Jump to content

      



























Photo

Victoria rental housing market and related issues discussion


  • Please log in to reply
1870 replies to this topic

#1701 Nparker

Nparker
  • Member
  • 40,390 posts

Posted 27 March 2023 - 01:03 PM

Damn! If I had known the award was this remarkable, I would have worked harder to get nominated myself.

#1702 dasmo

dasmo

    Grand Master ✔

  • Member
  • 15,225 posts

Posted 27 March 2023 - 01:11 PM

Damn! If I had known the award was this remarkable, I would have worked harder to get nominated myself.

There is still a lot left to 2023


  • Nparker likes this

#1703 dasmo

dasmo

    Grand Master ✔

  • Member
  • 15,225 posts

Posted 27 March 2023 - 01:13 PM

I had my robot do most of the work. I'm putting modern technology to a good purpose! 


  • Mike K. likes this

#1704 lanforod

lanforod
  • Member
  • 11,232 posts
  • LocationSaanich

Posted 27 March 2023 - 03:21 PM

Damn! If I had known the award was this remarkable, I would have worked harder to get nominated myself.

 

You're perpetually nominated.

Mike K would make the cut too, just from the Tesla whining, but he's disqualified as he owns the joint. Hah


  • Nparker and Matt R. like this

#1705 dasmo

dasmo

    Grand Master ✔

  • Member
  • 15,225 posts

Posted 27 March 2023 - 03:25 PM

You're perpetually nominated.

Mike K would make the cut too, just from the Tesla whining, but he's disqualified as he owns the joint. Hah

It's an independent body that decides so there is no conflict there. 



#1706 Mike K.

Mike K.
  • Administrator
  • 83,155 posts

Posted 27 March 2023 - 04:37 PM

Correct.

I don’t whine for nothing.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#1707 Nparker

Nparker
  • Member
  • 40,390 posts

Posted 27 March 2023 - 04:39 PM

Increased whining was the one retirement goal I set for myself. It's gratifying to see it paying off.


  • aastra, Ismo07 and Victoria Watcher like this

#1708 Nparker

Nparker
  • Member
  • 40,390 posts

Posted 27 March 2023 - 04:41 PM

You're perpetually nominated....

Does that make me the Susan Lucci of Vibrant Victoria?


  • Matt R. likes this

#1709 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 52,280 posts

Posted 11 April 2023 - 04:53 PM

Canada’s largest landlord has endorsed a controversial $500-million fund to buy older apartment buildings and retain them as non-profit assets.

 

The idea is that when an older, inexpensive apartment buildings comes up for sale, the provincial fund would help non-profits, co-operative housing groups and First Nations buy and retain them as cheap rentals.

 

 

https://www.timescol...uy-plan-6834702

 

 

Mark Kenney, president and CEO of Canadian Apartment Properties Real Estate Investment Trust, told a multi-family panel at a Real Estate Forum in Vancouver last week that he fully backs the Rental Protection Fund.

 

“It is a wonderful, wonderful acquisition plan,” Kenney said.

 

______________________

 

In the past four years, the trust has been disposing of its older rental stock, selling $400 million in assets across Canada, most of it older buildings with, presumably, the lowest rental income and the highest maintenance costs, and has put that money into developing and buying new rental buildings.

 

______________________

 

Ken Fraser, executive director of the Vancouver Resource Society, a non-profit rental housing group, called buying “old dilapidated 50-year-old apartment buildings” a waste of taxpayers’ money, noting that it is difficult to even get insurance on aging stock that needs expensive wiring, plumbing and HVA upgrades.

 

A better approach, he said, would be to allow a developer to buy an old 20-unit property on a large lot and build 60 to 70 units of modern rentals that would last another 50 years.


Edited by Victoria Watcher, 11 April 2023 - 04:55 PM.


#1710 Citified.ca

Citified.ca
  • Administrator
  • 2,285 posts
  • LocationVictoria, BC

Posted 12 April 2023 - 09:36 AM

Downtown grew by zero new rental homes in 2022. It's a surprising outcome, given how much construction activity is taking place throughout downtown. But it's also a statement on how long the delivery timeline is, and how complex it can be.

 

Zero-homes-delivered-in-downtown-Victoria-throughout-2022--Citified-data.jpg

 

Zero homes delivered in downtown Victoria throughout 2022: Citified data

https://victoria.cit...-citified-data/


Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.

#1711 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 52,280 posts

Posted 10 May 2023 - 06:27 AM

$7,700,000

 

Hamlet House is three storey, 24 unit apartment in the popular Cook Street area which is walking distance to downtown, and two blocks from the new Save-on-Foods. The property comprises of 20 one bedroom suites and 4 two bedroom suites. 30% of the units have been recently fully renovated. The average monthly rent is 40% below current market rents. Potential long term redevelopment opportunity with OCP supporting an FSR of 2:1 and up to 6 stories. Opportunity to purchase the shares of the Bare Trust Corporation. 

 

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

 

931185_1.jpg



#1712 Stephen James

Stephen James

    Stephen James

  • Member
  • 1,022 posts
  • LocationJames Bay, Victoria

Posted 10 May 2023 - 09:15 AM

something I don't understand about Victoria...

 

My house sits on a rock, built late 90s, so up to code for earthquakes and I have a 10% earthquake deductible.

If I buy an apartment building built in the 1960s... can I get insurance? Will the math work? (Rent minus insurance, taxes, maintenance... etc.)

 

I don't give marxists this much credit... but years of bad policy layered on bad policy could eventually make building/owning rentals impossible unless they're all owned by the state. This would be a tragicomedy (actually a sequel) of the highest order.



#1713 Barrrister

Barrrister
  • Member
  • 2,903 posts

Posted 10 May 2023 - 09:18 AM

The goal is for the state to own all the rental units. Eventually we can catch up to North Korea. A bicycle for everyone, well almost everyone.


Edited by Barrrister, 10 May 2023 - 09:18 AM.

  • Nparker likes this

#1714 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 52,280 posts

Posted 10 May 2023 - 09:27 AM

something I don't understand about Victoria...

My house sits on a rock, built late 90s, so up to code for earthquakes and I have a 10% earthquake deductible.
If I buy an apartment building built in the 1960s... can I get insurance? Will the math work? (Rent minus insurance, taxes, maintenance... etc.)

I don't give marxists this much credit... but years of bad policy layered on bad policy could eventually make building/owning rentals impossible unless they're all owned by the state. This would be a tragicomedy (actually a sequel) of the highest order.


The math on that one will not work with average rents 40% below market.

#1715 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 52,280 posts

Posted 12 May 2023 - 05:25 AM

Devon Properties is pleased to present the opportunity to acquire a 14-unit multifamily residential apartment building located within one of Victoria’s most sought-after neighborhoods – Oak Bay Florence Apartments is a three-storey, walk-up apartment building presenting exceptional value-add potential with spacious, unrenovated, one- and two-bedroom suites - with the large majority of suites currently rented below market levels. Located in the District of Oak Bay and within a 500m radius of both the Victoria and Saanich East borders, residents enjoy convenient access to all of life’s necessary amenities across three major districts. Carnarvon Park and Willows Beach are both only a short distance away, providing residents easy access to diverse activities in the area.

 

 

 

$4,200,000

 

 

2161 Haultain St

 

 

https://www.realtor....k-bay-henderson

 

 

 

931494_1.jpg


Edited by Victoria Watcher, 12 May 2023 - 05:27 AM.


#1716 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 52,280 posts

Posted 22 July 2023 - 01:39 AM

A hardworking husband and father has 10 days until his family of three is on the streets.

 

“It’s out of control, there’s no availability. The costs of the unit are outside of our budget to start with and there are 30 families deep trying to rent them,” said Michael Sharcott.

 

Two months ago, when Sharcott got the news their landlord had plans to use their unit for a family member who couldn’t afford to live on their own while they study for school, he started searching for a new home.

 

Since then, he’s sent hundreds of requests to landlords and seen dozens of apartments but hasn’t been able to find a home.

 

“It’s a full-time job trying to find housing for us. We quickly found out three-bedrooms were out of our price range. Then we started to look at two-bedrooms, but there seems like there’s none available, with landlords preferring to rent to students,” said Sharcott, who has now resorted to looking at one-bedroom units for their family of three.

 

Sharcott is a hardworking family man. By day, he works as a grocery store manager, by night he’s the caretaker for his wife on disability and his eight-year-old son.

 

“They’re the most important people in my life. If I have to spend every ounce of money that I make to find them a place to live, that just needs to be done,” said Sharcott.

 

But Sharcott is getting desperate. His family of three is just 10 days away from being homeless with an eviction date of Aug. 1.

 

“I gotta find something. Being a grown man crying because you can’t find a place for family even though you’re working so hard because everything else is stopping you from finding something, is tough,” said Sharcott. “Worst case scenario [my wife and son] will go to the shelter. And I’ll stay in my van.”

 

 

 

https://www.cheknews...market-1161615/

 

 

 

 

 

It's very hard to understand these articles when the reporters deliberately leave out dollar figures.

 

“It’s out of control, there’s no availability. The costs of the unit are outside of our budget to start with and there are 30 families deep trying to rent them,” said Michael Sharcott.

 

 

There is no indication what his budget is, what his previous rent was.  Or if he has any savings in order to pay above-budget at least temporarily.


Edited by Victoria Watcher, 22 July 2023 - 01:43 AM.


#1717 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 52,280 posts

Posted 30 July 2023 - 11:54 AM

F2TvDkvXYAE07g2.jpg



#1718 Ismo07

Ismo07
  • Member
  • 5,224 posts

Posted 31 July 2023 - 08:47 AM

Downtown grew by zero new rental homes in 2022. It's a surprising outcome, given how much construction activity is taking place throughout downtown. But it's also a statement on how long the delivery timeline is, and how complex it can be.

 

 

Any count on 2023 yet?  A few projects were completed....



#1719 Mike K.

Mike K.
  • Administrator
  • 83,155 posts

Posted 31 July 2023 - 09:51 AM

245 rentals at Hudson House, maybe 129 additional condos at Mod if it completed by Dec 31. Not sure when Pearl will complete, maybe 1st quarter of 2024. I don’t recall the density there. ~150 condos?

So it could end up at 245 or it could be closer to 500.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#1720 Ismo07

Ismo07
  • Member
  • 5,224 posts

Posted 31 July 2023 - 09:52 AM

245 rentals at Hudson House, maybe 129 additional condos at Mod if it completed by Dec 31. Not sure when Pearl will complete, maybe 1st quarter of 2024. I don’t recall the density there. ~150 condos?

So it could end up at 245 or it could be closer to 500.

 

Is one of those buildings the two that finished on Yates and Johnson 800 block?



You're not quite at the end of this discussion topic!

Use the page links at the lower-left to go to the next page to read additional posts.
 



0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users