5833 replies to this topic

[lanforod]

I think Uvic would argue they are taking measures. It takes time.

[Mike K.]

A lifetime.

UVic is doing the bare minimum. They’ve grown the student body by thousands, and haven’t made any tangible investments into post-first year housing. Per-capita they had more student housing on campus in the 80s and 90s. Then they started vigorously expanding the student body without adding housing density. This new stuff they’re building is 20 years too late. And I know, went there. 20 years ago my classmates also struggled with rental housing and wished there was more available on campus.

[lanforod]

On the flip side, the money doesn't grow on trees. UBC has a much higher ratio of residence to students (among the highest on the continent), but also gets much more funding. 

Would you be willing for the province to invest in building more ress at UVic, knowing it comes out of your taxes?

Edited by lanforod, 02 September 2022 - 10:45 AM.

[Victoria Watcher]

On the flip side, the money doesn't grow on trees. UBC has a much higher ratio of residence to students (among the highest on the continent), but also gets much more funding.
Would you be willing for the province to invest in building more ress at UVic, knowing it comes out of your taxes?

Yes, probably. At least student housing doesn’t generally fall into squalor like other social housing does. It might be money well spent. Add campus housing, rather than add more community social housing.

[Nparker]

...Would you be willing for the province to invest in building more ress at UVic, knowing it comes out of your taxes?

As long as it comes out of existing funding and cuts are made elsewhere to avoid an increase in taxes. It seems like a better use of my tax dollars than a lot of other government expenditures.

[Victoria Watcher]

There is also no reason UVic has to build subsidized housing. They already own the land. You should be able to build and charge students market rates and finance the construction. “Free” land and rental projects pay their own way just fine.

[lanforod]

I don't think they can legally do that, but could be wrong on that.

[Victoria Watcher]

I don't think they can legally do that, but could be wrong on that.

 

There was/is some type of issue stopping them from raising private money, or taking a long loan for housing.   You are/were right.  Not sure if that hurdle was removed.

[Mike K.]

UVic owns a ton of real-estate downtown, don't forget. They also had planned to rent the entirety (or a portion) of Rocket Residences on Yates, and had wanted to build a rental complex for students on Broad, but the proposal shifted to a hotel.

 

UVic is already well into the real-estate game and has significant equity to put their money towards housing.

[Victoria Watcher]

Bank of Canada:

 

 

The Canadian economy continues to operate in excess demand and labour markets remain tight. Canada’s GDP grew by 3.3% in the second quarter. While this was somewhat weaker than the Bank had projected, indicators of domestic demand were very strong – consumption grew by about 9½% and business investment was up by close to 12%. With higher mortgage rates, the housing market is pulling back as anticipated, following unsustainable growth during the pandemic. The Bank continues to expect the economy to moderate in the second half of this year, as global demand weakens and tighter monetary policy here in Canada begins to bring demand more in line with supply.

 

 

https://www.bankofca...ase-2022-09-07/

[Mike K.]

So we're no longer the most under-built housing market among western nations?

[spanky123]

UVic owns a ton of real-estate downtown, don't forget. They also had planned to rent the entirety (or a portion) of Rocket Residences on Yates, and had wanted to build a rental complex for students on Broad, but the proposal shifted to a hotel.

 

UVic is already well into the real-estate game and has significant equity to put their money towards housing.

 

And in many cases they can gets the Feds and the Province to pony up free funds to help!

[spanky123]

 

The Canadian economy continues to operate in excess demand and labour markets remain tight. Canada’s GDP grew by 3.3% in the second quarter. While this was somewhat weaker than the Bank had projected, indicators of domestic demand were very strong – consumption grew by about 9½% and business investment was up by close to 12%. With higher mortgage rates, the housing market is pulling back as anticipated, following unsustainable growth during the pandemic. The Bank continues to expect the economy to moderate in the second half of this year, as global demand weakens and tighter monetary policy here in Canada begins to bring demand more in line with supply.

 

So lets see, inflation is up 7% and GDP is up 3.3%. Doesn't that net out to a negative?!

[dasmo]

GDP is probably only up from residential construction. I’m not sure about Canada but in BC it looks like a quarter of our GDP is derived from housing. Renting, selling, financing, constructing etc.
It’s like the Ford principle of paying people enough to buy the product to drive the economy.
In this case it’s lend people enough to buy the product. Then after a while increase the interest so “they” can reposes the product and sell it again to drive the economy.

Edited by dasmo, 07 September 2022 - 08:58 AM.

[Victoria Watcher]

Bank of Canada, November 2020:

 

 

 

 

Inflation is also unusually weak. The most recent CPI data has inflation at 0.7 percent in October. We expect inflation to stay below our 1 to 3 percent target range until early next year. After that, we project it will rise gradually. But with the economy continuing to operate below its potential, inflation is projected to remain less than 2 percent into 2023.

 

__________________

 

We want to be very clear—Canadians can be confident that borrowing costs are going to remain very low for a long time. In this way, our forward guidance combined with our QE program reduce one source of uncertainty. And these efforts will help support the spending and investment that the economy needs to restore lost jobs and achieve our inflation target.

 

 

 

https://www.bankofca...atement-261120/

[Sparky]

^ Ha!
Boy did they get that wrong.

A colleague once said about the Bank of Canada ….”If they can’t think of something smart….they’ve bound to say something stupid.”

[Mike K.]

CMHC is running the BoC, I guess.

[dasmo]

Or they lied. I and many others called hyper inflation after this insane money printing spree. It’s not rocket science. Look at what happened when they printed a trillion dollars after the financial crisis. Now it’s at least ten times that in 1/10 the time.

[lanforod]

The BoC didn't predict a war in Ukraine either, so its... fair. I'd call that extenuating circumstances. Yes, I'm aware that the current inflation is not completely because of that war, but a large chunk of it is.

[dasmo]

The unpredictable is always there as well.
It’s basic theory. Level one stuff here.
“ If a government prints extra money, households will have more cash and more money to spend on goods. But, if the amount of goods stays the same, the extra cash will just cause firms to put up prices.”
So disrupting the supply chain and closing businesses worldwide and printing more money than the entire history of money itself would lead to an obvious outcome.

“ We want to be very clear—Canadians can be confident that borrowing costs are going to remain very low for a long time.”

Is explicitly stating with extreme confidence the opposite. It is either a lie or the BOC is run by fools. Which is more likely?