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Victoria's residential rental market


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#1141 Redd42

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Posted 21 January 2021 - 08:46 PM

For a building that has 10 suites? Nope. A rental house sure. But not when you are renting a bachelor suite and there are 9 other suites.



#1142 Mike K.

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Posted 21 January 2021 - 10:00 PM

For sure. One tenant gets a deal, and maintains the grounds. I’ve seen arrangements like that with some frequency.

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#1143 Victoria Watcher

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Posted 30 January 2021 - 11:49 AM

screenshot-www.realtor.ca-2021.01.30-14_46_47.png

 

screenshot-www.google.com-2021.01.30-14_45_31.png

 

$3,750,000

 

Rare opportunity to purchase a Beautiful and Lovingly maintained Character Revenue property in the much sought-after Rockland neighborhood! Featuring: 12 suites - 5 x Bachelor, 5 x 1BR, and 2 x 2BR suites plus a Double-Garage rented out for additional revenue. There is never a vacancy and offering a Cap Rate of 3.4%. The architectural design is Foursquare with Classical Revival elements such as a Central Entry with leaded glass in the Door, Sidelights, and Transom, Tripartite Windows, Doric Columns, and Balusters in the shape of Classical Columns. Situated on a 0.34 Acre property on a quiet cul-de-sac. First time on the market since 2004!

 

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



#1144 Mike K.

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Posted 12 April 2021 - 07:39 AM

Another affordable rental project has completed on the West Shore from the CRHC: https://victoria.cit...dy-for-tenants/

 

Currently available for rent from the CRHC are units at Hockey House (link above), Millstream Village on Treanor Road in Langford, Spencer Close on Spencer Road in Langford, West Park in View Royal (at Thetis Lake), Vergo (on Carey) and Cairns Park, a small townhome development in Sidney.

 

I don't think I've ever seen so much availability from the CRHC, at any one time, across multiple projects.


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#1145 max.bravo

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Posted 12 April 2021 - 09:24 AM

Don't let your opportunity to rent at Hockey House skate on by.



#1146 Barrrister

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Posted 12 April 2021 - 10:04 AM

Heard it was a slippery slope there.



#1147 sebberry

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Posted 12 April 2021 - 10:06 AM

West Park in View Royal (at Thetis Lake)

 

That is one very unattractive development immediately adjacent to the lake land.  


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#1148 LJ

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Posted 12 April 2021 - 07:39 PM

 

I don't think I've ever seen so much availability from the CRHC, at any one time, across multiple projects.

 

I don't think I've ever seen so much availability from the CRHC, at any one time, across multiple projects.


Life's a journey......so roll down the window and enjoy the breeze.

#1149 LJ

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Posted 12 April 2021 - 07:41 PM

 

 

I don't think I've ever seen so much availability from the CRHC, at any one time, across multiple projects.

So, I guess there isn't a shortage of affordable housing in the CRD. We can all breathe a sigh of relief.


Life's a journey......so roll down the window and enjoy the breeze.

#1150 Mike K.

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Posted 18 May 2021 - 03:16 PM

And here we go.

Full-home or SFD landlords are selling homes in large numbers across BC to live-in buyers, thereby displacing tenants. The culprits are rent controls from the NDP which removed the ability to raise rent 2% above CPI “inflation” starting in 2019, extending into 2020 with a no eviction mandate, and a 0% rental increase cap for 2021. That means rental rates on a unit in 2018 could only rise 4.9% out of roughly 13.6% between January 1, 2019 through December 31, 2021. The compounding motivator is in light of the government restrictions home values have risen to a point where it makes sense to dissolve an asset rather than hold, and wait for the next seller’s market.
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#1151 Victoria Watcher

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Posted 18 May 2021 - 03:24 PM

where was the live-in buyer living before they bought?  isn't that home now available to (displaced) renters?



#1152 Mike K.

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Posted 18 May 2021 - 03:25 PM

Yes, at market rental rates.

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#1153 Rob Randall

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Posted 18 May 2021 - 03:28 PM

Eh, I call BS on landlord whining. An apartment was profitable a few years ago when it was $850, it's profitable today at $1,300. 


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“I mean I just don’t understand the big Texas part, like maybe he’s from Texas? I want to know the back story.”


#1154 Victoria Watcher

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Posted 18 May 2021 - 03:29 PM

^ ^ oh i see.  


Edited by Victoria Watcher, 18 May 2021 - 03:30 PM.


#1155 VIResident

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Posted 18 May 2021 - 03:39 PM

Eh, I call BS on landlord whining. An apartment was profitable a few years ago when it was $850, it's profitable today at $1,300. 

 

At selling time is when the profit is realized. 

Social media people 'doing the math' - their math is their out-of-pocket monthly maintenance costs are covered with some 'profit' and their annual maintenance costs are also covered with some 'profit' and if they can't get operating costs covered then it's not

a good 'investment'. 

Ignoring the fact that when they sell they gain tens of thousands, even hundreds of thousands

in 'profit' and any 'operating' expenses are 'write offs'.    


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#1156 Mike K.

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Posted 18 May 2021 - 03:41 PM

Eh, I call BS on landlord whining. An apartment was profitable a few years ago when it was $850, it's profitable today at $1,300.


An apartment for $850? Are we talking circa 1999, or 2001?

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#1157 Mike K.

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Posted 18 May 2021 - 03:45 PM

At selling time is when the profit is realized.
Social media people 'doing the math' - their math is their out-of-pocket monthly maintenance costs are covered with some 'profit' and their annual maintenance costs are also covered with some 'profit' and if they can't get operating costs covered then it's not
a good 'investment'.
Ignoring the fact that when they sell they gain tens of thousands, even hundreds of thousands
in 'profit' and any 'operating' expenses are 'write offs'.


The vast majority of independent landlords are trying to operate with 5-10% clearance per year to stave off out of pocket expenses or lapses in tenancy.

But they first had to come up with the down payment, qualify for a mortgage, and have to deal with a tenant. You’re right, that they don’t see profit until many years down the road, and that’s only if all goes well (it didn’t go so well for landlords buying in 2008 and having to sell in 2012).
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#1158 Nparker

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Posted 18 May 2021 - 04:25 PM

...rental rates on a unit in 2018 could only rise 4.9% out of roughly 13.6% between January 1, 2019 through December 31, 2021...

Sadly, my property taxes were not limited to provincial rental caps. I am now paying 37% more than I was 3 years ago.


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#1159 Rob Randall

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Posted 18 May 2021 - 05:55 PM

An apartment for $850? Are we talking circa 1999, or 2001?

 

I'm saying if a landlord was paying the bills just fine with an $850 rent in 2019, at which point his tenant moves out, he's doing OK holding the line all year in 2021 at $1,100. 

 

Just seems sleazy to kick a family to the street just because your return on investment is less than it could be.


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“I mean I just don’t understand the big Texas part, like maybe he’s from Texas? I want to know the back story.”


#1160 Mike K.

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Posted 18 May 2021 - 09:02 PM

Is it sleazy when people rent their suites as AirBnBs, or their rental homes are sold to families to live in?

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