1986 replies to this topic

[Sparky]

In Toronto there are 65,000 empty condo units but the average rental price is over $2,200. Toronto vacancy rate is over 4%. One in ten houses are vacant.

Toronto has nasty weather. Come for the frostbite and stay for the black flies.

[Mike K.]

Yes, absolutely, but the demand to live there is overwhelming, even on an international scale.

We are in serious economic trouble in BC. Our local businesses lack labour, our seniors lack health care, and the middle class is struggling under the weight of high CoL.

We live in a beautiful place, but the world is littered with beautiful places that buckled under economic and social problems, leaving behind wealthy individuals and a struggling poverty class when the middle class eventually moves on. It’s a story written countless times, and from what I can see, we’re writing it right here, right now.

[Nparker]

So what is the solution?

[Mike K.]

First we need to identify the problem, which we don’t want to talk about.

I don’t think it’s a supply and demand issue any longer, but more so a social discussion. How many thousands of units of housing are we building in BC, to house individuals facing homelessness and economic issues in other provinces?

What are we gaining long term, and what are taxpayers being asked to increasingly support? Alberta has no sales tax, no property transfer tax, it did not have a carbon tax until forced, and has a smaller one than BC’s, no secondary home tax, no expensive home tax, no foreign buyer’s tax, etc.

What are we paying for, in BC, that Albertans are not paying for? It’s not the sunshine and ocean, that’s free.

[Nparker]

...What are we paying for, in BC...

Sadly, the rest of the country's problems.

[Mike K.]

What is the goal and endgame here?

Have you seen downtown Nanaimo lately? Nevermind Victoria, the rest of the Island is facing serious issues.

Why did we start to see tent cities in Penticton? Or Courtenay? Is BC creating the problem, or is BC importing the problem, or both? Is the economic hardship here just so bad, under the weight of taxes and a high CoL, that we are creating poverty while working to end poverty?

It is impossible, IMO, for one city to have returned 20,000-units of housing back into the market due to the NDP’s spec tax, and for there not to have been any movement of the housing vacancy needle. The province issued that stat a few weeks ago.

[Nparker]

... Is BC creating the problem, or is BC importing the problem, or both? ...

Something from column A and something from column B.

[Mike K.]

I’ll give you guys an example.

I have an unplanned home repair job that cannot wait. I called a whole slew of handymen, contractors and even it’s with some knowledge of the work required. Half didn’t pick up their phones or return messages. The other half said I’ll see you in 1-3 months. One came out, inspected the situation, and walked me through it. I’m now left to my own devices to figure it out, and it’s well beyond my skill level.

But what do you do?

The common thread is these guys are beyond busy, under-staffed and also frustrated that they start jobs with five workers, then lose two in the first week. A few go on to other gigs, a few move away. The one solution is to raise costs to the client, but eventually there’s a ceiling, and they’re starting to see that ceiling now.

[Mike K.]

Look. As I was writing the above, see the CRD notice that flashed up on my screen:



We need labour, but labour can’t afford to live here, but we’re building thousands of units for individuals who will not enter the labour force. Now what?

[Mike K.]

My god.

Look at this press release just issued by the province:

BC Rent Bank assistance increased housing stability and prevented homelessness for the vast majority of people who used its services, according to the results of the latest BC Rent Bank Housing Survey.

“BC Rent Bank is there to help people who find themselves in a housing crisis,” said Murray Rankin, Attorney General and Minister Responsible for Housing. “These survey results show the positive impact that rent banks have on British Columbians who face housing instability. The Province is proud to support BC Rent Bank, which helps British Columbians in every part of the province.”

We’re now championing ‘rent banks.’

Ladies and gentlemen, we are breaking down. This car we’re all in can’t make it up that hill you see right before you.

[Mike K.]

Here’s the full release:

BC Rent Bank assistance increased housing stability and prevented homelessness for the vast majority of people who used its services, according to the results of the latest BC Rent Bank Housing Survey.

“BC Rent Bank is there to help people who find themselves in a housing crisis,” said Murray Rankin, Attorney General and Minister Responsible for Housing. “These survey results show the positive impact that rent banks have on British Columbians who face housing instability. The Province is proud to support BC Rent Bank, which helps British Columbians in every part of the province.”

BC Rent Bank surveyed every household in B.C. that received financial assistance from a rent bank between April 1 and June 30, 2021, and asked about their housing situation six months after receiving assistance. Survey results showed:

94% of respondents either maintained or improved their housing situation. Most respondents (83%) were in the same housing. Of those who were not, 67% had moved to “better housing”.
Nearly all respondents (91%) credited their continued housing stability to rent bank assistance, while 61% said they would have faced homelessness had they not received this service.
Many respondents said that their increased housing stability allowed them to maintain custody of their children, engage in recovery from addictions and resume employment. More than one respondent commented that the rent bank had saved their life.
”I can't say enough about how profoundly this program helped me by not having to worry about all the volatility that I was going through with the pandemic,” said a rent bank survey respondent. “It gave me breathing room. I didn't have to give up my car, so I ended up being able to get more jobs and have a means of getting there. Six months later, I am stable again. I was just a moment when I needed help, a moment that could very well have made me and my family homeless.”

According to Canada Mortgage and Housing Corporation, preventing an eviction saves a tenant $2,932 and a landlord $8,663.

“Rent banks were successful in supporting renters to maintain their housing during times of short-term crisis,” said Melissa Giles, project lead, BC Rent Bank. “Thanks to initiatives like this, 94% of survey respondents indicated they had maintained or improved their housing situation.”

Rent banks are a homelessness-prevention tool, offering interest-free loans (or, in some cases, grants) to renters in B.C. with low to moderate incomes who are facing a temporary financial crisis and are at risk of eviction or essential-utility disconnection. Funds can be applied toward rent, payment in arrears, utilities, a security deposit or a combination of these.

BC Rent Bank is a project of Vancity Community Foundation and is supported by a $10-million investment from the Province.

[Victoria Watcher]

Lots of stats in there. None say how many loans were issued. And how many paid back.

[Nparker]

What has the Province done to lower the cost of living in BC for everyone, not just renters?

[Mike K.]

It has raised the costs for renters, too.

New housing is so expensive to build now, that rents have catapulted. Now just wait to see what happens as the market for new build rentals slows due to rising rates, the step code, net-zero initiatives, etc.

When government tells you their initiatives are now about attainable housing, but they were about affordable housing just 12 months prior, they’re not mincing words.

[dasmo]

More greater good regulations making building and land so expensive that only the big money can build. Then institute 100 year mortgages!

[Mike K.]

I don't see what's so awful about 30 or 40 year amortizations. There was this amortization fear machine created back when the bubble was supposed to burst circa 2005-2007. Bring back 40 year terms. There is nothing wrong with them.

[Victoria Watcher]

I agree. Who cares? Pay rent for 45 years, or amortize over 40. It’s not like you have to pay it off, lots refinance anyway.

[lanforod]

GLP has also submitted 72 hr strike notice now: https://pea.org/glp-...argaining-2022 

[Victoria Watcher]

GLP has also submitted 72 hr strike notice now: https://pea.org/glp-...argaining-2022 

 

Better link:

 

 

 

 

 

A union representing B.C. government workers – including veterinarians, engineers and pharmacists – has issued a strike notice.

 

The Professional Employees Association (PEA) is the union that represents the Government Licensed Professionals (GLP) group, which has 1,200 members who work in B.C. public services.

 

The union had been negotiating with the B.C. Public Service Agency since April, and in June about 92 per cent of members voted in favour of striking.

 

 

 

 

https://vancouverisl...otice-1.6031106

Edited by Victoria Watcher, 17 August 2022 - 03:16 PM.

[Nparker]

GLP has also submitted 72 hr strike notice now: https://pea.org/glp-...argaining-2022 

Link not working.