CMHC and the rental housing market

Over at the The Star, our mayor has helped to write an opinion piece asking that the CMHC provide more loans for rental housing construction:

For most of us, housing is our biggest expense. One out of every five dollars we earn goes to build, buy, rent and run our homes. Facing high home prices, large personal debts, and an uncertain economy, fewer Canadians can buy a new home today than in the past, and they are choosing to rent instead.

Unfortunately, in many cities finding an affordable place to rent is nearly impossible. The most immediate problem is supply. Vacancy rates under 3 per cent push rents up. In Vancouver and the Greater Toronto Area, it’s 1.4 per cent.

Vacancy rates this low force our young people to move out of the city, threaten seniors on fixed incomes, and have a negative impact on local businesses.

That’s why this spring’s federal budget must put Canada’s rental housing market on solid ground, by pursuing low-cost, high-leverage policies that get jobs on the ground and build housing Canadians can afford.

It’s like magic, creating jobs and homes.  What could go wrong with a ‘low-cost, high-leverage’ policy like that?

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b5baxter
Member

@Many Franks:

We have crossed the line. I will post an updated graph on Thursday.

Welcome to the highest inventory in the past 7 years.

SoundandFury
Guest
SoundandFury

@SoundandFury: If anybody was wondering about the low price for strata lot 62, it is a tenants in common situation. $149,450 is a 50% share; the selling price was twice that.

Tick Tock
Guest
Tick Tock

RE the District… looks like some big price cuts are a coming, think Walmart rolling back prices! Seems to me 40% of the complex is for sale… more than likely soon to be 50%

Anonymous
Guest
Anonymous

Regarding rental shopping on craigslist: I’ve found two places through craigslist ads, and BOTH of them I negotiated rent down on. One was a small house near Main and 25th, the other a 2bd+ den apartment in Kits. Got a hundred bucks off the monthly rent on both without trying too hard.

If you’re a good tenant it’s not tough to call their bluff on craigslist. Most of them are asking too much and you’re a sucker if you offer them asking price (unless it’s already a good deal).

Yaya
Guest
Yaya

@Makaya: It’s gorgeous! Is that an extension cord hanging from a coat hanger over the living room window?

Makaya
Member
Makaya

@chilled: just one question: who reads the Tyee?

On a lighter note, I wish I was not already renting a place, otherwise I would have jumped on this fantastic 2BR furnished basement in Burnaby… don’t you like the red carpet and the matching sofas?

All of it for the bargain price of $1200/month. What a deal!

http://vancouver.en.craigslist.ca/bnc/apa/2879396545.html

chilled
Member
chilled

@Anonymous:

“The Tyee gets most of its funding from unions affiliated with the BC Federation of Labour and works closely with the massive US Eco group the Tides Foundation, which has funneled tens of millions of dollars into groups against the oil sands and, incidentally, helped fund the mayoral campaign of Gregor Robertson.

It may be a useful article but it always helps to know where they’re coming from.”

And not generally agreeing with The Tyee doesn’t make one “right wing” as anonymous #1 accused me of. I just can’t stand the idiotic articles and political correctness.

SoundandFury
Guest
SoundandFury
@ZRH2YVR Re: The District selling prices “SL” is the strata lot number. “Declared” is the declared value when registered with LTO. The 19 units where the declared value is blank are still owned by the developer. SL REGISTERED DECLARED ADDRESS --- ---------- --------- ------------------------- 1 Feb 28, 12 $321,900 2 Mar 08, 12 $321,900 3 Feb 27, 12 $374,900 4 Feb 28, 12 $379,900 5 Feb 27, 12 $379,900 6 Feb 28, 12 $349,900 204-233 E. 7TH AVENUE 7 Mar 05, 12 $329,900 231 EAST 7TH AVENUE 8 Feb 28, 12 $299,900 201-251 EAST 7TH AVENUE 9 Mar 05, 12 $314,900 10 Mar 08, 12 $314,900 203 251 EAST 7TH AVENUE 11 Mar 08, 12 $311,900 12 Feb 27, 12 $311,900 #205 - 251 EAST 7TH AVENU 13 Feb 24, 12 $329,900 206 - 251 EAST 7TH AVENUE 14 Feb… Read more »
chilled
Member
chilled

@Anonymous:

Wrong. Completely wrong and you missed my point.

The Tyee has spent years writing from one slant and banned any dissenting opinion.

For example, find ONE article in The Tyee archives critical of Canada’s Immigration Policies, overly generous refugee system, et al. You won’t. And if you presented a dissenting opinion, ON ANYTHING > banned. I know.

Now these snot nosed journalism wannabees are crying about what happened to the housing market. Political ideology aside, it’s muddied thinking as found in The Tyee THAT GOT US IN THIS MESS AND IT IS TOO FUCKING LATE TO COMPLAIN, especially from them.

Turkey
Guest
Turkey

@Anonymous: And everything the Tyee publishes is personally pre-masticated by George Soros himself, don’t you know.

Seriously, what’s with the Tides/Vision fixation some people have?

good-format
Guest
good-format
Copied from PaulB’s number http://www.laurenandpaul.ca Date Listing Price(+-) Sold Inv Inv(+-) S/L(%) Mar 01 313 94 123 14,912 5 39.3 Mar 02 251 97 163 14,919 7 64.9 Mar 05 338 134 118 15,069 150 34.9 Mar 06 298 114 163 15,161 92 54.7 Mar-07 260 114 71 15,305 144 27.3 Mar-08 237 106 152 15,345 40 64.1 Mar-09 229 76 69 15,454 109 30.1 Mar-12 306 119 120 15,588 134 39.2 Total-Cur 2,232 854 979 790 43.9 5 day-avg 266 106 115 104 43.2 Total-Est 5,956 2,335 2,589 17,041 2,134 43.5 Historical March Sold and listing Year Sold Listing S/L(%) 2001 2,315 3,805 60.8 2002 3,392 5,168 65.6 2003 3,304 4,272 77.3 2004 4,371 5,709 76.6 2005 3,938 5,083 77.5 2006 4,033 5,767 69.9 2007 3,582 5,456 65.7 2008 2,997 5,674 52.8 2009 2,265 4,385 51.7 2010 3,137 7,004… Read more »
Makaya
Member
Makaya

@Makaya: 134!

Makaya
Member
Makaya

@good-format: Inventory went up by 135 today 😉

good-format
Guest
good-format
Copied from PaulB’s number http://www.laurenandpaul.ca Date Listing Price(+-) Sold Inv Inv(+-) S/L(%) Mar 01 313 94 123 14,912 5 39.3 Mar 02 251 97 163 14,919 7 64.9 Mar 05 338 134 118 15,069 150 34.9 Mar 06 298 114 163 15,161 92 54.7 Mar-07 260 114 71 15,305 144 27.3 Mar-08 237 106 152 15,345 40 64.1 Mar-09 229 76 69 15,454 109 30.1 Mar-12 306 119 120 15,588 109 39.2 Total-Cur 2,232 854 979 790 43.9 5 day-avg 266 106 115 104 43.2 Total-Est 5,956 2,335 2,589 17,041 2,134 43.5 Historical March Sold and listing Year Sold Listing S/L(%) 2001 2,315 3,805 60.8 2002 3,392 5,168 65.6 2003 3,304 4,272 77.3 2004 4,371 5,709 76.6 2005 3,938 5,083 77.5 2006 4,033 5,767 69.9 2007 3,582 5,456 65.7 2008 2,997 5,674 52.8 2009 2,265 4,385 51.7 2010 3,137 7,004… Read more »
Anonymous
Guest
Anonymous

@Anonymous:

The Tyee gets most of its funding from unions affiliated with the BC Federation of Labour and works closely with the massive US Eco group the Tides Foundation, which has funneled tens of millions of dollars into groups against the oil sands and, incidentally, helped fund the mayoral campaign of Gregor Robertson.

It may be a useful article but it always helps to know where they’re coming from.

Dougie Park Troll
Guest
Dougie Park Troll

@jumpin in: That house may look comparatively cheap but I bet it sells within the week.

Specuskeptic
Member
bob bobberson
Guest
bob bobberson

I guess joke time is maintained: whats the deal with trolls on gere? Dont they have somethingg else to do

bob bobberson
Guest
bob bobberson

If you clowns vote me dowb then I will get to share more jokes! If you want me to stop then vote up! And dont fart

bob bobberson
Guest
bob bobberson

I farted phewww

bob bobberson
Guest
bob bobberson

Stop voting me down! Am i a bad comedian?

Makaya
Member
Makaya

@jumpin in: actually, it’s for sale for $1,388,000! Some are wishful thinkers…

jumpin in
Guest
jumpin in

HAM has vanished… A home at #888 for an asking price of only $1,4 million! … Unbelievable 😉

http://www.realtor.ca/propertyDetails.aspx?propertyId=11659656&PidKey=639625974

foreclosure tours
Guest
foreclosure tours

Victoria foreclosure tours on CHEK news
http://bcove.me/8pydpgko

Anonymous
Guest
Anonymous

@chilled:

‘The irony of this Tyee story amazes me. In context, the Tyee is a socialist rag written by a bunch of wanna be journalist pukes who ban anyone and any idea from their discussion boards who has an idea that conflicts with what their professor tells them.’

Smear without refuting the argument. What is THE IRONY? That they want affordable housing in this city and complain about the speculators?! Oooo…. they must be commies.

Please enlighten us, or back to reading your right-wing corporate rags like the National Post and Macleans.