Experts are concerned B.C.’s Rental Protection Fund program might end up overpaying for properties
A Rental Protection Fund property at 3940 Pender St., Burnaby , B.C. The 41-unit building sold for $11.95-million, or $287,560 a unit.A new B.C. program that aims to protect existing affordable rental housing has been criticized by some commercial property brokers who say the property purchases made through the program are not the best use of taxpayer dollars. Others are critical of the location of the acquisitions.
“I don’t know that they’re necessarily trying to target properties where they minimize the amount of and stretch it further … maybe they’re not being forced to be as efficient as they could be.”Discovery Village, at 275 1st Ave., in Campbell River, B.C., a rental building purchased by the B.C. Rental Protection Fund.Commercial broker Mark Goodman has publicly questioned the program, taking aim at the RPF-funded purchases of a pair of co-ops at 2860 and 2865 Packard Ave.
By way of comparison, commercial broker Chris Hayne has a 71-unit rental building for sale in Port Hardy that is listed for a little more than assessed value, at $4.3-million, or $60,663 a unit. That price compares to roughly $130,000 a unit for the RPF purchases. “The appraisers go out there and because all the other buildings have been selling in the private market at those rates, they justify that price, both from the point of view of replacement costs, from a point of view of comparable sales, and on the capitalized rental scheme. They’ll look at the potential market and they’ll value it on that basis.”
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