City of Vancouver now defines $3,702 rent as “affordable” housing
- Thread starter poonerboi
- Start date
When I first read your post, I thought wow the City truly has gone mad.
The article broke it down like this:
For this year, a new three-bedroom rental on the West Side of the city with a starting rate of $3,702 per month is considered affordable.
Also regarded as affordable rental rates in the same part of the city are $2,756 for a two-bedroom unit; $1,903, one bedroom; and $1,646, studio.
The article broke it down like this:
For this year, a new three-bedroom rental on the West Side of the city with a starting rate of $3,702 per month is considered affordable.
Also regarded as affordable rental rates in the same part of the city are $2,756 for a two-bedroom unit; $1,903, one bedroom; and $1,646, studio.
By affordable they mean "on the cheap side of the scale, compared to other properties in the same general area of the city.".
Wrong use of the word "affordable" IMHO.
Wrong use of the word "affordable" IMHO.
Maybe people should start burning those places down.... after all - people that spend 3700 in rent have money to burn........ If you plan on burning houses start with the politicians and then the bank owners and managers, remember what you would be doing is illegal. Isn't it awesome how society is controlled. A little chaos is needed now and then.....
Holy shit that is just plain NUTS.The highest my mortgage payment was $1000 a month and I was doing double payments with the ammortisation set at 12 years and that $3700 a month is for friggen RENT.
I am so glad I dont live on the Left Coast.Property prices to own are off the chart stupid and so are rental prices.I got my incoming pay statement today and it was for $2800-ish.....so I would have to slice off another $900 from my next paycheck at the end of the month to cover rent and that is if I could dedicate the paycheck I would be getting direct deposited this weekend towards rent at the end of the month.This is not including utilites such as gas and electricity for those that foolishly want to heat and light and the ability to cook food.
Damn that is nothing but brutal.
SR
I am so glad I dont live on the Left Coast.Property prices to own are off the chart stupid and so are rental prices.I got my incoming pay statement today and it was for $2800-ish.....so I would have to slice off another $900 from my next paycheck at the end of the month to cover rent and that is if I could dedicate the paycheck I would be getting direct deposited this weekend towards rent at the end of the month.This is not including utilites such as gas and electricity for those that foolishly want to heat and light and the ability to cook food.
Damn that is nothing but brutal.
SR
In Victoria around 93 I went with a friend who was looking for a condo. The sales pitch back then was the Commonwealth Games were coming next year (94) and the world will see how nice Victoria is and want to buy there. The 2 bedroom condos they were asking for were about 120,000.00; I thought at the time that ( a 4 bedroom house with basement in Kelowna was 80,000.00) that was way over price. Young and foolish, didn't really know about location, location, location rule. I thought at the time the real estate people were just pushing the price up as much as they could, using the games as the hype. Part of the hype was that saying, they not making any more land around Victoria too.
Hong Kong went back to China in 87. House prices in Victoria were reasonable until around 1990, then they started to go up. This is from people that owned houses at that time.
Somewhere in the mid to late 90s there was the leaky condo scandal. This caused the condos to have to be repaired at between 60-100,000 dollars extra per condo. Around 2010 there was an news coverage, talking about the leaky condo; as the market was up enough to cover the owner original repair bills, enough that they would make money on their condos. (I remember the uproar when it was suggested that the gov pay for the repairs)
Real estate salespeople like owners markets (not enough property, lots of buyers). The house is listed at what the last house in the neighbourhood was listed at. And hoped for a biding war (which is what has been happening in Vancouver and Victoria since the late 80s) What home owner doesn't want to get the best dollar for his/her house. These biding wars would up the price of houses from 20,000 to 70,000. Now the tax assessment takes the property at this new value. Banks use this new value. And the cycle continue to turn upwards and upwards.
Now there are 2 types of people who buy: Those with the money to buy outright, and those that need a mortgage (mostly people starting out)
There are 2 types of people who rent: Those who can't afford to buy, and those whose job is temporary in the area (and their company will pay for the rent).
Add in that in the 90'a Vancouver was a world class city deeply under valued for house prices. Driving down the #10 hwy for the last 25 years, (going inland from Victoria) you slowly seen the farmland, created into condo or apartments, knowing that the places were alway selling at a premium. People were profit happy... And thats not near downtown core of Vancouver...
Add in the fact that non Canadians are buying in Vancouver as an alternative to buying in London or Paris as an investment house, that just sits there, wait 9 months and sell it, or sit on it. Creating a lack of affordable housing in Vancouver and lower mainland...
Hong Kong went back to China in 87. House prices in Victoria were reasonable until around 1990, then they started to go up. This is from people that owned houses at that time.
Somewhere in the mid to late 90s there was the leaky condo scandal. This caused the condos to have to be repaired at between 60-100,000 dollars extra per condo. Around 2010 there was an news coverage, talking about the leaky condo; as the market was up enough to cover the owner original repair bills, enough that they would make money on their condos. (I remember the uproar when it was suggested that the gov pay for the repairs)
Real estate salespeople like owners markets (not enough property, lots of buyers). The house is listed at what the last house in the neighbourhood was listed at. And hoped for a biding war (which is what has been happening in Vancouver and Victoria since the late 80s) What home owner doesn't want to get the best dollar for his/her house. These biding wars would up the price of houses from 20,000 to 70,000. Now the tax assessment takes the property at this new value. Banks use this new value. And the cycle continue to turn upwards and upwards.
Now there are 2 types of people who buy: Those with the money to buy outright, and those that need a mortgage (mostly people starting out)
There are 2 types of people who rent: Those who can't afford to buy, and those whose job is temporary in the area (and their company will pay for the rent).
Add in that in the 90'a Vancouver was a world class city deeply under valued for house prices. Driving down the #10 hwy for the last 25 years, (going inland from Victoria) you slowly seen the farmland, created into condo or apartments, knowing that the places were alway selling at a premium. People were profit happy... And thats not near downtown core of Vancouver...
Add in the fact that non Canadians are buying in Vancouver as an alternative to buying in London or Paris as an investment house, that just sits there, wait 9 months and sell it, or sit on it. Creating a lack of affordable housing in Vancouver and lower mainland...
Just shows you how many people love to live in what used to be an Ocean bottom a few million years ago. LOL!!
Sorry to be the bearer of bad news man but you do live on the LEFT coast. Geographically and politically.
Everything west of the province of Manitoba is considered Western Canada. Think about that for a second. LOL!!
Last I checked your glorious leader was a lefty bucking for UPC communist status trying to suck the masses in
to vote for her again. Like that will ever happen and I'd give money for front row seats that bet after your
next election Know nothing Notley will be kissing ass to gain a position with the righteous UPC's.
Politicians are all ASSHOLES no matter how you cut it.
........................QM'r
In 2010 i moved to an Ontario town of 100,000. The average price of a house was 160,000. The houses were nice 1960/early 70 style house 3 bedrooms upstairs, kitchen and 2 large rooms midlevel, no hallways and a front porch. Renting that same type house cost 1500.00. The rental cost did not match the sale price of the house as the mortgage would be about 900.00...
And since we're on the subject: I received a notification from a realtor yesterday. My home is up for sale. I would be very grateful for any leads on a pet-friendly rental property where I can live & work in the Delta/Surrey/Langley area.
OK well first off a few million years ago NOBODY lived in North America....or South America because they were covered with 300 foot thick glaciers.....it is called an "ice age".Just shows you how many people love to live in what used to be an Ocean bottom a few million years ago. LOL!!
Sorry to be the bearer of bad news man but you do live on the LEFT coast. Geographically and politically.
Everything west of the province of Manitoba is considered Western Canada. Think about that for a second. LOL!!
Last I checked your glorious leader was a lefty bucking for UPC communist status trying to suck the masses in
to vote for her again. Like that will ever happen and I'd give money for front row seats that bet after your
next election Know nothing Notley will be kissing ass to gain a position with the righteous UPC's.
Politicians are all ASSHOLES no matter how you cut it.
........................QM'r
Secondly what I refer to as the "left coast" STARTS when you have crossed the Burrard Inlet over the bridge.....thats where all of the enviro hypocrites are.The rich multi-generational virtue signallers who protest an existing pipeline but still drive their fancy gas guzzling SUV's to those same protests.....when it comes down to it it is pure NIMBY'ism aside from the traitors who take money from foreign special interest groups to protest(those people should be tried for sedition and hung) I can say with a very well informed opinion that MOST of Alberta/Saskatchewan/Manitoba are for the most part Conservative with regards to political view points and leanings.
Lastly your thoughts and what you had to say about Notley is utterly brainless.If anything any Albertan will recognize the smokescreen BS that has been fabricated between Notley and Horgan.With regards to Notley trying to espouse herself as a champion of Alberta oil whilst she has cut it to shreds whilst holding a majority government to Horgan pandering to the eco nutjobs in an effort to gain more political power so as to win a REAL government if an election is called in the future as British Columbians did not VOTE for an NDP/Green coalition.....that was NOT ON THE BALLOT.
Next election in Alberta the NDP will not get the benefit of a "protest vote" gone wrong nor will they get the benefit of the Conservative vote being split between the Wildrose and the PC's.The next election should be mid May in 2019 but I fully expect the Notley NDP government to hold off on calling the hustings as long as possible possibly until June so they and their cronies can feed at the trough as long as possible.
I do agree that all POLITICIANS are ASSHOLES.The difference between a country like Canada and a country like the Phillipines is that the Phillipines had a dictator who looted the treasury for years and then fled the country when he was forced from power.In Canada the scumbags LEGISLATE and LEGALLY entitle themselves to their largess.....the most disgusting thing being the solid gold MP pension plan brought into existence by the Lieberals.
SR
Getting back on topic.....$3700 a month to rent a house in Vacouver....hey guess what you are paying the mortgage and then some to somebody who has property and you dont.
Point form.
1) You blew it with that point about the ice age. Ice age a few million years ago? Try again dude.
Last ice age was like 10-12000 years ago and covered all of North America and partially into Central America
just below Mexico with 300 foot thick glaciers.
A few MILLION years ago your province was at the bottom of an Ocean in panachea sucking up the remains
of dying oysters making the oil that your Premier wants to SHOVE up our ass and now that the glaciers
have receded some 10-12000 years ago, Alberta was and is still the bottom of what was once an
Ocean bottom.
Where in gods name did you come up with that idea that North and South America was EVER covered in a
glacier a million years ago?
2) An NDP/ Green coalition? NOT ON THE BALLOT? LOL!! No shit sherlock!!
YOU have a penchant for the bleeding bloody obvious.
So tell me what your point is about that. Other than the bloody obvious fact that
BC'ers voted in a minority gov't . DUH!!
3) About your comparison to Canada and the Phillipines who had a dictator. What is your point
about that? Other thanthe fact you keep spewing out about the Lieberals
( who I also dislike to no end ) serving themselves up those gold MP pension plans.
Excuse me man, but every party in existance has done the same thing giving themselves
those self appointed little raises and such throughout their tenure. Federally and Provincially.
Last I checked I don't see where the voters ever voted giving the MP's any raises. LOL!!
And don't tell me the PC's are not guilty of the same dealings.
Keep spewing your political rhetoric SR. Its still boring as hell cuz you don't change your tune one IOTA!!
Okay now back on topic. Sorry for the hijack.
.....................QM'r
Houses (and cars) are now sold by their monthly payments. I looked at a few car ads earlier and the actual sale price is in the fine print. Monthly payments are in huge print. Same goes for houses. People have been convinced to look at houses as an investment, not a home. Older generations stayed in one house all their lives, now people "upgrade" as soon as they can afford higher payments.
House buyers base decision on what they can afford to pay per month, and many do not think they will ever pay off their mortgage.
I think if mortgage rates go up house prices will fall. A lot of people are right on the limit of what they can afford, a slight increase will put them in foreclosure.
House buyers base decision on what they can afford to pay per month, and many do not think they will ever pay off their mortgage.
I think if mortgage rates go up house prices will fall. A lot of people are right on the limit of what they can afford, a slight increase will put them in foreclosure.
No, you cannot. Manitoba and Saskatchewan are both quite liberal and socially conscious. Saskatchewan has a lot of government intervention in industry and agriculture. A good example is all the Saskatchewan grain and potash cars in the trains going by my back yard. Saskatchewan was also the home of Tommy Douglas.
Good points! The only way to truly evaluate a car lease is to compare it to a financing deal by calculating the present value of the future cash flows (including the monthly payments and residual value) and adding that to the initial cash outflow. You do that calculation and it will put most sane people off leasing all together. A dirty secret the car dealerships don't want you to know about. Another way they try to sell the lease is to tell you that you can be driving a new car every 3 to 4 years. Well guess what, you can do that with a financing deal too, you trade your car in or sell it privately:doh:
Also looming on the horizon, the home equity loan debt trap that a lot of people have fallen into.
The agreement between China and Hong Kong was signed in 1984. After that many HK Chinese started to make plans to establish a foreign home. The lure of Richmond to HK Chinese dates back to that period.
A more relevant question would be what the average salary of the residents of the west side are.
Probably for most people living there it is an affordable rent. No doubt there are plenty of people in GREATER Vancouver for who it is not affordable, but then those folk don't live in the west side anyway.
Also, keep in mind that these are baseline figures for new developments to qualify for incentives to build. It does NOT mean that all rentals in that part of town cost that. Essentially what the article is saying is that the city is making those incentives available to all developers by setting the cut off so high.
