Victoria rental housing market and related issues discussion
#1001
Posted 06 December 2017 - 07:54 AM
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#1002
Posted 06 December 2017 - 07:54 AM
So are Tally Ho residents provisionally accommodated, since it's on a 3-year permit?
The definition, in my opinion, is fluid. If you want to count a large number of homeless then you include them, if not then you don't.
#1003
Posted 06 December 2017 - 04:37 PM
you could almost say anyone who rents is in "temporary housing" if they consider places like central care home, tally ho, mount edwards ect.. "temporary" they seem to have more security there with no eviction policies then some private rental companies/apartments
- VicHockeyFan, Love the rock, pennymurphy2000 and 1 other like this
#1004
Posted 27 December 2017 - 02:15 PM
https://victoria.cit...ase-since-2012/
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#1005
Posted 29 December 2017 - 09:42 AM
#1006
Posted 29 December 2017 - 10:45 AM
Yes you are correct!
The change has been made.
- lanforod likes this
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#1007
Posted 04 January 2018 - 02:24 PM
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#1008
Posted 04 January 2018 - 02:44 PM
2018 will usher in highest government-controlled rental rate increase since 2012https://victoria.cit...ase-since-2012/
or you could do like this guy did and raise it by 38%...
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.
If the government wants to keep it at 4% I can see a lot of renovictions coming or "relatives" moving in. Increases need to keep up with the value of real estate
#1009
Posted 04 January 2018 - 04:02 PM
I don't think landlords are as bad off as they try to make themselves out to be.
Now maybe with the improvements that are finally going to need to be made, profit margins will decrease, but there will still be profit. Especially in new builds that won't require as much maintenance for many years.
#1010
Posted 04 January 2018 - 05:41 PM
You also need to factor in mortgage payments, property taxes, garbage disposal, most places these days include heat and hot water, maintenance, depreciation, people damaging the suites, etc. It all adds up
#1011
Posted 04 January 2018 - 07:54 PM
#1012
Posted 04 January 2018 - 08:54 PM
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#1013
Posted 05 January 2018 - 06:21 AM
Also it was a nice round number for easy math. I am sure you could move the yearly before cost revenue to 2.5- 3 million (especially eith the large number of two bedrooms) a year with actual rents, parking and seperate storage locker charges. I also lowered the building by 23 apartments, again for easy math.
The building also has a year round indoor pool, sauna and gym.
- Mike K. and Nparker like this
#1014
Posted 05 January 2018 - 08:44 AM
I think $1000/month is pretty fair. Can you even rent a 1 bedroom for $1000 right now anywhere in the core? Feel free to correct me, but I don't think so
I looked at buying an apartment building years ago and return on investment was averaging around 5% then and that was for a 1970 building. When I saw the lousy returns and weighed that against heavy government regulations I passed. Landlords aren't getting rich renting right now, they are making money solely on the increase in value on the property itself.
#1015
Posted 05 January 2018 - 09:05 AM
I think $1000/month is pretty fair. Can you even rent a 1 bedroom for $1000 right now anywhere in the core? Feel free to correct me, but I don't think so
Not if you are currently searching. But there are thousands of current units renting for under $1000, and under the province's rent controls.
I think if you looked at a big building's rent roll, perhaps a 60's or 70's building, you'd be amazed by the different rent amounts all over the building.
Edited by VicHockeyFan, 05 January 2018 - 09:07 AM.
#1016
Posted 05 January 2018 - 09:06 AM
I think $1000/month is pretty fair. Can you even rent a 1 bedroom for $1000 right now anywhere in the core? Feel free to correct me, but I don't think so
I looked at buying an apartment building years ago and return on investment was averaging around 5% then and that was for a 1970 building. When I saw the lousy returns and weighed that against heavy government regulations I passed. Landlords aren't getting rich renting right now, they are making money solely on the increase in value on the property itself.
Exactly right. When property values stop appreciating at the rates that they have been recently then those units will all be switched to condos and sold.
#1017
Posted 05 January 2018 - 10:54 AM
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#1018
Posted 05 January 2018 - 10:59 AM
- Matt R. likes this
#1019
Posted 05 January 2018 - 11:11 AM
How many out of the hundreds of 60’s and 70’s era buildings were converted to condos in the duldrums of the 90’s?
I think that even during the doldrums owners could get a 5-6% + return on rents.
#1020
Posted 05 January 2018 - 02:21 PM
or you could do like this guy did and raise it by 38%...
If the government wants to keep it at 4% I can see a lot of renovictions coming or "relatives" moving in. Increases need to keep up with the value of real estate
That only works if wages do as well.
- Nparker likes this
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