3492 replies to this topic

[spanky123]

Provincial monies typically fund the projects managed by agencies like Pacifica.

Milliken Developments is proposing a $1 million contribution to the housing fund: https://victoria.cit...eniors-complex/

 

And that $1 million would be more money then received from every other developer and land owner combined during the housing boom last year. 

 

Jeremy and Ben have valid points when it comes to affordable housing. For some reason the existing policies and rules seemed to have so many loopholes that hardly anyone every contributed. 

Edited by spanky123, 17 June 2019 - 06:22 AM.

[rmpeers]

from the "the flogging will continue until morale improves" file:



https://www.timescol...-say-1.23857034

why have we become a municipality that goes well out of our way to attract the "unwealthy"? is that in our mission statement?

I think it would be cool to live in Manhattan, but I fully accept that the housing costs wouldn't suit my budget. Therefore, I live where I can afford to.

[sebberry]

why have we become a municipality that goes well out of our way to attract the "unwealthy"?  is that in our mission statement?

 

I'm far from joining the fist pumping, loudmouth SJW crowd, but you have to admit that the city would be a pretty bland place if those aged 20-40 couldn't find reasonable accommodation to live in and start a family.  

 

It's one thing to say that young adults should go move to a cheaper city, but that'd be a massive talent loss.  

[Nparker]

...It's one thing to say that young adults should go move to a cheaper city, but that'd be a massive talent loss.  

I can see how at least 1/3 of the CoV council could be improved if young adults lived elsewhere, so there's that.

[Midnightly]

I'm far from joining the fist pumping, loudmouth SJW crowd, but you have to admit that the city would be a pretty bland place if those aged 20-40 couldn't find reasonable accommodation to live in and start a family.  

 

It's one thing to say that young adults should go move to a cheaper city, but that'd be a massive talent loss.  

 

 

but young adults with young families do already live within the city.. just take a look at the population of the elementary schools

[sebberry]

but young adults with young families do already live within the city.. just take a look at the population of the elementary schools

 

And I'm sure they're all living comfortably and not at all struggling to make ends meet...

[Citified.ca]

Under this program, an individual earning $120,000 per year could qualify for assistance to purchase a home valued at $600,000, provided their downpayment obligation brings the purchase price to $480,000 or below without exceeding 20%.

 

The program will allow individuals to carry a mortgage no greater than 4x their annual income, or $200,000 for an individual earning $50k per year.

 

Feds unveil details of first-time homebuyer assistance program for properties valued up to $600,000

https://victoria.cit...00-000-or-less/

[spanky123]

^ should help drive demand and prices at the low end of the market

[rmpeers]

from the "the flogging will continue until morale improves" file:



https://www.timescol...-say-1.23857034

why have we become a municipality that goes well out of our way to attract the "unwealthy"? is that in our mission statement?

It's also notable that Isitt regards anyone who can afford a market condo as wealthy. Though it's all relative, this is obviously wildly inaccurate. My contemporaries who have bought condos are not exactly Thurston Howell III. Most are scraping by and living on a tight budget to make those mortgage payments. Also, their chances of becoming wealthy are made less likely by the ever-increasing property tax demands from Ben and company.

His definition of "wealthy" again indicated how completely out of touch he is with normal people.

[Nparker]

His definition of "wealthy" again indicated how completely out of touch he is with normal people.

Based on many of his own comments, Ben is a Marxist. I am sure he believes all wealth should be equally distributed through government regulation and intervention. I suspect he is only getting started on his crusade to ensure that no person in the CoV owns property or accumulates any sort of personal wealth.

[Mike K.]

The councillor's home has an assessed value of well over $600,000, and streetview shows an SUV parked in the driveway with a canoe on its roof. If it were to be sold on the open market it would likely be listed at $750,000 to $800,000 (without the SUV with a canoe on its roof).

[Victoria Watcher]

the councillor’s home is the ultimate marxist gift. taken forceably from another by the state and sold to the councillor - the only bidder.

Edited by Victoria Watcher, 17 June 2019 - 11:14 AM.

[Mike K.]

The home was purchased for $381,000 back in 2011. At the time of the purchase media picked up on the story as Isitt was a council hopeful in the 2011 municipal election.

[sebberry]

The home was purchased for $381,000 back in 2011. At the time of the purchase media picked up on the story as Isitt was a council hopeful in the 2011 municipal election.

 

And he was what, 33 at the time?  

[Mike K.]

Yes, he was.

[Mike K.]

Just to put things in perspective, $381,000 back in 2011 was equivalent to $433,000 today.

 

Under the new CHMC first-time buyer program regulations, in order to purchase a home valued at $433,000 you need to earn at minimum $87,000 per annum, and that's if you're able to provide 14.9% of a down payment ($65k) on top of the government's 5% boost. If you can only provide 5%, you need an income of $97,000 per year.

 

Translation: homeownership is an expensive endeavour, and it doesn't matter how you slice it.

 

I know many, many people who say housing should be valued at 50% of where it is now, but even if it were and houses were selling for $433k in the City of Victoria today the overwhelmingly majority of individuals who can't buy a home at today's market rates would not be able to buy a home at drastically (heavily!) reduced 2011 rates, either.

[VIResident]

Mortgage industry remains skeptical as Ottawa details new incentive for first-time home buyers

 

 

BILL CURRY

JANET MCFARLANDREAL ESTATE REPORTER

OTTAWA AND TORONTO

PUBLISHED JUNE 17, 2019 UPDATED 4 HOURS AGO

 

“Basically the government is building a bridge to nowhere for first-time buyers,” he said. “I don’t think anyone needs it and very few will want it. To me, this is vote candy. …

Basically they are doing a little but trying to appear like they are doing a lot.” 

 

https://www.theglobe...-launch-sept-2/

Edited by VIResident, 17 June 2019 - 07:11 PM.

[Mike K.]

While true that this won’t be everything to everyone, if you happen to fall within the parameters of the program you’ll get (essentially) free money. Why wouldn’t you keep 10% of a down payment in your pocket, if you could?

And for your average white collar worker earning $60-$80k, this program will get you into a $350k condo a heck of a lot faster if you only need to save up 5% for a down payment.

[spanky123]

While true that this won’t be everything to everyone, if you happen to fall within the parameters of the program you’ll get (essentially) free money. Why wouldn’t you keep 10% of a down payment in your pocket, if you could?

And for your average white collar worker earning $60-$80k, this program will get you into a $350k condo a heck of a lot faster if you only need to save up 5% for a down payment.

 

Except it will now be a $375K condo with the new demand and free money!

[Mike K.]

Lol, yes, that’s quite likely in hot markets that can entertain rapid value increases.