1896 replies to this topic

[VicHockeyFan]

Leases will still compel the tenant to stay at least the lease term (to the extent that can be/actually is enforced*), and compel the landlord to keep the suite available to you for at least the lease term.  ie. if he sells the unit 2 months into a 1-year lease, you can stay.

 

*If you, as a tenant, really wants/needs to break a lease and the landlord refuses, just fail to pay your rent, about 10 days before you desire to leave.

Edited by VicHockeyFan, 29 October 2017 - 01:39 PM.

[LJ]

They wouldn't need all this government intervention if they would just approve more rental apartments.

 

Once the vacancy rate gets to 5% tenants will move out willingly because they can get a better deal somewhere else and landlords price gouging will be limited to supply and demand pricing.

[spanky123]

They wouldn't need all this government intervention if they would just approve more rental apartments.

 

Once the vacancy rate gets to 5% tenants will move out willingly because they can get a better deal somewhere else and landlords price gouging will be limited to supply and demand pricing.

 

I showed the graph here a few weeks ago that the actual vacancy rate in Victoria hasn't changed in a decade+. What has changed is that housing prices have appreciated and thus landlords have had to increase rental prices in order to maintain an economic balance. All the Government is trying to do is regulate one side of the equation.

[Mike K.]

We need to keep in mind that the vacancy rate as we know it applies solely to purpose-built rentals and not rentals made available via investment condos and suites. This is why the vacancy rate has hovered from just above zero to 1.0% over the last decade (we've had no new inventory since the early 1980's save for the last couple of years).

 

Now over the last couple of years we've started seeing new inventory enter the market, and that has helped the situation to some degree, but it's hard to make an impact with 1,500-units when there are 50,000 purpose-built rentals throughout the region (out of 61,000 total and quite possibly not including suites).

 

Why we see the "crisis" today is because purpose-built capacity has been constrained for so long that it has now pushed vacancy rates very low even among the least popular tier of housing, that being suites, and the most popular tier (condos made available as rentals) is as popular as ever.

 

Realistically we're not going to see much reprieve in the official "vacancy rate" until we see 5,000-to-10,000-units enter the market, but we're also facing a situation where upwards of 20,000 existing units will require significant repair or remediation come 2025 so whatever is built today and over the next few years will remain in very high demand.

[VicHockeyFan]

Short Term Rentals Open House

Date:

Monday October 30, 2017

5:30pm - 8:00pm

Info:

With a goal of increasing the availability and affordability of long-term rental housing, the City is making changes to where and how short term rentals operate.

Join us at the open house to find out about the zoning changes that have occurred and to provide feedback on the proposed regulations for short term rentals.

Find out more at www.victoria.ca/shorttermrentals

TALK

Location:

City of Victoria – City Hall

1 Centennial Square

Victoria, BC V8W 1P6

[VicHockeyFan]

Video clip.  This guys comes across as an ass, but really, he's using the laws as he is allowed to.  And I agree when he says he's a businessman, not a social worker.

 

http://vancouverisla...?clipId=1267617

[tjv]

Yes, I agree completely he is a businessman not a social worker and he is there to make money

 

I think you have to look at as a business decision if your property value has increased 38% then why can't rents increase at the same rate as well?  Its simple business math that the return on your investment should continue at the same rate.

 

I know it sounds harsh, but Victoria rents are only increasing as property values do.  I am sympathetic to the tenants, but this is business.  Salaries are shooting up rapidly and a lot of workers are demanding huge raises or they threaten to leave, so why can't rents as well?

[VicHockeyFan]

It is hard to see how he should be forced to rent one unit at say, $800, when the adjacent mirror unit fetches $1,200.

 

In the overall scheme of things, would it not be better for all parties, if he rented each at $1,000?

Edited by VicHockeyFan, 22 November 2017 - 08:54 AM.

[Nparker]

...Salaries are shooting up rapidly...

Where is this happening? Who is demanding a 38% increase in their salary? Who is getting a 38% increase?

[VicHockeyFan]

Where is this happening? Who is demanding a 38% increase in their salary? Who is getting a 38% increase?

 

 

Esquimalt council votes 34% raise for mayor, 27% for councillors  

Bill Cleverley / Times Colonist

JUNE 11, 2014 05:00 AM

 

 

In 2015, CRD directors voted to almost double their salaries and increase stipends for elected officials who chair standing committees — raises that took effect Jan. 1, 2016. The increases are reflected for the first time in the latest statement of financial information.

 

 

Edited by VicHockeyFan, 22 November 2017 - 09:02 AM.

[Nparker]

I meant people who actually accomplish something. Elected officials don't count.

 

Edit: And let's face it, if everyone could vote for their own wage increases of course they'd be exorbitant. 

Edited by Nparker, 22 November 2017 - 09:06 AM.

[sdwright.vic]

I'm lucky to get 1% a year.

[spanky123]

I'm lucky to get 1% a year.

 

But you are not special!

[TallGuy]

Yes, I agree completely he is a businessman not a social worker and he is there to make money

 

I think you have to look at as a business decision if your property value has increased 38% then why can't rents increase at the same rate as well?  Its simple business math that the return on your investment should continue at the same rate.

 

I know it sounds harsh, but Victoria rents are only increasing as property values do.  I am sympathetic to the tenants, but this is business.  Salaries are shooting up rapidly and a lot of workers are demanding huge raises or they threaten to leave, so why can't rents as well?

I would argue that you have it backwards. People are demanding salary increases to keep up with rent increases.

[Mike K.]

Luckily our elected officials want to ensure they solve the issue of housing costs through sensitive density.

[Nparker]

Luckily our elected officials want to ensure they solve the issue of housing costs through sensitive density.

Or as I like to call it "sensity". 

[Mike K.]

There it is!

[tjv]

Where is this happening? Who is demanding a 38% increase in their salary? Who is getting a 38% increase?

As a businessman I see it a lot.  Maybe not 38%, but there are big wage increase demands by workers out there

[Nparker]

As a businessman I see it a lot.  Maybe not 38%, but there are big wage increase demands by workers out there

Awesome! This means the BCGEU aught to be able to negotiate a great contract come the next set of negotiations.

[tjv]

^maybe, but then again all the extra money could go towards bike lanes and homeless shelters at the way its going