Affordable housing

neysa59
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Affordable housing

Post by neysa59 »

I just read that article about new affordable rentals in Rutland that's open. Where in this world can you call that affordable housing. Oh I'm sorry because its 250 under going rate makes it affordable. Think these officials need to learn what's affordable. Let me tell you paying 2100 for a 2 bedroom in a building in the middle of a parking lot is not affordable. There is very little rentals out there that is reasonably priced. You actually need 3 full time incomes to pay your bills. Maybe something needs to be donee. Like I know stop raising interest rates, insurance rates then maybe landlords can stop gouging everyone. Something needs to be done or half the population will be living on the streets
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liisgo
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Re: Affordable housing

Post by liisgo »

neysa59 wrote: Sep 13th, 2023, 4:21 pm I just read that article about new affordable rentals in Rutland that's open. Where in this world can you call that affordable housing. Oh I'm sorry because its 250 under going rate makes it affordable. Think these officials need to learn what's affordable. Let me tell you paying 2100 for a 2 bedroom in a building in the middle of a parking lot is not affordable. There is very little rentals out there that is reasonably priced. You actually need 3 full time incomes to pay your bills. Maybe something needs to be donee. Like I know stop raising interest rates, insurance rates then maybe landlords can stop gouging everyone. Something needs to be done or half the population will be living on the streets
You mention interest rates, insurance, add in sky rocketing strata fee's, etc and "yep" hard to afford a mortgage. Then you mention landlords gouging. So why do you just assume that landlords are not mortgaged to the hilt? That are not able to meet the same required cost's? Not all landlords are rich. Maybe most are extremely hard working people with a second job trying to invest. If cost's are cost's, why do they change depending on who is crying? Interesting that rent has seen increases of over 10% this year so far. Someone should attempt to explain this. Because it sure isnt new builds. Which leaves plenty of the average joe, "trying to get ahead and take a chance" selling his one single rental and one of the many foreign groups buying them up and jacking the rent through the roof. Because the government allows them to do so.
We got a problem, agreed, but the government is the fault of 90% of it.
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GordonH
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Re: Affordable housing

Post by GordonH »

Everyone's affordability tends to be different, it's all depends on ones total income. In reality there isn't one size fits all.
Back in my day of purchasing a home my personal choice was not to go above 35 percent of my take home pay, for my mortgage payment.

In today's market that pretty well impossible, unless you have one hell a big take home pay.
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fluffy
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Re: Affordable housing

Post by fluffy »

When you recognize that the rise in rents began about the same time government backed away from social housing it becomes obvious that the solution does not rest with the private sector. Land and construction costs push things out of the "affordable" range for a lot of people, people who's numbers grow daily.
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Purity
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Re: Affordable housing

Post by Purity »

"Canadian Housing and Mortgage Corporation" a Crown Corporation governed by a board with 2,357 employees across Canada. Quite the payroll, eh!
youjustcomplain
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Re: Affordable housing

Post by youjustcomplain »

neysa59 wrote: Sep 13th, 2023, 4:21 pm I just read that article about new affordable rentals in Rutland that's open. Where in this world can you call that affordable housing. Oh I'm sorry because its 250 under going rate makes it affordable. Think these officials need to learn what's affordable. Let me tell you paying 2100 for a 2 bedroom in a building in the middle of a parking lot is not affordable. There is very little rentals out there that is reasonably priced. You actually need 3 full time incomes to pay your bills. Maybe something needs to be donee. Like I know stop raising interest rates, insurance rates then maybe landlords can stop gouging everyone. Something needs to be done or half the population will be living on the streets
It's not that I disagree with you so much as I'd like to better understand what "Affordable" means. Is it meant to be subjective or objective? In other words, do you decide what Affordable is, to you, and expect the government to make that rent price mandatory to benefit you? Or is there some general definition that can be applied, across the board, that provides the rent value that you'd be happy to pay?

We keep hearing about and talking about Affordable Housing, but I don't really know what that means. I pay $3500 per month for my mortgage. I know people who pay more and people who pay less. I don't know any renters that pay that much in rent, but they also get less space and property. Who am I to determine what is affordable for others when I feel like $3500 is just fine for me.

As for interest rates. I think those need to continue to rise. Sorry, not sorry for that opinion. I don't see how we're going to get lower priced homes. It won't be solved by supply out pacing demand. Lets face it, population is growing much faster than builders can build, and much faster than governments can make policy change.

Some landlords gouge. Sure. You have a choice to pay the rent, or look elsewhere. If you can't find anywhere to rent in the area you want to rent, then expand either the amount you're willing to pay, or the neighborhood you're willing to live in. It might mean you don't live where you want to, but pay what you want. It could also be that the rent you feel is "fair" is way under what anyone will rent to you for and in that case, you'll never be happy. Rents have gone up.
Patron
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Re: Affordable housing

Post by Patron »

affordable shouldn't be 50%+ of your income and today that's what it is and it's outrageous , there's also no competition when it comes to rentals, you pay the "Market Rate" which is based on new housing not old , there's plenty of people paying "market rate" for a slum that was built 40 yrs ago with very little upgrades
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Rejigger
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Re: Affordable housing

Post by Rejigger »

Market rate is whatever someone is willing to pay. Rents are still relative in any market.

Also, if a 40-year old rental home is a 'slum', chances are it's the tenants that have made it a slum. A dated house isn't a slum by default. I've seen 40-year old (early 1980s), owner-occupied homes that are still in good shape. A dirty, mistreated house is a slum.

I remember having a go-round with a certain person about whether or not it's a tenant's responsibility to do yard work - she was convinced it isn't. I doubt very much she began mowing her lawn after being shown the part of the Residential Tenancy Act that stated it was her responsibility. It wouldn't matter how much rent she's paying, she still won't do the yard work. She'd prefer to turn the property into a 'slum', readily complain about living in a slum, and justify it by imagining how wealthy her landlord is.

Point is, people are who they are and they're not going to all of a sudden become reasonable and responsible just because they're paying less-than-average rent.

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Re: Affordable housing

Post by BC Landlord »

Please, stop abusing that "affordable housing" term. Every property sold on the market is affordable, by definition. And sales are doing just fine. There is no “crisis” here. It’s always been that some people could afford something, and some couldn’t .
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JLives
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Re: Affordable housing

Post by JLives »

BC Landlord wrote: Sep 14th, 2023, 4:46 pm Please, stop abusing that "affordable housing" term. Every property sold on the market is affordable, by definition. And sales are doing just fine. There is no “crisis” here. It’s always been that some people could afford something, and some couldn’t .
This isn't accurate. Affordable housing means means no more than 30% of your income is going to housing. It's a well accepted, industry used, quantifiable term. That is the definition. So every time you see the term affordable housing from this point forward you will know what it means.
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Catsumi
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Re: Affordable housing

Post by Catsumi »

JLives wrote: Sep 14th, 2023, 5:25 pm
BC Landlord wrote: Sep 14th, 2023, 4:46 pm Please, stop abusing that "affordable housing" term. Every property sold on the market is affordable, by definition. And sales are doing just fine. There is no “crisis” here. It’s always been that some people could afford something, and some couldn’t .
This isn't accurate. Affordable housing means means no more than 30% of your income is going to housing. It's a well accepted, industry used, quantifiable term. That is the definition. So every time you see the term affordable housing from this point forward you will know what it means.
Just curious here.

Is that definition written in stone, somewhere?

As things change, interest rates up and down and up again, building costs up and down, why would this particular definition remain static as if it cannot also be fluid as the costs to buildings owners?
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Re: Affordable housing

Post by BC Landlord »

Patron wrote: Sep 14th, 2023, 12:36 pm affordable shouldn't be 50%+ of your income and today that's what it is and it's outrageous
Whose income? You can't expect very much of affordability by flipping burgers. And btw, almost 70% of Canadians are homeowners, so it can't be that bad.

... , there's also no competition when it comes to rentals, you pay the "Market Rate" which is based on new housing not old , there's plenty of people paying "market rate" for a slum that was built 40 yrs ago with very little upgrades
I'm with you here. Free competition rules! Then, let's remove stupid rent controls, and let the true competition begin. :up:
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moarcowbell
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Re: Affordable housing

Post by moarcowbell »

From province of BC housing website:

https://www2.gov.bc.ca/gov/content/hous ... le-housing
Many organizations, programs and even mortgage lenders consider housing affordable if it costs no more than 30% of household income before taxes. This measure is a useful tool that can be used when choosing a place to live, but housing affordability is often based on a combination of factors, and every situation is different.

Here are some examples:

The type, age and condition of a home influences costs like heating, electricity, water, sewage, insurance, maintenance and property taxes.
Owners in strata housing pay strata fees. Learn more about living in a strata.
The location of a home determines transportation expenses like taking public transit or driving a vehicle.
A person's financial status and stage of life affects what is affordable for them. Everyone’s monthly budget is different and personal preferences, priorities, and family needs all need to be considered.
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GordonH
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Re: Affordable housing

Post by GordonH »

If rent controls were dropped, how many landlords would be dropping their monthly rent.
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moarcowbell
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Re: Affordable housing

Post by moarcowbell »

Proposed reductions in rent forecast with newly announced removal of GST on new rental housing construction for builders that they say will result in lower rental costs. I’ll believe it when I see it.
"This is going to be great for purpose-built rentals, this is going to be great for builders and developers which means it's going to be great for the general public as those unit come on line and we see that price drop reflected in the cost of rent."
https://www.castanet.net/news/Kelowna/4 ... n-builders

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