1896 replies to this topic

[VicHockeyFan]

I'm ok with condos being built instead of dedicated rentals if that is what private industry will build.  I don't believe we need government support to have a balance of rentals and condos.  Relax rental restrictions in the condo towers and they can effectively meet rental demand.  Maybe we wouldn't facing 20,000 rental units needing renovation all at once if there wasn't a huge rental boom in one time.   

 

Ya, that's right.  I'm down with that.

[sebberry]

Relax rental restrictions in the condo towers and they can effectively meet rental demand

Are you suggesting that the province step in and prohibit stratas from restricting rentals?

[Mike K.]

Rentals are a long term investment, meaning they require financing that is willing to wait 15-20 years for a profit. Condos are instant profit.

It sure helps when local governments ease up on purpose-built rental developers who are proposing new housing, which unlike condos, is guaranteed rental stock, guaranteed to be operated properly as such, and guaranteed to remain in place for the life of the building if structured properly.

Affordable housing was built over the last 25 years thanks to government subsidies and assistance, even a streamlined planning process. But if you didn't qualify for affordable housing you were literally forced to either own a home or rent a secondary suite or a private condo. In short, the government's unwillingness to ensure the industry could build enough housing for all segments of the market has created this situation, which only decades earlier was at the forefront of housing policy and (luckily) yielded the rental housing we do have.

[VicHockeyFan]

Rentals are a long term investment, meaning they require financing that is willing to wait 15-20 years for a profit. Condos are instant profit.

It sure helps when local governments ease up on purpose-built rental developers who are proposing new housing, which unlike condos, is guaranteed rental stock, guaranteed to be operated properly as such, and guaranteed to remain in place for the life of the building if structured properly.

Affordable housing was built over the last 25 years thanks to government subsidies and assistance, even a streamlined planning process. But if you didn't qualify for affordable housing you were literally forced to either own a home or rent a secondary suite or a private condo. In short, the government's unwillingness to ensure the industry could build enough housing for all segments of the market has created this situation, which only decades earlier was at the forefront of housing policy and (luckily) yielded the rental housing we do have.

 

But why not just let that flip over to condo rentals now?  Where individual investors are willing to wait that 15-20 years?

[Mike K.]

Because that's not guaranteed rental housing stock. We all know someone who was renting a condo who suddenly had to vacate because the condo sold or the owner decided to live in the property, or the landlord of a rental condo who was indifferent regarding upkeep and maintenance. And right now some lucrative rental condos are being turned over to AirBnB, which has forced some Victorians to find alternate housing. If spanky123 et al are as concerned as they say they are about AirBnB rentals in our community then purpose-built rental housing is one way to avoid turning our rental stock over to transient accommodation.

 

We need guaranteed, properly managed rental housing inventory. We're finally getting it, but it's a smidgen of the capacity we really need in order to finally elevate above 1% rental housing vacancy.

[VicHockeyFan]

We need guaranteed, properly managed rental housing inventory. We're finally getting it, but it's a smidgen of the capacity we really need in order to finally elevate above 1% rental housing vacancy.

 

Why do we need it?  Oak Bay, Metchosin, and North Saanich don't have much of it, and they are very wealthy communities with very low crime rates.  Isn't that what we'd like to be?

[Mike K.]

The entire region is building rentals, not just the City of Victoria.

 

Even Oak Bay is building rentals, as is Central Saanich. Sidney, Colwood, Langford, etc, they're all building rentals. I'm not sure why rentals would be associated with "crime."

 

Anyhow, Collier's new rental market report appears to contain a number of errors and data omissions when referencing rental development (and condo development) in the region.

[VicHockeyFan]

Even Oak Bay is building rentals, as is Central Saanich. Sidney, Colwood, Langford, etc, they're all building rentals. I'm not sure why rentals would be associated with "crime."

 

Really?  Home ownership among criminals is very small.  Most criminals rent.

 

I think Oak Bay replaced a rental building, nothing else new going up there.

 

And I said Metchosin, North Saanich and Oak Bay, I made no comment about Langford, Colwood etc.  I think the best place for new rentals is West Shore.  I'm not sure why we feel we have to keep adding more and more into the City.

[sdwright.vic]

[quote name="VicHockeyFan" post="325216" timestamp="1468087711"]

Really? Home ownership among criminals is very small. Most criminals rent.
/quote]

I guess this must be another one of those *VHF stats, eh? Crime is crime... has not alot to do with owning or renting until you get down to the low income or supportive housing segments. Then, yes you are just asking for crime. I can assure you I do not live in a crime laden rental building.

[sdwright.vic]

Oh and if a rental is crime ridden it's because of slum lord tactics. Not willing to upkeep a building so that it only has a "certain" obtainable rental base.

[Mike K.]

Ironically the highest profile criminal takedowns over the last couple of years have occurred in condo buildings.

[VicHockeyFan]

Ironically the highest profile criminal takedowns over the last couple of years have occurred in condo buildings.

 

Where the drug dealers were renting apartments.  Not owning them.

[sdwright.vic]

Proof of this?

[Mike K.]

Where the drug dealers were renting apartments.  Not owning them.

 

Exactly!

 

Commercial landlords don't have the time of the day to deal with guys who can't supply a cheque or references. But private condo owners might actually appreciate an envelope stacked full of Robert Bordens every month, no questions asked.

[Mike K.]

Victoria's 10 cheapest houses for sale, summer 2016 edition

http://victoria.citi...r-2016-edition/

 

Bidding wars and escalating real-estate prices have got you down? Not to worry, Citified's list of the 10 cheapest homes in Victoria's urban core – summer 2016 edition – might just be your ticket to finding a dream home at an affordable price.

 

Believe it or not, this eclectic list of properties has something for everyone at price points that are a reprieve from the region's red-hot real-estate market. And surprisingly, when compared to our spring 2016 list of the urban core's 10 cheapest houses, the average listing price has dropped from $432,270 to $427,150. [Full article]

[VicHockeyFan]

http://www.cfax1070....rchange-project

 

Family pushed out by McKenzie Interchange project struggles to find new home

 

[lanforod]

^ i can't tell if the guy owned the house or not. If he did, he gets fair market value for it, no? So what's the problem? If he rented, yeah, that could be a challenge, but you had 3 months to find a place. I don't have any sympathy for this situation, particularly if this is the home I think it might be.

[nagel]

^ i can't tell if the guy owned the house or not. If he did, he gets fair market value for it, no? So what's the problem? If he rented, yeah, that could be a challenge, but you had 3 months to find a place. I don't have any sympathy for this situation, particularly if this is the home I think it might be.

It's a rental.  I don't know what the market is like for an in-town rental for a family of 5 with a decent bit of yard, for kids to play in.  Regardless, it was a tactic and I'm sure it's paid off.  Last night at 8:45 the door to this place was wide open and I wondered if they'd already moved out.

[VicHockeyFan]

^ i can't tell if the guy owned the house or not. If he did, he gets fair market value for it, no? So what's the problem? If he rented, yeah, that could be a challenge, but you had 3 months to find a place. I don't have any sympathy for this situation, particularly if this is the home I think it might be.

 

Ya, a rental.  That article misses a lot.

 

5 people, including 3 or 4 adults, plus two dogs, and $1750 rent.  That's of course going to be hard to find.

 

Nagel he has already moved out, and is in a temporary rental in town (I think it's a home for sale) that his boss at Ace Courier found for him.

[nagel]

Ya, a rental.  That article misses a lot.

 

5 people, including 3 or 4 adults, plus two dogs, and $1750 rent.  That's of course going to be hard to find.

 

Nagel he has already moved out, and is in a temporary rental in town (I think it's a home for sale) that his boss at Ace Courier found for him.

Alright then, time to bring in the excavator.  Daddy wants a new Goose overpass.