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Victoria's residential rental market


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#1381 spanky123

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Posted 12 September 2023 - 09:49 AM

I think BC Housing does have nameplate projects.

 

They own properties after they are built but I don't recall them ever building something themselves.



#1382 Victoria Watcher

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Posted 12 September 2023 - 11:00 AM

Rent is going up more than $100 a month right now — with the average asking price a record $2,117

 

Average asking price for a new tenant has risen by 9.6% in last year, Rentals.ca says

 

 

https://www.cbc.ca/n...ugust-1.6963839


Edited by Victoria Watcher, 12 September 2023 - 11:00 AM.

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#1383 dasmo

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Posted 12 September 2023 - 11:14 AM

Should probably bring in more new people and students faster then….
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#1384 Matt R.

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Posted 12 September 2023 - 02:39 PM

Rent is going up more than $100 a month right now — with the average asking price a record $2,117
 
Average asking price for a new tenant has risen by 9.6% in last year, Rentals.ca says
 
 
https://www.cbc.ca/n...ugust-1.6963839


Thank you government and bank of canada for all this additional affordability.
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#1385 Mike K.

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Posted 18 September 2023 - 08:52 AM

From the province. No real details:

New measures are coming to B.C. that will help create more housing as the Province speeds up permitting and helps build more secondary suites for rent.

“People in our province deserve a decent place to live they can actually afford to rent or buy, but a chronic housing shortage and long permit approval times are frustrating that achievable goal,” said Premier David Eby. “Our government is taking action. We’re making it easier and faster to get provincial permits to build new homes, and offering financial support for people who could build a suite they can rent out at more affordable rates. We’ve got lots to do, which is why we’re focusing on initiatives like these that make a real and tangible difference for thousands of families.”

The first action focuses on speeding up the permitting process through the launch of a one-stop shop that eliminates the need for multiple permitting applications across different ministries. The Single Housing Application Service (SHAS) will help deliver more homes faster by creating a simpler permitting application for homebuilders. The service will help clear permitting backlogs, while maintaining environmental standards. With the introduction of SHAS, the Province expects permit timelines to be reduced by two months.

“Our government is laser-focused on taking action on housing,” said Nathan Cullen, Minister of Water, Land and Resource Stewardship. “One way we’re doing this is by eliminating the current permitting backlog and speeding up homebuilding project approvals with the launch of a user-friendly tool that connects people to project experts. These expert ‘navigators’ will guide homebuilders through the provincial permitting process and provide a personal, one-stop shop that will streamline the process.”

The SHAS connects homebuilders to “navigators,” dedicated staff in the Ministry of Water, Land and Resource Stewardship, who guide applicants through all stages of permit applications, act as the single, dedicated point of contact for all information related to homebuilding permits and co-ordinate permitting decisions across ministries.

The second initiative centres on secondary suites and comes ahead of planned legislation this fall to make secondary suites legal throughout the province, and a pilot incentive program to help homeowners build secondary suites.

To help homeowners navigate this process, the Province has launched a new comprehensive guide, titled Home Suite Home. The guide provides people with the information to prepare to build and manage a rental suite in British Columbia. This follows recent steps to make improvements at B.C.’s Residential Tenancy Branch, including more timely dispute resolutions.

The guide can be used as a resource for people preparing to access the Secondary Suite Incentive Program (SSIP). The pilot program, set to launch in early spring 2024, will provide approximately 3,000 homeowners with forgivable loans of up to $40,000 to create a new secondary suite or accessory dwelling unit on their property. The loans will only go to properties that will be rented below market rates. Additional eligibility requirements of the program have been made available so people interested can prepare ahead of the launch.

“We’ve heard from a lot of homeowners that they would love to create a rental suite on their property, but find the process to build and manage one confusing and time-consuming,” said Ravi Kahlon, Minister of Housing. “Our new Home Suite Home guide and secondary suite pilot program will clearly and concisely provide homeowners with the information they need to make an informed choice on whether adding a rental unit is right for them.”

These initiatives are part of the Province’s Homes for People action plan. Announced in spring 2023, the plan builds on record investments in housing since 2017, and sets out several actions to deliver the homes people need in a shorter timeframe, while creating more vibrant communities throughout B.C.

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#1386 spanky123

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Posted 18 September 2023 - 09:33 AM

“We’ve heard from a lot of homeowners that they would love to create a rental suite on their property, but find the process to build and manage one confusing and time-consuming,” said Ravi Kahlon, Minister of Housing. 

 

That is a laugh. I am sure homeowners are far more concerned about rent and vacancy controls and their ability to EVER recover the investment in the property let alone generate any sort of meaningful return.


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#1387 Nparker

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Posted 18 September 2023 - 09:44 AM

 

 

...Our government is laser-focused on taking action on housing...

If this is true, then reduce costly environmental regulations and cut or eliminate the taxes that make housing so expensive.



#1388 Mike K.

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Posted 18 September 2023 - 09:57 AM

The costs have risen so much to build garden suites and the bureaucracy is so cumbersome that it is virtually impossible to build one of these and expect it to pay for itself, unless you sell the property and recover the costs that way. But will a buyer want to pay you 1:1 for that garden suite? It’s not guaranteed.
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#1389 Matt R.

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Posted 18 September 2023 - 11:36 AM

Excellent, another couple layers of government “help” to pay for. Look at all this increased affordability!
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#1390 Matt R.

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Posted 18 September 2023 - 12:45 PM

What a word salad.

So they are going to give people who want to build $120,000,000 of their own money back with surely millions of wasted money in overhead, while paying experts to help people navigate something they define as “simpler”. So simple we need to hire a bunch of “experts” to access the “one stop shop” which they are “laser focussed” on creating through the SHAS, or the HSH, or the SSIP, all part of the HFPAP.

I bet they spend $50k just on business card printing for all these positions and titles.
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#1391 Mike K.

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Posted 18 September 2023 - 01:52 PM

Excellent!

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#1392 LJ

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Posted 18 September 2023 - 07:23 PM

That is a laugh. I am sure homeowners are far more concerned about rent and vacancy controls and their ability to EVER recover the investment in the property let alone generate any sort of meaningful return.

The real kicker is if you take advantage of the "loan" you have to rent the property out at below market rents.


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

#1393 GaryOak

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Posted 19 September 2023 - 08:31 AM

Yes but below market for a one bedroom is still like $1500

#1394 Mike K.

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Posted 19 September 2023 - 08:37 AM

That’s about one day worth of fuel costs for a bicycle delivery truck, though.
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#1395 GaryOak

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Posted 19 September 2023 - 08:42 AM

If you want my tax dollars to subsidize your private suite then yes I want that apartment to be subsidized as well. Government isn't forcing you to take the deal.

#1396 Mike K.

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Posted 19 September 2023 - 08:50 AM

Will there even be much uptake here? Sounds troublesome for just a tiny portion of the overall cost.

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#1397 Nparker

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Posted 19 September 2023 - 09:15 AM

 

...Sounds troublesome for just a tiny portion of the overall cost...

That seems par for the course with the NDP.



#1398 Barrrister

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Posted 19 September 2023 - 09:30 AM

It is great news, I am sure that they will be hiring a bunch of people to administrate it and to follow up with making sure that there are proper rental agreements. Can I have a job as well.


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#1399 Victoria Watcher

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Posted 19 September 2023 - 02:50 PM

The B.C. government is offering homeowners up to $40,000 to build a secondary suite as part of a new program aimed at boosting the supply of affordable housing across the province.

 

The three-year incentive program, announced Monday by Premier David Eby and Housing Minister Ravi Kahlon, will accept applications beginning in spring.

 

About 3,000 eligible homeowners will be offered forgivable loans of up to $40,000 to help pay for construction costs for basement suites, garden suites or laneway homes on their property.

 

 

 

https://www.timescol...to-know-7570733

 

 

screenshot-www.google.com-2023.09.19-18_47_00.png


Edited by Victoria Watcher, 19 September 2023 - 02:50 PM.


#1400 Nparker

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Posted 19 September 2023 - 02:53 PM

But here's the catch:

What are the requirements for the loan to be forgiven?

You need to rent out the secondary suite at below market rates for at least five years

 



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