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The Yates on Yates
Uses: condo, commercial
Address: 848-852 Yates Street
Municipality: Victoria
Region: Downtown Victoria
Storeys: 20
Condo units: (1BR, 2BR, 3BR, 2BR + den)
Sales status: sold out / resales only
The Yates on Yates is one of two 20-storey residential towers on a property spanning the 700-blocks of Yates a... (view full profile)
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[Downtown] The Yates on Yates | Condos; commercial | 20-storeys | Built - completed in 2020


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#141 Nparker

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Posted 06 April 2017 - 09:32 PM

Given that the developer is working with BC Housing to make some units affordable, does anyone know why Ben Isitt is opposed...?

Because Chard isn't planning to make all the units free.



#142 shoeflack

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Posted 06 April 2017 - 10:09 PM

Given that the developer is working with BC Housing to make some units affordable, does anyone know why Ben Isitt is opposed...?
Interesting to note that Chard would provide over 60 public parking spots...


See above for my explanation as to why Ben was opposed.

#143 jonny

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Posted 07 April 2017 - 07:44 AM

Interesting to note that Chard would provide over 60 public parking spots...

 

These developers must be reading my ramblings on VV!



#144 Mike K.

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Posted 07 April 2017 - 07:45 AM

I've put in a request with Chard Dev to confirm the height change. Originally the plan was for two 21-storey towers, then a press release that was issued by the company referenced 20-storeys, which has subsequently been referenced by other media as 21. We'll get this cleared up :)


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#145 Mike K.

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Posted 07 April 2017 - 08:22 AM

20-storeys is confirmed. Some of the media are reporting the public rooftop as an additional storey.


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#146 Rob Randall

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Posted 07 April 2017 - 08:26 AM

If it's usable common space, it's a storey.

 

Remember the rooftop patio on Castana in CSV?



#147 Jackerbie

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Posted 07 April 2017 - 09:24 AM

If it's usable common space, it's a storey.

 

Remember the rooftop patio on Castana in CSV?

 

Not according to zoning: "'Storey' means the space between two floors or between any floor and the roof next above, but does not include a basement or a crawlspace." [x]


Edited by Jackerbie, 07 April 2017 - 09:25 AM.

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#148 Mike K.

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Posted 07 April 2017 - 11:25 AM

Right. The Wade has a common rooftop, but it's still a four-storey building (the new-build) as far as planning documents go.


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#149 Kapten Kapsell

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Posted 08 April 2017 - 08:41 AM

Today's T-C includes an article about this proposal and more detail on the affordable housing element in the Johnson tower: http://www.timescolo...nits-1.14432518

#150 MarkoJ

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Posted 08 April 2017 - 09:19 AM

I am pro affordability but these market affordable units at Dockside Green have seen extremely poor appreciation in relation to non-affordable units and are almost impossible to sell which kind of sucks when people grow out of them and want to buy a single family home.  Even buyers who fit the criteria don't want to buy them.  I wonder if there is a better way to execute the affordability component.

 

Example of one -> https://www.realtor....Columbia-V9A0B3


Edited by MarkoJ, 08 April 2017 - 09:21 AM.

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www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#151 Nparker

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Posted 08 April 2017 - 09:29 AM

...I wonder if there is a better way to execute the affordability component...

Yes; ensure the number of housing units being built in the CRD always outstrips the number of buyers by a factor of 2:1 and prices will come down. This would be made easier if it didn't take so bloody long getting from proposal to ground-breaking due to the interference of municipal governments hell-bent on ensuring input from the public, most of whom either couldn't care less or are NIMBYs and will object to everything.


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#152 Kapten Kapsell

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Posted 08 April 2017 - 10:14 AM

I am pro affordability but these market affordable units at Dockside Green have seen extremely poor appreciation in relation to non-affordable units and are almost impossible to sell which kind of sucks when people grow out of them and want to buy a single family home. Even buyers who fit the criteria don't want to buy them. I wonder if there is a better way to execute the affordability component.

Example of one -> https://www.realtor....Columbia-V9A0B3


Perhaps some (not all) buyers may not "grow out" of the units and want to buy a single family home?

#153 grantpalin

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Posted 08 April 2017 - 09:17 PM

I am pro affordability but these market affordable units at Dockside Green have seen extremely poor appreciation in relation to non-affordable units and are almost impossible to sell which kind of sucks when people grow out of them and want to buy a single family home.  Even buyers who fit the criteria don't want to buy them.  I wonder if there is a better way to execute the affordability component.

 

Example of one -> https://www.realtor....Columbia-V9A0B3

I know a couple who live in that building, house- and cat-sat for them once. I like the building and the location, what with the nearby shopping, bus routes, and proximity to downtown. Would probably work for me. That said, I have to wonder if the affordability requirements are onerous - is there a limit to how much a unit can be resold for? That might be an issue for would-be buyers. As for that ad, the unit did look a bit small going off the pictures, though it didn't include a floor plan so it's hard to visualize what the layout is like.



#154 RFS

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Posted 08 April 2017 - 09:22 PM

I know a couple who live in that building, house- and cat-sat for them once. I like the building and the location, what with the nearby shopping, bus routes, and proximity to downtown. Would probably work for me. That said, I have to wonder if the affordability requirements are onerous - is there a limit to how much a unit can be resold for? That might be an issue for would-be buyers. As for that ad, the unit did look a bit small going off the pictures, though it didn't include a floor plan so it's hard to visualize what the layout is like.

 

 

I believe it must be re-sold under the same conditions and must be something like 25% below market value, so depending what the market does you can really get screwed over.  I looked at a similar unit when I was looking for my condo but didn't want to be beholden to those rules when I wanted to sell.  I agree with Marko, it is a crappy program.



#155 grantpalin

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Posted 08 April 2017 - 10:22 PM

I believe it must be re-sold under the same conditions and must be something like 25% below market value, so depending what the market does you can really get screwed over.  I looked at a similar unit when I was looking for my condo but didn't want to be beholden to those rules when I wanted to sell.  I agree with Marko, it is a crappy program.

Put like that, the program sounds good in concept, but bad in the details. I can see that resell requirement being onerous to anyone with a long-term view of moving up.



#156 MarkoJ

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Posted 09 April 2017 - 06:03 PM

The details are super bad.  For example, the seller must pay out of pocket for an appraisal before the unit goes on market and then you can only sell for 80% max of the appraisal.  The appraisal is only valid for 6 months and in slower markets the units take longer than 6 months to sell.  The buyer has to be a resident of Victoria for the last 12 months prior to purchase, has to live in the unit (fair enough), but a bunch of other stuff.  At one point with the Dockside Green affordable units you weren't supposed to own a car but I think they amended that.

 

Not sure why anyone would buy an affordable two bedroom.  It would make way more financial sense, in my opinion, to buy a 1 bedroom market unit at Yates on Yates and rent a two bedroom across at the street at Yellow.  You would have a foot in the market with better appreciation and you would be living in a two bedroom.

 

As I said, I really like the concept but people really get shafted on re-sale.  I am not smart enough to figure out a better way but there should be one...like maybe after 5 years of ownership you can sell for 85% of appraiser value? After 10 years 90%, etc.


Edited by MarkoJ, 09 April 2017 - 06:06 PM.

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#157 VicHockeyFan

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Posted 13 April 2017 - 07:22 AM

 
‘Model’ housing project in the works for downtown Victoria

Development offers affordable housing, dog park, space for urban food production

 

http://www.vicnews.c...ntown-victoria/


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#158 Mike K.

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Posted 13 April 2017 - 07:24 AM

It's 20-storeys tall, folks :)


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#159 RFS

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Posted 13 April 2017 - 07:33 AM

Ben idiot Issit says its too high. and this guy wants to be mayor..
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#160 Nparker

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Posted 13 April 2017 - 09:01 AM

Ben idiot Issit says its too high. and this guy wants to be mayor..

Because shorter buildings make housing more affordable...or whatever passes for logic in the comrade's thinking process.  :wacko:



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