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APPROVED
NEST
Uses: condo, commercial
Address: 1100 Yates Street
Municipality: Victoria
Region: Downtown Victoria
Storeys: 12
Condo units: 107 (1BR, 2BR, 3BR)
Sales status: pre-sales
NEST is a 12-storey condominium tower with ground and second floor commercial space at Yates and Cook streets ... (view full profile)
Learn more about NEST on Citified.ca      Official website: https://nestbychard.com
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[Fernwood] Nest & Haven | Condos; office; retail | 12 & 6-storeys | Approved


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186 replies to this topic

#181 Victoria Watcher

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Posted 19 November 2021 - 06:30 PM

The gap where a young or first-time buyer can’t save $70,000 to buy into the market, and qualify under the federal government’s stress test mortgage environment.

 

Buy something cheaper/smaller.  Or get a second job.  Solved.  


Edited by Victoria Watcher, 19 November 2021 - 06:30 PM.


#182 Mike K.

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Posted 19 November 2021 - 06:35 PM

Homeownership is good for society. It’s probably good that the government is expanding its housing mandate from only the rental market.

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#183 Victoria Watcher

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Posted 19 November 2021 - 06:37 PM

Homeownership is good for society. It’s probably good that the government is expanding its housing mandate from only the rental market.

 

My simple non-government plan involves home ownership.


Edited by Victoria Watcher, 19 November 2021 - 06:38 PM.


#184 Mike K.

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Posted 19 November 2021 - 06:46 PM

Not if you can’t qualify for the mortgage, though.

The feds made things tricky with the stress test, the province is trying to mitigate that trickyness, to some degree, and help people qualify for a mortgage.

It wasn’t that long ago that families were buying $350,000 SFDs in Victoria, but now that’s what a small studio costs. It’s a very different market today than it was even 15 years ago.
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#185 magmazing

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Posted 19 November 2021 - 07:26 PM

4 years ago when I signed the papers go get a unit at Vivid, my 1br + den was assessed at $370k and my purchase price was 8% under that under the previous program.  I wonder what the assessment will be in 2022?



#186 Mike K.

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Posted 19 November 2021 - 08:10 PM

Keep in mind that the property tax assessment (BC Assessment) and the market value assessment (what you paid, and what you could sell for) are two different assessments.

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#187 Citified.ca

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Posted 23 November 2021 - 10:16 AM

“It is important for me to let others know that if I could do it, so can other people who are in my situation working hard to catch up but always falling behind. My message now to my friends and colleagues is to learn about this program and see how it can help them, too.” - Haven purchaser Darek M. As a transit operator, Darek says his wages kept rising but so did his down payment requirement to buy a home, and he could no longer keep up. BC Housing's AHOP, he says, was the assistance he needed to buy a home.

 

BC Housing-backed affordable ‘Haven’ condo turning home ownership dreams into reality


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Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.

 



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