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Victoria's residential rental market


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#1301 spanky123

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Posted 21 June 2022 - 07:35 AM

^ 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.



#1302 Sparky

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Posted 21 June 2022 - 07:40 AM

I am pretty sure that Barrister was being sarcastic.


…but he didn’t use the highly acclaimed VV sarcastic font.
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#1303 Nparker

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Posted 21 June 2022 - 07:47 AM

…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.  ;)


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#1304 Mike K.

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Posted 21 June 2022 - 08:29 AM

^ 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.

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#1305 dasmo

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Posted 21 June 2022 - 10:28 AM

I am pretty sure that Barrister was being sarcastic.

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



#1306 Nparker

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Posted 21 June 2022 - 10:31 AM

"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


#1307 dasmo

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Posted 21 June 2022 - 10:37 AM

 

"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  :banana:



#1308 Nparker

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Posted 21 June 2022 - 10:43 AM

I kind of figured you might 😏

#1309 Mike K.

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Posted 23 June 2022 - 08:42 AM

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.


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#1310 Nparker

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Posted 23 June 2022 - 08:47 AM

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



#1311 spanky123

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Posted 23 June 2022 - 08:52 AM

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.


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#1312 Nparker

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Posted 23 June 2022 - 08:57 AM

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.


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