1964 replies to this topic

[Victoria Watcher]

Lots of green space for tenants to enjoy.

 

$3,750,000

 

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

 

 

I guess tenants might enjot looking at it, but it's not like they use the space.

 

I've said the same about front lawns on many apartments, waste of space.

[Jhon Steve]

Wasn't sure where else to put this. I couldn't find a rental housing thread.


Edit: I suppose it should have been posted in "affordable housing". Sorry 'bout that.

How can the city encourage more affordable rental units by offering developers bonus density while ensuring public benefits and development viability?

[Victoria Watcher]

$2,350,000

 

1385 Rockland Ave

Victoria, British Columbia V8S1V7

 

An extraordinary opportunity to own a landmark property in the heart of Rockland, Victoria’s prestigious enclave of historic estates. Built in 1911 in the British Arts & Crafts style and converted to six suites in the 1940s, this property generates nearly $150,000 in annual gross revenue. Recently renovated suites feature modern updates, including a 400-amp electrical upgrade, while preserving the home’s Tudor and Georgian Revival charm with soaring ceilings, detailed woodwork, and stunning stained glass windows. Situated atop Rockland on a 10,800sq ft lot, the home boasts a dramatic entry foyer and timeless features throughout. With three garage bays, ample parking, and a prime location adjacent to Government House, 1385 Rockland offers a rare investment opportunity as a stable, cash-flowing asset in one of Victoria’s most sought-after neighborhoods. 

 

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

 

 

 

 

Edited by Victoria Watcher, 12 December 2024 - 11:51 AM.

[Barrister]

Great, we are now down to a 70 cent dollar. Lets hope it is just temporary and that we dont keep sliding.

[Daveyboy]

I can see a 61cent Canadian dollar in the not too distant future.....  When the deficits, immigrant issues, tariffs and full recession all come home to roost we are in big trouble.  I really hope not but the decisions made by Trudeau and his clique have messed up our future in a shocking manner.

[Victoria Watcher]

Victoria surpasses Toronto as second most expensive rental market: CMHC

 

https://cheknews.ca/...t-cmhc-1229607/

[LJ]

Victoria surpasses Toronto as second most expensive rental market: CMHC

 

https://cheknews.ca/...t-cmhc-1229607/

 

Apparently according to my source that is because there is so much rent controlled housing in Toronto that nobody will move out of. Market rents are much higher there,

[Victoria Watcher]

$2,199,900

 

 

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

 

 

 

Somehow I feel that's a deal for that parcel, even if it had no building.   BC Assessment says $1.8.

 

 

 

 

Edited by Victoria Watcher, 22 February 2025 - 11:51 PM.

[Mike K.]

Small landlords who do not have a company with five or more employees are being assessed a 50% tax on passive rental income, I’ve learned.

This ought to make rental housing more affordable.

[Matt R.]

I took a look around, didn’t see anything to indicate this. Link?

[Mike K.]

I received a phone call from a fairly well known local accountant, who advised me to advise people I know who are landlords, to connect with their accountant. He said he has several clients faced with the tax.

[Matt R.]

I know half of you have better google fu than I do. Let’s go folks!

I’ll run it by the accounting team.

[Victoria Watcher]

Jamie, pull that up.

 

 

 

In most cases, income from the property will be considered passive income and would not qualify for a small business deduction. For example, rental income is considered a passive income (income from property). However, in rare circumstances it can be treated as active Business Income and eligible for a small business deduction limit without hiring more than five full-time employees as described in this article.

 

https://cncpa.ca/rental-income-abi/

 

In the majority of cases, rental income is categorized as passive income, rendering it ineligible for small business deductions. For instance, if a company derives rental income without meeting specific criteria, it remains passive income. One such criterion is the employment of at least five full-time employees within the company.

 

However, there exists a rare and exceptional circumstance in which rental income can be reclassified as active business income, allowing the company to benefit from small business deductions. This reclassification is possible without the mandatory employment of more than five full-time employees.

Edited by Victoria Watcher, 25 February 2025 - 09:16 PM.

[NinVic]

Small landlords who do not have a company with five or more employees are being assessed a 50% tax on passive rental income, I’ve learned.

This ought to make rental housing more affordable.

Yes CRA typically classifies rental income as passive income, like interest and dividends.

 

To be classified active business income, (26% corp tax rate) one needs to have 5 or more FT employees. If incorporated, having owners on payroll counts. 

 

That's a summary from a non accountant.

 

So real estate investors should scale up to 5 FT staff if they want lower corporate income tax rate.  Having employees has benefits instead of contracting out everything.

[Victoria Watcher]

A reprieve may finally be in sight for Victoria renters who have endured years of seemingly endless rising prices.

The average cost of a one-bedroom in Victoria was $2,053 in May, according to the latest National Rent Report from Rentals.ca and Urbanation, marking a 1.4 per cent decrease from the previous month and a 5.3 per cent drop from May 2024. The average cost of a two-bedroom reached $2,703, a 1.4 per cent jump from April but a 5 per cent decrease from May 2024.

“The easing in rents this year across most parts of the country is a positive for housing affordability in Canada following a period of extremely strong rent inflation lasting from 2022 to 2024,” said Shaun Hildebrand, president of Urbanation. “Rents have recently been impacted by the combination of a surge in supply from new apartment completions, as well as a slowdown in population growth and a heightened level of economic uncertainty.”

https://www.vicnews....a-rents-8061793

Edited by Victoria Watcher, 10 June 2025 - 12:19 PM.

[Mike K.]

The real kicker is with so much government-backed housing now coming online, some rents may be dropping but your taxes will keep rising.

[Victoria Watcher]

The real kicker is with so much government-backed housing now coming online, some rents may be dropping but your taxes will keep rising.

 

 

 

In B.C., the province’s 2023 budget pledged $4.3 billion for subsidized housing, equal to the entire provincial deficit, after the province had announced a separate $500 million fund to help non-profits buy old rental buildings. This is addition to $428 million aimed  at  those “currently homeless or unstably housed” in the 2022 provincial budget.

 

But, as the parliamentary budget office noted, there is no standard government definition of affordable housing. And, in B.C., no one knows how many homeless there are, or if the programs meant  to house them are making any difference.

 

Questions regarding provincial government spending and accountability has led to a forensic audit of BC Housing, the provincial housing agency. Conducted and complete last year by Ernest Young under orders from B.C. Premier and former housing minister David Eby, the potentially explosive audit has yet to be released. 

 

B.C. currently has 70,000 subsidized housing units in 3,200 non-profit buildings and the number is mushrooming as billions of dollars pump in from taxpayers.

 

The big winners, however, appear to be politicians queuing for the spending announcements and registered housing charities with multimillion-dollar payrolls.

 

Losers include the innocent living in old hotels converted to house the homeless, where violence and other crime is a constant threat.

 

 

https://www.westerni...g-in-bc-6738122

Edited by Victoria Watcher, 10 June 2025 - 09:11 PM.

[Victoria Watcher]

The real kicker is with so much government-backed housing now coming online, some rents may be dropping but your taxes will keep rising.

 

 

BC Housing budget, 2001:  $228M

 

https://www.bchousin...nual-Report.pdf

 

 

2028 plan:  $3.266B

 

https://www.bchousin...n-2025-2028.pdf

 

 

So the budget has increased 13x in just 27 years.  Hasn't doubled, tripled or quadrupled.  It's 13x higher now.

 

$145M annually on salaries. 

 

Nearly 500 employees earning over $75,000 per year:

 

https://www.bchousin...mation-2024.pdf

 

 

But only $43M in tenant rent payments.

Edited by Victoria Watcher, 10 June 2025 - 09:27 PM.

[Mike K.]

We hear activists talking about the commodification of housing all the time.

What we don’t hear, is how housing development has become a major government file, and is now eroding the potential for private development as industry grows dependant on it (think architects, builders, consultants, engineers, even developers assisting government, working in a growing stream of government projects). Once an industry becomes dependent on a revenue stream, it’s hard to undo the dependence.

[Victoria Watcher]

https://www.realtor....a-victoria-west

 

 

604 Wilson Street, Victoria, BC, is a fully renovated five-unit multifamily building located in the Victoria West neighbourhood. This 1912-built character property has undergone extensive upgrades, transforming it into a modern, high-efficiency, low-maintenance asset. With a strong unit mix and excellent tenant base, the building offers investors hands-off cash flow. 

 

 

Edited by Victoria Watcher, 12 June 2025 - 10:53 AM.