Hi Brian, thanks for all you do. I have a question: is anyone projecting unit rental costs for 1, 2 and 3 bedroom apartments in new buildings over the next 2-5-10 years? It would be helpful to a lot of us. I imagine developers of rental projects need to have these estimates available, in order to be able to calculate revenue streams.
When I listen to developers they often rely on CMHC for rents, which they analyze on a very granular basis. Then they factor in expected inflation and other operating costs, etc. the CMHC rental data is freely available on line
Excellent post, Brian, hitting the most critical housing issue in the Broadway (& Vancouver) Plan, that being the demolition of existing affordable rental units in older 3-4 storey wood frame buildings that developers have been and will be targeting in their land assemblies under City's rezoning policies. These 30-60 year old RM-4 Kitsilano, Fairview and Mt. Pleasant apartments should be protected as City's greatest AFFORDABLE rental housing resource rather than being discarded as "past their useful lives", their tenants to be left stranded for the 3 years it will take to build purported replacement units they will be given first offering of. What a joke! The City should have documented these existing units and put them off limits for redevelopment, thereby making it clear to their owners/landlords that these buildings would need to be properly maintained. This feeble Pace of Redevelopment proposal is an after-the-fact attempt to mitigate the disastrous rental housing supply errors of the Broadway Plan. What must be finally recognized is that the most valuable, cost-effective affordable rental unit is the one that is already in place.
Ralph, thanks for your detailed comments. I had not thought of identifying affordable housing in the way we identify heritage buildings. I just may make that the subject of a (soon) future CC. I'd like to pick your brains about some more about the mechanics of that approach. I see a carrot and stick approach, maybe property tax reductions (as is the case with heritage, I believe) which would extend the future affordability of the resource. Thanks.
So the City has sped up the process, not however by efficiencies in the system, but by eliminating all public involvement. For example, I wanted to see what a laneway house development on our block would look like. I was told that they no longer require DPs so no plans or rationale are posted. It's just going to appear, in what form, who knows. Glad to see one but what does it take to just at least show the neighbourhood what has been decided without their input.
Hi Brian, thanks for all you do. I have a question: is anyone projecting unit rental costs for 1, 2 and 3 bedroom apartments in new buildings over the next 2-5-10 years? It would be helpful to a lot of us. I imagine developers of rental projects need to have these estimates available, in order to be able to calculate revenue streams.
Cheers!
When I listen to developers they often rely on CMHC for rents, which they analyze on a very granular basis. Then they factor in expected inflation and other operating costs, etc. the CMHC rental data is freely available on line
Excellent post, Brian, hitting the most critical housing issue in the Broadway (& Vancouver) Plan, that being the demolition of existing affordable rental units in older 3-4 storey wood frame buildings that developers have been and will be targeting in their land assemblies under City's rezoning policies. These 30-60 year old RM-4 Kitsilano, Fairview and Mt. Pleasant apartments should be protected as City's greatest AFFORDABLE rental housing resource rather than being discarded as "past their useful lives", their tenants to be left stranded for the 3 years it will take to build purported replacement units they will be given first offering of. What a joke! The City should have documented these existing units and put them off limits for redevelopment, thereby making it clear to their owners/landlords that these buildings would need to be properly maintained. This feeble Pace of Redevelopment proposal is an after-the-fact attempt to mitigate the disastrous rental housing supply errors of the Broadway Plan. What must be finally recognized is that the most valuable, cost-effective affordable rental unit is the one that is already in place.
Ralph, thanks for your detailed comments. I had not thought of identifying affordable housing in the way we identify heritage buildings. I just may make that the subject of a (soon) future CC. I'd like to pick your brains about some more about the mechanics of that approach. I see a carrot and stick approach, maybe property tax reductions (as is the case with heritage, I believe) which would extend the future affordability of the resource. Thanks.
Ralph, your comments are so exactly (and dare I say, obviously) correct, that I wonder why the Planning Department and Council couldn’t see this.
So the City has sped up the process, not however by efficiencies in the system, but by eliminating all public involvement. For example, I wanted to see what a laneway house development on our block would look like. I was told that they no longer require DPs so no plans or rationale are posted. It's just going to appear, in what form, who knows. Glad to see one but what does it take to just at least show the neighbourhood what has been decided without their input.