3492 replies to this topic

[DustMagnet]

The best leaders lead by example.

 

Stewards, not Leaders.

[Mike K.]

Not to mention the foreign purchaser and empty condo taxes. When you lose the pre-sale on a couple of penthouse units, then the result may be the developer doesn't get the financing to go forward with the build, and a bunch of less expensive units on lower floors aren't built and don't become part of the housing pool.

 

It's almost like when people tinker in a space they know nothing about, there are occasionally unintended consequences. 

 

Selling a penthouse is a huge boost to the confidence of the financiers, for sure.

 

The majority of projects need to pass a 50% value threshold before financing is released, which typically aligns with a 50% unit count when you average out the purchases.

 

But if a project consist of 50 one-beds and 50 two beds, it would have insufficient buy-in even if all 50% one-beds sold which equates with a 50% sold-out status (as their collective value is, say, 35% of the overall value of the project, so you'd need to reach closer to 60% for the project to proceed). So those bigger units are very important to the whole equation.

[Matt R.]

We started a new PCS search for condos in greater Victoria, 2-3 bedroom with rentals allowed, and there are LOTS in the $300-400 range. What’s that in mortgage payments? $1500-2000 a month? How is that not affordable for two working people?

Sure, they are laminate floors and no granite countertops...

Matt.

[Jackerbie]

Just gonna leave this one here...

 

 

[Vancouver] Councillor Jean Swanson wants to get rental housing 'out of the market'
"To date, Swanson has voted against every single market rental housing proposal — nine projects totalling nearly 450 units — brought forward to council."

via https://dailyhive.co...using-vancouver

[Nparker]

...Instead of private developers building market rental housing, [Jean Swanson] wants taxpayers to be responsible for funding and constructing residential rental developments, with public funding providing assurances that the homes will be affordable...in the long run, we need to get lots more federal and provincial money, and if they won’t give us any more money, then we need them to give us new methods of progressive taxation so that the city can build housing that everyone can afford...

Sounds like she might be vying for the inaugural Ben Isitt award for Worst Suggestion by a Civic Politician

[Mattjvd]

That's infuriating. Votes against every rental development to say "see, the private market can't provide rental housing."

[grantpalin]

From the link:

Instead of private developers building market rental housing, she wants taxpayers to be responsible for funding and constructing residential rental developments, with public funding providing assurances that the homes will be affordable.

 

“The developer in this building can charge whatever the market can bear… The more we let developers make profits off of housing, out of our human right to housing, the more we won’t be able to solve the problem,” she said during the public hearing for the proposal, adding that “in the long run, we need to get lots more federal and provincial money, and if they won’t give us any more money, then we need them to give us new methods of progressive taxation so that the city can build housing that everyone can afford.”

 

She wants taxpayer-funded housing, rather than letting the "greedy developer" bogeyman earn profit.

[Jackerbie]

^ Nobody mention the human right to food, lest we end up stonewalling for-profit grocery stores in favour of bread lines

[Sparky]

‘If you’ve got any wealth in Vancouver, you have to be fearful,’ says investor.

 

https://thetyee.ca/N...form-Vancouver/

[TallGuy]

We started a new PCS search for condos in greater Victoria, 2-3 bedroom with rentals allowed, and there are LOTS in the $300-400 range. What’s that in mortgage payments? $1500-2000 a month? How is that not affordable for two working people?

Sure, they are laminate floors and no granite countertops...

Matt.

Don't forget $300-$400 for strata fees, plus $175 per month for property taxes. So at least $1,975 a month. Affordable for 2 working DINKs, but add any child care costs in there and that drops off in a hurry.

Edited by TallGuy, 15 July 2019 - 03:11 PM.

[Mike K.]

You should also add:

- maintenance/repairs

- regular upkeep

 

If your faucet leaks, you need to fix it. If your complex requires a new roof, you have to pay for it in addition to the strata levy. As a renter you're only required to pay one monthly fee, plus hydro if that's not included. On top of that, the bank will require between 5% and 25% downpayment. Sometimes as high as 40%, depending on how you earn an income.

[Matt R.]

So, not affordable on 75k a year? Hmmm.

Matt.

[Mike K.]

It’s more like $37,500 after the various governments take their pieces of the pie.

The biggest impact on affordability in this country is taxation. Canadians are being taxed into poverty, and the government keeps telling us we need to pay more tax to solve, among other things, housing affordability.

[Matt R.]

It’s more like $60,000 but whatever. I was just surprised at some of the low prices out there.

Matt.

[Mike K.]

Don’t forget the PST, GST, gas taxes, fuel surcharges/levies, carbon taxes, MSP, property taxes and municipal levies.

[Matt R.]

What MSP?

Of course there are other taxes to pay, we all pay those. All I hear is how unaffordable housing is and how high rents are. A couple working regular hours at $17 or $18 an hour a piece should be able to afford an older 2 bedroom condo, no?

Matt.

[Mike K.]

The MSP I pay monthly.

It’s not that simple. A couple earning $1,260/week ($36 x 35) can’t carry much of a mortgage with the stress test.

[Matt R.]

Ahhh the stress test! Forgot about that.

People working 35 hours a week are doing it by choice and can’t complain.

Matt.

[Victoria Watcher]

People working 35 hours a week are doing it by choice and can’t complain.

Matt.

 

yup.

[Victoria Watcher]

The MSP I pay monthly.

It’s not that simple. A couple earning $1,260/week ($36 x 35) can’t carry much of a mortgage with the stress test.

 

what is that two $18/hr. jobs?