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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 Today, 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 Today, 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 Today, 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 Today, 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 Today, 10:40 AM

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



#626 spanky123

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Posted Today, 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 Today, 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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Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#628 punk cannonballer

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

 



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