Vancouver Rental Market Discussion

[whatnext]

Originally Posted by Klazu

When people write "luxury apartment" on Craigslist, they mean business. Just look at this beautiful luxury penthouse in heart of Yaletown - where all the action is - for just $5,000/month. Mmm-mm, that is one swanky looking kitchen and I love what they have done with the bathroom! If those walls (or that carpet) could talk, the stories they would have!!

https://vancouver.craigslist.org/van/apa/d/vancouver-luxury-penthouse-for-rent/6817190132.html

But truly nothing says luxury like gold plumbing fixtures, just ask Saddam Hussein.

Still, get three Amazon workers in there and it is a luxury frat pad for just $1,666 a month each.

[VarBreStr18]

Originally Posted by whatnext

But truly nothing says luxury like gold plumbing fixtures, just ask Saddam Hussein.

Still, get three Amazon workers in there and it is a luxury frat pad for just $1,666 a month each.

What is so luxury about it? Everything is so dated, carpet everywhere, arborite counters. The so call view is looking over your neighbor's roof tops, and a limited south facing False Creek view. The only positive I suppose is like whatnext said: 3 bed room 3 baths so 3 individuals can bunk down together. Even so $1700 for a shared facility is ridiculous.

[whatnext]

Originally Posted by VarBreStr18

What is so luxury about it? Everything is so dated, carpet everywhere, arborite counters. The so call view is looking over your neighbor's roof tops, and a limited south facing False Creek view. The only positive I suppose is like whatnext said: 3 bed room 3 baths so 3 individuals can bunk down together. Even so $1700 for a shared facility is ridiculous.

They should have put "luxury" in quotes. My point about Amazon (or any tech workers) stands. $1,666 a month isn't too bad these days. That's the problem with manadating "three bedroom units for families", you often need three wage earners to cover the rental costs, they're often out of reach for two adults with kids, even a tired dated unit like this!

[fredinno]

https://dailyhive.com/vancouver/new-westminster-passes-renovictions-bylaw

In what it says is a “first step” in ensuring that there are housing options for everyone, the City of New Westminster passed a bylaw this week, effectively restricting “renovictions” in the city.

The path to hell is paved with good intentions...

I hope this ends up being temporary. I mean, renovictions wouldn't be so much an issue if there was a lot more choice of rental units...

[Aroundtheworld]

Originally Posted by fredinno

https://dailyhive.com/vancouver/new-westminster-passes-renovictions-bylaw



The path to hell is paved with good intentions...

I hope this ends up being temporary. I mean, renovictions wouldn't be so much an issue if there was a lot more choice of rental units...

Yup, and banning renovictions will make building new rental buildings even less desirable to developers if they know they will be hampered in the future, which further exacerbates the problem.

[whatnext]

A pretty chilling future for Vancouver's older, affordable rental buildings painted by Dan Fumano in the Sun. Again, alot of the blame goes back to the way we do assessments. Also Vision Vancouver unleashing a gold rush of rezonign in the West End didn't help.

The intricacies of B.C.’s property assessments are meeting the realities of Metro Vancouver’s property market in a way that discourages the operation of long-term affordable rental housing in favour of the development of new condos, landlords say.

In other words, the system seems to incentivize the opposite of the outcome our leaders say they want.

Development industry professionals will tell you that today, no one except the government can build new rental housing in Vancouver that’s truly affordable for many locals. But if the private sector can’t build affordable rental homes, they can maintain them.

Older rental homes are, as expected, more affordable. CMHC data show Vancouver apartments built between 1975 and 1989 are, on average, 40 per cent cheaper than those built since 2005. But longtime landlords say the current system threatens their ability to operate the older rental apartments that form a crucial part of the city’s housing stock.

Consider the Broughton Apartments in Vancouver’s West End. In 2015, the property taxes for this 40-year-old, 47-unit rental building on Davie Street were assessed at $854 per unit, said a representative of the owner, Cressey Development Group. For this year, the assessment is expected to be around $2,620 per unit.

That represents a property tax hike of more than 200 per cent over four years.

As property values in the West End have soared faster than the city-wide average in recent years — particularly since the approval of the West End Community Plan in 2013 and the subsequent flurry of development activity — the corresponding skyrocketing property taxes have been blamed for the deaths of several mom-and-pop businesses, everything from beloved neighbourhood pubs the Dover Arms which pulled its last pint in 2017, to retail fixture Chocolate Mousse Kitchenware, which closed its doors last week after facing a 400 per cent property tax hike over a three-year period...

...In many Metro Vancouver apartment buildings, that “discrepancy” can be substantial. When a 50-year-old, three-storey apartment building on Carnarvon Street in New Westminster was listed for sale last year, an advertisement listed the “current rent” for each unit alongside the “potential rent.” The average current rent for the occupied units worked out to $817, while the potential rent advertised for those same suites was $1,700 — more than double the current rents.

“Pressures in the marketplace are bringing these things to the surface,” Ireland said.

The pressures at the Broughton are far from unique in B.C., said David Hutniak, CEO of LandlordBC, which represents the rental housing industry.

“Yes, this is what we’re hearing,” Hutniak said. “Anybody with a three-storey walk-up or a smaller building is facing this exact same dilemma.”

“In all the meetings I have with municipal and provincial government officials who care about housing, they all say they want to retain the existing rental housing,” Hutniak said. “So now we need policies to align with that.”

If you’re getting taxed based on highest and best use, Hutniak said, “then you may as well go with the highest and best use. And the reality is, in Vancouver, that would be tearing that down and building condos.”

“How do you keep any business alive when your cash flow out is higher than your cash flow in? It’s not sustainable,” Hutniak said. “I definitely do not want to see Cressey and others who are in this situation doing something with these buildings like selling them off, or turning them into condos, God forbid.”...

https://vancouversun.com/business/real-e...bomb-threatening-affordable-rental-homes

[SpongeG]

BC Liberal Leader Andrew Wilkinson Says Struggling to Pay Rent Can Be ‘Fun’ and ‘Enjoyable’

“I was a renter for 15 years ... It’s kind of a wacky time of life, but it can be really enjoyable”

February 28, 2019

BC Liberal leader Andrew Wilkinson thinks the BC NDP government is spending too much time “pandering to renters” when it’s “landlords” who are really struggling.

In a speech to the BC Legislature Wednesday, Wilkinson suggested the government take a glass half-full “attitude” towards British Columbians who struggle to pay rent.

“I was a renter for 15 years,” Wilkinson said. “I lived in a dozen different rentals.”

“It was challenging at times, but it was fun,” he told the Legislature.

“It’s kind of a wacky time of life, but it can be really enjoyable. Being a renter is a fact of life. it’s a rite of passage.”

Wilkinson even offered himself as a success story.

“I crawled out of those tiny basement suites and into a place with some sunshine,” Wilkinson said, but added that he worries no one will “move up the ladder” if the government places caps on rents.

“Nowadays, it’ll be tough to find anything to move to because the landlords are not interested anymore.”

...

https://pressprogress.ca/bc-liberal-lead...1ifGAbiEbVEbvptBLJ4qvRwMqYfBugnP8hZQAn-Q

[whatnext]

Originally Posted by SpongeG

BC Liberal Leader Andrew Wilkinson Says Struggling to Pay Rent Can Be ‘Fun’ and ‘Enjoyable’

“I was a renter for 15 years ... It’s kind of a wacky time of life, but it can be really enjoyable”

February 28, 2019

BC Liberal leader Andrew Wilkinson thinks the BC NDP government is spending too much time “pandering to renters” when it’s “landlords” who are really struggling.

In a speech to the BC Legislature Wednesday, Wilkinson suggested the government take a glass half-full “attitude” towards British Columbians who struggle to pay rent.

“I was a renter for 15 years,” Wilkinson said. “I lived in a dozen different rentals.”

“It was challenging at times, but it was fun,” he told the Legislature.

“It’s kind of a wacky time of life, but it can be really enjoyable. Being a renter is a fact of life. it’s a rite of passage.”

Wilkinson even offered himself as a success story.

“I crawled out of those tiny basement suites and into a place with some sunshine,” Wilkinson said, but added that he worries no one will “move up the ladder” if the government places caps on rents.

“Nowadays, it’ll be tough to find anything to move to because the landlords are not interested anymore.”

...

https://pressprogress.ca/bc-liberal-lead...1ifGAbiEbVEbvptBLJ4qvRwMqYfBugnP8hZQAn-Q

Well, that's just bizarre. Could he look anymore out of touch? And pretty insulting to insinuate that renting is just an unattractive step on the way to the orgiastic joys of home ownership.

[misher]

Originally Posted by whatnext

Well, that's just bizarre. Could he look anymore out of touch? And pretty insulting to insinuate that renting is just an unattractive step on the way to the orgiastic joys of home ownership.

He was being honest. And honestly to most people over 30 it is.

[whatnext]

Originally Posted by misher

He was being honest. And honestly to most people over 30 it is.

There are plenty of people over 30 who rent. Putting all your investment dollars in one asset is stupid. That's what all those who borrowed heavily to buy an overpriced condo are going to find out now as the prices stagnate for years.

[fredinno]

I mean, it makes him look like a prick, but he has a bit of a point; we need to stop penalizing landlords and acting like they're horrible for responding accordingly to market and governmental forces.

Though, ideally for his political career, he'd have kept his mouth shut. At least we know his position now, which is a good thing.

[zahav]

I rented for years and have owned for about 5 years now. I love my place, the area, and everything about it, and truly could care less about the value fluctuations as I have no intention of selling. The only homeowners who freak out over current prices are those looking to sell, or flippers. And the flippers are the people who f*d the market up in the first place so if they are freaking out over stagnant or falling prices then good, sell and get out of the market and stop distorting it by owning 6 properties...

[misher]

Originally Posted by zahav

I rented for years and have owned for about 5 years now. I love my place, the area, and everything about it, and truly could care less about the value fluctuations as I have no intention of selling. The only homeowners who freak out over current prices are those looking to sell, or flippers. And the flippers are the people who f*d the market up in the first place so if they are freaking out over stagnant or falling prices then good, sell and get out of the market and stop distorting it by owning 6 properties...

How do you feel about more taxes on your home so we can help others afford a home?

[fredinno]

Originally Posted by zahav

I rented for years and have owned for about 5 years now. I love my place, the area, and everything about it, and truly could care less about the value fluctuations as I have no intention of selling. The only homeowners who freak out over current prices are those looking to sell, or flippers. And the flippers are the people who f*d the market up in the first place so if they are freaking out over stagnant or falling prices then good, sell and get out of the market and stop distorting it by owning 6 properties...

Also, homeowners in a lot of debt, or homeowners who bought a larger house to ride on the value as an asset...

[whatnext]

Originally Posted by fredinno

I mean, it makes him look like a prick, but he has a bit of a point; we need to stop penalizing landlords and acting like they're horrible for responding accordingly to market and governmental forces.

Though, ideally for his political career, he'd have kept his mouth shut. At least we know his position now, which is a good thing.

And we need to stop shaming renters, treating them as failures because they didn't want to pour their money into one asset. 53% of Vancouverites rent, they are the majority. We need to get to a more European stance on renting.

[fredinno]

https://dailyhive.com/vancouver/andrew-wilkinson-rental-op-ed

Among the solutions I am proposing are:
1. Support a dramatic increase in rental housing supply by:
* Giving builders the certainty they need to invest in building new rentals.
* Working with local governments to cut red tape to speed up new construction.
2. Build additional student housing so that students aren’t competing with other renters for affordable rentals off campus.
3. Maintain and expand our supply of rentals by supporting long-term affordable co-ops.
I was a renter for 18 years. I had some good experiences, and some bad ones. In my speech in the Legislature, I was referring to that time of my life. My comments were not about the general state of renting now, nor were they about people who rent for much or all of their lives.

Honestly, good, in theory, though not sure if it's just to cover his ass so that he doesn't piss off people too much, or if he's going to be able to accomplish most of this stuff. It's not like he ran on a policy of cutting rental costs via supply.

[retro_orange]

Haha, politicians really only get one chance to say it right and he has made some real boondoggles lately. Not leader material IMO. His office is on Dunbar at 41st and the area has definitely dictated his attitude regarding these policies.

[fredinno]

Originally Posted by retro_orange

Haha, politicians really only get one chance to say it right and he has made some real boondoggles lately. Not leader material IMO. His office is on Dunbar at 41st and the area has definitely dictated his attitude regarding these policies.

Eh, I'm not so sure nowadays.

[whatnext]

The best thing for the BC Liberals to do is to woo Jody Wilson-Raybould when the next opportunity comes up to replace Wilkinson. They need someone with a sterling reputation for integrity given their corruption-filled past. And a bunch of long in the tooth MLAs (deJong, Coleman) need to retire. However, I'm not sure the backroom boys who control the BC Liberal party are ready for that much honesty.

[misher]

Originally Posted by whatnext

The best thing for the BC Liberals to do is to woo Jody Wilson-Raybould when the next opportunity comes up to replace Wilkinson. They need someone with a sterling reputation for integrity given their corruption-filled past. And a bunch of long in the tooth MLAs (deJong, Coleman) need to retire. However, I'm not sure the backroom boys who control the BC Liberal party are ready for that much honesty.

She's said some things that many absolutely don't agree with politically. Just because you respect someone doesn't mean you agree with their views. She's very outspoken and not political which means she will say things she believes that voters don't agree with (basically a death sentence for a political party).