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Hudson Place One
Uses: condo, commercial
Address: 777 Herald Street
Municipality: Victoria
Region: Downtown Victoria
Storeys: 25
Condo units: 176 (studio/bachelor, 1BR, 2BR, sub-penthouse, penthouse)
Sales status: pre-sales
Hudson Place One is a 25-storey, 176-suite mixed-use condominium tower with ground floor commercial space at d... (view full profile)
Learn more about Hudson Place One on Citified.ca      Official website: hudsonplaceone.ca
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[Downtown Victoria] Hudson Place One | Condos; commercial | 25-storeys | Built - Completed in 2020


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#1641 Victoria Watcher

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Posted 18 March 2021 - 05:12 PM

i think the op suggests that the $2k is for STR in studios.



#1642 sebberry

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Posted 18 March 2021 - 05:14 PM

Ok, how about this way - is the sort of person who will enjoy living in that actually earning enough to buy it?


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#1643 Mike K.

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Posted 18 March 2021 - 06:09 PM

i think the op suggests that the $2k is for STR in studios.


And regular rentals. Those would be the extreme exception.

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#1644 Mike K.

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Posted 18 March 2021 - 06:13 PM

Ok, how about this way - is the sort of person who will enjoy living in that actually earning enough to buy it?


The good news there are plenty of investors more than willing to put up the up-front costs to provide that housing as a rental for those who can’t, but there is also a negative connotation with the investor side of the market now.
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#1645 Casual Kev

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Posted 18 March 2021 - 09:13 PM

I don’t think I would agree with some of those statements.

The vacation rental market does not impact the price of a rental apartment in an adjacent building, and average studios will not rent for $2k-plus. AirBnB is also regulated, so you can’t operate one in new housing stock within the CoV. Equity is also unattainable for any sort of leverage unless you can afford to carry the debt in addition to your mortgage and other expenses. Or you pursue private lending against the equity, which is expensive. Either way it is not always a path to low-rate lending unless you’re a high income earner with sufficient cash flow/earnings to service the debt.

It’s not quite as easy as you may want to believe it is, as homeownership bears many costs in addition to the mortgage, insurance, strata and property taxes, and is not a quick get-rich scheme like some people may want you to think.

 

The STR example was a bit extreme, but the temporary population does put a big squeeze on the long-term market who will rent similar types of accommodations. 

 

And buying isn't a "quick buck" per se, but it's perceived to be an assured one with time - even when we're talking timeframes as short as 4-5 years. Specially when you consider the alternative of paying rent.


Edited by Casual Kev, 18 March 2021 - 09:14 PM.


 



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