Why I am not afraid of being a renter!
Currently less than 1% vacancy for purpose built buildings. In the future, there's a lot of supply coming on line.
You already know that a third of Cambie Corridor Phase 3 will be purpose built rentals.
http://www.realestatetalks.com/viewtopi ... 8&t=129673
Fact is that CoV has been doing a fantastic job of providing rentals. Lots of good stuff in Metro Vancouver's Housing Data Book (revised March 2017).
http://www.metrovancouver.org/services/ ... a_Book.pdf
In Page 2.2 and 2.3, these are the important numbers for CoV. 2006 housing starts 3,534, 2016 housing starts 9,759. Ten Year Average 4,883. Five Year Average 6,118.
2006 Housing starts for purpose built rentals 244 (7% of total housing starts). 2016 Housing starts for rentals 3,245 (35% of housing starts). Yes, you may be surprised by this number. I an no longer afraid of being a renter in the years ahead. In addition to the large increase in purpose built rental buildings, the vacancy tax is going to be a big help in the near term.
http://www.realestatetalks.com/viewtopi ... 8&t=129675
FYI, this chart shows the housing starts for Metro Vancouver. Enjoy.
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Why I am not afraid of being a renter!
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eyesthebye2
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Re: Why I am not afraid of being a renter!
Dumb post.
Of course you're not afraid to rent...your net worth is high.
Most renters are live month to month.
This is a post from someone who's out of touch with reality.
Of course you're not afraid to rent...your net worth is high.
Most renters are live month to month.
This is a post from someone who's out of touch with reality.
Re: Why I am not afraid of being a renter!
Dear ETB, net worth is not the issue here. It's about the welfare of our society.
I'm pointing out that Mayor Sunshine and his choir are doing a good job. There will be ample rentals and social housing.
Moreover, the NDP/Green government will be in alignment with Metro Vancouver. Good things are coming. Goodbye to Fat Christy and her Nasties.
IMHO, the tide is turning. We just needed to experience enough pain to wake up. For the Many, not the Few.
I'm pointing out that Mayor Sunshine and his choir are doing a good job. There will be ample rentals and social housing.
Moreover, the NDP/Green government will be in alignment with Metro Vancouver. Good things are coming. Goodbye to Fat Christy and her Nasties.
IMHO, the tide is turning. We just needed to experience enough pain to wake up. For the Many, not the Few.
Re: Why I am not afraid of being a renter!
Why has the condo market in Surrey etc been so strong?
Look at the CMHC report on Private Apartment rental vacancy. As of October 2016 (Table 1.1.1), CoV vacancy has actually increased slightly to 0.8%. However, the vacancy rate in Surrey has collapsed to just 0.4%. Same for Burnaby, New West, White Rock and Maple Ridge.
In other words, the desperate rental situation of CoV has spread to the suburbs. Whilst the rental situation has improved in CoV. In fact, the rental situation in CoV is now better than the suburbs.
Why? Look at Figures 3 and 4, the CoV has aggressively expanded the housing starts of rental buildings while the suburbs have not. Traditionally, the suburbs has depended on secondary housing units (basement suites). But, this source has not kept pace with demand.
So, cheers for Mayor Sunshine and CoV.
Look at the CMHC report on Private Apartment rental vacancy. As of October 2016 (Table 1.1.1), CoV vacancy has actually increased slightly to 0.8%. However, the vacancy rate in Surrey has collapsed to just 0.4%. Same for Burnaby, New West, White Rock and Maple Ridge.
In other words, the desperate rental situation of CoV has spread to the suburbs. Whilst the rental situation has improved in CoV. In fact, the rental situation in CoV is now better than the suburbs.
Why? Look at Figures 3 and 4, the CoV has aggressively expanded the housing starts of rental buildings while the suburbs have not. Traditionally, the suburbs has depended on secondary housing units (basement suites). But, this source has not kept pace with demand.
So, cheers for Mayor Sunshine and CoV.
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Re: Why I am not afraid of being a renter!
"Rents on fire: Vancouver follows San Francisco's lead to curb rental crisis
An estimated 24,500 households in Vancouver are in need of more affordable housing
... Vancouver has begun an aggressive push to build rental housing over condos, with a goal of 48,000 to start.
In the spirit of that goal, a new pilot project along the Cambie Street corridor will mirror a 15-year practice in San Francisco that requires a certain percentage of new builds over 25 units to be "affordable."
In Vancouver, Kelley hopes the pilot project creates 1,000 units, aimed at tenants who earn between $30,000 and $80,000, by enticing developers with the promise of much-desired density.
Developers can build higher if 20 to 25 per cent of their units are long-term affordable options the city then helps fill.
Affordable is defined as rentable at a rate that doesn't top 30 per cent of the target renter's income.
Rent would range from $850 to $1,000 for a studio apartment and up to $2,100 for a two-bedroom suite, city officials say. Details will be worked out over the summer.
If the idea pans out — it could be rolled out citywide.
It's not a new idea.
San Francisco and New York have done it for years, with enough success that Portland, Ore., just started a similar plan.
In San Francisco, new rental builds of a certain size — as part of the Inclusionary Housing Program — must have 18 per cent affordable rentals..."
http://www.cbc.ca/news/canada/british-c ... -1.4221225
An estimated 24,500 households in Vancouver are in need of more affordable housing
... Vancouver has begun an aggressive push to build rental housing over condos, with a goal of 48,000 to start.
In the spirit of that goal, a new pilot project along the Cambie Street corridor will mirror a 15-year practice in San Francisco that requires a certain percentage of new builds over 25 units to be "affordable."
In Vancouver, Kelley hopes the pilot project creates 1,000 units, aimed at tenants who earn between $30,000 and $80,000, by enticing developers with the promise of much-desired density.
Developers can build higher if 20 to 25 per cent of their units are long-term affordable options the city then helps fill.
Affordable is defined as rentable at a rate that doesn't top 30 per cent of the target renter's income.
Rent would range from $850 to $1,000 for a studio apartment and up to $2,100 for a two-bedroom suite, city officials say. Details will be worked out over the summer.
If the idea pans out — it could be rolled out citywide.
It's not a new idea.
San Francisco and New York have done it for years, with enough success that Portland, Ore., just started a similar plan.
In San Francisco, new rental builds of a certain size — as part of the Inclusionary Housing Program — must have 18 per cent affordable rentals..."
http://www.cbc.ca/news/canada/british-c ... -1.4221225
Re: Why I am not afraid of being a renter!
This is a surprise. Good for the tenanat friendly NDP...
"B.C. NDP outpace Liberals in donations leading up to 2017 elections
Attorney General David Eby says bill limiting corporate, union and individual donations coming this fall
... The reports show that the NDP brought in a total of $9,442,746, and the Liberals $7,934,581. The B.C. Green Party, which refused to accept corporate and union donations during its campaign, brought in $869,308.
... According to the Elections BC report, about 40 per cent of the NDP's donations came from unions during this most recent election, with individual donations a close second.
Almost 60 per cent of the donations for the Liberals came from corporations..."
http://www.cbc.ca/news/canada/british-c ... -1.4253757
"B.C. NDP outpace Liberals in donations leading up to 2017 elections
Attorney General David Eby says bill limiting corporate, union and individual donations coming this fall
... The reports show that the NDP brought in a total of $9,442,746, and the Liberals $7,934,581. The B.C. Green Party, which refused to accept corporate and union donations during its campaign, brought in $869,308.
... According to the Elections BC report, about 40 per cent of the NDP's donations came from unions during this most recent election, with individual donations a close second.
Almost 60 per cent of the donations for the Liberals came from corporations..."
http://www.cbc.ca/news/canada/british-c ... -1.4253757
Re: Why I am not afraid of being a renter!
Good for tenants. There's a program for 5-year transitional public funding.
"B.C. NDP government bans corporate and union donations and introduces public subsidy for political parties"
https://www.straight.com/news/968556/bc ... ic-subsidy
"B.C. NDP government bans corporate and union donations and introduces public subsidy for political parties"
https://www.straight.com/news/968556/bc ... ic-subsidy
Re: Why I am not afraid of being a renter!
I'm glad that I live in CoV. Here's bad government in Surrey...
"New rentals in Metro Vancouver a long time coming
After decades of few apartments built in Lower Mainland, a rental recovery will take time
... To wit, the grand opening of a new mixed-use apartment in downtown Cloverdale in Surrey, B.C. this week.
On one hand, it's a new purpose-built rental building, meaning all 97 units in it will be explicitly for renters for decades to come.
But there were nearly 2,000 applications for those 97 golden tickets. Some of those applications probably came from people living a couple kilometres away in Clayton Heights — where the City of Surrey has told 175 homeowners they'll face daily fines of $500 if they continue to house people in illegal secondary suites.
And there's the fact the Cloverdale apartment building was just the second purpose-built rental for all of Surrey in the last 30 years: a period where the city's population grew by over 360,000 people..."
http://www.cbc.ca/news/canada/british-c ... -1.4303824
"New rentals in Metro Vancouver a long time coming
After decades of few apartments built in Lower Mainland, a rental recovery will take time
... To wit, the grand opening of a new mixed-use apartment in downtown Cloverdale in Surrey, B.C. this week.
On one hand, it's a new purpose-built rental building, meaning all 97 units in it will be explicitly for renters for decades to come.
But there were nearly 2,000 applications for those 97 golden tickets. Some of those applications probably came from people living a couple kilometres away in Clayton Heights — where the City of Surrey has told 175 homeowners they'll face daily fines of $500 if they continue to house people in illegal secondary suites.
And there's the fact the Cloverdale apartment building was just the second purpose-built rental for all of Surrey in the last 30 years: a period where the city's population grew by over 360,000 people..."
http://www.cbc.ca/news/canada/british-c ... -1.4303824
Re: Why I am not afraid of being a renter!
We know that Mayor Sunshine has done a full job on the Cambie Corridor...
http://www.realestatetalks.com/viewtopi ... 8&t=129673
However, the voters don't think that this will be enough.
Yesterday, the Vision Vancouver candidate was fifth in the by-election for city councillor. Behind NPA, Jean Swanson AND Green Party. So, intense competition between the political parties to increase supply of housing. Won't cause prices to collapse. But will moderate future price increases.
“Gregor Robertson says Vancouverites are frustrated with his party's handling of housing crisis
... "Tonight’s results are not what our team hoped for. We knew this by-election would be difficult. Our city faces real challenges. Vancouverites are frustrated―particularly around housing affordability―and they expect more from us. We’re working hard to deliver solutions, but tonight’s results show us there’s much more work to do. I heard that message loud and clear, and our party heard that message loud and clear.”
https://www.straight.com/news/981506/gr ... ing-crisis
http://www.realestatetalks.com/viewtopi ... 8&t=129673
However, the voters don't think that this will be enough.
Yesterday, the Vision Vancouver candidate was fifth in the by-election for city councillor. Behind NPA, Jean Swanson AND Green Party. So, intense competition between the political parties to increase supply of housing. Won't cause prices to collapse. But will moderate future price increases.
“Gregor Robertson says Vancouverites are frustrated with his party's handling of housing crisis
... "Tonight’s results are not what our team hoped for. We knew this by-election would be difficult. Our city faces real challenges. Vancouverites are frustrated―particularly around housing affordability―and they expect more from us. We’re working hard to deliver solutions, but tonight’s results show us there’s much more work to do. I heard that message loud and clear, and our party heard that message loud and clear.”
https://www.straight.com/news/981506/gr ... ing-crisis
Re: Why I am not afraid of being a renter!
http://www.cbc.ca/news/politics/immigra ... -1.4371146
1 million new immigrants coming to Canada in the next 3 years. Good luck fighting for the 1% of vacancy with the hundreds of thousands heading into Vancouver.
1 million new immigrants coming to Canada in the next 3 years. Good luck fighting for the 1% of vacancy with the hundreds of thousands heading into Vancouver.
Re: Why I am not afraid of being a renter!
CoV is doing a great job on condo...
http://www.realestatetalks.com/viewtopi ... 8&t=129673
Meanwhile...
http://www.realestatetalks.com/viewtopi ... 8&t=129673
Meanwhile...
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Re: Why I am not afraid of being a renter!
If you read the article, they mayor only promises to add 4,000 affordable units pending public consultation. Key word is promise. But its ok you need some hope otherwise you might just jump off a bridge.
Meanwhile you are still a idiot, not sure what a picture of Vancouver west detached has to do with anything since we are taking about condos and rentals
And for the same site where you are taking your images from, why not check the statistics.
Vancouver West detached homes gained $125,000 in 1 month from Sep-Oct.
Again are you dumb or just born stupid? Please get back to us.
Meanwhile you are still a idiot, not sure what a picture of Vancouver west detached has to do with anything since we are taking about condos and rentals
And for the same site where you are taking your images from, why not check the statistics.
Vancouver West detached homes gained $125,000 in 1 month from Sep-Oct.
Again are you dumb or just born stupid? Please get back to us.
Re: Why I am not afraid of being a renter!
Once again, a demonstration that yz is analytically challenged. But, he does have a certain rudeness that is impressive for a yahoo.
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Re: Why I am not afraid of being a renter!
Once again, a demonstration that yz is analytically challenged. But, he does have a certain rudeness that is impressive for a yahoo.
You are both dumb and born stupid.
You posted pics with no citation or source, you are definitely not educated.
Again what does Vancouver west have to do with anything, its not condos nor dose it represent the entire market.
Not only are you dumb you are a legitimate scum bag / liar. Posting stuff out of your ass.
Re: Why I am not afraid of being a renter!
It must be bad when a weak bull crack like a rotten egg. Hope he didn't buy near the high. 
Meanwhile, back on topic. Thousands of units will be returned to genuine renters.
"Yaletown condo strata files class-action lawsuit against Airbnb
Suit alleges the site has profited from unauthorized rentals without the consent of owners... "
http://www.cbc.ca/news/canada/british-c ... -1.4385775
Meanwhile, back on topic. Thousands of units will be returned to genuine renters.
"Yaletown condo strata files class-action lawsuit against Airbnb
Suit alleges the site has profited from unauthorized rentals without the consent of owners... "
http://www.cbc.ca/news/canada/british-c ... -1.4385775
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