432 replies to this topic

[spanky123]

^ CMHC has the household income at $89K which is what I am sure they will use as Statscan data is from 2016 I believe. I am assuming that will also be an average price across all units so you won't be getting a 2 bedroom at the minimum!

Edited by spanky123, 30 March 2021 - 03:17 PM.

[zoomer]

If the taxpayers are willing to chip in a few million more can we go back to the original design?

The podium is fugly. Looks like disguised parking. Still sad reflecting on a previous previous proposal that only Mike K bore witness to when he promised us the Most Glorious Podium in Victoria History. Something flashy and never before seen. And never to be seen.

[Mike K.]

Right!

That was the design that Townline had attempted to woo Telus with, when they were shopping around for a new downtown headquarters.

[zoomer]

/\ DOH!!

[Nparker]

So basically HP2 is going to be the new View Towers?

[Rob Randall]

That tower was supposed to be the crown jewel of the entire Hudson district. I'm guessing the top floors will still be full market price high-end penthouses?

[Victoria Watcher]

with low income housing below?

probably not.

[rambaldi]

Doug King, executive director of the Together Against Poverty Society said, “There are no income caps here..." so it will be interesting to see who will get first access to these affordable units

https://www.cheknews...arch-30-757350/

[Mike K.]

Percentages of units are also going to be allocated to specific wages maximums.

Now, mind you, one of the big effects on “income” in Victoria is the service industry, which earns low wages on paper but gets big tips that are undocumented.

[Barrrister]

It also seems that most of the guys that work on my house are incapable of handling a bank account since it is cash only. But I guess that they do report all of it. 

[Mike K.]

Are you getting receipts? Are they bonded? Are their qualifications legitimate? I haven’t seen a cash-only offer from contractors in ages, they all ask for e-transfers and write you up receipts. There’s been so much negative publicity surrounding cash deals and shady handymen that I sense the reputable ones are steering clear of cash deals/undocumented side gigs they would have agreed to even five years ago.

[spanky123]

Doug King, executive director of the Together Against Poverty Society said, “There are no income caps here..." so it will be interesting to see who will get first access to these affordable units

https://www.cheknews...arch-30-757350/

 

The process determining who gets any subsidized unit in town seems to be a black box. Would be interesting to see what current "affordable" rental units actually rent for in the open market.

[Casual Kev]

According to Statscan it's $69,383 within the City of Victoria, so rents would be capped to $20,814, or $1,734/month. 

 

The 2021 census will show a higher income, so adjust that $1,734 figure a bit. That's still pretty good, for a two-bedroom unit in a highrise purpose-built tower in downtown Victoria.

 

2-beds in the other Hudson District buildings then to go in the 1900-2000 range so that's a decent discount.

[yellow_baron]

Was this building originally designed as affordable? Seems like a bit of an odd last minute change. Not going to complain about improving access to housing though, need more of this

[spanky123]

Was this building originally designed as affordable? Seems like a bit of an odd last minute change. Not going to complain about improving access to housing though, need more of this

 

I am sure they did the math on $100M at zero interest vs $100M at market rates. Likely were also concerned about the amount of inventory coming on the market and the trend away from urbanization.

Edited by spanky123, 01 April 2021 - 01:24 PM.

[aastra]

From that March 30, 2021 CHEK story about the $100 million loan (low interest, 10-year term) to build one building:

 

 

The $100-million loan is coming from the federal government’s Rental Construction Financing Initiative, which provides low-cost loans to encourage the construction of low-cost housing nationwide. The loan must be repaid within 10 years.

 

Minister Hussen said the federal government recognizes that housing is becoming increasingly less affordable in major urban centres nationwide, including Victoria.

 

“People like teachers, nurses, shopkeepers, firefighters, paramedics, construction workers. Those people are finding it harder and harder to afford rent in Canada’s urban centres,” he said.

Experts say Tuesday’s announcement by the feds is another step in the right direction, as it shows the Trudeau government is looking at rental housing as a real solution.

 

“The fundamental problem in Victoria is there are too many people and not enough places, so more homes will help,” said Thomas Davidoff of the UBC Sauder School of Business.

 

People are finding it harder and harder to afford rent. Supply and demand is relevant to the housing situation (and maybe not just in Victoria, you think?). Governments are now looking at rental housing as a solution. Thank goodness we have experts to inform us about such matters. Thank goodness we have governments and politicians to lead us.

 

The same crocodile tears, decade after decade after decade. The same lame efforts and excuses. The same mocking nonsense. Anyone who still believes in politics is getting exactly what they deserve. But unfortunately, those of us who have brains and souls are also suffering for your stupidity and self-centeredness.

Edited by aastra, 03 April 2021 - 12:10 PM.

[Mike K.]

10% increase in housing density (5,000-units of housing built) since ~2014 in the City of Victoria. Population up 7%. Vacancy at 2%.

[Casual Kev]

From that March 30, 2021 CHEK story about the $100 million loan (low interest, 10-year term) to build one building:

 

 

People are finding it harder and harder to afford rent. Supply and demand is relevant to the housing situation (and maybe not just in Victoria, you think?). Governments are now looking at rental housing as a solution. Thank goodness we have experts to inform us about such matters. Thank goodness we have governments and politicians to lead us.

 

The same crocodile tears, decade after decade after decade. The same lame efforts and excuses. The same mocking nonsense. Anyone who still believes in politics is getting exactly what they deserve. But unfortunately, those of us who have brains and souls are also suffering for your stupidity and self-centeredness.

 

Housing will always be a problem everywhere at any given point. It's the biggest expense for most people and it's inescapable that a significant share of the population will struggle with rent and mortgages no matter the year. Homelessness isn't a 2020 invention, so to speak.

 

Which is not to say the problem's magnitude will remain exactly the same throughout time. Historically low interest rates, high migration rates, flood of foreign money and a major boom in tourism and international education makes for a fundamentally different housing market landscape. 

Edited by Casual Kev, 03 April 2021 - 05:22 PM.

[Mike K.]

What makes it tough, is Vancouver Island is the Florida, California, Hawaii, Arizona, Oregon coast and western Washington of Canada.

[Barrrister]

Really hard to get cheap housing in Malibu as well.