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Victoria rental housing market and related issues discussion


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#1001 Mike K.

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Posted 06 December 2017 - 07:54 AM

Oh yeah, I get that, but if homelessness is partially described as temporary housing then so were fixed-term leases.

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#1002 spanky123

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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 Midnightly

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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


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#1004 Citified.ca

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Posted 27 December 2017 - 02:15 PM

2018 will usher in highest government-controlled rental rate increase since 2012

https://victoria.cit...ase-since-2012/


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#1005 lanforod

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Posted 29 December 2017 - 09:42 AM

Pretty sure you got the minimum notice date of a raise wrong, Mike. 3 full months of notice is required, not 30 days.

#1006 Mike K.

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Posted 29 December 2017 - 10:45 AM

Yes you are correct!

 

The change has been made.


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#1007 Citified.ca

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Posted 04 January 2018 - 02:24 PM

Downtown Victoria's housing inventory to skyrocket by 1,500-units between 2018 and 2019

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#1008 tjv

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Posted 04 January 2018 - 02:44 PM

 

2018 will usher in highest government-controlled rental rate increase since 2012

https://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.

 

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

 

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 sdwright.vic

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Posted 04 January 2018 - 04:02 PM

My complex has about 150 units. If you average that at $1000 a month at 12 months they are making 1.8 million a year on just my part of the three groups of buildings they own. Take into consideration that one rental office withba staff of 3 and two maintenance guys work these three complexes, each complex equally as large they have close to 6 million a year in revenue.

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.
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#1010 tjv

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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 sdwright.vic

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Posted 04 January 2018 - 07:54 PM

Capreit pretty much buys (most the time) their properties outright.... especially when my building is only assessed at $24 million... and that's this years assessment. They have had the place for over 10 years.
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#1012 Mike K.

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Posted 04 January 2018 - 08:54 PM

I would bet the average is far below $1,000. It was only a couple of years ago when you could rent an older 2BR apartment for $1,100, and a bachelor for $650.

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#1013 sdwright.vic

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Posted 05 January 2018 - 06:21 AM

I was using average based upon heavy turn over. In the four years I have been here the apartments across from me have flipped twice (two bedrooms) on one side three times (one bedroom) and the other twice (in a two bedroom). At four years I am a veteran in the building.

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.
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#1014 tjv

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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 VicHockeyFan

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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.

<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#1016 spanky123

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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 Mike K.

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Posted 05 January 2018 - 10:54 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?

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#1018 VicHockeyFan

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Posted 05 January 2018 - 10:59 AM

Generally governments will not allow strata conversions when the vacancy rates are below 4%.
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<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#1019 spanky123

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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 TallGuy

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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.


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