Dan Fumano: The 'ticking time bomb' threatening affordable rental homes - best electric toothbrush on the market

"We will never, never. . .
But now for many of these old buildings, the ticking time bomb is the bottom line, and it quickly goes the wrong way.
The complexity of B. C.
Vancouver's real estate assessment meets the reality of the Vancouver Metro real estate market in a way that does not encourage long-term operations
Long-term affordable rental housing is conducive to the development of new apartments, the landlord said.
In other words, the system seems to inspire our leaders to say the results they want.
Professionals in the development industry will tell you that today, no one except the government can build many new rental houses that locals really can afford in Vancouver.
But if the private sector cannot build affordable rental houses, they can maintain them.
As expected, older rental houses are more affordable.
CMHC data show that Vancouver apartments built between 1975 and 1989 are on average cheaper than apartments built since 2005.
But long-term landlords say the current system threatens their ability to run old rental apartments, which are an important part of the city's housing stock.
Come and see the Broughton apartment in West Vancouver.
At 2015, this 40-property taxyear-old, 47-
A representative of the owners of Davisey Group said that the unit rental building on Davie Street was assessed as $854 per unit.
This year's assessment is expected to be about $2,620 per unit.
This means that the property tax has increased by more than 200 over the past four years.
Broughton apartment, 40-year-old, 47-
Unit rental buildings in the West End have risen property taxes by more than 200 over the past four years.
Nick procaylo/PNGAs property in the West End is worth soaring faster than downtown
Average in recent years
In particular, since the approval of the West District community plan in 2013 and the subsequent series of development activities,
The death of several mothers was blamed on soaring property taxes. and-
From popular nearby bars, Dover's last pint in 2017, to retail chocolate mousse kitchenware, the company closed its doors last week after facing a three-year 400 property tax hikeyear period.
Many small businesses in Vancouver have received B. C.
The practice of evaluation agencies based on "highest and best use.
"This means that the value of the property on which its tax is based will not be assessed based on its actual use --
Whether single-
A bar on the third floor
Apartment building-floor rental
But in use, "This returns the highest value.
Because their business landlords pass on escalating property tax bills to their tenants, these businesses have been taxed to death.
However, unlike commercial owners, residential owners cannot directly pass on soaring property tax bills or other growth to tenants --
They are restricted by rent control measures. And long-
Long-term tenants of buildings like Broughton tend to pay less than the market rent, says deputy Tom Johnston.
President of Asset Management at Vancouver real estate firm Cressey, which operates Broughton and several other local leased buildings.
"In the old building, we have the third part where tenants pay for market value," Johnston said . ".
"Do you know?
They have the right to do so.
We need to respect their long-standing facts.
Long term lease agreement, they have been good tenants for years.
But all the other cost pressures we face make it impossible for us to do so.
These cost pressures also include the city, Johnston said --wide 4.
Property taxes increased by 5 percentage points in 2019, an increase of 9 percentage points.
Prices for water and sewer are 7 and 11 respectively.
But the property tax is a big tax, which is based on evaluation.
The value of these assessments is based on a number of factors, including the highest and best use, as well as rent that the market can afford --
Regardless of the amount of rent actually charged.
David hudniak is the CEO of Landlord BC, a real estate industry advocacy group.
Jason Payne/regional assessor for Irish PNGTina, B. C.
The assessment said: "More than one
The home building is evaluated using the income method, and the first step is to determine the market rent.
So yes, it may be different from what the owner received in the actual rent.
"This has always been a practice," Ireland said . ".
"We were founded in 1974 and have been a market value assessment since then.
I think there are many things happening.
Rent received by home owners, there seems to be a bigger difference between the current market value rent and some multiple rents
Family owners are picking it up.
In many apartment buildings on the Vancouver Metro, this "difference" can be very large. When a 50-year-old, three-
The storey apartment building on Carnarvon Street, New Westminster, went on sale last year, with an ad listing "current rent" and "potential rent" for each unit ".
"The average current rent for the occupied units is $817, while the potential rent for these suites is $1,700 --
More than twice the current rent.
"The pressure on the market has brought these things to the surface," Ireland said . ".
Broughton's pressure is far from unique in Area B. C.
David Harnick, CEO of LandlordBC, who represents the rental housing industry, said.
"Yes, that's what we heard . "
"Anyone with three childrenstorey walk-
Or a smaller building faces the same dilemma.
"At all the meetings I had with the municipal government and provincial government officials who care about housing, they all said they wanted to keep the existing rental housing," said Hutniak . ".
"So now we need policies that are aligned with it.
"If you are taxed for the highest and best use, then you 'd better use the highest and best product," says Hutniak . ".
The reality is that in Vancouver it will be to demolish and build the apartment.
"How do you keep any business alive when your cash flow is higher than your cash flow?
This is not sustainable . "
"God bless, I absolutely don't want to see Cressey and others in this situation do something about these buildings, like selling them or turning them into apartments.
"Smaller landlords, like families who run an apartment building for generations, tend to have fewer choices," says hatnik.
As their profits tighten, they may decide that selling the property is the best option.
When those long-term landlords are present, this may mean bad news for the long term --
Long term tenant for payment below-
Market rent: Vancouver staff recently noted that a large-scale eviction notice is usually issued after a new owner purchases a building.
Vancouver council recently told so-
As pointed out in the memorandum from Vancouver to B city in November, this practice has become one of the "most concerned issues" for Vancouver to rent r"C. government. “Whereas long-
Owners generally tend to maintain stable leases, and new owners may use unit turnover as a way to increase new investment income.
The housing crisis in Vancouver, along with the story of displacement and heartbreak, sometimes seems to make tenants unhappy with landlords.
Although for those landlords who are unscrupulous or illegal means, it is worth mentioning, but the overall slander of the landlord does not seem to have any special help.
Most households in Vancouver rent r and most of them have private landlords.
A private landlord, even the largest community.
People with ideas are doing business.
While the government should not cater to the idea of landlords or any other business complaining about high taxes, it also seems unsustainable to rely on private businesses to run our homes at a loss.
If, as Johnston and others have described, the current system is increasingly threatening the viability of old rental apartments, another noteworthy factor in the housing crisis.
But the solution is not simple.
"We will never, never. We just won’t.
"This is not our purpose," Johnston said . ".
"But now for many of these old buildings, ticking time bombs are the bottom line and quickly go the wrong way, meaning people will not be able to afford to keep the building. Period.
This requires a great deal of affordable housing today and really puts them at risk.
"Dfumano @ postmedia. comtwitter.
Com/fumanoLISTEN: Andre Pavlov, professor of Bidi business school, and lawyer Wes musicio discussed B with host Stuart mcnis. C.
Real estate speculation tax and vacancy tax.
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