Condo Conversion Freeze @ 3\% Vacancy Rate
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To: Saskatoon City Council
We, the undersigned, request that when the vacancy rate in the City of Saskatoon is below three per cent, that Council prohibit condo conversions (except in the case of special circumstances, such as vacant buildings which have been condemned.)
We are basing this rate on information included in a letter from housing economist Dr. Andrejs Skaburskis of Queen's University, who noted municipal governments commonly prohibit condo conversions when their city's apartment vacancy rates dip below a certain level - three per cent being the most common benchmark - for valid reasons. The following quote is from Dr. Andrejs Skaburskis:
"When the city experiences rapid in-migration of people or real estate investors, the rising housing prices and the diminishing stock of affordable housing make it difficult to attract and keep the lower paid workers that are essential for the city's economic well-being," Skaburskis wrote.
Statistics show that a shrinking supply of rental housing brings about labour shortages in "key worker" occupations: Travel, recreation, the arts, food services, trades, construction, manufacturing, child care, home support and retail, he noted.
"Business owners in Saskatoon would, in my opinion, want to prevent condominium conversions if they were fully aware of the economic consequences of the continuing erosion of the rental stock."
To preserve valuable rental stock, it is imperative that condo conversions be prohibited when the vacancy rate is below 3 per cent.
We, the undersigned, request that when the vacancy rate in the City of Saskatoon is below three per cent, that Council prohibit condo conversions (except in the case of special circumstances, such as vacant buildings which have been condemned.)
We are basing this rate on information included in a letter from housing economist Dr. Andrejs Skaburskis of Queen's University, who noted municipal governments commonly prohibit condo conversions when their city's apartment vacancy rates dip below a certain level - three per cent being the most common benchmark - for valid reasons. The following quote is from Dr. Andrejs Skaburskis:
"When the city experiences rapid in-migration of people or real estate investors, the rising housing prices and the diminishing stock of affordable housing make it difficult to attract and keep the lower paid workers that are essential for the city's economic well-being," Skaburskis wrote.
Statistics show that a shrinking supply of rental housing brings about labour shortages in "key worker" occupations: Travel, recreation, the arts, food services, trades, construction, manufacturing, child care, home support and retail, he noted.
"Business owners in Saskatoon would, in my opinion, want to prevent condominium conversions if they were fully aware of the economic consequences of the continuing erosion of the rental stock."
To preserve valuable rental stock, it is imperative that condo conversions be prohibited when the vacancy rate is below 3 per cent.
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Goal
100 signatures
Goal: 100
Latest Signatures
100.
Gwendolyn G
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If Saskatoon is indeed to shine, we need affordable housing for those workers who keep so many businesses running. If they can't afford housing in Saskatoon, they'll leave, and Saskatoon will not shine for anyone. Please vote to freeze condo conversions w
96.
Jane B
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I hope with all my heart that City Council will see the wisdom in voting for a Condo conversion freeze at 3\%.
86.
Nadine M
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i live at home with my parents, my adult brothers and my daughter- no chance of moving out. We are in our thirties (except daughter). Parents want to retire. How many other families are doing this?
82.
Amanda M
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Students can't afford to live here - give us a break for the future of Saskatoon and Saskatchewan!
81.
John B
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Many of the service-industry workers on whom our economy depends cannot afford to own homes, especially in the current overheated housing market. They need safe, affordable, and livable rental accommodations. Please freeze condo conversions when the vacan
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