Real Estate Daily Report

Fund could help cities buy low-cost housing that's being snapped up by investors: Victoria council

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Greater Victoria seeing record-breaking sales of multi-family properties

Victoria council wants senior governments to help set up a non-profit housing-acquisition fund to allow municipalities to buy and protect low-cost ­housing, as the number of rental properties purchased by real estate investment trusts and institutional investors soars, driving up rents.

“This trend has the ­potential to significantly affect ­affordability in Victoria’s rental housing market in the coming years, particularly where older, more affordable rental buildings are acquired,” the report said. Council agreed to push the federal and provincial government for both stronger regulation and for the funding of acquisition programs to allow municipalities to get into the marketplace to protect existing rental stock.

She said it’s time for senior levels of government to invest in the marketplace in a more significant way than they already have.

 

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1/ The CRD can already do this 2/ Most Munis have massive contingency funds to provide 'seed' money 3/ MUNICIPAL GOVERNMENTS ARE NOT NGO's, THEY ARE DEFACTO G.O.'s. IMO this is the 1 thing wrong with this council; their only life experience is academia or NGO.

Dave_Eby jjhorgan selinarobinson MikeSmythNews CKNW CHEK_News MikeSmythNews CBCStephenQuinn Happy BC Day Now more shit from vanre hitting Victoria Ain't life grand? Why do we keep up this REIT investment garbage? Why? FFS.

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Victoria mayor to petition province for supportive-housing helpCity is offering province $250,000 to jump-start next phase of housing efforts Dry or wet? One helps, the other just hides the problems away from public eye and lets them fester. Often the individuals will feel like they are just pushed aside and forgotten about like the inconvenience they truely are, which results in futher mental decline. One last big blow $250K? Seriously? For what?
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