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Victoria rental housing market and related issues discussion


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#221 Mike K.

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Posted 02 November 2015 - 06:46 AM

The sudden appearance of a slew of purpose-built rental apartments is having an effect on the investment condo market.

 

Investment condo rates slip as purpose-built rental vacancy drops

http://victoria.citi...-vacancy-drops/

 

Victoria's rental apartment vacancy rate has taken a tumble and investment condo rates have slipped as developers re-energize the local rental industry with purpose-built stock.

 

According to statistics released by the Canada Mortgage and Housing Corporation (CMHC), the capital region's rental vacancy rate has been slashed by nearly one-third to 0.6% in October of this year from 1.5% in October of 2014. The drop has also placed upwards pressure on the average rent for a two bedroom apartment by $32 per month to a total of $1,128. [Full article]


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#222 jonny

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Posted 02 November 2015 - 08:48 AM

Great news in terms of "affordable housing".

 

I'm surprised Helps isn't trying to take credit.



#223 lanforod

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Posted 02 November 2015 - 11:33 AM

I'm confused. Overall vacancy is down, rents are up. How does it help affordable housing that condos are down a little?


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#224 jklymak

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Posted 02 November 2015 - 05:21 PM

Yeah, $11/mo out of $1300/mo must be well in the noise of such surveys...

 



#225 JennKa

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Posted 03 November 2015 - 11:48 AM

Did a little searching on Used Vic the other day.  Category:  Apartments for rent, Victoria City/Oak Bay/Saanich, 2 bedroom, $0-$1100/month as filters.  My result was 16 listings, eight of them being 'ISO/Wanted' and a handful of shared accommodations.  That's a shocking difference from a few years ago, even for this time of year. 



#226 aastra

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Posted 07 January 2016 - 11:21 AM

It just boggles my mind...

 

 

If we have no rental stock in the city, where are we supposed to go?” said a woman who, worried about her tenancy...

- See more at: http://www.timescolo...h.YRNNpURG.dpuf

 

 

“It’s very scary,” said Victoria Coun. Pam Madoff. “It’s very miserable in our position because there’s really so little that we can do. There’s nowhere [for the tenants] to go.”

- See more at: http://www.timescolo...h.YRNNpURG.dpuf

 

 

“We’re obviously worried for the tenants,” Carole James said.

“If you’re looking at three large towers … and people are going to be told they can’t live in their apartments and they can’t afford to move back, that’s a huge number of tenants trying to find rental units that just aren’t available in Victoria.”

- See more at: http://www.timescolo...h.YRNNpURG.dpuf

 

 

Appledorf laid the blame at the feet of city hall, saying that there’s no way building permits should be issued if it’s going to result in tenants being displaced.

Coun. Chris Coleman said it would be near impossible not to issue a permit to a landlord wanting to do repairs and maintenance.

- See more at: http://www.timescolo...h.YRNNpURG.dpuf

 

Tip for everyone. If you think something is desperately needed and/or important then don't oppose it when somebody proposes to build it for you! And start giving **** to the politicians who you mistakenly believed were your champions!

 

Once-shunned tower projects back on table for rezoning
Times Colonist
January 13, 2005

A controversial proposal to build 16-storey and 12-storey apartment towers in James Bay has been revived despite overwhelming opposition from neighbouring residents.

Quadra Pacific Properties and Associated Building Credits have applied for rezoning applications to be considered by Victoria council this morning.

Associated wants to build 105 rental apartments in a 16-storey block and 16 townhouses at 350-360 Douglas St. Quadra Pacific is proposing a 113-unit tower at 415-435 Michigan St.

Both projects were rejected by all but three of 120 people attending a community meeting last May.

Ross Sinclair, who lives nearby at 624 Avalon St., is outraged that the proposals have resurfaced, especially because rezoning notices appeared during the Christmas holidays when they might have been overlooked.

"The community has already nixed this once," Sinclair said, adding that the projects do not conform to the James Bay neighbourhood plan.

Planning staff has recommended both proposals be rejected. However, consultant Mark Johnston, a former Esquimalt and Victoria city hall administrator, has argued rental apartments are badly needed. Rental units have not been built in James Bay area since the 1970s.

 

 

City council rejects second application for James Bay towers
Times Colonist
January 14, 2005

Victoria council showed little appetite Thursday for new residential towers in James Bay when it rejected two proposals for apartment buildings.

Reg Stewart and his family wanted to build the first private-sector rental accommodation in the neighbourhood since the 1970s. However, council rejected rezoning applications by companies linked to the family for 16-storey and 12-storey towers opposed by most neighbouring residents.

The proposals at 350-360 Douglas St. and 415-435 Michigan St. did not comply with planning policies for James Bay, already the densest neighbourhood in the city.

Mark Johnston, a consultant and former city administrator representing the Stewarts, said the projects would provide badly needed rental accommodation for the city.

The proposed towers would have gone up next to the existing buildings developed by the Stewarts several decades ago -- the Goodacre Towers, Regent Towers and Charter House buildings. Their proposal also offered $400,000 for the James Bay New Horizons seniors centre for a food-services facility.

The city planning department said this fell way short of the $3-million cash benefit required under the city's "density bonus" policy. This policy sets a value for density approved beyond what zoning rules normally allow.

Mayor Alan Lowe said while the city needs more rental accommodation, the proposals were "too big and too dense." Towers built in the 1970s could no longer serve as the model for James Bay, he indicated.

Coun. Pamela Madoff said that neighbourhood was effectively "downzoned" in the 1970s after residents complained about too many tall buildings in the precinct that spreads south of the legislature buildings.


Edited by aastra, 07 January 2016 - 11:25 AM.

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#227 Mike K.

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Posted 11 January 2016 - 08:49 AM

Councillor Madoff will be on CFAX shortly to discuss the "renovictions" planned for James Bay.

I'm curious if she'll speak about the hundreds of rental units proposed for James Bay that she voted against about ten years ago.
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#228 johnk

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Posted 11 January 2016 - 02:17 PM

Councillor Madoff will be on CFAX shortly to discuss the "renovictions" planned for James Bay.
I'm curious if she'll speak about the hundreds of rental units proposed for James Bay that she voted against about ten years ago.

She is so way past her sell-by date.
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#229 Mike K.

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Posted 13 January 2016 - 03:17 PM

I'll be on CFAX tomorrow discussing rental development, affordable housing and renovictions in Victoria.

 

Tune in at 10:30AM.


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#230 CuriousCat

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Posted 13 January 2016 - 08:28 PM

Did a little searching on Used Vic the other day.  Category:  Apartments for rent, Victoria City/Oak Bay/Saanich, 2 bedroom, $0-$1100/month as filters.  My result was 16 listings, eight of them being 'ISO/Wanted' and a handful of shared accommodations.  That's a shocking difference from a few years ago, even for this time of year. 

To update this using the exact same criteria -  33 ads tonight. 19 of them ISO/Wanted/Roommate/Shared.


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#231 Mike K.

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Posted 14 January 2016 - 11:36 AM

I'll be on CFAX tomorrow discussing rental development, affordable housing and renovictions in Victoria.

Tune in at 10:30AM.


On the segment we discussed the looming "renoviction" of all residents in a Victoria apartment building coming up at the end of the month. It will impact over 30 units.

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#232 rjag

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Posted 14 January 2016 - 11:39 AM

Good interview Mike, you made some very good points and I thought it was great that you called out the council decisions of a decade ago having an effect on today.

 

Many of the same faces of 2006 are still there today and should be called out for their hypocritical positions


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#233 amor de cosmos

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Posted 05 February 2016 - 09:29 AM

Real Estate investment broker Colliers International says there are more rental apartments than condos now under construction in Victoria.

It's the first time that's happened since Colliers was established in Victoria 27 years ago, and comes at a time when local municipalities are still lobbying senior governments for tax incentives that would encourage more purpose built rental housing.

Right now, according to Colliers annual investment report, there are 890 condominium suites under construction in Greater Victoria…and one thousand, 573 rental apartments.

http://www.cfax1070....now-under-const

#234 LeoVictoria

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Posted 05 February 2016 - 10:20 AM

 

"there are 890 condominium suites under construction in Greater Victoria…and one thousand, 573 rental apartments."

 

Wow.  That has to be the dumbest way to write that sentence possible.   Choose numerals or write out the number, don't mix them up!   In the year two thousand 15, we saw one 1000 five hundred seventy 3 rental units under construction.


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#235 LeoVictoria

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Posted 05 February 2016 - 10:26 AM

As for rental vacancy rates.  This is what happens to rents when vacancies are tight.   

 

rents.png?w=818

Source: http://househuntvict...l-vacancy-rate/

 

Not at all surprising of course that reduced supply and increased demand increase rents, but always nice to see that the fundamental laws of economics apply in Victoria.  

The big batch of new rental units are sorely needed to resolve the imbalance.



#236 lanforod

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Posted 05 February 2016 - 10:35 AM

But rent increases are regulated for continuing renters? The graph doesn't show the whole picture.



#237 Mike K.

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Posted 05 February 2016 - 10:39 AM

There appears to be a discrepancy between Colliers' numbers and Citified's numbers. Unless we're unaware of 500 rogue rental units under construction throughout our region, Citified's data shows 1.09k. And there are nowhere near 890 condo units being built around the region unless our data with 620 units underway is missing nearly 300 units. I'm quite certain that is not the case.

 

Unless Colliers has a different metric for what they consider to be under construction and what they consider to be not under construction, we're faced with a major discrepancy.


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#238 Nparker

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Posted 05 February 2016 - 10:57 AM

...Unless Colliers has a different metric for what they consider to be under construction and what they consider to be not under construction, we're faced with a major discrepancy.

Sounds like a case for "Citified Man" ®



#239 Mike K.

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Posted 05 February 2016 - 10:58 AM

:construction:


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#240 Nparker

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Posted 05 February 2016 - 10:59 AM

:construction:

You need a cape & a cool logo on your Citified tights.



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