Vancouver Rental Market Discussion

[dreambrother808]

Originally Posted by chowhou

Two other big evils in Vancouver/Canada are Euclidian zoning and the "Grand Bargain".

I would love to see the Japanese zoning system in Canada. Contrary to popular belief, there are zoning laws in Japan, but they're inclusive zoning laws rather than exclusive zoning laws. Instead of saying "only SFH are allowed to be built in this zone", the zone would look more like "Heavy industry and businesses larger than 3000 sqm are not allowed". Importantly, there's no zone which excludes every single type of building use besides single family homes. Once again, this is another populist policy that came about because people focused more on the effects on themselves than on society. "Would you want a busy business next to where you live? By the way, you will need to drive 20 minutes to find any business whatsover and we banned all the poors from living here in little homes ."

Agreed. Japan seems to have made the right decisions in these regards. Is more independently-minded Canadian culture able to shift in that interdependent direction?

[chowhou]

Originally Posted by dreambrother808

Agreed. Japan seems to have made the right decisions in these regards. Is more independently-minded Canadian culture able to shift in that interdependent direction?

Ironically, Euclidean zoning is a much more interdependent policy; It's literally central planning. Japanese zoning laws depend on independent citizens deciding what they want to do with their land and finding the best purpose rather than being told exactly what the purpose of their land is.

[GenWhy?]

Originally Posted by Klazu

Sure would be reasonable but as per the article even that is seeing conflicting views with some people looking only for an option where they can retain their $900/month rates, which are criminally low in 2022. The city spent an awfully lot of money to purchase the tower to protect it from being converted to private market rental and cannot be asked to do more, which I am sure is what some are hoping to see.

It looks like the co-op is looking at incremental increases over time to match the necessary income per year for their lease payments, rather than a sudden increase of the possible 80% they mention, which would catch anyone off guard and possibly in a very vulnerable state.

The mentioned $900/mth rate before purchase would have been at $927/mth in 2023, and with the proposed 14% increase, they'd be at $1,026/mth in 2023. I think I missed the part where it said they want to retain current rates.

[Klazu]

While some are still enjoying sub-$1,000 rents, there are more and more units renting for $5,000/month and above in Metrotown and Brentwood. Which is completely ridiculous and I cannot see anyone paying that much for these mediocre units. For example Station Square tower 5 seems to have a lot of small boxes in the sky trying to command ridiculous prices, as does the Maywood in the Park. What a joke.

https://vancouver.craigslist.org/bnc/apa/d/burnaby-br-metrotown-penthouse/7552935265.html

[WarrenC12]

Originally Posted by Klazu

While some are still enjoying sub-$1,000 rents, there are more and more units renting for $5,000/month and above in Metrotown and Brentwood. Which is completely ridiculous and I cannot see anyone paying that much for these mediocre units. For example Station Square tower 5 seems to have a lot of small boxes in the sky trying to command ridiculous prices, as does the Maywood in the Park. What a joke.

https://vancouver.craigslist.org/bnc/apa/d/burnaby-br-metrotown-penthouse/7552935265.html

Just because you see an ad on craigslist doesn't mean landlords are getting anything near that amount.

[whatnext]

I wonder how much is actual demand and how much is desperate landlords trying to cover their mortgage while interest rates rise?

[dreambrother808]

Originally Posted by whatnext

I wonder how much is actual demand and how much is desperate landlords trying to cover their mortgage while interest rates rise?

Or hoping some rich family looking for a place for their kid will bite, without knowing or maybe even caring about the market reality.

[madog222]

Per sqft that’s more of less on par with what 1bdrm apartments in Vancouver are going for.

[Changing City]

Originally Posted by madog222

Per sqft that’s more of less on par with what 1bdrm apartments in Vancouver are going for.

You mean like this one?

[madog222]

Originally Posted by Changing City

You mean like this one?

Well it's a loft, that commands a premium price.

[whatnext]

Frances Bula had a fairly in depth article on Metro Vancouver's rental market in BC Business last week. Worth a read:

B.C.'s long-maligned rental market is slowly becoming viable again—for renters and builders alike

[Changing City]

The City of Vancouver are fast-tracking permits for two more temporary modular housing buildings at 1500 Main St and 2132 Ash St projected to contain a combined 90 units, and to open in March 2023.

"Premier David Eby said the new housing will specifically help those living in tents on East Hastings Street and in Crab Park." [source of quote]

[madog222]

Originally Posted by Changing City

The City of Vancouver are fast-tracking permits for two more temporary modular housing buildings at 1500 Main St and 2132 Ash St projected to contain a combined 90 units, and to open in March 2023.

"Premier David Eby said the new housing will specifically help those living in tents on East Hastings Street and in Crab Park." [source of quote]

The Ash St location was proposed a while ago, has it really been waiting for funding all this time or canceled and revived?

Edit, just realized it was already built and this is an expansion.

[officedweller]

Originally Posted by Changing City

The City of Vancouver are fast-tracking permits for two more temporary modular housing buildings at 1500 Main St and 2132 Ash St projected to contain a combined 90 units, and to open in March 2023.

"Premier David Eby said the new housing will specifically help those living in tents on East Hastings Street and in Crab Park." [source of quote]

Makes sense as both those sites already have modular housing in place and have room for expansion.
Hopefully they would be able to have some operational cost savings in co-locating them next to existing facilities
(if not physically connected as an expansion).

[hollywoodnorth]

Originally Posted by Changing City

The City of Vancouver are fast-tracking permits for two more temporary modular housing buildings at 1500 Main St and 2132 Ash St projected to contain a combined 90 units, and to open in March 2023.

"Premier David Eby said the new housing will specifically help those living in tents on East Hastings Street and in Crab Park." [source of quote]

why is this being posted in the RENTAL MARKET discussion thread?

will any of these Hobos pay a cent for rent every month? the answer is no.....

this should go in the Social Housing thread.

[Klazu]

I gotta love them still trying to spin those as "temporary". First ones are approaching 10 years of age and once you have one in your neighborhood, it's never going to go away. So, better get comfortable and get used to the new ghet... neighbours.

[Changing City]

Originally Posted by Klazu

I gotta love them still trying to spin those as "temporary". First ones are approaching 10 years of age and once you have one in your neighborhood, it's never going to go away. So, better get comfortable and get used to the new ghet... neighbours.

Five years. "In 2017, the Vancouver Affordable Housing Agency (VAHA) opened the first temporary modular housing building on City-owned land with funding from the federal government and Vancity at 220 Terminal Avenue."

[WarrenC12]

Originally Posted by madog222

The Ash St location was proposed a while ago, has it really been waiting for funding all this time or canceled and revived?

Edit, just realized it was already built and this is an expansion.

Both are basically expansions to existing sites.

[officedweller]

Originally Posted by Klazu

I gotta love them still trying to spin those as "temporary".

The Math Building, Geography Building and Old Auditorium at UBC were all "temporary" buildings built after WWII. Are they all still in use?

[chowhou]

Originally Posted by officedweller

The Math Building, Geography Building and Old Auditorium at UBC were all "temporary" buildings built after WWII. Are they all still in use?

As someone who took classes in the same busted mouldy beaten up shack as people's great grandparents called the mathematics annex, I can say sadly yes, they're still in use.

As with all horrible all buildings that we didn't get rid of in time, they're starting to get fucking statements of significance so we're never going to be rid of them.

I can't wait until the temporary housing at 2132 Ash gets scheduled, can you!?

(And FYI, they were built in the 20s, not post WWII)