A major Metro Vancouver union has issued a call for tighter rent controls in the province, something it says is necessary for workers to be able to live within a reasonable distance of their workplace.
The BC General Employees Union wants the provincial government to limit how much a landlord can increase rent for a unit when one tenant leaves and another moves in.
Currently, BC only has rent controls for continuing tenancies — but as high interest rates make mortgages skyrocket, more tenants say they’re being served landlord-use evictions that force them into the red-hot rental market.
Why would it take 1M per unit for a new development? Is it due to the high cost of labor in BC?
My 2010 strata building in Vancouver is insured for $127mill. It’s about 300 unit, multi tower high rise and 50/50 split of 1&2 bedrooms mostly. So about 433k each.
There still a lot of other details along with the land probably being similar price. But overall 100 million or even 1 billion doesn’t really buy a lot of house these days even on larger scales.