1470 replies to this topic

[spanky123]

Owners are not going to build or offer units for rent that they cannot make a decent return on. Even at today's rental rates, there is a good argument to make that without capital appreciation, owners are not making money on rental units. 

 

Add in the restrictions with rent controls and the uncertainty around future NDP moves around unit controls and I don't since much material change in the near term.

[Mike K.]

They are locked in now, to the tune of 6,600 units.

We will see less secure owners sell to pension funds and REITs.

[spanky123]

They are locked in now, to the tune of 6,600 units.

We will see less secure owners sell to pension funds and REITs.

 

Or convert to condos!

[Mike K.]

Many (most?) projects will be tethered to rental agreements, and outside of Langford under Stew Young, municipalities do not like strata titling rental buildings.

[Barrister]

He might have been referring to the large number of condo buildings where individual units are rented.

[Mike K.]

Condos being rented are not part of the 6,600 purpose-built rental units we’re talking about, though.

[Barrister]

They are not part of the 6600 rental units but the situation in terms of demand for those units will be affected if independent individual rental units are removed from the market by being sold to owner occupiers. 

[Citified.ca]

 

Decade in review: Greater Victoria added 22,000 high density rental and condo units since 2015

https://victoria.cit...its-since-2015/

[LJ]

And how many people did we add?

[Sparky]

^ I'm not sure but every last one of them was on the Pat Bay highway this morning.

[LJ]

^I will never complain about Victoria traffic again after experiencing London. If you want to go to the west side of London from the east side, maybe 2-3 miles, expect it to take 90 minutes at least.