BC, Canada, hype, Open Topic, renting, supply

Luxury hotel to become a dorm

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89 Comments

Looks like those basement mortgage helpers might have some competition soon if this plan goes through:

Downtown Vancouver Luxury Hotel to become International Student Housing

The 17-storey building will undergo a $37 million renovation and have 220 beds for international students come September, according to Global News; the company is eventually hoping to expand into Vancouver and Richmond and have beds for 5,000 post-secondary and high school students in nine different buildings.

The Viva Suites will be available from $900 to $2,500, depending on the amenities, location, and building, The Province reports. Some of the amenities available are a weight room, housekeeping, secured underground parking, and Internet. The suites will be available for daily, weekly, monthly, or yearly rental, with no long-term commitments required, states a company press release.

Read the full article here.

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e

@84
long term (>1 year) capital gains tax rates are low in US, as they are in Canada.

Depending on how you have structured it, if you sell a house with less than 35K (approx) in capital gain, you pay nothing in tax (approx, and this isn’t a general rule – your structuring is important).

canadians cannot take advantage of the rollover provision in the US. but, at least they have a roll over provision unlike canada.

being a real estate investor as a resident of the US is WAY more attractive than in canada, you’ll effectively defer taxes forever (assuming you don’t sell, and why would you with positive yield and 30% fixed mortgages).

please don’t talk shit about stuff you clearly know nothing about.

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Ulsterman

“If a buyer calls you at 10 in the morning or when you’re sitting down for dinner, then you drop what you’re doing and you go,” he says

OMG! That’s just outrageous! Imagine having to actually go places and do stuff to make your 20-40k commission for selling a SFU. Call Amnesty International!

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;-)

Viva Suites are only 19 mins away from UBC bus loop, and 5 mins away from Columbia College at Seymour Street, where rich overage international enrolled for a 2-year pre-university program.

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space889

– I hope you are paying your fair share of capital gain tax to Uncle Sam and CRA…..rental property capital gain tax can be brutal in US, unless you roll the money into another rental in 6 months.

Unless off course you think cheating Uncle Sam and CRA is a-ok…

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Shut It Down Already

I wish I lived in Oakland like Ted. Now that’s a real city – with a Morton’s Steakhouse /and/ brutal gun violence.

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tedeastside

many high end services are closing in vancouver
Steak Restaurant Mortons has 72 locations in North America…

the only 1 they have closed was the Vancouver location …not Detroit…not Seattle, not Cleveland…why Vancouver

the large number of upscale eateries closing in vancouver in recent years with the real estate bubble…doesnt fit with all the vancouver is super rich cheer leading you hear from some people

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Madashell

RE #71
Unfortunately Vancouver have become a “Have and Have Not” city. I am on the side of Have Not, that’s why I visit the blog for some sanity.

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ostritch

PatDitz,

For the same reason you had to leave town.

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history

http://www.scm-rms.ca/home_e.asp

Risk Management runs VCI?

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history

http://www.scm-rms.ca/home_e.asp

A RE Loss Control Specialist blabbering away on his ear phone mic, in a restaurant i was in tonight. Just shaking my head at what i was hearing. Apparently the are trying to ferret out the weasel (info) Islanders and Central coast (heard the words Powell River a lot), who have job exposure to the Odour of Tarsands.

Make of it what you will. Loose lips sink …
~ whatever

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Randy Randerson

CL rental listings are a joke.

Landlords ask what they “want”, not what the market “dictates”. I always have a chuckle when they ask $3,000 for a house in butt-fuck nowhere.

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Best place on meth

Rents have gone way up? Where? I haven’t seen it.

Mine’s gone up 10.7% in 7 years, that’s about 1.3% a year compounded anually in a well managed building – not some amateur landlord’s “slapped together” secondary suite.

Oh, you must have meant Craigslist asking rents. Yeah, those look pretty high.

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patriotz

@75:

So over the past decade:

1. Rents have gone “way up” (your claim).
2. Mortgage rates have gone way down (fact).
3. Condo prices have barely increased (fact).

So WHY do you think condo prices will start going up NOW?

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ostritch

Crabman, Think outside your box, dude.

10% return in Vancouver over 8.5 years tells me that the market was flat. AKA: A “decline” for Vancouver. And now, almost after a decade, things might turn, in the direction you least expect, because rents have gone way up and vacancy is down even from a decade ago.

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ostritch

Bad news, bears. A new and beautiful development on a SFH lot over here in Mt. Pleasant, westside, 2 3-bed units, 1 couch house. Just completed. It’s beautiful. And asking a hefty price. I expect it to sell within a week. There is NO INVENTORY.

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crabman

69: Once again, the place I sold in 2006 has only appreciated 10%.

OTOH, a Phoenix property I bought in 2009 for $87k is now worth $145K. And with the pop in the $USD, my total gain including the *positive* cash flow is 151%.

I buy things that are undervalued. It’s only a matter of time before these investments pay off. But you buy things that are extremely overvalued and cross your fingers. You’ve been lucky so far, but I would suggest getting out while you still can.

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space889

@Diadora – I honestly don’t see why anyone would rent from Redbox with all the hassles and high charges….

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Above post

Sore Closings?

Gap between Haves and Have-Nots is growing. High end retailers are booming.

Which side you on?

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Diadora

Companies closing in Canada; Sony, Target, Nine West, Mexx, Jacob…. and now Redbox video!!! I guess all the moneys going to housing and none left for others.

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Bull! Bull! Bull!

10, 9, 8 years, doesn’t it matter? at some point you have to admit that you are wrong and don’t know shit.

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Bull! Bull! Bull!

vancouvercondo.info – Registered On March 09, 2006

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crikey

Also –
Oracle, why even sell at all? Especially given that you are treating this like an investment, don’t you think prices are going to keep going up?

And if you had only waited 6 more months you could have even tried to claim principal residence exemption from capital gains (unless they’re already on to you doing that too much).

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crikey

@#50 Crabman: The $30k in sales fees is way too low for an 800k property. Adjust to $40k, which is still lowball but realistic (unless one is a used house salesperson, which most people aren’t). Also, if he put a $200k down payment on an $800k property, then he also financed $600k for 6 months at a cost of roughly $10k, not even considering the stiff penalties for breaking the mortgage early to sell so quickly. So Oracle’s supposed gains are down to $16,000. Considering that we’ve been very generous with estimations, and haven’t accounted for nearly everything, it doesn’t take much for supposed gains to become nothing from there. #62 Oracle said: “The $12,000 I saved in rent makes up for lawyers fees, property taxes, and Property transfer taxes I paid” LOL! Um, yeah about that. The property transfer… Read more »

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crabman

Softy said, “As Bull, Bull, Bull pointed out, this year is this blog’s 10 year anniversary. That is quite a long run and it is quit a bit “later” now but still no crash.” Actually, 10 years ago, I owned a Yaletown condo and VHB was still in business. He didn’t stop until 2007. I think this blog started after that. http://thetyee.ca/Mediacheck/2007/02/20/VHB/ BTW, I sold my place in late 2006. I just checked and there is a similar unit to mine on the market for 15% more than I got. The final sale price will probably be 5% less than asking, so that’s a whopping 10% return over 8 1/2 years! So even though it hasn’t crashed (yet), it’s still been a really bad investment. But don’t let that stop you from coming here every day and telling us how… Read more »

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Oracle

I give up with you guys.

Keep reading news articles and bitching.

I’ll come back in June and repeat what I’ve been saying. Bye.

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