Apartment building conversion to condos
#1
Posted 01 August 2023 - 10:11 AM
#2
Posted 01 August 2023 - 10:12 AM
- Nparker likes this
#3
Posted 01 August 2023 - 10:16 AM
#4
Posted 01 August 2023 - 10:17 AM
Renters becoming owners
Building owners / sellers
Three wins.
Edited by Victoria Watcher, 01 August 2023 - 10:17 AM.
#5
Posted 01 August 2023 - 10:22 AM
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.
#6
Posted 01 August 2023 - 10:26 AM
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.
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#7
Posted 01 August 2023 - 10:26 AM
Edited by Victoria Watcher, 01 August 2023 - 10:28 AM.
#8
Posted 01 August 2023 - 10:28 AM
#9
Posted 01 August 2023 - 10:29 AM
Sure, there will be issues.
But also maybe lots of positive outcomes.
- Nparker likes this
#10
Posted 01 August 2023 - 10:30 AM
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.
- Matt R. likes this
#11
Posted 01 August 2023 - 10:30 AM
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.
#12
Posted 01 August 2023 - 10:32 AM
#13
Posted 01 August 2023 - 10:33 AM
Don’t underestimate my program, it’s a winner.
Oh it's got merit. Should be made easier...
#14
Posted 01 August 2023 - 10:39 AM
#15
Posted 01 August 2023 - 10:47 AM
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.
#16
Posted 01 August 2023 - 10:50 AM
...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.
#17
Posted 01 August 2023 - 10:51 AM
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.
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#18
Posted 01 August 2023 - 10:53 AM
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.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.
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.
- Matt R. likes this
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#19
Posted 01 August 2023 - 11:12 AM
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#20
Posted 01 August 2023 - 11:17 AM
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