people who could afford entry level in January can’t make it work unless their down payment has increased accordingly.

Year over year SFD prices in Victoria are up 11.5% and total real-estate sales as of today are equal to 2019’s total, and there are 84 days left in the year.

[dasmo]

IDK, I'm not following these things like I used too. It feels like the condo market will face problems though. It's why I think SFH prices are under pressure. In some cities your sky box is your prison now, literally. I see why some would want out. Also the travel industry is being hit hard so all those vacation rentals are suffering. This would also be more focused in the Condo market. Now if we look at our market specifically I think what will prop it up is that this area is where people from TO will want to escape too. Ahhhh the complexities of the markets... 

[aastra]

 

I feel a little blue in the face by now but this isn't new or surprising. The programs the Government are putting in place to try and make housing affordable are having the entirely expected result of driving prices up.

 

It's almost as if all of the government programs -- going back several decades -- were never actually about making housing more affordable.

[Mike K.]

IDK, I'm not following these things like I used too. It feels like the condo market will face problems though. It's why I think SFH prices are under pressure. In some cities your sky box is your prison now, literally. I see why some would want out. Also the travel industry is being hit hard so all those vacation rentals are suffering. This would also be more focused in the Condo market. Now if we look at our market specifically I think what will prop it up is that this area is where people from TO will want to escape too. Ahhhh the complexities of the markets... 

 

But you have to live somewhere. Either you live in a rental apartment and pay rent for your home, or you reside in a condo in which you accrue equity and invest into your financial security.

[dasmo]

But you have to live somewhere. Either you live in a rental apartment and pay rent for your home, or you reside in a condo in which you accrue equity and invest into your financial security.

Yes but immigration is down I'm sure, maybe cross province movement too? And you NEED to live somewhere but you don't NEED to have 3 AirBnB rentals that are not profitable. I think more people want to own a home with a yard right about now though, also enough space for a home office.  Owning your own home is different than the market from an investment perspective though. I am pro home ownership 100% and it's difficult to time the market so that's something to look at your own situation. So this type of discussion is more from the pure numbers perspective, not an advice perspective. 

[LJ]

But you have to live somewhere. Either you live in a rental apartment and pay rent for your home, or you reside in a condo in which you accrue equity and invest into your financial security.

I agree, for now.  But when the government needs to pay back the billions in debt they ran up guess who is going to get taxed up the wazoo to pay the bills.

[Mike K.]

Rental rate freeze extended through July 10th, 2021:

 

Effective immediately, the Province is extending the freeze on rent increases until July 10, 2021, under the powers of the Emergency Program Act and COVID-19 Related Measures Act.

 

This is an interim measure to provide stability and advance notice for renters and landlords while a new cabinet is sworn in. Increases set to happen on Dec. 1, 2020, are cancelled, along with all pending increases through to July.

 

“We know many renters are still facing income loss and even the slightest increase in rent could be extremely challenging. For that reason, we are extending the freeze on rent increases to provide more security for renters during the pandemic,” said Selina Robinson, Minister of Municipal Affairs and Housing. “We are all in this together, and it is important for both renters and landlords that people can stay in their homes.”

 

The Province originally froze rent increases on March 18, 2020, with the ban set to expire Dec. 1. All renters who have received notice their rent was set to increase after the March 30, 2020, ban, including increases set for Dec. 1, should disregard those notices and continue to pay their current rent amount until July 10, 2021.

[Mike K.]

I agree, for now.  But when the government needs to pay back the billions in debt they ran up guess who is going to get taxed up the wazoo to pay the bills.

 

The home seller will pass along the new tax to the homebuyer.

 

Every time the government makes a move, like just did today by extending the rental rate freeze, they make the situation worse. People just don't see it right away, or feel it right away.

[Nparker]

 

“We know many renters are still facing income loss and even the slightest increase in rent could be extremely challenging...

While homeowners have faced zero income loss during the pandemic.  

[marks_28]

While homeowners have faced zero income loss during the pandemic.  

 

All Homedwellers Matter!

[spanky123]

“We know many renters are still facing income loss and even the slightest increase in rent could be extremely challenging. For that reason, we are extending the freeze on rent increases to provide more security for renters during the pandemic,” said Selina Robinson, Minister of Municipal Affairs and Housing. “We are all in this together, and it is important for both renters and landlords that people can stay in their homes.”

 

 

How is the landlord "in it together"?  If there was some sort of means test then maybe but in many cases the tenants have far more available cash then the landlord.

 

Of course a few years from now everyone will be wondering why no new rentals have been built.

Edited by spanky123, 09 November 2020 - 03:57 PM.

[TwilightZoneVictoria]

Depending on what industry the homeowner was in they're in some trouble now. Know people working in hospitality, travel, tourism, personal services who own and are trying to figure out how to not lose their home over the next couple years. Having a spouse with another income helps but a few really need both incomes and often suite rental income too. If the rent is inclusive of fixed costs it could get tricky. Hopefully property tax doesn't increase for them.

 

As for renters, it leaves less choice. If you're happy with the place you have a rent freeze is great. It's even a bonus if work was fairly uninterrupted, govt, uni, institutional jobs etc. But if you need to move because you need more room, want to move away from a particular park, you'll likely be paying a fair bit more to accommodate for the 15 months or so of zero increases. Same goes for anyone moving here. 

[LJ]

The home seller will pass along the new tax to the homebuyer.

 

Every time the government makes a move, like just did today by extending the rental rate freeze, they make the situation worse. People just don't see it right away, or feel it right away.

But you are not necessarily selling. They could impose a yearly tax based on the equity of your home.  

[Mike K.]

That wouldn’t make much sense, would it? You’d be penalized for paying down your mortgage, essentially?

[LJ]

That wouldn’t make much sense, would it? You’d be penalized for paying down your mortgage, essentially?

Hey, you own a house, you can afford it, says the socialist.

[Victoria Watcher]

there is a video here too.  not sure why the drone flies off to space for the first minute of it.  but it comes back down for a tour after.

 

 

 

 

Classic 10 Suite Rockland Revenue Property! Featuring: 1 x 2BR, 4 x 1BR, and 5 x Bachelor Suites. First time on the market since 2003! This 2½-storey Tudor Revival Arts & Crafts style house was designed by architect Samuel Maclure with an admiration and influence from the work of Frank Lloyd Wright. Situated on a large 0.62 Acre property that offers further potential for development. Some suites offer Panoramic Views of Mt. Baker, Ocean and Amazing Sunrises to the East! A rare opportunity to purchase a character investment property in one of Victorias most sought after neighbourhoods!

 

$2,999,900

1031 Terrace Avenue

 

https://www.realtor....ctoria-rockland

 

 

 

if you have never taken a walk or drive up terrace avenue it's really something.   you can really forget where you are. 

 

 i think the grounds of this building tells you once again that no matter what, people that live in an apartment building don't give two bits about the yard.  we really ought not to even have them for apartment buildings.

 

 

 

ARCHITECTURE:

This 2½-storey house combines Prairie School and Tudor Revival Arts & Crafts styles. It is asymmetrical and has a wide, bellcast hipped roof, wide eaves and a front-facing shed-roofed dormer with a balcony. There are extensions on the main floor on the right and left sides of the house. On the front façade, below the dormer, is an offset, wide front porch with tapered square posts supporting a balcony above. The balusters of the dormer and balcony are square; the porch has shingled posts and balustrades. The upper floor is stuccoed and half-timbered, and is separated from the shingled lower floor by a high corbelled belt course. The horizontal emphasis of the wide eaves is enhanced by the different surface treatments, and attests to Samuel Maclure’s admiration of the work of Frank Lloyd Wright and the Prairie School.

ORIGINAL OCCUPANTS:

1905-31: Dr. Francis Henry Stirling (b. France 1870- 1931) and his second wife, Marion Louisa (née Johnston, b.Kent, ENG 1872-1931), who came to BC in 1901. Francis grew up in Scotland, trained as an oculist in Vienna and came to BC in 1890. He married Jessie H. Smith in Nanaimo in 1891. She died in 1892 while giving birth to Jessie Dorothea. Francis continued his medical training and established a practice in Victoria in the early 1890s. He was an accomplished amateur golfer, winning several provincial championships.

OTHER OCCUPANTS:

Tenants: 1921: Arthur Charlton and Vina Burdick (1595 Rockland Av) rented the house.

1932-35: Strathcona Hotel manager Manuel “Albert” Wylde (b. New Westminster 1867-1956) and Alice Ellen (née Mesher, b. Farnham, ENG, 1869), with their daughter Victoria Wylde (b. Victoria 1897), a government steno. Alice was the sister of architect/contractor George C. Mesher (1004 Terrace Av).

1936-44: William Henry Langley (b. Victoria 1868-1951) was the son of Alfred and Mary Langley. [Alfred established a wholesale drug business in San Francisco in the early 1850s, then in Victoria in 1858. Langley St is named for him.] William was educated at Trinity College School at Port Hope, ON, then worked in the law offices of Drake, Jackson & Helmcken. He completed his legal education in London and was called to the BC bar in 1890. He worked with Archer Martin (1022-24 McGregor Av, Rockland), then Alexis Martin (1598 Rockland Av) until 1906, then established his own practice. In 1906 William married Gladys Annie Mona Baiss (1881-1978), a native of San Antonio, TX, who came to BC in 1888. He served overseas from 1916-18 and earned the rank of major. He was a solicitor for the justice department in Ottawa for nine years. William was also president of the Island Amusement Co, and a director of the Colonist Printing & Publishing Co. He retired in 1947 and died in 1951 when an E&N passenger train hit him at the Johnson St. Bridge. He had been living at a nursing home for two years and had wandered away.

1945-46: Contractor Sidney Coxworth (b. Markham, ON 1865-1951) and Harriet Edith Burton (née Evans, b. ENG 1880-1959) divided the house into apartments. Sidney then retired, at the age of 82.

1947-50: It was the 10-suite Terrace Court apartments, owned by Russell and Miriam McTavish.

 

https://victoriaheri...errace1031.html

Edited by Victoria Watcher, 21 January 2021 - 03:39 PM.

[Redd42]

 

 i think the grounds of this building tells you once again that no matter what, people that live in an apartment building don't give two bits about the yard.  we really ought not to even have them for apartment buildings.

 

 

Not the tenants responsibility to look after the yard.

[Mike K.]

That's all up for negotiation, though. Some landlords require the tenants to maintain the grounds or hire a crew to maintain the grounds. Nothing crazy, just upkeep and cleanliness.