#condo conversion

[pragmaticmortgage]

The Carney–Eby BC Partnership: What $5 Billion, 2,200 Condos, and the "Condo Conversion" Plan Actually Mean for Mortgages and Real Estate

#BCHousing #VancouverRealEstate #CanadianMortgage #BuildCanadaHomes Today in Vancouver, Mark Carney and David Eby announced what they're calling a landmark new partnership between Canada and British Columbia. Over 10 years, Ottawa is putting more than $5 billion into BC's local infrastructure, headlined by a new Canada-BC Partnership on Condo Conversion that will turn 2,200+ vacant condo units into affordable homes. The package: → $1.6B federal Build Communities Strong Fund, matched by BC to $3.2B over 10 years → Up to 50% reduction in development charges in priority communities — saving up to $40,000 per unit → $284M one-time transfer to BC for construction barriers → 2,200+ vacant condos to be converted to affordable homes → $2.5B transit fund over 10 years (Surrey-Langley SkyTrain extension) The bullish take says this is the supply shock Canada has needed. The skeptical take says it looks like a developer backstop dressed up as affordable housing. Both are partly right. What it actually does to BC mortgages: tighter rentals in conversion submarkets, more purpose-built rental starts within 12 months in DC-opt-in municipalities, CMHC guidance moves lending in affected buildings, and a long-term land value tailwind along SkyTrain corridors. None of this changes the Bank of Canada overnight rate. That's still the binding constraint on what most BC buyers can carry. Full breakdown: Read full article: https://pragmatic.mortgage/news/the-carney-eby-bc-partnership-what-5-billion-2-200-condos-and-the-condo-conversion-plan-actually

The Carney–Eby BC Partnership: What $5 Billion, 2,200 Condos, and the "Condo Conversion" Plan Actually Mean for Mortgages and Real Estate

Today in Vancouver, Carney and Eby announced the largest single federal-provincial housing infrastructure package BC has seen in a generatio

[pragmaticmortgage]

The Carney–Eby BC Partnership: What $5 Billion, 2,200 Condos, and the "Condo Conversion" Plan Actually Mean for Mortgages and Real Estate

#BCHousing #VancouverRealEstate #CanadianMortgage #BuildCanadaHomes Today in Vancouver, Mark Carney and David Eby announced what they're calling a landmark new partnership between Canada and British Columbia. Over 10 years, Ottawa is putting more than $5 billion into BC's local infrastructure, headlined by a new Canada-BC Partnership on Condo Conversion that will turn 2,200+ vacant condo units into affordable homes. The package: → $1.6B federal Build Communities Strong Fund, matched by BC to $3.2B over 10 years → Up to 50% reduction in development charges in priority communities — saving up to $40,000 per unit → $284M one-time transfer to BC for construction barriers → 2,200+ vacant condos to be converted to affordable homes → $2.5B transit fund over 10 years (Surrey-Langley SkyTrain extension) The bullish take says this is the supply shock Canada has needed. The skeptical take says it looks like a developer backstop dressed up as affordable housing. Both are partly right. What it actually does to BC mortgages: tighter rentals in conversion submarkets, more purpose-built rental starts within 12 months in DC-opt-in municipalities, CMHC guidance moves lending in affected buildings, and a long-term land value tailwind along SkyTrain corridors. None of this changes the Bank of Canada overnight rate. That's still the binding constraint on what most BC buyers can carry. Full breakdown: Read full article: https://pragmatic.mortgage/news/the-carney-eby-bc-partnership-what-5-billion-2-200-condos-and-the-condo-conversion-plan-actually

The Carney–Eby BC Partnership: What $5 Billion, 2,200 Condos, and the "Condo Conversion" Plan Actually Mean for Mortgages and Real Estate

Today in Vancouver, Carney and Eby announced the largest single federal-provincial housing infrastructure package BC has seen in a generatio

[janeteastmanjournalist]

$2,000 a month to buy: 1907 Morgan condo in Northwest Portland’s Alphabet District (photos)

The stately Colonial Revival-style building was developed by “the Apartment King of Portland.’’

[janeteastmanjournalist]

$1,170 to buy: 1915 Carlton Court studio condo in Northwest Portland (photos)

Look inside the handsome 1915 Carlton Court, built during WWI when construction labor and materials were limited.

[decoarchitecture]

Verizon Building, NYC, New York via Investors.com

From a business article on condo conversions. This is the lobby of a former telecommunications building in TriBeCa that is now super upscale condos. As a resident of a two condo conversions (first a historic bank building, then a former luxury office building), I approve, though maybe not of $2 million condos. -Wendy

From the article:

A decade ago, developers nationwide were busy snatching up apartment buildings and converting the units to condominiums to cash in on rapidly rising home prices supported by low interest rates and lax mortgage underwriting standards. The strategy still stands as a testament to the fervent homeownership boom, which ended abruptly — and messily — amid the financial crisis, the bursting of the housing price bubble and the collapse of the condo mortgage industry. The fallout largely led to foreclosures and bankruptcies, as developers were unable to unload the units. But now, with demand for residential ownership ratcheting up in major markets where the emphasis for years has been on apartment development, condo conversions are making a comeback.