3602 replies to this topic

[Matt R.]

More millions and millions wasted by government.

[dasmo]

The report should just say


GFYS

[Victoria Watcher]

Indeed it is funny that senior governments are just trying to will more housing on communities.

I’d say the above in my report.

Edited by Victoria Watcher, 26 April 2024 - 12:28 PM.

[Nparker]

Until all levels of government are willing to seriously deal with the current unsustainable levels of immigration, their housing policies are pure hypocrisy.*

*as well as their healthcare, environmental and public infrastructure policies

[Matt R.]

What I don't get is why it takes 2 years to land a skilled tradesperson in this country.  Apparently we are being overrun with immigration but we can't seem to import the ones who can swing a hammer.

[Victoria Watcher]

Almost nobody we import can swing a hammer. True.

[Matt R.]

... and the ones that can. we chase out of the province. It's really strange to me.

Edited by Matt R., 26 April 2024 - 01:38 PM.

[aastra]

 

"I was surprised, I was shocked about it, I think it demonstrates the minister doesn’t really understand the work we’ve been doing at New Westminster and in the last decade to meet and exceed our housing targets,” Johnstone said.

The City of North Vancouver was also surprised it’s being given housing targets.

 

New West is the second most densely populated jurisdiction in BC, slightly more densely populated than the city of Victoria or the city of North Vancouver and slightly less densely populated than the city of Vancouver.

 

So naturally the government is pointing the finger at these areas for not being densely populated enough. Because it's only logical that the major burden should fall on physically small jurisdictions that are already very densely populated, duh.

It's not as if BC has a titanic amount of unpopulated land just sitting there, or a huge number of low-density cities, towns, and municipalities that could benefit from growth.

 

--

 

 

[Mike K.]

What if the real issue is our most dense jurisdictions are also the most financially precarious, and without rapid growth, the tax burden will become too large for existing taxpayers unless costs are radically reduced (which is political suicide).

Victoria’s budget has been growing at 2x inflation for the last 15 years. Or 5x the rate of population growth.

I think we can see why there’s worry out there over population density (that statement can be taken to mean one of several things).

[Mike K.]

There might be some bad data here:

B.C. Housing Minister Ravi Kahlon said building 2,000 deeply subsidized units every year is an ambitious goal.

He said the province has built 3,000 affordable housing units in Victoria over the past year, and that the focus is on providing housing for a mix of income levels — including 30 per cent of units at shelter rates.

"It's good for the community, it's good for the people living in it," said Kahlon.

- https://www.cbc.ca/n...-most-1.7197864

[lanforod]

Where did they build 3k affordable units. Did the entire region even add 3k units, let alone affordable ones?

[Victoria Watcher]

Prime Minister Justin Trudeau says his government aims to make housing more affordable for younger Canadians without bringing down home prices for existing homeowners.

 

Cutting shelter costs while ensuring that homeowners’ property values remain high could be viewed as contradictory, but Mr. Trudeau was adamant that property owners would not lose out.

 

“Housing needs to retain its value,” Mr. Trudeau told The Globe and Mail’s City Space podcast. “It’s a huge part of people’s potential for retirement and future nest egg.”

 

Many residents have been priced out of Canada’s housing market with typical home values topping $735,000 across the country and exceeding $1-million in Toronto. The cost of rent has also been climbing, increasing the frustration among younger voters that the Trudeau government is trying to appease.

 

 

https://www.theglobe..._medium=twitter

[Victoria Watcher]

At the end of May, the Toronto area had 9,951 condominiums available for sale, the highest number of units for sale for any month in recent history. 

 

https://www.movesmar...he-toronto-area

 

 

 

 

So Toronto has the highest number of immigrants arriving of any Canadian city, but it has no housing shortage.  At least no new condo shortage.

Edited by Victoria Watcher, 05 June 2024 - 01:01 AM.

[Ismo07]

At the end of May, the Toronto area had 9,951 condominiums available for sale, the highest number of units for sale for any month in recent history. 

 

https://www.movesmar...he-toronto-area

 

 

 

 

So Toronto has the highest number of immigrants arriving of any Canadian city, but it has no housing shortage.  At least no new condo shortage.

 

Are prices dropping at all there?

[Victoria Watcher]

Comment: Homeownership is the key to a better future

 

Multiple studies have established that homeowners have much better socioeconomic outcomes, have higher life satisfaction, are healthier.

 

 

 

 

 

 

I was recently asked what I thought about Prime Minister Justin Trudeau’s recent comment that “housing needs to retain its value … it’s a huge part of people’s potential for retirement and future nest egg.”

 

This factually correct response is refreshing, but also puzzling given that his government’s policies actively disregard this reality.

 

While championing “intergenerational fairness” in housing, government at all levels ignore the need to create affordable homes to purchase. You don’t hear many younger adults these days saying that their dream is to one day finish school, get a job, and rent an apartment. Rather their aspirations are typically to live the “dream” of owning their own home like previous generations.

 

Both this desire to want to purchase a home and Trudeau’s comments speak to the power of homeownership.

 

For most people, homeownership offers many more benefits than renting. It’s also better public policy. Multiple studies have established that homeowners have much better socioeconomic outcomes, have higher life satisfaction, are healthier, their children do better in schools, have much easier retirements, intergenerational benefits accrue, and are more likely to vote and participate in community.

 

The facts support Trudeau’s specific points; Canadian homeowners are much better off financially than renters. How much better off? According to a 2019 report by Statistics Canada, homeowners reported a higher median net worth ($685,400) vs. renters ($24,000) across all age groups.

 

 

 

 

https://www.timescol...-future-9077299

Edited by Victoria Watcher, 13 June 2024 - 02:35 PM.

[Nparker]

...The facts support Trudeau’s specific points...

Too bad his fiscal policies don't.

[dasmo]

Is that why we are seeing so many rentals being built? 

[spanky123]

The facts support Trudeau’s specific points; Canadian homeowners are much better off financially than renters. How much better off? According to a 2019 report by Statistics Canada, homeowners reported a higher median net worth ($685,400) vs. renters ($24,000) across all age groups.

 

But of course ignoring that the two groups have different jobs, education and work experience.

[aastra]

For those keeping score, this is the 1000th time officialdom has flip-flopped re: whether home ownership is something to be encouraged or discouraged.

[Victoria Watcher]

Victoria hopes a new policy will leverage more family-suitable homes getting built as the city says a limited supply of three-bedroom spaces restricts it's ability to attract and retain growing households. 

 

The city's new family housing policy aims to encourage more two- and three-bedroom dwellings being included in rezoning proposals for new multi-unit developments that are four storeys or higher. 

 

City staff say those types of dwellings are becoming badly needed as families – especially ones who rent – face unaffordable and limited options in Victoria. 

 

"The market is not responding to the urgent need for three-bedroom homes in secured rental buildings," a staff report says, pointing to federal data that shows only 18 three-bedroom units have been added to the local rental market over the last several years. 

 

Council on Thursday (June 13) endorsed the policy, which only applies to rezonings and is expected to come into effect on Sept. 1. 

 

The policy will require 30 per cent of units in new strata buildings have two of more bedrooms, with at least 10 per cent having to be at least three-bedroom spaces. It would also require two or more bedrooms in a quarter of the units in new rental apartments, while five per cent of those building units would have to be at least three-bedrooms. The reduced requirements for rental applications are due to more challenging market conditions standing in their way of those projects. 

 

Despite endorsing the plans, councillors expressed some wariness about bringing in new expecations on builders, although staff said the policy would be flexible and the city will continue to work with developers so new housing isn't deterred. To help builders adhere to the policy, the city will offer incentives like reduced parking requirements or increased density during negotiations on how projects can include more family-sized units.

 

An economic analysis found, under current market conditions, rental projects would struggle to remain viable if they were required to provide three-bedrooms in five per cent of units, without incentives. Strata projects providing three-bedrooms in10 per cent of their units seemed economically viable in most scenarios, the analysis found. 

 

 

https://www.vicnews....g-built-7385433

 

 

 

 

 

 

I'm sure these rules will lead to affordability.