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New accommodations facility at CFB Esquimalt and plan to build more homes on military bases

Sounds to me like they should have been denied.

Making a poor investment (i.e. paying too much for a rental property and mortgage) doesn’t mean you should be allowed to price gouge your way out of it.
That is one way to look at it. The other way is intrest rates have gone through the roof why is it acceptable for the owner to take the loss?
Cost of renting that property would be x amount of dollars based on cost to borrow the money. Expecting the owner to take a loss is not in the best intrest of all involved either.
When they bought the property they should have known what the rent was. They should have done a cost/profit risk analysis to see if it was worth it. If they can’t afford it they can sell to someone else who can, even if it means they take a loss, thats how it goes. Nothing says in business you should always be making a profit.
From reading the article the intrest rate hiked significantly and the cost was reasonably passed onto the customer.(consumer)
The home owner nor the renters can control the costs associated with inflation. The government sure can and they don't.
Poor arbitration decision, that could have negative impacts on all sorts of renters.
I disagree, it was an unfortunate outcome for the renter. But the cost is the cost and it was an unreasonable intrest rate (again governments control these) that caused the significant increase.
Expecting the land owner to absorb those costs is unreasonable.
 
Not so long ago, they issued a contract to refurbish the Seaforth Armoury. Apparently they neglected to included any telecommunications installation into that contract. The Seaforth's were delayed moving back into, till a contract could be issued and completed to install working telecommunications.
Is this a heritage building issue? Like you’re allowed to repair the building but implementing new tech or expanded capacity is an issue.

I’m in the car but I feel like this was an issue in updating the messes in heritage buildings for PRES when I was still an officer.

So you keep certain contracts really sharp because it’s such an ordeal to get a….fax line
 
That is one way to look at it. The other way is intrest rates have gone through the roof why is it acceptable for the owner to take the loss?
Cost of renting that property would be x amount of dollars based on cost to borrow the money. Expecting the owner to take a loss is not in the best intrest of all involved either.

From reading the article the intrest rate hiked significantly and the cost was reasonably passed onto the customer.(consumer)
The home owner nor the renters can control the costs associated with inflation. The government sure can and they don't.

I disagree, it was an unfortunate outcome for the renter. But the cost is the cost and it was an unreasonable intrest rate (again governments control these) that caused the significant increase.
Expecting the land owner to absorb those costs is unreasonable.
27%... Interest didn't go up that much, so there was a lot of poor planning that lead to a rate hike that high to keep the owners head above water.
 
27%... Interest didn't go up that much, so there was a lot of poor planning that lead to a rate hike that high to keep the owners head above water.
I have co workers and friends whose mortgages payments doubled over the last couple years.
It's possible
 
Is this a heritage building issue? Like you’re allowed to repair the building but implementing new tech or expanded capacity is an issue.

I’m in the car but I feel like this was an issue in updating the messes in heritage buildings for PRES when I was still an officer.

So you keep certain contracts really sharp because it’s such an ordeal to get a….fax line
More of a case of totally neglecting to contract for the reinstall of all the phone and internet lines back into the building. thereby making it "unsafe" to occupy for another 6 months.
 
And if the costs of providing a service or product increase businesses generally increase the cost to consumers for those services and products.
Most services or products are optional, housing isn’t. We have laws dictating in most provinces how much rates can be raised based on inflation, which is a fair way to do it. As a business you would expect them to know and understand that as it’s a key part of your profit model.

That is one way to look at it. The other way is intrest rates have gone through the roof why is it acceptable for the owner to take the loss?
Cost of renting that property would be x amount of dollars based on cost to borrow the money. Expecting the owner to take a loss is not in the best intrest of all involved either.

From reading the article the intrest rate hiked significantly and the cost was reasonably passed onto the customer.(consumer)
The home owner nor the renters can control the costs associated with inflation. The government sure can and they don't.

I disagree, it was an unfortunate outcome for the renter. But the cost is the cost and it was an unreasonable intrest rate (again governments control these) that caused the significant increase.
Expecting the land owner to absorb those costs is unreasonable.

So its reasonable to expect the renter to take the hit instead? A property owner has options, such as selling, etc. Who knows the exact details, maybe that building has increased in value and they can sell at a profit. Maybe it hasn’t and they take a hit. But thats the risks of speculative buying.

They had the option to not buy the building in the first place. They had the option to save and not have a mortgage. They had the knowledge of what the interest rates were and the risks associated with variable rates.

Someone renting doesn’t have the same abilities. If they can’t afford the rent they don’t get to go to the tenant board and ask for a reduction in rent because they can’t afford it, they get kicked out on to the street instead.

If you can’t afford to pay the mortgage off the rent, maybe you shouldn’t have bought that investment property. If you failed to learn what the laws were regarding it you shouldn’t have invested a ton of money into it. Like any investment it can go sour, and it shouldn’t be up to everyone else to bail them out.
 
Interestingly enough, every single renter is dependent on someone willing to allow them the use of THEIR property in exchange for a certain fee.
Very very few do so simply out of the goodness of their heart. Given the various regulations and constraints that exist on property owners vs tenants it’s impressive that there is still significant rentals available. A bad tenant can utterly ruin the financial capacities of an owner.

Housing maybe not be optional and some may state that it’s a right but without someone owning the property and willing to rent it out, it’s irrelevant whether it’s a right or non optional.

There is a balance between the owner and tenant for sure but we need to be careful we don’t tilt too far to the tenant. That will only hurt all tenants when the rental units all disappear.
 
5 yrs new rate no matter what. 2025 and 2026 will be worse probably
Down here you can actually lock your rate for 30 years. Upside is that if you buy at a good time, you get a solid rate on your mortgage while your house value goes up and up.

Downside is you also can get stuck paying more if the market downturns.

My wife and I got our house built in 2020 (well moved in, in 2020). So we got a very very nice rate — buying now would result in our mortgage being almost 4x due to rising rates. The only crappy thing is rising prices raise our property taxes - while the services don’t change.
 
Interestingly enough, every single renter is dependent on someone willing to allow them the use of THEIR property in exchange for a certain fee.
Very very few do so simply out of the goodness of their heart. Given the various regulations and constraints that exist on property owners vs tenants it’s impressive that there is still significant rentals available. A bad tenant can utterly ruin the financial capacities of an owner.

Housing maybe not be optional and some may state that it’s a right but without someone owning the property and willing to rent it out, it’s irrelevant whether it’s a right or non optional.

There is a balance between the owner and tenant for sure but we need to be careful we don’t tilt too far to the tenant. That will only hurt all tenants when the rental units all disappear.
Well said.
 
Interestingly enough, every single renter is dependent on someone willing to allow them the use of THEIR property in exchange for a certain fee.
Very very few do so simply out of the goodness of their heart. Given the various regulations and constraints that exist on property owners vs tenants it’s impressive that there is still significant rentals available. A bad tenant can utterly ruin the financial capacities of an owner.

Housing maybe not be optional and some may state that it’s a right but without someone owning the property and willing to rent it out, it’s irrelevant whether it’s a right or non optional.

There is a balance between the owner and tenant for sure but we need to be careful we don’t tilt too far to the tenant. That will only hurt all tenants when the rental units all disappear.
so is that how we want to organize our society? Is it working? Since there is so much problems with rentals why do we encourage so much of it?
 
Interestingly enough, every single renter is dependent on someone willing to allow them the use of THEIR property in exchange for a certain fee.
Very very few do so simply out of the goodness of their heart. Given the various regulations and constraints that exist on property owners vs tenants it’s impressive that there is still significant rentals available. A bad tenant can utterly ruin the financial capacities of an owner.

Housing maybe not be optional and some may state that it’s a right but without someone owning the property and willing to rent it out, it’s irrelevant whether it’s a right or non optional.

There is a balance between the owner and tenant for sure but we need to be careful we don’t tilt too far to the tenant. That will only hurt all tenants when the rental units all disappear.
Most home owners are dependent on a bank lending them the money to have it. Many businesses don’t actually outright own the property they are renting (such as this case). Basically they are renting the property from the bank until it is paid off.

A bad tenant can harm a landlord, but a bad landlord can do significant harm to a tenant.

Ontario is actually a province that in general has fairly reasonable laws in regards to it all, with some small tweaks it would be the right balance. The issue isn’t the law rather the lack of speed at the LTB (i.e. the bureaucracy). If it was working properly evictions would take a month or two when justified.

The laws should favour the tenant for who it protects most. At the end of the day your tenant stands to lose housing and doesn’t deserve to lose that without due process. A landlord just stands to lose profit which is a risk of business.

The amount of illegal and scummy things I have seen landlords attempt to get away with is staggering (with no consequences generally). I have seen scummy tenants as well which results in eviction. Generally though at least Ontario has taken the guesswork out of being a landlord, its all laid out very clearly as to how to do it with forms to follow for everything. The issues come when you don’t try to follow it.
 
Please excuse my somewhat of a tangent while I eventually get to the point here.

Renting a home should never be encouraged IMHO. It is generally a way to make the gap between ‘have’ and ‘have nots’ larger.

For service members and their families, PMQ’s used to be a fairly economical manner of saving for a home, in the same way the theory of Singles Quarters was (I say theory as few single service members really save for a house during their time in shacks).

Landlords for the most part rent their property for income (duh). With the delta between their expenses and rent being profit - the profit they make from renting is out of the hands of the tenants who could otherwise be putting that into a home of their own.

Sometimes renting can make sense for people starting out who don’t have enough to put towards a down payment for their own home, but it should never be seen as a long term goal, as it doesn’t end up making any build up of equity.

To me the CAF is best served by a financially stable group of members. It is both a morale booster, and a security measure to have members who are financially secure, or at least able to see growth in their financial life.
By providing both single quarters and PMQS at a stable price point, the CAF allows its members to save towards the future and eventually move off base in their own homes.

I would imagine that despite TB claims and policies that the CAF could explain that due to the nature of the service agreement with CAF members that it doesn’t violate any PS code etc as last time I looked the PS isn’t able to be deployed to a combat zone or forced to work overtime without compensation.

The idea that somehow Military housing needs to be tied to market rates to me is asinine, and the 90’s fetish to divest Military Housing was another misstep in the Government not understanding the actual role or importance of the Military.

I would think the CAF should have a pretty solid idea on what the demographics of the members are (single, married, married with children [ and numbers of children], divorced, divorce rates, single parents etc).
Those demographics should be available for every base/depot/facility etc - as well as able to be segregated by rank.
So an understanding of the requirements for housing and the income/ financial stability level of members at those bases - to ensure that enough housing exists for members who chose to live on base — as well as having financial resources for the members to make and implement a plan to acquire a home and move off base.
 
In the 1990s the QoL of CAF members drew a lot of heat and light. One observation was that many CAF members, on retirement, were behind their civilian peers in terms of home ownership. (That they had a solid DB pension back stopping their future was not always front of mind).

That in turn drove the policy perspective that the GoC should try to incentivize home ownership for CAF members. So fewer Qs.

But as always nuance was lost. There is no one single CAF member profile. Some folks will rent, others buy, for a variety of reasons. And you can't force good financial decision making - look at the trucks, trailers, boats and toys parked around the PMQ patches.

Moving to a model of lower pay, low Q rents, and a "living off base allowance" would likely be a net negative for most folks, since that would result in lower pensions (this assumes individuals either reach 25 years for a pension or take a deferred pension if leaving after less than 25 years).
 
That is one way to look at it. The other way is intrest rates have gone through the roof why is it acceptable for the owner to take the loss?
Cost of renting that property would be x amount of dollars based on cost to borrow the money. Expecting the owner to take a loss is not in the best intrest of all involved either.

From reading the article the intrest rate hiked significantly and the cost was reasonably passed onto the customer.(consumer)
The home owner nor the renters can control the costs associated with inflation. The government sure can and they don't.

I disagree, it was an unfortunate outcome for the renter. But the cost is the cost and it was an unreasonable intrest rate (again governments control these) that caused the significant increase.
Expecting the land owner to absorb those costs is unreasonable.
That’s part of the risk of owning rental property. Hiking rent while interest is higher would be fine…. If a corresponding decrease in interest would result in rent reduction. We all know that when interests come back down that landlords will pocket the difference.
 
All the excuses for making landlords absorb costs are in the bin marked "ways of reducing rental stock".

Oh hell yeah... plus the loss of control over your rental space due to problem tenants, and a government that will always back them over you:


B.C. homeowners reveal they have the space but are reluctant to rent: poll​

Over a third of British Columbian homeowners have space in their home that could be rented out but isn’t.

Most people in B.C. agree that the cost of renting a home is far too high.

Ninety-four per cent of respondents to a recent Leger/Vancouver Sun poll agreed that home rental costs in B.C. are a serious problem.

Despite that, more than a third of British Columbians have space in their home that could be rented out but isn’t, according to the poll, which found that fewer than one in 10 B.C. homeowners rent out part of their home. This includes homes that have readily rentable spaces and those that would require some investment to make them rental-ready.

“We have done other surveys where the No. 1 reason that we found is people are worried about problem tenants,” said Steve Mossop, executive vice-president at Leger, which conducted the survey.


 
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