Jump to content

      



























Photo

Victoria's residential rental market


  • Please log in to reply
1451 replies to this topic

#1401 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 55,466 posts

Posted 19 September 2023 - 02:57 PM

$40,000/60 months of lower rent.  

 

So your subsidy is $666/mo.



#1402 Nparker

Nparker
  • Member
  • 41,980 posts

Posted 19 September 2023 - 02:58 PM

...So your subsidy is $666/mo.

How fitting it is the mark of the beast.



#1403 Barrrister

Barrrister
  • Member
  • 2,903 posts

Posted 19 September 2023 - 03:38 PM

But think of all the government jobs to run this new program. 


  • Matt R. likes this

#1404 Mike K.

Mike K.
  • Administrator
  • 84,961 posts

Posted 26 September 2023 - 05:07 PM

The province expects Victoria, Saanich and Oak Bay to build 10,000 units over five years. Wild:

Housing targets for the first 10 municipalities selected as part of the Housing Supply Act have been released, laying the foundation for tens of thousands more homes to be built faster in areas with the greatest needs.

“The housing crisis is hurting people, holding back our economy and impacting the services we all count on,” said Ravi Kahlon, Minister of Housing. “We’re taking action and working with municipal partners to make sure more homes are built in communities with the greatest housing need. The targets include thousands of below-market rental units for the largest and fastest-growing communities. This means more people will be able find a home in the community they love.”

To support implementation, the Province will continue to provide local governments with resources to speed up approval processes, including $10 million for continued implementation of the Development Approvals Process Review, and the Province’s work accelerating and streamlining provincial permitting across multiple ministries and developing a new digital permitting process. This is funding in addition to the $1-billion Growing Communities Fund launched in February 2023 and the recently announced $51 million to support local governments in meeting new density initiatives.

The first 10 municipalities were selected for housing target assessment in May 2023 under the authority of the Housing Supply Act, which allows the Province to set housing targets in communities with the most urgent housing needs. The Province consulted with the selected municipalities during the summer to set the final housing target orders. These housing targets are net new units to be completed within five years.

The target orders for each municipality:

City of Abbotsford – 7,240 housing units
City of Delta – 3,607 housing units
City of Kamloops – 4,236 housing units
District North Vancouver – 2,838 housing units
District of Oak Bay – 664 housing units
City of Port Moody – 1,694 housing units
District of Saanich – 4,610 housing units
City of Vancouver – 28,900 housing units
City of Victoria – 4,902 housing units
District of West Vancouver – 1,432 housing units
The housing targets put forward by the Province mark a 38% increase in overall housing to be built in these communities over what was projected to have been created based on historic trends.

In addition to the targets, the Province has sent each of the 10 municipalities a list of housing target guidelines, including a recommended number of units by size (one bedroom, two bedroom, three bedroom), rental versus owned units, below-market rental units and units with on-site supports. These guidelines include more than 16,800 below-market rentals.

The analysis took into consideration the total number of units that are needed to address the shortage of housing now and to respond to population growth over the next five years, and while the Province encourages municipalities to work hard to meet the total housing need, the targets have been set based on 75% of that municipality’s identified housing need.

“These targets are a step toward creating more homes to meet the diverse housing needs of Saanich residents,” said Dean Murdock, mayor of Saanich. “We are committed to working together with the Province on housing solutions, and welcome their support to help us achieve our goals.”

Municipalities will be evaluated after six months, and every year thereafter, on their progress toward achieving the housing targets and actions taken to meet the target. The Province will monitor progress and work with municipalities to better understand challenges and opportunities.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#1405 Nparker

Nparker
  • Member
  • 41,980 posts

Posted 26 September 2023 - 05:32 PM

...These housing targets are net new units to be completed within five years.

And who exactly is going to build these units when existing projects have trouble finding enough crew? I suppose we can just import more workers from overseas, since that can't possibly aggravate the housing situation.

Is being a socialist a type of mental disability?


  • Barrrister likes this

#1406 Nparker

Nparker
  • Member
  • 41,980 posts

Posted 26 September 2023 - 05:36 PM

...more people will be able find a home in the community they love...

Perhaps people should be encouraged to love some other communities.


  • Barrrister likes this

#1407 lanforod

lanforod
  • Member
  • 11,704 posts
  • LocationSaanich

Posted 26 September 2023 - 05:37 PM

I’ll be surprised if Oak Bay manages more than 100. Maybe Saanich and Victoria will get to half their targets.
  • aastra likes this

#1408 Nparker

Nparker
  • Member
  • 41,980 posts

Posted 26 September 2023 - 05:39 PM

My biggest hope is that BC voters choose a different path come the next election.


  • Barrrister likes this

#1409 aastra

aastra
  • Member
  • 21,247 posts

Posted 26 September 2023 - 06:39 PM

 

District of Oak Bay – 664 housing units
District of Saanich – 4,610 housing units
City of Vancouver – 28,900 housing units
City of Victoria – 4,902 housing units

 

Vancouver and Victoria are about equal per capita. But Saanich is expected to do less than Victoria even though Saanich has more than 5x the land area to play with. Oak Bay is expected to do one-seventh of Victoria even though Oak Bay has 50% the land area of Victoria.

 

But then there's the flip side: in Oak Bay those 664 units would translate into sixteen ~40-unit buildings. A building like Bowker Collection has ~45 units and the Redfern will have ~30 units. So where is all of this new construction supposed to occur if not via the wipeout of existing homes and/or commercial villages?

 

Dare I say there's no sense to any of it? Methinks it's mainly intended to energize yet more controversy and upset.



#1410 Nparker

Nparker
  • Member
  • 41,980 posts

Posted 26 September 2023 - 06:45 PM

...Dare I say there's no sense to any of it? Methinks it's mainly intended to energize yet more controversy and upset...

In other words, it's pretty much the same as every other government scheme.


  • Barrrister likes this

#1411 aastra

aastra
  • Member
  • 21,247 posts

Posted 26 September 2023 - 06:59 PM

 

Vancouver and Victoria are about equal per capita.

 

But even this is a bit screwy, because you're allowed to build much taller buildings in Vancouver. So either we're expecting the typical residential tower in the new-and-improved Victoria to be much taller than ~15 stories, or we're expecting to wipe out a lot of houses (or both).



#1412 Mike K.

Mike K.
  • Administrator
  • 84,961 posts

Posted 26 September 2023 - 07:01 PM

I think we're going to see a massive push for legalizing more suites, and officially entering them into the housing market through some form of government incentives. There is no physical way Victoria can build 20 Hudson Houses, in 60 months. Starlight is ~1,500 units with a 10-15 year build-out.


  • max.bravo likes this

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#1413 LJ

LJ
  • Member
  • 12,993 posts

Posted 26 September 2023 - 07:15 PM

There was supposed to be a big federal gov. announcement tapping into the building accelerator fund. Burnaby and Surrey were going to get millions.

 

Then the feds found out about metro Vancouver imposing DCC's and the announcement and funding were immediately cancelled.


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

#1414 spanky123

spanky123
  • Member
  • 21,064 posts

Posted 27 September 2023 - 07:48 AM

There is no physical way Victoria can build 20 Hudson Houses, in 60 months. Starlight is ~1,500 units with a 10-15 year build-out.

 

And it is not like Starlight is in great shape.  Their latest financials (Western Canada Multi-Family Fund) are pretty bleak. https://www.starlightinvest.com/news


Edited by spanky123, 27 September 2023 - 07:48 AM.


#1415 spanky123

spanky123
  • Member
  • 21,064 posts

Posted 27 September 2023 - 07:50 AM

Then the feds found out about metro Vancouver imposing DCC's and the announcement and funding were immediately cancelled.

 

I guess Langford is SOL then as well!

 

Victoria is in great shape as they continually waive DCCs and bonus density fees for developers, that is why our property taxes shoot up well above inflation every year. Why get developers to share their profits when you can get everyone to pay?!


  • Barrrister likes this

#1416 Mike K.

Mike K.
  • Administrator
  • 84,961 posts

Posted 28 September 2023 - 02:15 PM

After crunching some more numbers, I think Victoria can make it happen (4900 units over 5 years) if we include the already underway pipeline and fast forward some approvals hanging in the balance. But it’ll be clear within 18-24 months if we can do it.

So for now, there’s an 80% chance this happens.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#1417 Nparker

Nparker
  • Member
  • 41,980 posts

Posted 28 September 2023 - 02:18 PM

The CoV should not even try to meet these arbitrarily imposed quotas just to see what happens. 🫡

#1418 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 55,466 posts

Posted 28 September 2023 - 02:19 PM

What’s the penalty?
  • Nparker and Matt R. like this

#1419 Mike K.

Mike K.
  • Administrator
  • 84,961 posts

Posted 28 September 2023 - 04:11 PM

Government dollars, presumably.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#1420 Nparker

Nparker
  • Member
  • 41,980 posts

Posted 28 September 2023 - 04:17 PM

Victoria is the red-headed stepchild of government funding. I doubt we'd even notice the difference.



You're not quite at the end of this discussion topic!

Use the page links at the lower-left to go to the next page to read additional posts.
 



0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users