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I believe the city has been adding different things for the last couple years trying to open up more rentals. If I recall correctly something like 25% of all c
by goatherders 8y ago
I believe the city has been adding different things for the last couple years trying to open up more rentals. If I recall correctly something like 25% of all condos downtown are unoccupied which is insane. They arent even available to rent, just sitting their empty.
It has had a real effect on employment, especially in tech. A friend of mine at hootsuite laments that sometimes they miss on great hires because even though the salary is competitive, there is literally nowhere within an hour of the office for the candidate to afford to live.
- jimrandomh 8y ago> If I recall correctly something like 25% of all condos downtown are unoccupied which is insane. They arent even available to rent, just sitting their empty. You do not recall correctly. https://www.reuters.com/article/canada-housing-vancouver/nearly-5-pct-of-vancouver-homes-deemed-vacant-amid-housing-crunch-idUSL4N1QP593 https://www.reuters.com/article/canada-housing-vancouver/nea...
- romed 8y ago5% is barely a functioning market. Normally you'd expect 8-10% vacancy rate in a well-supplied housing market.
- Tiktaalik 8y agoHe was probably thinking of Coal Harbour, a downtown neighbourhood which did have a census non-occupied by usual residents rate between 20-25%.
- projectramo 8y agoI think i see the confusion: 1% vacancy 5% unoccupied but not open to rent So of the houses that are unoccupied, only 20% are vacant? (I actually read it as 1/6th but the point is where the confusion may have come from)
- goatherders 8y agoThanks, always nice to get a downvote when someone corrects a data point. And your link cites the whole area, not downtown. But thanks anyway.
- baybal2 8y agoThe rest of Vancouver, and the downtown is quite a different thing. In 2011, I did an occupancy survey for a college group study, and yes we counted 31% vacancy in Coal Harbour