1896 replies to this topic

[Matt R.]

Oh yeah, people will rent as they search for a home to buy, or to decide on a neighbourhood when first moving to a new city. But renting long-term while owning a home in the same city is not common. Nothing wrong with it, just not a scenario you encounter a lot.

We did it for more than four years.

Matt.

[Redd42]

I live in an over 1000 sq ft suite in south Oak Bay in one of the big heritage houses but was renovated within the last ten years. It has a lovely private view over the newer houses next door. I pay less now for my rent then I have seen advertised for one of the sky boxes downtown that are about 400 - 600 sq feet. If they stratified my house, this suite would likely be a million or more. I could not afford to buy it. But I can afford to rent it. Because I mentioned, no rent increase in 6 years.

 

And I rent out the boring 80s condo that I own that doesn't even have its own laundry.

 

Quality of life vs trying to build as much equity as you can. Lots of life choices.

[Mike K.]

We did it for more than four years.

Matt.

Living in the restaurant doesn’t count!

[VIResident]

Vancouver proposes property tax hike as COVID-19 digs revenue hole

The draft operating budget for 2021 is $1.6 billion, $17 million less than the original planned budget. 

(Budget is set to come down on Dec.1/20)

https://www.theglobe...s-revenue-hole/

 

So that's Vancouver right? We don't care right? 

(Pay attention to what the CRD office budget is & the muni you live in - then add all the other 12 muni budgets together with the CRD and see what that total is - compare to Vancouver and the total  population)

Edited by VIResident, 24 November 2020 - 02:13 PM.

[Mike K.]

What’s Victoria again? $250 million?

[Nparker]

Vancouver proposes property tax hike as COVID-19 digs revenue hole...

But if you're the City of Victoria, keep spending like everything is hunky dory.

[VIResident]

1. Total population of the entire island as of 2019 870,297 
2. Total population of Greater Vancouver area had a population of 2,463,431 in 2016

What is the population of Vancouver

What is the population total of South Vancouver Island

 

Overall, on a CRD and related entities consolidated basis, the combined 2020 Preliminary Financial Plans amount to $333 million in operating and $411 million in capital, a total of $744 million in combined expenditures.Oct 30, 2019 https://www.crd.bc.c...ed expenditures.

Edited by VIResident, 24 November 2020 - 05:32 PM.

[TwilightZoneVictoria]

Still noticing lots of 1 bedroom vacancies being advertised in apartment buildings. Don't recall so many this time in previous years, usually the bump is in May.

[Victoria Watcher]

Tenants fighting eviction notice for Cook Street apartment building

 

A group of Victoria tenants is fighting a mass eviction that they say is unfair during the pandemic.

 

In October, tenants at a 21-unit, three-storey apartment at 805 Cook St. were given notices saying they had to move out by Feb. 28 so the owners can do renovations.

 

“It’s been really devastating,” said Tom Kershaw, a 72-year-old who has lived in the building for nine and a half years. “It’s just been overwhelming, the stress.”

 

 

Kershaw pays $590 a month for a ground-floor bachelor suite and would likely have to pay double that for a new place. “We’re looking at a zero per cent vacancy rate and we’re in a pandemic,” he said.

______________________________

 

Hanson said she was told by a previous building manager there’s no asbestos in the building, so she doesn’t think the building needs to be vacant to do the necessary repairs. The onus is on the landlord to prove to the Residential Tenancy Branch that the renovations cannot be done unless the building is vacant. According to the eviction notice, the landlord is Donald McInnes.

 

The building was purchased in November 2019 for $4.3 million, according to land title records. Reached by phone at the number provided on the notice, McInnes hung up when asked about the eviction. He did not respond to a follow-up text.

 

 

 

 

https://www.timescol...ding-1.24254099

Edited by Victoria Watcher, 12 December 2020 - 09:51 PM.

[Victoria Watcher]

“I think as a community Oak Bay has a real sense of stewardship,” he said. “That sense of stewardship carries over to a reluctance and cautiousness towards change. You know, the reality is that if you look at our population over the last 50 years, Oak Bay has stayed pretty static and that’s not healthy.”

 

 

https://www.capitald...ak-bay-victoria

 

 

what is "unhealthy" about stagnant population numbers?  

[Barrrister]

Oak Bay has worked hard at having a stabile and sustainable population which should be the goal for more communities. 

[aastra]

Methinks Oak Bay has never been able to make up its collective mind re: whether it's preferable to be growing or not growing or shrinking or none of the above.

 

 

Daily Colonist
March 18, 1950

Oak Bay: A Model Municipality

From comparative obscurity before the turn of the century, Oak Bay has earned itself the reputation of being one of the most-envied municipalities in British Columbia.

Oak Bay has attained this valued position because of much expert guidance since its incorporation in 1906. Careful management and sound investment have made Oak Bay a financially healthy municipality which stands high in the bond dealers' register.

Good municipal government has kept taxes low in comparison with other municipalities. Services are considered good. The municipality's bonded indebtedness is low...

Like other municipalities, Oak Bay is in the midst of a building boom with attractive subdivisions springing up throughout. In order to maintain a high standard, municipal building restrictions are strict...

From a population of about 300 in 1906, the area has grown into a thriving municipality of 12,500 residents and 3,600 homes. Homeowners are well protected by well-planned zoning regulations.

Oak Bay has great natural beauties with its winding seashore, sandy beaches and bountiful park areas. There are two world-famous golf courses within its bounds. Boating, yachting and fishing enthusiasts find Oak Bay ideal.

[Barrrister]

You are probably right about the media but my Google News feed barely showed it. 

[spanky123]

CMHC reporting that the rental vacancy rate in Victoria is now 2.2%

 

https://www.cmhc-sch... released today.

[Victoria Watcher]

Help is on the way for local renters on the edge of losing their accommodation due to temporary financial crisis, including employment uncertainties caused by COVID-19.

 

The Community Social Planning Council of Greater Victoria, in partnership with the B.C. Rent Bank, is offering short-term financial assistance in the form of interest-free loans for eligible renters in low- to moderate-income households.

 

Designed as a cushion for people who have the ability to repay the loan in six to 24 months, the money can be used for current or overdue rent, utilities or security deposits and first month’s rent to secure housing.

 

 

 

https://www.vicnews....ctoria-renters/

Edited by Victoria Watcher, 19 February 2021 - 06:30 PM.

[Nparker]

And for people who have trouble paying their mortgage - bupkis. 

[Victoria Watcher]

you have a fairly generous redemption period and many other additional finance options.

Edited by Victoria Watcher, 20 February 2021 - 04:14 AM.

[Nparker]

you have a fairly generous redemption period and many other additional finance options.

Those financing "options" come at an extra cost to me - while my tax dollars subsidize the renters interest-free loans. 

[Victoria Watcher]

The British Columbia government says it will introduce legislative changes to extend a rent freeze through the end of the year, as well as stop illegal "renovictions" and improve the dispute resolution process for tenants and landlords.

 

The province has already introduced and extended a rent freeze during the COVID-19 pandemic, and it says in a news release Monday that the new legislative changes will keep it in place through Dec. 31.

_______________________________

 

The province also says the legislative changes mean tenants will no longer face so-called renovictions, or eviction notices for "phoney" renovations aimed at driving out long-term tenants and jacking up the rent.

 

Landlords will be required to apply to the Residential Tenancy Branch before they can end a tenancy agreement for renovations, and they will also not be able to evict tenants for renovations that are not substantial or do not require the unit to be vacant.

 

The changes, if passed, will come into effect on July 1 and are in addition to earlier protections introduced in 2018.

 

https://www.timescol...ions-1.24288717

Edited by Victoria Watcher, 01 March 2021 - 05:20 PM.

[spanky123]

^ Sad but funny at the same time. Housing advocates lament the fact that no purpose built housing was introduced in years and in their opinion that is what has caused rental pricing to escalate. At the same time they want to make life as difficult as possible for the owners of rental property to try and ensure that building and owning rentals is about as unattractive an investment as one can make. See a problem? You can't raise rents but Municipalities are free to increase taxes and utilities as much as they want every year not to mention insurance, maintenance and other costs.

 

The only logical goal is to force private investors out of the rental market so that Government can take it over. That way rental property can become a political tool to maintain loyalty. If you are a party supporter you get a rent subsidy or the apartment in the corner, if not then you are on your own.

Edited by spanky123, 02 March 2021 - 08:57 AM.