1896 replies to this topic

[IPH]

The citizens of Victoria and perhaps even the province will be better off when these two are no longer holding political office.

Assuming they are not replaced with clones or worse!

[Nparker]

...I don't know of any reasonable investor that would settle for less than 3% return on his money...

Unless you're the NDP government and your goal is to eventually buy up and control all rental housing in the province.

[dasmo]

It’s a sign of the times that our mayors have a little club where they can pass resolutions without public input or scrutiny and that influence our provincial politics. Democracy evolved.

[IPH]

Unless you're the NDP government and your goal is to eventually buy up and control all rental housing in the province.

Please don't give Comrade Ben ideas for the next UBCM

[Nparker]

Assuming they are not replaced with clones or worse!

I don't want to anger the gods and suggest there couldn't be anything worse than what we've had over the past 4 years, but you're right, there is no guarantee Victoria voters will choose wisely next month.

[Nparker]

Please don't give Comrade Ben ideas for the next UBCM

You think he hasn't been working towards this since he was first elected?

[IPH]

You think he hasn't been working towards this since he was first elected?

Touché 

[Victoria Watcher]

Renting is growing twice as fast as home ownership, census reveals

 

10 million households own their home, while 5 million rent. But the gap is narrowing.

 

https://www.cbc.ca/n...-data-1.6589842

[Mike K.]

Yes, it's narrowing because of government regulations and the lending industry's tightening grip over who can qualify for their mortgages, which is often tethered to some federal policy further up the chain.

 

We've already discussed how mortgages in the early 80s were on par, adjusted for inflation, with today's mortgages. $5000 vs $5000 for an average home, in today's dollars. But it was way, way easier to get that mortgage in 1980 than it is today.

[Victoria Watcher]

B.C. posts highest rate of unaffordable housing as ownership declines across Canada

 

Statistics Canada says B.C. is the most unaffordable province for housing in Canada, due largely to the number of people paying high rents to live in downtown Vancouver.

 

https://vancouversun...using-in-canada

[Victoria Watcher]

Greater Victoria renters are facing starker affordability issues than their homeowning counterparts, according to new census data released Wednesday.

 

About half of all dwellings built in Greater Victoria since 2016 are occupied by renters – a proportion that puts the region in eighth among Canada’s census metropolitan areas in that regard.

 

As urban centres densify, Statistics Canada said apartments in buildings with five or more storeys were the fastest-growing housing type nationally since 2016.

 

 

 

https://www.vicnews....eowners-census/

Edited by Victoria Watcher, 21 September 2022 - 01:27 PM.

[Victoria Watcher]

$13,200,000

 

840 Humboldt St

 

 

Devon Properties is pleased to present the unique opportunity to acquire a 70-unit apartment building with upside potential located in downtown Victoria, steps away from the Inner Harbour, Cook Street Village and Beacon Hill Park. The five-story, Neoclassical Edwardian style apartment building is comprised of a mix of bachelor and one-bedroom suites with an additional 1500 sq. ft. of income producing commercial space located on the property. The large 24,490 sq. ft idyllic lot offers an array of opportunities with zoning permitting a number of uses including transient accommodation, nursing homes and care facilities, schools and various offices.

 

 

 

 

 

 

 

Historic former St. Joseph's Hospital is on the market for $13.2 million

 

The 1908 building contains 70 rental apartments and a chapel that’s rented to artists

 

 

 

Of its 70 apartment units, 63 are studios and seven are one-bedrooms, which rent for below-market rates.

 

All are currently rented, Craig said. A bachelor suite in St. Joseph Apartments goes for $811 a month, well below what the Zumper rental website says is the average price to rent a ­studio apartment in Victoria: $1,811.

 

Units have hot plates but not full kitchens and there is no parking.

 

 

 

https://www.timescol...million-5855182

Edited by Victoria Watcher, 23 September 2022 - 12:27 AM.

[Victoria Watcher]

https://www.realtor....-fairfield-east

 

[Victoria Watcher]

Fantastic 10-unit revenue property at the best location of Cook St Village & Beacon Hill Park! Steps to Dallas Road waterfront and beaches. This income producing multifamily consists of 3 two-bedroom, 1 one-bedroom, and 6 studio suites. R1-B Zoning, Multi-Family Conversion. 4 detached garages, onsite parking at the back and plenty of off street parking. Separate Hydro meters for each unit. Coin operated shared laundry. Low maintenance landscaping. Great investment potential for rezoning and future high density development. In the heart of Fairfield, one of the finest neighborhoods in Victoria, short strolls to all amenities, parks, bus routes and downtown Victoria. A rare offering!

 

https://www.realtor....-fairfield-west

 

 

$2,890,000

 

 

1120 May St
Victoria, British Columbia V8V2S5

 

 

Edited by Victoria Watcher, 08 October 2022 - 04:58 AM.

[Victoria Watcher]

 

$2,999,000

 

 

410 Michigan St
Victoria, British Columbia V8V1R5

 

Colliers is pleased to bring to market the sale of 410 Michigan Street, a seven (7) unit rental building with below market rents, that is exceptionally located in the heart of James Bay. The subject property is walking distance to the Parliament Buildings, Victoria Inner Harbor, Royal BC Museum, Fisherman’s Wharf, Empress Hotel, and many other attractive amenities. Designated as “Urban Residential” in the city of Victoria’s Official Community Plan, which encourages the development of mid-rise multi-unit buildings up to approximately 6 storeys in height with a density of 2:1 FSR. Features: - Below market average rents - All windows have been replaced with double glazed vinyl - All suites are separately meter for hydro - Centrally located in James Bay 

 

https://www.realtor....toria-james-bay

 

 

 

Edited by Victoria Watcher, 19 October 2022 - 07:47 AM.

[Victoria Watcher]

Victoria has a higher proportion of landlords than Toronto, statistics show—but very few renters at council tables

One in 10 Greater Victoria residents reported rental income in 2020 while roughly 40% of the population rents

 

https://www.capitald...-council-tables

 

[Victoria Watcher]

Capital Daily:

 

 

 

 

 

The housing crisis is a wicked problem and it’s hitting Victoria renters harder than homeowners.

“The lack of adequate and affordable housing is not only a problem in and of itself, but it impacts various other parts of our community,” Andrea Hudson, Victoria’s assistant director of community planning, told council Thursday. The housing shortage means fewer workers are able to stay in or move to Victoria, stunting economic growth and squeezing services from education to health care.

Sixty per cent of Victoria households rent their homes and those homes have become significantly less affordable: between 2016 and 2021, the affordability gap—the difference between what the median renter household’s monthly earnings and the average monthly rent for a two-bedroom unit—rose by more than 50%, from $400 per month to $630. As of October 2022, average monthly rent for a two-bedroom in Victoria was $2,726, according to Rentals.ca—a 10.6% increase over the previous year and nearly $700 higher than the city’s 2021 estimation.

Despite Victoria’s efforts to address the issue, 30.3% of local renters live in unsuitable or unaffordable housing, compared to 7.4% of homeowners.

Coun. Susan Kim is one of two council members who rent rather than own their home. She and Coun. Krista Loughton were the only renters elected in Greater Victoria following this year’s municipal elections.

 

 

 

 

 

I don't quite understand the part about unsuitable or unaffordable housing.

Edited by Victoria Watcher, 12 December 2022 - 06:20 AM.

[dasmo]

Maybe talk to Ottawa about inflating demand for housing while the BOC works at depressing wage inflation?

[Sparky]

^^ Do you have a link to that article? I couldn’t seem to find it.

[Victoria Watcher]

^^ Do you have a link to that article? I couldn’t seem to find it.

 

It's just from their daily e-mail, no link.

 

Entirety:

 

 

 

 

 

 

COUNCIL CORNER

In a city where most households rent, Susan Kim brings a renter's perspective to the council table

The housing crisis is a wicked problem and it’s hitting Victoria renters harder than homeowners.

“The lack of adequate and affordable housing is not only a problem in and of itself, but it impacts various other parts of our community,” Andrea Hudson, Victoria’s assistant director of community planning, told council Thursday. The housing shortage means fewer workers are able to stay in or move to Victoria, stunting economic growth and squeezing services from education to health care.

Sixty per cent of Victoria households rent their homes and those homes have become significantly less affordable: between 2016 and 2021, the affordability gap—the difference between what the median renter household’s monthly earnings and the average monthly rent for a two-bedroom unit—rose by more than 50%, from $400 per month to $630. As of October 2022, average monthly rent for a two-bedroom in Victoria was $2,726, according to Rentals.ca—a 10.6% increase over the previous year and nearly $700 higher than the city’s 2021 estimation.

Despite Victoria’s efforts to address the issue, 30.3% of local renters live in unsuitable or unaffordable housing, compared to 7.4% of homeowners.

Coun. Susan Kim is one of two council members who rent rather than own their home. She and Coun. Krista Loughton were the only renters elected in Greater Victoria following this year’s municipal elections.

While plenty of people who own homes have experienced renting at some point, Kim believes there is value to having people familiar with the current rental market in the council chamber.

“We can't foreclose the notion that renting looks very different now than it did even five years ago in Victoria,” she said. “Somebody who is living through the moment has a particular lived experience to bring forward, and I feel quite honoured to be one of the few to be able to do that.”

By Shannon Waters

Edited by Victoria Watcher, 12 December 2022 - 07:25 AM.