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Victoria rental housing market and related issues discussion


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#1361 Barrrister

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Posted 18 August 2021 - 02:44 PM

UVIC could have built more rental housing years ago. The province would have over ridden any municipal objections for residences on the UVIC campus.   


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#1362 Victoria Watcher

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Posted 18 August 2021 - 02:45 PM

wasn’t there some type of law that forbid them borrowing for housing? there was some issue. that was later fixed.

Edited by Victoria Watcher, 18 August 2021 - 02:45 PM.


#1363 Mike K.

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Posted 18 August 2021 - 02:45 PM

UBC has been doing it for a long time, but that campus is treated differently than UVic.

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#1364 Victoria Watcher

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Posted 18 August 2021 - 02:46 PM

UBC has been doing it for a long time, but that campus is treated differently than UVic.


don’t they generate money from leases on the endowment lands?

#1365 Victoria Watcher

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Posted 24 August 2021 - 04:45 PM

An incredible opportunity to acquire a landmark property, in the heart of Rockland, Victoria's most established enclave of manors & estates. Built in 1911 in British Arts & Crafts style, the property was converted to 6 suites in the 1940s. The home has retained much of its' Tudor & Georgian Revival character, featuring soaring ceilings, intricate wood work & original stained glass windows. Built on granite foundation with a dramatic entry foyer & a solidity that carries throughout, the property has been lovingly maintained by the same family for 50+ years. Historically significant & adjacent to Government House, 1385 Rockland presents an excellent investment opportunity to purchase a stable cash flowing asset in a highly desirable neighbourhood.

 

$2,350,000

 

https://www.realtor....ctoria-rockland

 

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#1366 Nparker

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Posted 24 August 2021 - 05:06 PM

The landscaping could use some work.



#1367 Mike K.

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Posted 08 September 2021 - 04:52 PM

Rents can rise 1.5% on January 1, 2022. Landlords have to give tenants three months notice before rents can rise.


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#1368 Victoria Watcher

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Posted 08 September 2021 - 04:53 PM

how much can property tax rise?
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#1369 lanforod

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Posted 08 September 2021 - 08:22 PM

Unlimited, effectively.

#1370 Nparker

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Posted 08 September 2021 - 10:04 PM

Rents can rise 1.5% on January 1, 2022...

 

how much can property tax rise?

I'd love a year when my property tax only went up 1.5%.


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#1371 Mike K.

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Posted 09 September 2021 - 06:21 AM

Rents are going to spike as a result. I know TAPS, etc, are lobbying the government to prohibit landlords from raising rents in between tenants but that would be a death blow to the industry and we’d see a lot of rental units convert to condos.

Rental buildings have mortgages, too. And typically at higher rates than residential mortgages. At 1.5% rent increase the industry is unsustainable if we all are operating under the assumption that mortgage rates are going to rise.

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#1372 spanky123

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Posted 09 September 2021 - 06:54 AM

I'd love a year when my property tax only went up 1.5%.

 

Two years. Rents were frozen last year so this is really 1.5% over two years!



#1373 spanky123

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Posted 09 September 2021 - 06:58 AM

Rents are going to spike as a result. I know TAPS, etc, are lobbying the government to prohibit landlords from raising rents in between tenants but that would be a death blow to the industry and we’d see a lot of rental units convert to condos.

Rental buildings have mortgages, too. And typically at higher rates than residential mortgages. At 1.5% rent increase the industry is unsustainable if we all are operating under the assumption that mortgage rates are going to rise.

 

The bigger problem is that rent increases were supposed to be tied to some economic indicator like cost of living or inflation. What appears to be happening is that rent increases are a political decision and we all know what that means. 

 

I feel badly for the property owners who have signed deals with the City guaranteeing rental tenure for some short term benefit. I think that rent control is soon going to be tied to the unit and not just the tenant and eventually owners will be turning their keys over to the Government to further the ultimate goal of state owned housing.



#1374 Mike K.

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Posted 09 September 2021 - 07:06 AM

Yes, that’s how the BC Liberals did it, they tied it to inflation, plus a politically determined additional component (2% I think it was, maybe 1.5%?). At solely 1.5% the only opportunity to remain solvent is to raise rates in between tenants. If the unit itself becomes rent controlled we’re in serious trouble as external cost factors will not care.
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#1375 Victoria Watcher

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Posted 09 September 2021 - 07:15 AM

^ ^ you are exactly correct. used as a political tool like BC Ferries and ICBC is. when ICBC sent cheques that was politics.

Edited by Victoria Watcher, 09 September 2021 - 07:16 AM.

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#1376 Victoria Watcher

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Posted 18 October 2021 - 09:41 AM

$1,625,000

 

936 Queens Ave

 

 

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https://www.realtor....ia-central-park

 

 

 

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Completely vacant 6 unit character conversion at Central Park & Crystal Pool. This coveted legal, non-conforming conversion; R-2 Family/Duplex zone comprises: 3 legal suites at 940 Queens Ave. & 2 legal suites + 1 unauthorized suite at 936 Queens Ave. Move-in ready or get renovating immediately upon possession. Potential Stabilized Effective Gross Income (EGI) over $12,000/mo.! CMHC vacancy 0.9%. Consult Schedule G for unauthorized dwelling unit. 

 

 

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Edited by Victoria Watcher, 18 October 2021 - 09:43 AM.

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#1377 Victoria Watcher

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Posted 09 November 2021 - 08:49 AM

Seldom do Beach Drive apartment buildings appear on the open market. This is a unique opportunity to secure a jewel investment in one of Canada's most prestigious neighbourhoods. Close to Cattle Point, Willows Beach and a comfortable walk to Estevan Village, this well maintained investment will well serve its future owners for many decades to come. A recent appraisal is available.

 

https://www.realtor....oak-bay-estevan

 

$4,960,000

 

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16 units seems like a deal to me.  $310k per unit.


Edited by Victoria Watcher, 09 November 2021 - 08:50 AM.


#1378 Mike K.

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Posted 09 November 2021 - 08:55 AM

Recent appraisal available.

Why don’t residential listings that are destined for a bidding war provide documents to prospective buyers? Even a basic appraisal is helpful.

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#1379 Victoria Watcher

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Posted 23 November 2021 - 06:37 AM

$5,500,000

 

For Sale: 22 unit, 4 story waterfront apartment building in Victoria, BC. Gorge Shores Apartments sits on a promontory at the foot of Washington Avenue overlooking the Gorge Waterway with views of the Selkirk Trestle and the city. Comprised of 21 one bedroom apartments, and a single 2 bedroom on the main, the property is fully leased.

 

https://www.realtor....ctoria-burnside

 

 

 

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#1380 Victoria Watcher

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Posted 24 November 2021 - 01:30 PM

A group of now mostly homeless James Bay residents are pursuing legal action after they say their landlord coerced them out of their homes following an apartment building fire Oct. 25.

Represented by Together Against Poverty Society (TAPS), the group of seven says 48 hours after a fire gutted one of the units at 118 Menzies St. their landlord, Pacific Cove Properties, approached them individually and told them the building was no longer habitable. They say they were told to receive their damage deposits back they had to sign a mutual agreement to end their tenancy.

The problem, TAPS lawyer Leila Geggie Hurst says, is that they aren’t at all sure the building is in fact uninhabitable. Hurst says a report they have seen by a City of Victoria building inspector and the Victoria Fire Department states that all of the units of the tenants she is representing are undamaged.


https://www.vicnews....-october-fire/#

Neil Kingswell, who lived at 118 Menzies St. for more than 20 years and had the lowest rent, says his only income is a monthly government pension payment. He’s been getting put up in a hotel since the fire, but says in a few days he’ll have nowhere to go.

“I want to go home, desperately. I go down sometimes and I just stand there and look up at my apartment,” he says. “I felt very safe in James Bay due to my lifestyle, my sexuality, and I don’t want to go somewhere where I’m going to be afraid to walk down the street.”

Kingswell, like several others, signed the tenancy ending agreement before even getting to step foot back in his apartment. When he did, he was shocked to see it appeared completely untouched.

Edited by Victoria Watcher, 24 November 2021 - 01:32 PM.


 



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