1492 replies to this topic

[Mike K.]

And yet, Victoria even at that time, had fewer non-full-time residency units than most Canadian cities.

And yet, today the government is celebrating rising vacancy rates. So which is it, are empty homes good for society, or are they bad for society?

[Citified.ca]

Greater Victoria to add at least 6,000 new rental units by end of 2020s: Citified data

https://victoria.cit...-citified-data/

[Mike K.]

The first building at the Nigel Valley affordable housing community is now complete.

From the Province;

Seniors, veterans and adults living with disabilities are moving into 88 new suites with the opening of the new Nigel House in Saanich.

“Everyone deserves a safe, comfortable place to call home, including those who have given so much to our communities,” said Christine Boyle, Minister of Housing and Municipal Affairs. “Nigel House will provide dignified housing and care for seniors, veterans and people living with disabilities, ensuring they have the support they need to live with comfort and independence.”

The new six-storey concrete building at 851 Nigel Ave. offers 88 suites, including 41 private long-term care rooms for adults living with disabilities, 37 independent living suites and 10 affordable housing units. Nigel House replaces an older building that had reached the end of its life. The new space is modern, accessible and designed to support people with a range of needs. It’s part of the larger Nigel Valley redevelopment, which is transforming the area into a more inclusive and supportive community.

“This project reflects a shared commitment to building communities where everyone has the opportunity to thrive,” said Nina Krieger, MLA for Victoria-Swan Lake. “Offering a combination of long-term care and accessible housing options for seniors, veterans and people living with disabilities, these new suites will become a place of comfort and connection for many residents in Saanich.”

Nigel House is owned and operated by Broadmead Care Society, a non-profit organization that works in partnership with Island Health and Veterans Affairs Canada to provide care and support for seniors, veterans and adults with disabilities.

“Nigel House opens its doors with 88 suites that are home to seniors, veterans and adults with disabilities,” said Derrick Bernardo, CEO, Broadmead Care Society. “It is a place where care, dignity and choice come together under one roof. Together, we are building a place where well-being and happiness thrive, today and for years to come.”

This project is part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has more than 93,600 homes delivered or underway, including more than 1,400 homes in Saanich.

[Victoria Watcher]

Cap Daily newsletter:

 

 

 

 

 

Victoria ranked 20th in Canada for most expensive rental markets, according to the latest monthly report from Rentals.ca and Urbanation. The report gathered data from rental listings across Canada in December 2025.

 

The cost of one-bedroom apartments in the city has dropped by 6% since December 2024, while the cost of two-bedroom units dipped by 7%.

 

The average price of a one-bedroom apartment in Victoria last month was $1,958, and two-bedrooms averaged at $2,580. The average listing price across all sizes was $2,208.

 

BC’s rental prices are dropping faster than other parts of Canada, though the province is still home to the top four most expensive cities to rent in.

 

Still, apartment rents have been decreasing in BC for three years straight, declining a total of 12.1% since December 2022.

 

Canada overall saw a 2.3% drop in average rental costs.

 

According to the Canada Mortgage and Housing Corporation’s report from last month, Greater Victoria’s vacancy rate grew to 3.3%, which the province says is the highest it’s been in decades.

Edited by Victoria Watcher, 14 January 2026 - 06:12 AM.

[Mike K.]

I’m glad to see the press is catching on, finally.

If NDP measures are indeed leading to the correction, why is it happening across the nation, and then why is the NDP still punishing property owners with its litany of taxes and negative policies, if the tide has turned? Get rid of the spec tax and thank those who paid it for doing their part to reverse the tide. Instead, they’re raising the tax.

Reality Check: B.C. government takes credit for falling rents. Experts say federal immigration cuts a big reason

- https://vancouversun...gration-decline

[Victoria Watcher]

In an alarming development for Canada’s financial landscape, an estimated C$30 billion (approximately US$21.7 billion) held within private real estate funds has been frozen, effectively locking out countless investors. This drastic measure, often termed ‘gating,’ restricts investor withdrawals, creating a ripple effect that threatens to disrupt critical construction financing at a time when Ottawa is desperately trying to accelerate homebuilding to address a severe housing shortage.

 

[...]

 

The cracks in this model became glaringly apparent as interest rates climbed and property prices began to soften. Bloomberg reports that nearly 40% of the approximately C$80 billion locked in these private real estate funds now faces some form of restriction. Compounding the anxiety, companies frequently offer little clarity on when investors can expect normal access to their money again, leaving many in limbo.

 

https://azat.tv/en/c...estors-trapped/

[Tony]

These are private investors often investing for the longer term in real estate or shorter multi year  construction loans which tend to be illiquid assets unlike stocks that can be sold each day the market is open.

 

Gating is a defensive mechanism employed by fund managers to prevent a run on their assets. It involves restricting investor withdrawals, or redemptions, to avoid being forced into selling illiquid assets – like properties or development loans – in a shaky market at fire-sale prices.

 

These are private investors often investing for the longer term in real estate and construction loans which tend to be illiquid asents unlike stocks that can be sold each day the market is open.

 

The Problems

 

Redemptions exceeded available liquidity    Housing market slump and valuation reduced initiate redemption requests.

 

Property values declined, reducing loan‑to‑value headroom

 

Higher interest rates increased refinancing risk

 

Managers acting to avoid forced asset sales by gating.

 

Investor panic after early gating announcements

 

Open‑ended fund structures promised liquidity that underlying assets cannot support. Investors and fund managers should have been aware that these were illiquid assets.

 

Private investors were aware of the risks and rewards or should been. If the loans continue as initiated this money would have been so called locked up for the time described. The result may be that at the end of each deal the investors  may lose money and the investment managers will not have the results they may have promissed and some may go bankrupt. Such is investing reality.

[Mike K.]

The other problem is now the investor may get burned, by having to fire sell assets to generate the funds they needed to pull from the REIT or PREF.

It’s not a good situation to find ourselves in.

[Tony]

I believe that the current gating is mostly MIC groups and not REITs?

 

If you sell and buy on the basis of higher than the average market return expectations you must understand that there is a higher than average chance of a loss.

 

I do not know if any of our local MIC companies like Fisgard are gating?

 

If it becomes a problem for large REITs then yes it is more of a concern.

[Mike K.]

Yes you’re probably right. I think I use REIT as a catch-all term.

[Citified.ca]

Residential towers define the city skyline as seen from the northeast quadrant of downtown Victoria. Site servicing equipment can be seen at-right, for what will eventually become a 20-storey BC Housing affordable rental and supportive housing project along the 900-block of Pandora Avenue.

 

Record number of rentals numbering in the thousands now underway in downtown Victoria

https://victoria.cit...ntown-victoria/

[Victoria Watcher]

Current market rents have been achieved in approximately 55% of the building, while the remaining 45% of suites are still rented below market. This creates a healthy balance between stabilized and legacy rents, supporting strong income stability today while preserving meaningful upside for investors. With oversized one , two, and two bedroom + loft suites averaging 983 sq. ft., in suite laundry, dishwashers, ground floor units with large private garden patio areas, along with the majority of 4th floor units with bedroom lofts and skylights, Christmas Hill consistently attracts quality tenants with lower tenant turnover.

 

 

 

$15,300,000

 

 

789 Blackberry Rd
Saanich, British Columbia V8X5J3

 

https://www.realtor....ich-high-quadra

Edited by Victoria Watcher, 10 March 2026 - 04:09 AM.

[Citified.ca]

Langford in-store for significant infusion of rental housing in 2026 as numerous projects slated for occupancy

https://victoria.cit...ects-occupancy/