1896 replies to this topic

[Matt R.]

Funny you mention the outline, as this one came across my search today, also nice use of outlines. 1.3m, quarter acre lot.

[Victoria Watcher]

$5,025,000

 

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

 

15-suite value-add apartment building with future redevelopment potential for sale. The subject property is centrally located within walking distance to Victorias most desirable neighborhoods: Oak Bay, Fairfield, Fernwood, and the Downtown Core. This corner lot property is primed for future redevelopment being designated as Urban Residential in the Official Community Plan (OCP), which allows for a maximum density of 2:1 and up to 6 storeys in height. Features - Large 12,905 SF corner lot with access off Fort and Harrison Streets - Significant rental upside opportunity upon tenant turnover (rents are currently below market) - Walking distance to Oak Bay Avenue, Urban Grocer, Craigdorrach Castle, Shine Café, and many other attractive amenities - Convenient and easy access to main bus routes directly to the University of Victoria and Camosun College. - On-site parking for tenants.

 

 

Edited by Victoria Watcher, 27 June 2022 - 03:40 PM.

[dasmo]

$5,025,000

 

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

 

15-suite value-add apartment building with future redevelopment potential for sale. The subject property is centrally located within walking distance to Victorias most desirable neighborhoods: Oak Bay, Fairfield, Fernwood, and the Downtown Core. This corner lot property is primed for future redevelopment being designated as Urban Residential in the Official Community Plan (OCP), which allows for a maximum density of 2:1 and up to 6 storeys in height. Features - Large 12,905 SF corner lot with access off Fort and Harrison Streets - Significant rental upside opportunity upon tenant turnover (rents are currently below market) - Walking distance to Oak Bay Avenue, Urban Grocer, Craigdorrach Castle, Shine Café, and many other attractive amenities - Convenient and easy access to main bus routes directly to the University of Victoria and Camosun College. - On-site parking for tenants.

 

 

Already having the effect of removing affordable housing off the market.... 

[Tom Braybrook]

Province tells city to "mind your own business"!

 

https://www.goldstre...ed-by-province/

[Nparker]

Nice that someone is telling the CoV to stay in its own lane.

[Victoria Watcher]

$5,850,000

 

https://www.realtor....imalt-esquimalt

 

Colliers is pleased to offer a rare opportunity to acquire an extensively renovated, and completely rebuilt sixteen (16) unit rental apartment building for sale at 860 Carrie Street. This highly desirable apartment building is a superb opportunity for an investor to acquire a stable cash-flowing asset with below market financing in the amenity rich township of Esquimalt. Investment Highlights Assumable mortgage locked in at 3.2% until 2029 Property is held in a bare trust, offering a purchaser the opportunity to save on the property transfer tax Entire building and all suites have undergone significant renovations On-site parking and in-suite laundry for all tenants Rental upside upon tenant turnover (rents are currently below market) Centrally located within walking distance to schools, grocery stores, restaurants, cafes, parks, and the ocean All 16 units have been updated with a high-quality modern finish and all 12 (1) bedroom suites have their own private balcony

 

[Mike K.]

On twitter today, John Horgan said 20,000-units of condos were turned over onto the rental market in BC because of the spec tax.

[Victoria Watcher]

On twitter today, John Horgan said 20,000-units of condos were turned over onto the rental market in BC because of the spec tax.

 

It's possible.  We can never know the real number.

 

It's also possible that the tax means a cut of 25% in new (second) home starts.  And some property managers laid off.

 

20,000 could also be considered relatively insignificant.  When we have over 2 million living units in the province.  So 20,000 units is only a 1% change.

 

 

 

 

There are 866,340 single-detached homes in B.C., representing 42.4 per cent of the housing distribution, an increase of 1.7 per cent since the last census in 2016.

• There are also 221,850 apartments in buildings with five or more storeys, which make up a total of 10.9 per cent of all dwellings in the province. 

 

• https://www.cbc.ca/n...in the province.

 

 

 

And what's 20,000 units when 100,000 people are coming here - each year?

 

 

 

B.C. welcomes more than 100,000 people, the most in 60 years

 

 

 

The year-end data shows that B.C.'s net migration reached 100,797 people in 2021

 

https://news.gov.bc....otal since 1961.

 

 

 

Edited by Victoria Watcher, 20 July 2022 - 07:15 AM.

[Mike K.]

The possibilities are endless, for sure. People's kids suddenly became full-time 'renters.' Cousins, nephews, aunts and uncles did as well.

[Sparky]

A lot of people got caught off guard in year 1 of the spec tax.

In year 2 they had their ducks in a row. I know of a vacant lot on Prospect Lake that partially floods in the rainy season and is used as a recreational lot in the dry season.

In year 1 the owners paid spec tax because they missed the deadline by 1 day to appeal. In year 2 a mere phone call got it removed from the tax roll.

[spanky123]

The year-end data shows that B.C.'s net migration reached 100,797 people in 2021

 

What I have been saying all along. Increasing immigration (I recognize this number includes both immigration and migration) with no plan on how to house people is idiotic.

 

Most of those 100K people can afford to outbid any local resident for housing.

[spanky123]

A lot of people got caught off guard in year 1 of the spec tax.

In year 2 they had their ducks in a row. I know of a vacant lot on Prospect Lake that partially floods in the rainy season and is used as a recreational lot in the dry season.

In year 1 the owners paid spec tax because they missed the deadline by 1 day to appeal. In year 2 a mere phone call got it removed from the tax roll.

 

Or they simply restructured their affairs. The Chinese owners simply had the house registered in the name of their kid who signed up for a class at UVIC or Camosun and now has a 4 year student / work Visa.

[Mike K.]

Is nobody in the press asking how 20,000-units of new-found rentals got absorbed in Metro Van, which represents approximately five years-worth of market purpose-built rental inventory in that city, and it didn't even move the vacancy needle?

[Sparky]

I think they pulled that 20k number out of thin air.

[Nparker]

I think they pulled that 20k number out of thin air.

I agree. It's a large enough figure to suggest the spec tax has been effective, but not so large as to raise a lot of suspicions as to why the vacancy rates remain more or less unchanged in the areas where it has been implemented.

[Mike K.]

And it looks like that’s just 20,000 in Metro Van, so not spread across the province.

[Mike K.]

Low and behold, the province is expanding the spec tax to the Cowichan Valley. Still no interest in expanding it to Qualicum or the Gulf Islands, and I don’t think Shawnigan Lake is taxable, is it? Certainly a huge portion of housing there is not full time.

More:

The expansion of the Speculation and Vacancy Tax will help eliminate speculative real estate practices and turn empty units into homes for people in additional communities in B.C. struggling with housing affordability.

An independent review report of the speculation tax shows it is working in existing areas by helping to keep housing prices and rents lower than they would have been without the tax. The speculation tax, alongside the 2% tax rate for foreign owners and satellite families, has also encouraged the return of approximately 20,000 condo units to the long-term rental market in Metro Vancouver. The expansion of the speculation tax into communities facing acute housing shortages near existing taxable areas will help reduce the risk of speculators taking advantage of these exempt communities.

“In 2018, we implemented the landmark speculation and vacancy tax that targeted speculators and quickly helped turn thousands of empty units into homes for people,” said Selina Robinson, Minister of Finance. “After careful consideration and listening to people and community leaders on speculative real estate concerns in their communities, we’re expanding the tax to these additional areas that are facing intense housing pressures.”

The review report suggests a phased expansion approach to speculation tax, to help protect housing in other areas of the province experiencing similar concerns. The tax will now be put to use in the municipalities of North Cowichan, Duncan, Ladysmith, Lake Cowichan, Lions Bay and Squamish to help ensure empty housing stock is available for the people who work and live there.

“People, businesses and service providers in Squamish are all facing the critical challenge of housing affordability,” said Karen Elliott, mayor of Squamish. “Our citizens want to see that we are addressing both the supply side, as well as advocating for demand-side policies that help make housing more attainable. We support a collaborative approach to delivering the homes we need. Squamish is proud to be a partner in the Province's efforts to create affordable housing, strategically develop private property, and implement solutions like the speculation and vacancy tax. Together, we can create more stable, attainable and affordable housing.”

These changes will come into effect in January 2023, meaning residential property owners in the expansion communities will declare and claim an exemption for the first time in January 2024. Exemptions are available for primary residences, properties with a long-term tenant and a number of other special circumstances. The Province anticipates that more than 99% of British Columbians will continue to be exempt from paying the tax.

Owners will be able to declare online or by phone with call centre staff. Last year, more than 92% of owners declared online.

[Nparker]

At least this gives the BC Liberals something easy to eliminate in 2025.

[Daveyboy]

As long as Whistler is not included in the "Spec Tax", the entire program is tainted.  

[LJ]

On twitter today, John Horgan said 20,000-units of condos were turned over onto the rental market in BC because of the spec tax.

He has no way of knowing that.

What he can know is that 20,000 people paying the spec tax have now declared their unit is not vacant for 6 months or more.

 

That could be 5000 condos back in the rental pool or none.