20 replies to this topic

[Victoria Watcher]

Would there be a benefit to a program that makes it easy for apartment block owners to convert the buildings to condos - with a parallel program that makes it easy for current tenants to become owners?

[Victoria Watcher]

I like the idea of easier home OWNERSHIP for people, not this continual drive for more rentals all the time, from progressives.

[Victoria Watcher]

Maybe there is a formula for win/win/win here.

[Victoria Watcher]

Continuing renters
Renters becoming owners
Building owners / sellers

Three wins.

Edited by Victoria Watcher, 01 August 2023 - 10:17 AM.

[Sparky]

There are some formidable hoops to jump through to strata a rental building.

I split a duplex into two individual units a couple of decades ago and it was anything but easy. Each building is different of course but it’s not for the faint of heart.

[Mike K.]

Right, it's an arduous process.

 

That's why Langford began recommending all rental buildings proceed as strata-titled projects, to make such a transition possible without so many encumbrances.

 

In Victoria, the City is now instituting a new zoning idea, where developers would agree to having their proposal approved as a rental in perpetuity, through a zoning change. This new zone (called RTZZ) would prohibit non-rentals if the building were ever replaced.

[Victoria Watcher]

I believe you are correct. That’s why I propose a program. That makes it easier. It should not be so difficult, the structures are mostly the same.

Edited by Victoria Watcher, 01 August 2023 - 10:28 AM.

[GaryOak]

I'd honestly prefer to rent an apartment than own a condo, all these stories of repairs being put off because the strata votes not to increase fees. You look at a neighbor funny who's on the board and you're being threatened with eviction, no thank you. Give me a rental building run by a major rental corporation any day.

[Victoria Watcher]

I believe that home ownership is desirable for many. And it would increase pride of ownership across the building.

Sure, there will be issues.

But also maybe lots of positive outcomes.

[Ismo07]

I'd honestly prefer to rent an apartment than own a condo, all these stories of repairs being put off because the strata votes not to increase fees. You look at a neighbor funny who's on the board and you're being threatened with eviction, no thank you. Give me a rental building run by a major rental corporation any day.

 

It is seemingly like many people want to rent, which seems odd.  Just less headaches.  I'm looking at the math of that once I retire.

[Victoria Watcher]

I'd honestly prefer to rent an apartment than own a condo, all these stories of repairs being put off because the strata votes not to increase fees. You look at a neighbor funny who's on the board and you're being threatened with eviction, no thank you. Give me a rental building run by a major rental corporation any day.

My program will allow you to continue to rent in your building, in perpetuity, even if it undergoes the change.

Edited by Victoria Watcher, 01 August 2023 - 10:31 AM.

[Victoria Watcher]

Don’t underestimate my program, it’s a winner.

[Ismo07]

Don’t underestimate my program, it’s a winner.

 

Oh it's got merit.  Should be made easier...

[GaryOak]

Renting in a condo building is even worse, because you have the same problems as owning a condo just without the ability to vote.

[Nparker]

I'd honestly prefer to rent an apartment than own a condo, all these stories of repairs being put off because the strata votes not to increase fees....

If condo buildings had fewer non-resident owners I suspect there would be less argument to making repairs, because these would be peoples' homes and not just revenue properties.

[Nparker]

...Give me a rental building run by a major rental corporation any day.

There are plenty of rental buildings where repairs/maintenance are delayed as a result of rate increase restrictions implemented by government.

[Mike K.]

If condo buildings had fewer non-resident owners I suspect there would be less argument to making repairs, because these would be peoples' homes and not just revenue properties.

In theory, not in practice.

[Mike K.]

I'd honestly prefer to rent an apartment than own a condo, all these stories of repairs being put off because the strata votes not to increase fees. You look at a neighbor funny who's on the board and you're being threatened with eviction, no thank you. Give me a rental building run by a major rental corporation any day.

Have you owned a condo to know what the difference is? You’re also only going hear the griping of the 1%. The other 99% go on about their lives, building equity, while their renter counterparts do not.

Also, if you run afoul with one of these major rental corporations, you won’t have an easy time renting from them. If that rental corporation uses one of the big three rental management firms, you won’t have an easy time renting in one of their managed buildings, either. That could cut you out of 10,000 units in Victoria.

[GaryOak]

Have family and friends who've bought condos in the 90's/00's, and fees are now skyrocketing because maintenance hasn't been done.

[Mike K.]

I think they’ll be alright, having bought those condos at 15 cents on today’s dollar, and now living mortgage free.