Fifty-eight families and individuals are facing eviction if they don’t soon agree to close to a tripling of their monthly rents after their housing co-operative failed to secure a deal on the land it was built on — a rare occurrence in B.C.
“I’m looking for everything and anything. But we have a small dog, which narrows 90 per cent of the places we might be able to afford, albeit not eat very well,” 60-year-old Dayna White explained of her ongoing search for housing.
“I’m looking at PadMapper, Marketplace, REW, and we’re looking from here to Mission and Abbotsford, all the areas. …But there is nothing affordable,” said White, who lives off a low income due to a disability with her husband, a delivery driver.
For 40 years, Totem Co-op had largely sheltered its members from Metro Vancouver’s rising housing costs. The co-op was established in 1982 and, according to former board member and resident Judy Patka, obtained a dirt cheap 40-year leasehold for about $4,000 from a pension fund until December 2022. The co-op then built 58 townhouse units, and in 2017, it fully paid its mortgage on the buildings.
With the building mortgage gone, Patka told Glacier Media a deal was in reach for the co-op to buy the land for about $6.5 million in 2017; however, to her frustration, a majority of members voted against it, as the new mortgage would have raised monthly rates a few hundred dollars.
In 2022, some co-op members were interested in trying to buy the land. Still, a deal was never struck, leading to the lease’s expiration and a temporary six-month extension to July 1 for $65,000 per month, plus utilities, taxes and maintenance.
Patka said the co-op has provided a “nice sense of community.”
“There’s a little common area where we used to have happy hours. Kids would play here; there’s a little playground there; there’s lovely gardens in the back. I mean, where are you going to find that?” said Patka.
During the lease, White paid $850 for a two-bedroom unit while a one-bedroom unit went for about $650, said Patka.
The relatively low cost set by members had been a double-edged sword, said Patka, noting the units themselves are beginning to show significant wear and tear due to a lack of investment.
But the affordability has allowed people to get by, including Patka, who lives off a low income of $2,100.
Colette Coulter and her husband, who are raising three young children and completing further post-secondary education, said her family’s only option appears to be to move back in with her parents.
Coulter said her father, a developer, offered to buy the land last year for about $10.5 million, plus provide each tenant $50,000 with a two-year notice to vacate.
But the landowner chose a better deal in the end.
The land was sold by Four Local Pension Asset Holding Society, which is held by the CSW Medical Plan & BC Labourers Pension Plan, serving Local 1611 of the 500,000-member Laborers’ International Union of North America.
The buyer is Munish Katyal, the principal of KVA Developments Ltd. in Surrey and a former director of Indo-Canadian Voice, an online local news publication.
Katyal paid $15.5 million cash for the land on March 29 and sent a letter informing tenants of new rates as of July 1: $1,600 for a one-bedroom, $2,100 for a two-bedroom, and $2,750 for a three-bedroom.
Based on the rate proposal sheet tenants received, the monthly revenues would be roughly double the monthly payment for a $15.5-million 30-year loan — with a 20 per cent down payment — at a five per cent interest rate.
Tenants Glacier Media spoke to on June 1 said they have not received any formal notices, and Katyal, who declined to comment when reached by phone at his business, has not inspected the units.
“When the new owner says the co-op has to leave, there’s nothing the members can do about it. It’s a strange thing, and very seldom does this happen,” said the co-op’s lawyer Geoffrey Dabbs, who pitched an extension of the six-month lease terms to Katyal, who refused.
“It will still be a co-op; it just won’t have any assets. The co-op has to leave, so whether individuals squat, that’s their call, but I’m not representing them,” said Dabbs.
According to Thom Armstrong, CEO of the Co-operative Housing Federation of B.C. (CHFBC), which represents 96 per cent of the 270 co-ops in B.C., Totem Co-op is one of only eight co-ops on private land. Otherwise, 190 own their land, 50 are owned by the City of Vancouver, the Canadian Mortgage Housing Corporation owns 22, and trusts own the remaining.
“If anything, there’s the good news, this is a very rare instance,” said Armstrong, who said allowing an institutional investor to lease the co-op was “a bad idea to begin with.”
Armstrong said the CHFBC tried to assist Totem Co-op with its purchase attempt in 2017 via a loan; however, the co-op declined in a vote. Instead, the members chose to lower their rents, representing the tension co-ops face between short-term affordability and long-term viability.
“It’s awkward for me. We spend 99 per cent of our time defending decisions co-ops make,” said Armstrong, noting co-ops are subject to the same financial pressures of owners of private rental apartments.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
