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Affordable housing in Victoria


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#2701 Mike K.

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Posted 29 June 2022 - 08:02 PM

Is the belief that housing prices will decline, if we build that volume of units? Do young people think $1,800 rents will slip to $1,200? That $1.5 million homes will cost $700,000?

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#2702 Nparker

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Posted 29 June 2022 - 08:45 PM

If they buy into the Aryze philosophy they probably do.



#2703 Mike K.

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Posted 04 July 2022 - 06:48 AM

A newly-unearthed 2017 report examining the efficiency and carbon emissions of heat pumps in multi-unit residential units cites BC Housing officials saying “heat pumps at (one Vancouver seniors complex) are set to only provide heating, not cooling” and that “BC Housing has disabled the cooling function at other heat pump retrofit sites” to save money.The study was co-sponsored by the City of Vancouver, UBC and the Greenest City Initiative
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Given that the “Documentation of heat-pump retrofits in multi-unit residential buildings” analysis is several years old, CTV News asked to interview someone with the provincial crown corporation to find out whether the cooling function was disabled during last year’s fatal heat dome and whether the function continues to be restricted at this time.

Three days after several requests, a spokesperson emailed to say: "Thank you for bringing this to our attention. BC Housing will be looking into these assertions."


- https://bc.ctvnews.c...abled-1.5972243
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#2704 spanky123

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Posted 04 July 2022 - 09:45 AM

^ So in other words yes it was disabled. Wonder how many of the deaths we had were in these buildings?



#2705 Victoria Watcher

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Posted 07 July 2022 - 02:06 AM

San Francisco housing development has slowed to a crawl, with no uptick in sight: ‘The costs are simply too high’

 

 

 

With new housing development in San Francisco slowed to a crawl, Mayor London Breed is looking into whether reducing affordable requirements or deferring fees might get residential building job sites up and running again.

 

On Friday, Breed’s office called for the reconvening of the “technical advisory committee” that is supposed to periodically revisit the city’s inclusionary affordable housing program — which requires market-rate developers to either include affordable units, pay a fee or dedicate land. The eight-person committee, which includes four mayoral and four Board of Supervisors appointees, has not met since February 2018.

 

Breed spokesman Jeff Cretan said that rising construction costs, high inflation and interest rates, along with a sluggish pandemic recovery “make it an absolutely appropriate time to look at our policies so we can ensure that we are building the most housing, including affordable housing, that is possible.”

 

Supervisor Aaron Peskin, who co-sponsored the most recent version of the city’s affordable housing mandates, said “it’s definitely time to reconvene” the committee.

 

The push comes as the city is seeing declines at all points in the housing production cycle. Fewer new buildings are opening. Active construction sites are way down. And applications for new projects are few and far between.

 

During the Planning Commission meeting on Thursday, city economist Ted Egan and Land Use Program Manager Joshua Switzky delivered a mostly grim outlook for future housing development as well as office occupancy in downtown San Francisco.

 

 

https://www.sfchroni..._eid=d3c3a20417


Edited by Victoria Watcher, 07 July 2022 - 02:07 AM.


#2706 Barrrister

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Posted 07 July 2022 - 08:59 AM

San Fransico due to Woke Policies is turning into a **** hole. I was down there last year and could not believe what they did to a beautiful city. 



#2707 LJ

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Posted 07 July 2022 - 07:30 PM

^We just drove through SF, you are absolutely right.

 

We will never enter California again.


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#2708 Victoria Watcher

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Posted 11 July 2022 - 09:13 AM

Just a quick reminder that the "housing crisis" is created by us.

 

screenshot-www.google.com-2022.07.11-13_12_09.png

 

 


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#2709 Victoria Watcher

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Posted 13 July 2022 - 06:41 AM

Bank of Canada raises interest rate by full percentage point to 2.50%

 

 

The Bank of Canada has raised its key interest rate by a full percentage point to 2.50 per cent.

Most economists had forecasted the central bank would raise interest rates by three-quarters of a percentage point.


Edited by Victoria Watcher, 13 July 2022 - 06:41 AM.

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#2710 Barrrister

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Posted 13 July 2022 - 06:47 AM

I suspect that there are a few more hikes in our future before the year is out. Are we getting close to triggering some variable fixed payment mortgages on their renegotiation clause?



#2711 Szeven

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Posted 13 July 2022 - 06:52 AM

I suspect that there are a few more hikes in our future before the year is out. Are we getting close to triggering some variable fixed payment mortgages on their renegotiation clause?

There have been stories about the hidden trigger rates in peoples variable rate mortgage.  When prime goes from 2.45% to 3.45%, no problem, payment stays the same, but at 4.7% you get a little phone call and your payment is reset 25% higher.



#2712 Mike K.

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Posted 13 July 2022 - 07:05 AM

To help pay down more principle, maybe? I’m not all that familiar with how variable rates work and whether the ratio between interest and principle is the same.

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#2713 Mike K.

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Posted 13 July 2022 - 07:08 AM

In any case, say goodbye to future rental housing. Unless it can secure major government dollars.

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#2714 sebberry

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Posted 13 July 2022 - 07:45 AM

Bank of Canada raises interest rate by full percentage point to 2.50%

 

 

The Bank of Canada has raised its key interest rate by a full percentage point to 2.50 per cent.

Most economists had forecasted the central bank would raise interest rates by three-quarters of a percentage point.

 

I can definitely say goodbye to getting a dog now... 


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#2715 Victoria Watcher

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Posted 13 July 2022 - 07:47 AM

I can definitely say goodbye to getting a dog now... 

 

You were going to buy a dog on credit?


Edited by Victoria Watcher, 13 July 2022 - 07:47 AM.

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#2716 Nparker

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Posted 13 July 2022 - 08:40 AM

Bank of Canada raises interest rate by full percentage point to 2.50%.

I am very glad to have bid farewell to my mortgage last week.


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#2717 spanky123

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Posted 13 July 2022 - 09:34 AM

In any case, say goodbye to future rental housing. Unless it can secure major government dollars.

 

You mean with more BC Housing dollars - with the new board overseeing?!

 

I suspect that any private project that was just hanging on is done now. Will need to convert to luxury condos or find a buyer for the land/project. Hear there are some Chinese investors who still have cash.


Edited by spanky123, 13 July 2022 - 09:36 AM.


#2718 Mike K.

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Posted 13 July 2022 - 09:50 AM

I would assume so, unless they can secure funding to raise their equity stake.

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#2719 Victoria Watcher

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Posted 13 July 2022 - 09:54 AM

You mean with more BC Housing dollars - with the new board overseeing?!

 

I suspect that any private project that was just hanging on is done now. Will need to convert to luxury condos or find a buyer for the land/project. Hear there are some Chinese investors who still have cash.

 

Was no rental housing built from 1950 to 2009?

 

1280px-History_of_Prime_Rates_and_the_Bank_of_Canada_Target_Overnight_Rate.png



#2720 spanky123

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Posted 13 July 2022 - 10:01 AM

^Many (most) developers have financed their projects at cheap rates and on very generous LTVs. The more you can load a project, the greater the upside when it sells. 

 

The problem is that banks are now going back and increasing interest rates at the same time they are vastly lowering the LTV they are willing to finance. In addition to paying a higher carrying cost, developers have to come up with cash to cover the security. 


Edited by spanky123, 13 July 2022 - 10:02 AM.

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