1571 replies to this topic

[spanky123]

^ 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.

[punk cannonballer]

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.

[spanky123]

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.

[Mike K.]

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

[punk cannonballer]

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

[spanky123]

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. 

[Mike K.]

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.

[punk cannonballer]

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.

[LJ]

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.

[punk cannonballer]

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.

[lanforod]

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

[LJ]

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

[punk cannonballer]

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.

[Victoria Watcher]

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.

[kitty surprise]

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.

[Citified.ca]

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

https://victoria.cit...ss-association/

[Casual Kev]

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.

[Mike K.]

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

[Mike K.]

The proposal is currently before Committee of the Whole.

 

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

[kitty surprise]

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