1451 replies to this topic

[spanky123]

^ Especially when the stress test will be 300-400 bps higher. Not much incentive for your current lender to do better than posted rates then.

[Sparky]

I am pretty sure that Barrister was being sarcastic.

…but he didn’t use the highly acclaimed VV sarcastic font.

[Nparker]

…but he didn’t use the highly acclaimed VV sarcastic font.

I am surprised Barrister didn't look for that font using VV's award winning search function. 

[Mike K.]

^ Especially when the stress test will be 300-400 bps higher. Not much incentive for your current lender to do better than posted rates then.

Exactly. The banks don’t mind this.

[dasmo]

I am pretty sure that Barrister was being sarcastic.

It feels so much more welcoming here now. Sarcastic skepticism is gezellig to me. 

[Nparker]

"Gezellig". I had to look this up.
 

adjective. convivial [adjective] pleasantly sociable and friendly. sociable [adjective] (opposite unsociable) fond of the company of others; friendly

[dasmo]

 

"Gezellig". I had to look this up.
 

adjective. convivial [adjective] pleasantly sociable and friendly. sociable [adjective] (opposite unsociable) fond of the company of others; friendly

 

I have Dutch in the family 

[Nparker]

I kind of figured you might 😏

[Mike K.]

The CPI data is out. May pushed the BC CPI average to 4.5% from April's 4.0%. March was 3.7%.

 

By July we can anticipate upwards of 5.5% to 6%. That's what rents will be allowed to rise by, in 2023, unless the government steps in.

[Nparker]

The official CPI is a joke. Inflation is FAR greater than 4.5%.

[spanky123]

You would have to think that rent controls not only limit the amount of new inventory coming online but are also driving up rental prices of existing inventory. If you are an owner and face the prospect of having to rent to a tenant for many years without ever being able to meaningfully increase rates (even to cover your costs), then the price you charge today has to reflect that.

[Nparker]

Not to mention that landlords are forced to excessively raise rents between tenants to make up for rental cap losses. It's a false economy on the part of the province, but it sounds good in throne speeches.

[Mike K.]

The 12 month CPI average to June in BC was 4.9%.

It was 4.5% to May.

This is what annual rent increases in BC are tethered to now, this number to July (we’re on track to cross 5%), unless the province interjects once more and decides to allow a lower maximum, which may cause a major jolt to the supply of new rental housing following provincial regulations during COVID, and the province’s removal of a 2% bump up allotment above inflation (the rent increase is now tied to inflation only).

[Citified.ca]

Greater Victoria's supply of single-family-homes along main thoroughfares are poised for redevelopment scenarios favouring high density housing, as the region grapples with strong demand for homes and high population growth projections through 2041. Seen here is the 'pagoda house' along Langford's Goldstream Avenue.

 

8,500-units of new rentals since mid-2010s shows Greater Victoria can act big on housing, but it’s still not enough

https://victoria.cit...ill-not-enough/

[Citified.ca]

2075 Drennan Street is a 170-unit affordable rental project from the Capital Region Housing Corporation. Split between two five-storey buildings and a single-storey amenity pavilion, the community is one of three rental investments taking shape in Sooke's town centre with completion earmarked for 2023.

 

Record number of rental apartment completions earmarked for Sooke in 2023

https://victoria.cit...-sooke-in-2023/

[Angria]

Sad to see another of my child’s school friends family have decided to leave GVA they have 2 kids closed in acre 11 and 9 who up to now could share a bedroom so they could afford the 2 bedroom rent - 2300 they were paying now they need to move to 3 as the older one need her own room and they can’t afford the jump up to 3000 min they are looking at, this is the third family friend group our daughter started school with over the last 2 years that has moved away all good people and employed … we need to encourage more 3 bedroom construction either by government affability project builds or private industry although I know this isn’t an attractive market build… I don’t post usually but this has really bothered me to watch as we lose good futures

[Mike K.]

Angria, where did these families move to, do you know?

[Victoria Watcher]

As rising rental prices strain many tenants' budgets, some low-income renters can now apply for a one-off $500 payment from the federal government to help ease their housing costs.

But tenant advocates say the payment will offer very limited relief for people whose monthly budgets are continually stretched by the rising cost of living amid a lack of affordable housing.


https://www.cbc.ca/n...cates-1.6684065




Then maybe this government should not import 500,000 extra people each year. Plus hundreds of thousands of students.

Edited by Victoria Watcher, 13 December 2022 - 01:19 PM.

[LJ]

There was an item on the US news the other night about the fact that 49% of 18-29 year olds were opting to stay in the family home rather than moving out. Instead of paying high rents, they are indulging themselves with expensive goods and dining out.

 

So these folks will never be homeowners, instead of saving their money for a down payment on a piece of real estate, they are spending it on themselves.

[dasmo]

They will own nothing and be happy.