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Victoria rental housing market and related issues discussion


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#1161 VicHockeyFan

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Posted 11 May 2018 - 10:31 AM

I would be interested to hear how you have build, rent and profit at $700/month.  

 

I need the land for free (City or crown property).  I need development cost charges waived. 

 

Then I will build 4-floor apartment walk-up (no elevator) blocks with just studio suites.  32 per floor (30 on the ground level), for a total of 126 suites.  They actually each have a bathroom with toilet and sink and stand-up shower (no tub).  They are all between 195 and 250 sq. ft. with no balcony. 

 

I might need an annual property tax break, not sure yet, I'm not a numbers expert.   

 

Revenue per suite at $700/mo. is $88,200.  Or $1,058,400 per year.

 

So I think I can spend about $12M to build the building to get just an OK cap rate, and at about $400 sq. ft. for materials and labour I think that's where I'd be.  $95,000/unit.  It should not cost that much.

 

I'd also be interested in an amendment to the residential tenancy act that would permit me to either A) collect a separate maintenance fee monthly from tenants ($50 or so), or B) have them volunteer some maintenance duties each month, like 3 hours of work.  So now I have 378 hours a month of labour for common area cleaning, security, painting etc.   I have a warm body for 12 hours each day, and I encourage more carefor the collective home.   Here's the extra kicker, the tenant also gets $25 back each month, to take with them when they vacate.  Ya, it's only $300/yr., but it's there as a thank-you at the end of tenancy, for taking care of the place.  They can earn even more money (up to $500) by painting and cleaning VERY THOROUGHLY as they leave.  A board will determine the amount of reward based on real examples in the building.  A video will show you what is expected.      


Edited by VicHockeyFan, 11 May 2018 - 10:51 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>

#1162 Mike K.

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Posted 11 May 2018 - 10:32 AM

Rental housing Q&A with Devon Properties - https://vibrantvicto...von-properties/

 

Put forth your questions for a Q&A session we have planned with the region's largest rental housing management firm.


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#1163 Nparker

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Posted 11 May 2018 - 10:37 AM

...Then I will build 4-floor apartment walk-up (no elevator) blocks with just studio suites...

Does the BC Building Code allow 4-storey buildings to not have elevators?



#1164 VicHockeyFan

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Posted 11 May 2018 - 11:07 AM

Does the BC Building Code allow 4-storey buildings to not have elevators?

 

Did I mention earlier I need government to get out of my way?  We are in a "crisis" here.

 

This 4-floor condo has no elevator.


Edited by VicHockeyFan, 11 May 2018 - 11:10 AM.

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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>

#1165 Freedom57

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Posted 11 May 2018 - 11:32 AM

Does Collective Housing fall under the residential tenancies regulations?  https://collectiveho....wordpress.com/

 

And are there any in Victoria?  Just curious if that is what people in the big old houses are doing with their space, rather than individual apartments.



#1166 VicHockeyFan

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Posted 11 May 2018 - 11:36 AM

Does Collective Housing fall under the residential tenancies regulations?  https://collectiveho....wordpress.com/

 

And are there any in Victoria?  Just curious if that is what people in the big old houses are doing with their space, rather than individual apartments.

 

Collective house members usually share food and shopping, nightly house dinners, social areas of the house, some amount of money (how much varies by house), and shared values, which also vary from house to house. 

 

 

Golly, I don't think we have anything at all that goes that far.  Except "extended families", and that might only be in some ethnic groups.


<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>

#1167 Freedom57

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Posted 11 May 2018 - 11:41 AM

Golly, I don't think we have anything at all that goes that far.  Except "extended families", and that might only be in some ethnic groups.

 

There seems to be quite a few Collective Houses in Vancouver.  The people living there pay rent - plus utilities, and food for the household, etc.  There's even an opening at one right now.... I am curious how the tenants rights work at the types of accommodations.  Seems like it would be rather complex.

 

http://www.vancouver...age1/page1.html


Edited by Freedom57, 11 May 2018 - 11:44 AM.


#1168 Nparker

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Posted 11 May 2018 - 12:16 PM

...This 4-floor condo has no elevator.

I doubt it was required by code at the time of construction.



#1169 VicHockeyFan

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Posted 11 May 2018 - 12:25 PM

I doubt it was required by code at the time of construction.

 

Probably not.  But once again, I need government to legislate an exception here, to help alleviate the crisis we are in.   An elevator is not a life safety device, but yes it helps people with mobility issues.  My 30 ground-floor units will all be accessible. 


<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>

#1170 tjv

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Posted 11 May 2018 - 12:52 PM

^submit your proposal:

 

REQUEST FOR PREQUALIFICATIONS (RFPQ)

1070-1819/39

Development Firms

Various Locations in the Province of BC


Issue Date of RFPQ: 11 May 2018
Deadline for Questions: 17 May 2018
Deadline for Issuing Addenda: 23 May 2018
Submission Deadline: 15 June 2018 @ 2:00 pm PT
Brief Description of Work

This Request for Prequalification (RFPQ) is an invitation by BC Housing Management Commission (BC Housing), to prospective proponents to submit proposals for the provision of undertaking future potential development projects across the Province of BC under the new HousingHub department, over the next twenty-four (24) months.

BC Housing is seeking experienced developers that possess the ability to provide all phases of Design-Build delivery construction. Phases include, but are not limited to:

·Phase 1 - Exploring site opportunities, conducting site due diligence and constraints to prepare several different conceptual overall plan options which could be tested in terms of viability by BC Housing HousingHub or other stakeholders.

·Phase 2 - Consulting the community and municipality on the viable overall plan option(s) (prepared in the previous phase) to seek community feedback to refine the preferred overall plan. Phase 2 may also entail the preparation of an application for enquiry package or rezoning as applicable and/or a development permit of the site lands in preparation for redevelopment (following successful rezoning).

·Phase 3 - Development Permit and Building Permit Application submissions and follow up through to approval. Coordination of all consultants to complete drawings, coordination of construction managers, and oversight of all design changes to budget, scope and schedule. Perform marketing, pre-sales and forward sales as required including legal documentation such as disclosure documentation for potential homeowners.

·Phase 4 - Perform value analysis or value engineering and revise design, scope, working drawings, specifications while assisting in providing feedback from sub-trades in preparation for tender pricing.

·Phase 5 - Perform Construction Management and oversight of the general contractor. Provide after-sales and occupancy construction deficiency work. 

The developer will lead and manage the planning process. It is expected that this planning process will balance the objectives of BC Housing HousingHub and other key stakeholders maximizing social, economic, and environmental potential.

Your proposal MUST be submitted using the following method:

It must be submitted electronically through MERX, the electronic tendering system used by BC Housing @ www.merx.com/bch . Proposals submitted in any other manner will be disqualified. For assistance in using MERX, please watch the online Electronic Bid Submission tutorial:http://www.youtube.com/watch?v=To0fqSccw3M . Alternatively, you can contact MERX directly at 1-800-964-MERX or visit the MERX website at www.merx.com.



#1171 Victoria Watcher

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Posted 01 March 2019 - 05:47 AM

A 'wacky time of life': Wilkinson rejects opportunity to take back his words on renters

 

https://www.cbc.ca/n...5037988?cmp=rss

 

this story seems more mole hill than mountain.



#1172 Mike K.

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Posted 01 March 2019 - 06:03 AM

But it’s ok to label landlords with a variety of negative, condescending or inappropriate words, yes?

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#1173 Sparky

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Posted 01 March 2019 - 06:09 AM

I'm starting to really dislike polititions.

#1174 Victoria Watcher

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Posted 01 March 2019 - 06:11 AM

he just meant for most people renting is a period of their life. and it is. most people own their home.

#1175 Mike K.

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Posted 01 March 2019 - 06:39 AM

True. 70% of households in this region are not rentals.

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#1176 Victoria Watcher

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Posted 01 March 2019 - 06:46 AM

True. 70% of households in this region are not rentals.


68% across the province.

#1177 Victoria Watcher

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Posted 01 March 2019 - 06:54 AM

and goes up over 75% when people are in their 50’s. ie. when inheritance starts happening.

Edited by Victoria Watcher, 01 March 2019 - 06:54 AM.


#1178 RFS

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Posted 01 March 2019 - 07:13 AM

Andrew "literally who" Wilkinson is so bad, it's laughable
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#1179 lanforod

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Posted 01 March 2019 - 08:18 AM

I'm starting to really dislike polititions.

 

I dislike politicians too.

 

I really don't see the Liberals having much of a chance at any sort of election now. Horgan hasn't made any massive mistakes. People can complain about no ridesharing (minor), spec tax (annoying, but minor - keeping the thread on topic), spending at the Leg (probably worse for the Libs), ICBC (that's been an issue forever), etc. etc. but in the end, he's got a balanced budget, strong job numbers, and a decent economy. Wilkinson is an unknown. The NDP hasn't had enough time to sour for folks. If there was an election in BC tomorrow, I predict a 'healthy' NDP majority.


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#1180 spanky123

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Posted 01 March 2019 - 08:29 AM

I dislike politicians too.

 

I really don't see the Liberals having much of a chance at any sort of election now. Horgan hasn't made any massive mistakes. People can complain about no ridesharing (minor), spec tax (annoying, but minor - keeping the thread on topic), spending at the Leg (probably worse for the Libs), ICBC (that's been an issue forever), etc. etc. but in the end, he's got a balanced budget, strong job numbers, and a decent economy. Wilkinson is an unknown. The NDP hasn't had enough time to sour for folks. If there was an election in BC tomorrow, I predict a 'healthy' NDP majority.

 

I don't disagree with anything that you have said although from today's statscan reports it looks like Canada may be heading back into a recession and BC won't be immune. If that happens then all bets are off.


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