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Victoria's residential rental market


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#1181 lanforod

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Posted 20 May 2021 - 12:36 PM

It's also a good time to sell, relatively. Hot market, high values. It could get better, sure, but there are other places to invest money in that are less stress right now. Maybe even more lucrative too.


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#1182 Citified.ca

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Posted 03 June 2021 - 06:47 AM

It's not looking good for Victoria's rental market. Devon Properties says CMHC's data depicting a strong uptick in the Capital's vacancy rate does not translate to the situation down on the ground where vacancy rates among Devon's 6,000-units of local apartments are at near-zero.

 

Victoria's rental apartment vacancy rate back to all-time lows as new housing supply lags demand

https://victoria.cit...ly-lags-demand/


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#1183 A Girl is No one

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Posted 03 June 2021 - 07:50 AM

Students coming back to town?

#1184 Mike K.

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Posted 03 June 2021 - 07:55 AM

No, this is the rate before they arrive and start searching for rentals.

 

See this:

 

“COVID-19’s anticipated impact on Greater Victoria’s rental housing vacancy rates never came to pass over a sustained period,” says Reed Kipp, CEO of Victoria-based rental housing management firm Devon Properties. “Tempered demand we initially saw in mid-2020 eventually transformed into the incredibly tight supply we see today at below a vacancy rate of one percent. That’s without factoring in the anticipated return of thousands of students to college campuses, and despite the thousands of new units added to the rental pool.”

 


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#1185 max.bravo

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Posted 03 June 2021 - 03:10 PM

There appears to be a growing tide of resentment toward landlords, not just in Victoria, but across Canada as house prices rise and rents creep up with them. There's a new subreddit /CanadaHousing where young renters express their frustrations with the situation they're in.

 

I've been watching this for a while, and it seems to be coming to a head, with most of the anger being directed toward The Big Bad Landlord. I think the level of risk that your average amateur landlord is exposed to by renting out the basement suite is about to rise significantly. 

 

Check out some of the vitriol being posted on a reddit discussion thread about rental vacancy. 

 

https://www.reddit.c...y_rate_back_to/

 

 

Yeah similar here. System administrator, but my landlord made more money than I did last year by just owning the condo I rent. He's a super nice guy, but it makes me resent him.

And it makes me feel so apathetic towards work, because my effort is never rewarded. All my money is somehow funneled into some rich person's pocket.

Canada makes me ****ing sick to my stomach. I can't wait until everyone like us actually packs up and leaves. The brain drain we see in this country is going to be nothing short of hilarious in the coming years.

I'm not an angry person but thinking about housing brings me down like nothing else.

To anyone reading who thinks of housing like an investment, XXXX you.

 

 

 

yeah, i have close to top technical level prov government job. I pay 1.3 paychecks per month towards rent. It's brutal.

 

 

Honestly, I agree. I feel like sometimes I'm the only one in my group of friends and family who feels this way. Everyone I know seems to be living in lalaland regarding housing and the current economic crisis. I am by no means someone who condones violent protests whatsoever, but I feel like Canadians should be at pitchfork and torch level angry with the way things are going. Wage stagnation and hyperinflation is going to be the end of your average Canadian worker very soon and we're all just sitting here with our thumbs up our bums like absolute morons.

 

 

 

I resent all XXXXing landlord's. old XXXXs at work who can barely put 2+2 together are making more per year than their salary because they bought into the market 30+ years ago when it was cheap as XXXX and have been leveraging it ever since.

 

 

 

Landlords are crooks! provide absolutely nothing to society. I got outbid on 3 units, all of which got posted as rentals for more than i would be spending a month to own. XXXX GREEDY LANDLORDS

 

 

 

Yeah pulling a profit by draining Canadians of their money, while being a part of the housing crisis. Stfu. Landlord's provide nothing to society

 

I'm getting a sense that this isn't just your friendly neighbourhood anarchist ranting about Landlord greed anymore- this is normal working folk who are feeling very, very stressed out. Bad things are brewing...


Edited by max.bravo, 03 June 2021 - 03:13 PM.

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#1186 Rob Randall

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Posted 03 June 2021 - 03:31 PM

I resent all XXXXing landlord's. old XXXXs at work who can barely put 2+2 together are making more per year than their salary because they bought into the market 30+ years ago when it was cheap as XXXX and have been leveraging it ever since.

 

 

If that's how my tenants feel I guess I should convert my suite back into a rec room?

 

And my arithmetic skills are a very sensitive subject to me. I couldn't figure out that problem of how fast a boat would have to go to make it from Bamberton to the airport in ten minutes.


Edited by Rob Randall, 03 June 2021 - 03:50 PM.

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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.”


#1187 max.bravo

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Posted 03 June 2021 - 03:41 PM

If that's how my tenants feel I guess I should convert my suite back into a rec room?

Honestly it's a good time for landlords to reconsider the risks and rewards. If this resentment keeps swelling, and it will, you may not have the option of reclaiming your rec room in 5 years time.



#1188 grantpalin

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Posted 03 June 2021 - 06:07 PM

As a renter, I feel the frustration. I've seen the rental pricing baseline rise sharply the past several years. Earlier this year, I was looking at maybe moving to a bigger rental in order to gain either a den or ideally a full second bedroom. While there's not really a shortage of supply on UsedVictoria and the like, the prices are huge, which gave me pause for a while, until maybe early next year.

 

At the same time, I do see the other side of the issue, which for the landlords is property taxes, updates, repairs etc. Also the fact that renter protection laws here tend to favor the renter over the landlord.


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#1189 Victoria Watcher

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Posted 03 June 2021 - 06:19 PM

And my arithmetic skills are a very sensitive subject to me. I couldn't figure out that problem of how fast a boat would have to go to make it from Bamberton to the airport in ten minutes.

 

let me break it down for you.  you can do it on your head next time.

 

the listing agent said it would take "10 minutes" to get to the airport.  but we can't use minutes as our time increments because we know speed is going to be expressed in something "per HOUR".  so let's get it converted.  10 minutes is 1/6 of one hour.

 

OK, put that aside, 1/6 of one hour.

 

now we found out the distance was 12km.  so it's very easy to envision our boat going 12 km/h and getting there in one hour.  but we don't have an hour to get there - we must get there in 10 minutes - or 1/6 of an hour.  so flip that over and it's 6/1.  we need to multiply our speed by 6.  so 12x6= 72.  we need that boat to average 72km/h for the trip.


Edited by Victoria Watcher, 03 June 2021 - 06:21 PM.

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#1190 Sparky

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Posted 03 June 2021 - 06:35 PM

^ Not so fast their Einstein. You don’t jump into a boat going 72 mph.

You have to start at zero and get there in 10 minutes.

If you’re smart you might want to slow down a little when you get there too...otherwise you might catapult from the seaplane ramp right into the terminal. :)
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#1191 Sparky

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Posted 03 June 2021 - 06:36 PM

I can see why Rob was struggling with the math.

#1192 Victoria Watcher

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Posted 03 June 2021 - 06:37 PM

^ Not so fast their Einstein. You don’t jump into a boat going 72 mph.

You have to start at zero and get there in 10 minutes.

If you’re smart you might want to slow down a little when you get there....otherwise you might catapult from the seaplane ramp right into the terminal. :)

 

 

 i said:

 

 

we need that boat to average 72km/h for the trip.

 

 
so yes it must go higher than 72 km/h for part of the trip to make up for the acceleration and deceleration slower speeds at start and end.

Edited by Victoria Watcher, 03 June 2021 - 06:38 PM.

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#1193 Sparky

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Posted 03 June 2021 - 06:38 PM

^ :)
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#1194 lanforod

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Posted 03 June 2021 - 08:28 PM

And if your boat goes 72 mph, it'll be plenty fast enough. That's way faster than 72 km/h.



#1195 Citified.ca

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Posted 10 June 2021 - 07:33 AM

Institutional-investment-in-Victoria's-rental-housing-market-Q&A-with-Alex-Messina-of-Nicola-Wealth.jpg
Alex Messina of Vancouver-based Nicola Wealth Real Estate speaks to Victoria's draw among institutional rental housing providers, and the region's economic resiliency in June's Ten on the 10th.
 
Institutional investment in Victoria's rental housing market Q&A with Alex Messina of Nicola Wealth
https://victoria.cit...-nicola-wealth/


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#1196 Jackerbie

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Posted 14 June 2021 - 10:58 AM

Ontario company is looking to purchase $1bn of single-family homes as rental inventory, a lucrative practice in the States that hasn't taken off in Canada. They're looking at property in Ontario, Quebec, BC, and the maritimes.

Via https://www.theglobe...mily-houses-in/

#1197 Mike K.

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Posted 14 June 2021 - 11:19 AM

See, this is what happens when you decry and protest single family home development. Eventually you help create a scenario where it’s going to become extremely lucrative for a massive firm to buy houses in bulk, knowing you’ve created a scenario for them where the value of those SFDs will outpace nearly all other investment vehicles for a billion bucks.
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#1198 Victoria Watcher

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Posted 14 June 2021 - 11:21 AM

I don’t know why this is suddenly this month some kind of major issue or problem.

#1199 Mike K.

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Posted 14 June 2021 - 11:25 AM

Because people are starting to realize that the experts telling them SFDs are bad live in SFDs. They’re also starting to realize that by getting on board with the hampering of supply of SFDs they’ve elevated the value of SFDs to historic levels and created a major commodity that has nothing but upside for investors.

Now the paradigm has shifted to where people will not chase owning a house, they will chase renting a house.
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#1200 Victoria Watcher

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Posted 14 June 2021 - 11:41 AM

it's quite something that in the country that is #185 in the world for population density we have somehow made finding property to build a house on so difficult and expensive.


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