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PROPOSED
Harris Green Village, tower 1
Uses: rental, commercial
Address: 900-block of Yates Street
Municipality: Victoria
Region: Downtown Victoria
Storeys: 32
Harris Green Village, tower 1 is a proposal for a 32-storey mixed-use purpose-built rental tower with ground f... (view full profile)
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[Harris Green] Harris Green Village & Harris Victoria Chrysler/Dodge redevelopment | Multi-phased; mixed-use | Proposed


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#621 spanky123

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Posted 18 June 2021 - 08:12 AM

^ Correct me if I'm wrong, but I'm fairly certain 100% rental projects are exempt from CACs as per the Inclusionary Housing Policy

 

I was commenting in general terms the belief that rezoning doesn't change the value of land because any land lift is already baked into the price.



#622 punk cannonballer

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Posted 18 June 2021 - 09:45 AM

The argument is often made that the rental provision itself is an amenity contribution. I'm on the fence as to how much that should factor.



#623 spanky123

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Posted 18 June 2021 - 10:23 AM

The argument is often made that the rental provision itself is an amenity contribution. I'm on the fence as to how much that should factor.

 

Companies are building rentals because they can finance the buildings for free (or close) for an extended period of time and the economic return now favours rentals vs a sale. There is no altruism here.



#624 Mike K.

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Posted 18 June 2021 - 10:40 AM

Although to be fair to Starlight, they do not build condos. They are always pursuing rental housing opportunities, regardless of market conditions.


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#625 punk cannonballer

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Posted 18 June 2021 - 10:40 AM

Intent is irrelevant. It's about providing public benefit.



#626 spanky123

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Posted 18 June 2021 - 11:00 AM

Intent is irrelevant. It's about providing public benefit.

 

So how is renting a apartment for $2,000 a month any more beneficial then selling a condo for $500K? You would have to assume that people would rather rent then buy. 



#627 Mike K.

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Posted 18 June 2021 - 11:03 AM

No down payment, no commitment, included maintenance, and brand new digs.

 

Renting makes a lot of sense for many people, finances notwithstanding. It's also important to look at as a decent option for retirees. Are they better off selling a $1.5 million home at the age of 70, and buying a $1M condo that they might have to sell in five years and then move into assisted living, or are they better off putting $1.5 million into investments and renting a nice new apartment for $2,000/month? Lots of variables here.


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#628 punk cannonballer

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Posted 18 June 2021 - 11:27 AM

So how is renting a apartment for $2,000 a month any more beneficial then selling a condo for $500K? You would have to assume that people would rather rent then buy. 

Stable purpose-built residential immune from speculation is certainly a societal benefit.


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#629 LJ

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Posted 18 June 2021 - 07:41 PM

No down payment, no commitment, included maintenance, and brand new digs.

 

Renting makes a lot of sense for many people, finances notwithstanding. It's also important to look at as a decent option for retirees. Are they better off selling a $1.5 million home at the age of 70, and buying a $1M condo that they might have to sell in five years and then move into assisted living, or are they better off putting $1.5 million into investments and renting a nice new apartment for $2,000/month? Lots of variables here.

You can bet that when the capital gains tax on principal residences is announced there are going to be a lot of homeowners selling and moving into rentals.

Or, you sell me your home and I will sell you my home and we will rent from each other.


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#630 punk cannonballer

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Posted 22 June 2021 - 09:15 AM

You can bet that when the capital gains tax on principal residences is announced there are going to be a lot of homeowners selling and moving into rentals.

Or, you sell me your home and I will sell you my home and we will rent from each other.

 

Yeah good idea. Sell the house twice, two capital gains tax hits, transfer taxes AND pay property taxes without the HOG reduction. #smart. 


Edited by punk cannonballer, 22 June 2021 - 09:16 AM.


#631 lanforod

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Posted 22 June 2021 - 09:22 AM

^ only if its a retroactive/immediate change. More likely it would be a future dated change.



#632 LJ

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Posted 22 June 2021 - 07:48 PM

Yeah good idea. Sell the house twice, two capital gains tax hits, transfer taxes AND pay property taxes without the HOG reduction. #smart. 

You would sell the house before the capital gains tax was implemented. You can deduct all improvements, repairs, mortgage interest etc.

#smarter


Life's a journey......so roll down the window and enjoy the breeze.

#633 punk cannonballer

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Posted 25 June 2021 - 08:45 AM

You would sell the house before the capital gains tax was implemented. You can deduct all improvements, repairs, mortgage interest etc.

#smarter

I will readily admit to being somewhat less than smarter.



#634 Victoria Watcher

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Posted 26 June 2021 - 05:17 AM

Toronto Man Retires To Victoria; Takes Up Hobby of Complaining About Growth


rebuttal:




A commentary by the ­Capital Regional District’s general ­manager of planning and ­protective services.

In response to the June 16 commentary, “We are rushing toward a crowded future,” the Capital Regional District adopted an updated regional growth strategy in 2018.


https://www.timescol...ends-1.24335747

Edited by Victoria Watcher, 26 June 2021 - 05:18 AM.

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#635 kitty surprise

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Posted 07 July 2021 - 01:27 PM

COTW meeting scheduled for July 15, 2021

 

Folder Number: REZ00730 Address: 911 YATES ST

 

Edit: from Dev tracker


Edited by kitty surprise, 07 July 2021 - 01:43 PM.


#636 Citified.ca

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Posted 13 July 2021 - 10:45 AM

Jeff Bray: “We need to build lots of low-income housing, lots of purpose-built rentals, high-end condos, housing for workers. But really it’s the purpose-built rental housing that is so critical, as it brings in the young professionals, the downtown workers, and ensures our employers operate in a community that provides attainable housing for their employees, and through this diversity our businesses can be more resilient to withstand any future downturn in the economy.”

 

Large infusion of "diverse density" key to sustaining downtown Victoria's economy: DVBA


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#637 Casual Kev

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Posted 13 July 2021 - 09:29 PM

When I first moved into Victoria it was right when the Yello on Yates was about to be completed, and it was a godsend to secure a rental with a reputable property manager without needing to be in town. The Hudson District stuff was really the only other game right downtown. Saved me a month or two of AirBnB... it's good to see that newcomers will have a lot more options moving forward (V1488, Hudson Place Two, Wedge, 1400 Quadra and eventually this). 


Edited by Casual Kev, 13 July 2021 - 09:30 PM.


#638 Mike K.

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Posted 14 July 2021 - 06:58 AM

You might want to write council. The project goes before its fate tomorrow.

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#639 Mike K.

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Posted 15 July 2021 - 10:17 AM

The proposal is currently before Committee of the Whole.

 

You can watch live: https://crd.ca.grani...8&event_id=1498


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#640 kitty surprise

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Posted 15 July 2021 - 11:14 AM

I love how some councillors are completely disengaged and playing on their phones. The orange shirt doesn't help.



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