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?
March 13th, 2012 at 10:35 am
@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.
March 13th, 2012 at 12:32 am
@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.
March 12th, 2012 at 11:18 pm
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%
March 12th, 2012 at 10:25 pm
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).
March 12th, 2012 at 10:21 pm
@Makaya: It’s gorgeous! Is that an extension cord hanging from a coat hanger over the living room window?
March 12th, 2012 at 10:15 pm
@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
March 12th, 2012 at 10:13 pm
@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.
March 12th, 2012 at 10:13 pm
@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.
March 12th, 2012 at 10:09 pm
@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.
March 12th, 2012 at 9:53 pm
@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?
March 12th, 2012 at 9:49 pm
Copied from PaulB’s number
http://www.laurenandpaul.ca
Historical March Sold and listing
March 12th, 2012 at 9:40 pm
@Makaya: 134!
March 12th, 2012 at 9:40 pm
@good-format: Inventory went up by 135 today
March 12th, 2012 at 9:31 pm
Copied from PaulB’s number
http://www.laurenandpaul.ca
Historical March Sold and listing
March 12th, 2012 at 9:17 pm
@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.
March 12th, 2012 at 9:12 pm
@jumpin in: That house may look comparatively cheap but I bet it sells within the week.
March 12th, 2012 at 8:46 pm
CBC clip on Brocki’s Tyee story….
http://www.cbc.ca/news/canada/british-columbia/story/2012/03/12/bc-vancouver-housing-cost-priced-out.html