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SIXO Midtown | 28 + 20? + 12? + ? fl | Proposed
So in that scenario it effectively becomes a rental apartment building. We do need those, too. It doesn't make it a bad building, just a different one.

Our condo building has about 25% rentals, and at least at the moment the people renting are not causing any significant problems. And if that changes, the condo rules actually give the board a lot of leverage for dealing with unruly residents.
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We are more in need of purpose-built rentals that don't start at over $1,000 for a one-bedroom or $1,600 for a two-bedroom. And there's not much of that. Trio is right in that neighbourhood as a purpose-built rental apartment.
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I'm frankly amazed that The Barrelyards is as full as it is. That place is $$$. If you're willing to pay $1600/month home ownership is still within reach.
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(01-25-2017, 03:47 PM)tomh009 Wrote: So in that scenario it effectively becomes a rental apartment building.  We do need those, too.  It doesn't make it a bad building, just a different one.

Our condo building has about 25% rentals, and at least at the moment the people renting are not causing any significant problems.  And if that changes, the condo rules actually give the board a lot of leverage for dealing with unruly residents.

I agree, we need rental and condos, but when the rental is happening via sublet to an owner in a condo building who may not have the same priorities as an official apartment building owner, the results are... chaotic and uncontroalble. I'm glad your experience is working out - it absolutely did not at the Kaufman Lofts.

...and $1600/month on a mortgage would get you one hell of a home!
For daily ion construction updates, photos and general urban rail news, follow me on twitter! @Canardiain
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You mean one hellish home?
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$1600 per month in rent is properly compared not with a mortgage payment, but rather at minimum mortgage cost, property taxes, maintenance, insurance, and opportunity cost of the equity in your home. In Waterloo Region, $1600 a month does not get you much home, if you're accounting properly (in my experience, many home owners do not). On average, in the current market, it is cheaper to rent than to own.

I have to agree with Viewfromthe42 that we are in need of more affordable purpose-built rental units (I don't mean to be biased against retrofit units here- they can be quality, but it seems to me can't be depended on to be a big part of the mix). I'm not sure of the instrument to make this happen.
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(01-25-2017, 05:02 PM)Markster Wrote: I'm frankly amazed that The Barrelyards is as full as it is.  That place is $$$.  If you're willing to pay $1600/month home ownership is still within reach.

Some may still prefer not to buy a home.  There are plenty of countries which are not as obsessed about owning our homes.

Not owning a home, even a condo gives certain freedoms.
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(01-25-2017, 08:02 PM)MidTowner Wrote: $1600 per month in rent is properly compared not with a mortgage payment, but rather at minimum mortgage cost, property taxes, maintenance, insurance, and opportunity cost of the equity in your home. In Waterloo Region, $1600 a month does not get you much home, if you're accounting properly (in my experience, many home owners do not). On average, in the current market, it is cheaper to rent than to own.

Yes.  Independent analyses agree, too, our rent:property prices ratio is skewed and rentals are relatively inexpensive.

And I do agree with the need for more affordable housing (but in addition to, not to the exclusion of nicer units).
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While it may be cheaper in the short term, in the long term, when you own, you eventually stop paying... and then you have a couple hundred thousand dollars sitting there that are yours.
For daily ion construction updates, photos and general urban rail news, follow me on twitter! @Canardiain
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I think it is a little less cut and dry than that.
1) a huge factor is the local real estate market condition ( I know someone that bought a property when their town was booming for 150k and 6 years later the market has these same places for 40k due to the local economic conditions) .
2) if you are the type of owner that is willing to put the effort into continuously maintain and upgrade your property
3) what you do with the money saved ( the difference between the monthly owning cost - renting cost) if this is regularly invested and performs well you may see very similar financial gains to home appreciation without as much effort
4) Life style choice, some people want to live their lives doing what they want to do and are less interested in doing the elements in 2) meaning there is some sacrifice ( time, enjoyment) gains potentially when owning due to the amount of work required.
5) perhaps a smaller factor is family size but this is more about unit type. I think it becomes more economically friendly to live in a house/town house with increasing family size. As discussed earlier finding a suitable condo/apartment for 4 or 5 people. Is significantly more expensive and difficult than a similar unit for 1 or 2 people.
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