Why rental rates are going up by 3.5% this year

Good morning,

One of my fondest memories living in Europe was the incredible coffee culture. Shops would stay open late, as a place for people to gather who may be less inclined to visit rowdy bars. This discussion on Reddit really hammers home how the city is missing out on a big cultural aspect you find in other places.

If you know any late-night cafes, let me know and I’ll feature them in the newsletter.

Today our two big stories are about rental rates rising in BC and more details on the man who stabbed three people in Chinatown.

Let’s go!

— Geoff Sharpe, Vancity Lookout newsletter writer

HOUSING

Maximum rent increase set to 3.5%

What happened: The B.C. government announced their new rent increase limit of 3.5 percent this year, saying they believe this is a good balance for both renters and landlords, according to CityNews.

Background: Before 2018, rental rate increases were set to inflation, plus two percent. A task force recommended removing the two percent, which the government followed through on. Recently because of higher inflation, the government has set rent increases below the inflation benchmark.

Around Canada: In Ontario, units built before November 2018 have provincially-set rental limit increases, whereas buildings afterwards have zero limits, according to CBC.

• Dig deeper: The CBC broke down the good and bad of rent control and the different rules around the country.

The arguments: Much of the debate around rental increases like this stems from two competing arguments. Those in favour of rent control, or limited rent increases, argue that they protect the most vulnerable, ensuring renters are not priced out of their own homes. This story from Vox breaks down the arguments in favour, while also pointing out it won’t solve the housing crisis.

• Sometimes rent increases can be catastrophic, like one building owner who raised rates by, no joke, $9,500 per month in Toronto, according to CTV.

Those in favour of greater rent increases and no rent controls say these policies disincentivizes developers from building new homes and landlords to stop upgrading units because they cannot make more money.

• One big challenge with rent control? In jurisdictions where it exists, older buildings are in high demand because they are actually affordable.

What it means: The government is walking a tight line between satisfying renters and managing property owner’s expectations. In the context of skyrocketing existing rents and inflation, this decision is not surprising.

VANCOUVER NUMBERS

🏙️ 72%: The percentage of new immigrants, who arrived in the last 20 years, who lived in Vancouver’s downtown core or just outside of it. [Glacier Media]

🏃‍♂️ 122 km: The distance Collin Zwickel will run, from Vancouver to Whistler on Sept. 15, with proceeds from the race going to the Happy Kids Foundation. [Daily Hive]

SAFETY

Should the man who stabbed three in Chinatown have been out in public?

What happened: A suspect charged with a triple stabbing in Chinatown, who has a history of violence and mental health issues, is raising questions about whether he should’ve been allowed back on the streets on a day pass.

• According to CTV, the man was confined to a psychiatric facility, after killing his daughter 15 years ago but was found to be not criminally responsible. He was out on a day pass from the psychiatric facility.

All three of the victims were Asian and police say they will be investigating that as part of the overall probe.

Context: The violence comes as police and ABC-dominated council tout their work addressing safety in Chinatown and in Vancouver. Violent crimes were up 4.1 percent compared to last year, according to CTV.

The debate: The situation comes within the context of two issues — an increased focus at all levels of government on bail conditions of repeat offenders, with a focus on keeping dangerous violent offenders off the streets, and the ongoing mental health crisis, one of the most visible aspects of the situation in the DTES.

What it means: If the city is spending ever more money on policing, but this type of violence can still happen, it’s worth asking questions about what is the best use of resources and time spent to increase safety. Is the problem not enough officers, or the policies that allow dangerous people like this on the streets? Mayor Ken Sim and the ABC-dominated council may have to wrestle with this question in the coming years if violence doesn’t improve.

DREAM HOME

Are you single with money to spend? Not interested in a two-bedroom? Want access to the beach?

Then this home Kitsilano is for you. This spacious 700-square-foot home has room to spare. But you’ll likely be spending most of your time at the nearby beach. The lack of a balcony may be a deal-breaker for some. For others, it may be the price…

House of The Week is a home selected by the Lookout team and is not a paid advertisement. All ads are labeled as such. If you’re a realtor who wishes to feature your home in our newsletter, please contact our sales team.

THE AGENDA

🗳️ Get ready, municipal Metro Vancouver workers may be going on strike soon. Union members voted in favour of strike action, which includes over 600 workers in watershed management, water treatment, regional parks and more. One note — this is not the City of Vancouver, but specifically those who work at Metro Vancouver. [CItyNews]

🪵 After a fair amount of criticism over city staff’s decision to recommend an expensive teardown, the Parks Board voted to repair the Jericho Beach Pier. [CityNews]

🪧 A large climate change rally will take over downtown Vancouver this Saturday at 1 pm. Expect traffic to be backed up! [Business in Vancouver]

🏢 A new low-income, 55+ co-op housing complex has opened at East 19th Avenue and Fraser Street with rates between $800-$1,400 per month. [Vancouver is Awesome]

🚓 A collision between an unmarked police vehicle and another car sent three people to the hospital, two cops and one civilian. So far the Independent Investigations Office of BC has not launched an investigation, though according to their policies, it should be coming. [Global]

🏒 Congrats to Quinn Hughes who was named the Canucks captain. He’s the 15th person to do the big C. [CBC]

🌊 Experts warn that BC may be on the cusp of increased flooding due to drought conditions that make it harder for soil to absorb water. [CBC]

📈 With a strike vote later this week, Safeway workers in B.C. are in a better condition to improve their work benefits after Toronto Metro workers went on strike and got a larger raise. [Vancouver Sun]

SURVEY

People want corner stores

Well this is a first. On Monday I asked if people want more corner stores in Vancouver. The results? Zero people were opposed and 94 percent were in favour, with 357 people responding in total. If you care about this issue be sure to complete the city’s survey.

Here are a few responses from readers.

What’s your favourite?

In the midst of Vancouver conducting its own survey about community stores, I’d love to feature people’s favourite community grocery stores around town and why you love them so we can help others discover these places.

Head over to our short three–question survey.

DEEP DIVE

Russil Wvong who writes an excellent housing Substack has put together a detailed presentation and speaking notes for his presentation at the upcoming public hearing on the Missing Middle Strategy. I encourage everyone to read it.

COMMUNITY HIGHLIGHTS

• You’ll want to check out this new authentic Lebanese restaurant in Vancouver. [Dished]

• New SkyTrain cars on the Expo and Millennium lines will feature Indigenous art on the inside. [Daily Hive]

• Here’s a hidden gem Vietnamese restaurant to check out if you’re near Kingsway.

• Want your announcement featured in the newsletter? Fill out this form

GAME TIME

Today’s Vancouver Guesser is another popular beach. Can you guess the location? Reply with your response and your name to be included in the newsletter.