Boardwalk REIT claims it would have to raise rents to $1650 a month in order to have enough cash to build new apartments in Alberta, thus its opposition to rent control. However Boardwalk has not built any apartments, as a REIT it buys up existing properties.
Meanwhile the Stelmach government ignores the recommendations of its own public committee to implement rent controls. Claiming it would discourage apartment construction.
Except all current conversions and construction of multiple person dwellings are not apartments but condos, cause thats where the money is.
Developers have not been building rental units in Alberta, even without rent controls. Despite the rapid growth in the Edmonton area, there were 5,050 fewer rental units last year than in 1987, according to the Canada Mortgage and Housing Corp.
See:
Inflation In Alberta
HousingFind blog posts, photos, events and more off-site about:
Alberta, Calgary, Edmonton, Ed Stelmach, housing, rental, condominium, apartment, Boardwalk Reality, Income Trusts, rent controls, homelessness,
Sure, fine, they buy existing properties. With 40 year old single bedroom condos going for $200,000 in Edmonton, any guesses how high rent will have to be to justifying buying another building with 15+ units in it?
ReplyDelete$1700. Not a big jump from $1650. How do I know this, there is a Condo for rent a friend checked out.
ReplyDelete