The BC Real Estate Discussion Thread

[-DLC-]

7 hours ago, wai_lai416 said:

a lot of strata banned renting out to airbnb.. personally my apartment is empty because it's a small apartment with only 1 bedroom i can't really rent it out to family.. and so far i had 4 renter.. 1 ran off during covid with 4 months payment lagging. and the other 3 cost significant dmg that i end up having to pay out of my own pocket to repair.. just not worth my headache.. i rather leave it empty and have it as a place to retreat when necessary since there's no mortgage left on it 

Do you fill out the vacancy tax to reflect this? 

 

I do understand why you don't want to rent it (when I bought this place it had a tenant in the basement...he was great but when he moved out it was a nightmare for awhile and I'll never rent to anyone again).

 

 

[-DLC-]

On 8/31/2023 at 10:23 PM, Warhippy said:

Find out how many home sales are sold for cash.  Not mortgaged.  Not leased.  Not leveraged.  Sold for outright cash up front.

 

between 2014 and 2021 1 in every 5 homes in Canada sold or just over 20.4% were sold to Investors.  Since 2021 it has been noted that a significant portion of home sales, over 40% are being sold for cash.  CMHC charts sales of certain degrees but still lags behind on home sales for cash.  It also lags behind on reporting ownership of corporation/company.  

 

Data shows that in the largest cities in the nation that homes/condos are being sold for cash at higher rates but are carry some of the most inflated costs of housing in the G20.  With 1/5 homes being sold going to investors, as noted people with the intent of renting, and an additional 40%+ of homes being sold for cash in single time sales (people don't have the money to do that, who does though?  (REITs/Property development/management ompanies/investors) as well as the exacerbated number of rental units over the past 3-4 years the data extrapolated suggests/shows that more than 2 out of every 5 home/condo sales in canada are being sold to investors/corporations/companies.

 

This data is to be found in the links added.  Admittedly by the authors own assertion extrapolation is needed but all data points to an overwhelming number of purchases being made to investors/companies/corporations

 

Because CMHC and Stats can does not yet chart direct data on ownership by corporation/company or investor this extrapolation is all that there is to go on but all evidence as such points to this being the case since it started being tracked in passing since 2014 and more so over the past 3 years or so.

 

Now that being said, I am sick; I am in the midst of an ugly home reno in which I have my wife and 2 daughters squeezing our arses in to about 500 sq feet and our fridge died so we are all here on edge.  My answers are beyond short and quite strong and I should apologize but I don't have the enrgy to apologize or justify why I am such a grumpy butthole right now 

 

The math is there, the data exists in part but it is a bit of adding to achieve it but the numbers do not lie and they point to what is being called the financialization of our real estate and housing secotr.

Lot of dirty money being laundered and we're paying the price for it all. Real estate, casinos and even schools. We can't accept more than a certain amount of cash now for registration...at least it's something.

 

But it's really unfair that people are being squeezed out here because the rich are getting richer. And they have no intention of making this "home" in many instances...it's just an atm for them.

[wai_lai416]

49 minutes ago, -DLC- said:

Do you fill out the vacancy tax to reflect this? 

 

I do understand why you don't want to rent it (when I bought this place it had a tenant in the basement...he was great but when he moved out it was a nightmare for awhile and I'll never rent to anyone again).

 

 

Nope I “rented” it out to my friend. They don’t do enough to protect the owners from bad tenant. They ain’t gonna force me to pay or rent my place out. Between the 4 bad tenants I’m at a net loss rented out for 4 years lol the repairs cost more than all the rent I collected. I won the claims against the tenant but I’ve yet to see a penny from them. They are all international students though so I’m pretty sure they are not even in the country anymore. It’s next to sfu so most renters are students. 

[250Integra]

22 hours ago, wai_lai416 said:

Nope I “rented” it out to my friend. They don’t do enough to protect the owners from bad tenant. They ain’t gonna force me to pay or rent my place out. Between the 4 bad tenants I’m at a net loss rented out for 4 years lol the repairs cost more than all the rent I collected. I won the claims against the tenant but I’ve yet to see a penny from them. They are all international students though so I’m pretty sure they are not even in the country anymore. It’s next to sfu so most renters are students. 

As a Landlord myself, the time you spend into screening and finding the right tenant (as best as you can) is well worth it. We got a hundred applications the day after we posted but we took the next week or so interviewing, doing reference checks, etc. I live in right by the University so we primarily rent out to students as well.

[wai_lai416]

1 hour ago, 250Integra said:

As a Landlord myself, the time you spend into screening and finding the right tenant (as best as you can) is well worth it. We got a hundred applications the day after we posted but we took the next week or so interviewing, doing reference checks, etc. I live in right by the University so we primarily rent out to students as well.

ya i know what u mean.. i spent time doing that too and i go by to have a quick look every month also to make sure everything is good with the tenant if there's anything needed fixing etc.. first few months to first half year everything is good.. then later on i have no idea what changed.. maybe they are partying too much at the university lifestyle change etc.. i got really unlucky so i'm really tentative in terms of renting out.. or maybe i'll just end up selling it and buy a bigger place to rent out that can fit a small family or something.

[ronthecivil]

Don't be a landlord just own the company.

[luckyjack]

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[UFCanuck]

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