Rise of the amateur landlords

The Globe and Mail has an article on the rise of ‘mom and pop’ landlords – people that rent out portions of their homes to be able to afford their mortgage.

Online classified sites are filling with posts from pilots, lawyers, construction workers and people doing all kinds of other jobs who have tacked on being a landlord as an extra way to help cover their mortgage costs.

With cities such as Vancouver and Toronto struggling to cope with a housing-affordability crisis, many people are choosing to rent out secondary suites in, or attached to, their homes as they try to keep a handle on outrageous property prices.

The rapidly increasing cost of real estate, particularly in the Vancouver region, has rippled into the rental market, pushing vacancies near zero while causing rates to increase. At the same time, the number of units outside of purpose-built rental buildings has been steadily escalating.

The article goes on the examine some of the issues with bad tenants, bad landlords and the perceived lack of rights for both groups. Read the full article here.

 

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bullwhip29
Guest
bullwhip29

Calls to prevent eviction notices considered to be issued in bad faith
http://www.news1130.com/2016/08/22/call-to-prevent-eviction-notices-considered-to-be-issued-in-bad-faith/

Tcg
Guest
Tcg

Our landlord accepted an offer on our apartment and issued us 2 months notice. Then we found out that despite checking the box that said all conditions had been satisfied, subjects had not been removed. They said they had issued the notice in good faith but had we not caught it and just moved out and their deal goes south, they could get new tenants in here and charge $500 more a month. Having them go to the RTB first would have prevented a bunch of stress and expense for us. I’d also like to see much bigger penalties for dishonesty/ gaming the system to act as deterrent.

Tcg
Guest
Tcg

They have a super sleazy realtor and my guess is that they issued the notice on his advice because we’ve always found them super decent to deal with.

bullwhip29
Guest
bullwhip29

Some UBC students could be hard-pressed to find on-campus housing
http://www.cbc.ca/news/canada/british-columbia/ubc-housing-concerns-1.3731760

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

UBC has one of the largest university campuses in North America. They have no shortage of land on which to build housing – and they have certainly built a ton of housing in the past 10 years. Except that most of that housing has been developed for sale to wealthy buyers rather than for the use of actual students, thousands of whom are now struggling to find a place to live. Typical.

Hyper-mega-Bull
Member
Hyper-mega-Bull

When the media was pumping real estate people said they weren’t credible, now that they are dumping on it people believe everything they say.

So which is it? Is the media credible or not? Maybe it is only credible when they print things you agree with?

It’s called confirmation bias. A key tenant of bearlogic.

Royce McCutcheon
Member
Royce McCutcheon

Thank the flying spaghetti monster that confirmation bias in real estate only exists on the side of those who think high prices are a bad thing, amirite?

Also, still savoring the Freudian slip in “A key tenant of bearlogic”.

Hyper-mega-Bull
Member
Hyper-mega-Bull

>amirite

No you’re wrong as usual.

Save the snark for your Tumblr or whatever the fuck you people use now. You aren’t impressing anyone.

Dipshit.

Best place on meth
Guest
Best place on meth

I swear to god, the real estate cheerleaders just keep getting edgier and edgier.

You guys should just sell and get a good nights rest for a change.

Shut It Down Already
Guest
Shut It Down Already

No need to be edgy. We can laugh at you again when you miss the bottom due to the inevitable garbage analysis. This is the blog that keeps on giving.

Best place on meth
Guest
Best place on meth

Are you the fucking piece of shit posing as Paul and posting fake numbers?

Wouldn’t put it past a scumbag like you after you impersonated me on Garbage Garths blog of lies.

Shut It Down Already
Guest
Shut It Down Already

Don’t be a moron. I’ve never impersonated another poster, here or elsewhere.

They say 10,000 hours doing anything is all it takes to master it. So why do you suck so much at this?

Best place on meth
Guest
Best place on meth

Suck at what?

I’ve correctly called you a fucking piece of shit every time.

I’m an expert at spotting human trash.

Royce McCutcheon
Member
Royce McCutcheon

Is this you expressing the tenants of your own personal philosophy?

As to snark (and name calling and, apparently, cursing), posting volume would seem to indicate that is far more your domain than mine.

xyz
Guest
xyz

Ummm…..Hyper-mega-Bull……..that’s TENET, not tenant. Where’s your grammar checker?

Openhousemassacare
Guest
Openhousemassacare

In the period August 2-19, 2016, there were 984 residential properties sold, compared with 2,653 homes in the same period in 2015.

http://www.rew.ca/news/vancouver-homes-sales-down-63-in-first-weeks-of-august-data-1.2330009

ttul
Member
The RTA is just not equipped for a world filled with amateur landlords. A degree of enforced process would be helpful to both sides of the market. Some things worth considering: 1. Why not create a profession that inspects homes before and after they are rented? An independent rental inspector could verify the condition of the unit at the start and end of the tenancy, and eliminate most disputes that occur because of the haphazard way things are done today. This is how it’s done in England. 2. Why not have deposits held by a trusted third party agency? Again, in England the deposits are held in trust for the landlord, and are not released until the inspector (see #1) completes his or her report and submits it to the trustee. This incentivizes the tenant to leave the place nice… Read more »
Billybonger
Guest
Billybonger

What happens if interest rates increase from all time record lows?

Will Oracles house zoom higher in price?

I wonder…

Hyper-mega-Bull
Member
Hyper-mega-Bull

Obviously it wouldn’t. But since interest rates aren’t going up it doesn’t matter.

And “historic lows”? Maybe for us. In Europe you can get 1.5℅ 15 year fixed.

I wonder what would happen to Oracle’s house if we have that here?

I wonder…

Look I can be an idiot too!

Best place on meth
Guest
Best place on meth

Actually, you are being an idiot.

Going from 2.19% to 1.5% isn’t going to make a whole lot of difference in the mortgage payment, around 7-8% lower payments.

So his house would go up a few percent and become even more exposed to a future rise in interest rates or a credit crunch where banks shut off the tap.

No Money Down
Member
No Money Down

Amateur landlord? It’s not rocket science.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

It’s an irritating time-waster though, to enter a contract with someone who has no clue what the relevant laws or practices are.

history
Guest
history

no worries Landlords, Goo handouts will fill your units!

regards, History Sniveller

RRRRRR
Guest
RRRRRR

Asian VPD cop to citizen

“Hey, I’m telling you, If you don’t like it you can go back to India.”

https://youtu.be/0nMnfG6XLmA?t=6m40s

Best place on meth
Guest
Best place on meth

Oracle’s dad put up a damn good fight, some great lines too.

“Oh, you’re going to be on Bollywood for sure”.

“Make sure you spell my name right”.

“I’ll make sure you’re Jackie Chan, all right?”

Oracle
Guest
Oracle

Can’t wait till the day your wife has to whore herself to pay the rent.

Leave family members out of it.

Best place on meth
Guest
Best place on meth

See what I mean people?

The cheerleaders are very touchy these days.

I wonder why?

HAMster
Guest
HAMster

I thought you were leaving?

HAMster
Guest
HAMster

I have replied to rental ads that require conditions that clearly do not meet RTO regulations; like $200/month extra rent per pet; extra cleaning fees; a fee for running a credit check; first and last months rent up front; extra fees for whatever the amateur LL can dream up. When I point out that their extra charges are in fact illegal they do change their ads, but it’s shocking that these people are renting assets worth a million dollars or more and they have no clue what the rules and regulations are.

paulb
Member

New
161
Sold
135

TI:9464

http://www.paulboenisch.com

Boombust
Guest
Boombust

Hmm, two sets of stats? Which one is the one for today?

Adult huggies
Guest
Adult huggies

The member one is paulb not guest. Someone is impersonating him.

Boombust
Guest
Boombust

The first one is Paul? Or, the second one?

Adult huggies
Guest
Adult huggies

The one with ti 9464 is real paul

Boombust
Guest
Boombust

Ah, I see what you mean…

Saraz
Guest

Why the difference in the two sets of #s?

BubbleTea
Guest
BubbleTea

Paul is a member. For the good of the site, the false paulb(guest) has to be banned.

Royce McCutcheon
Member
Royce McCutcheon

100% agreed.

Best place on meth
Guest
Best place on meth

And if false Paul happens to be the same IP as shut it down or space, it would be like killing two birds with one stone.

Lurker
Guest
Lurker

How can inventory go down when there hasn’t been a day where sold outnumbered new?

specuskeptic
Member

Sellers sometimes remove their properties from the market unsold.

Best place on meth
Guest
Best place on meth

Metro Vancouver is destined to become the new Asia. WE Asians already have a majority if everyone who has a pr/citizenship overseas came back.

Your Caucasian leaders have no idea what they’ve done.

Just wait.

Best place on meth
Guest
Best place on meth

IP ban for all imposters.

Paul, Oracle and myself impersonated in the past few hours – most likely by the same person.

specuskeptic
Member

B4 admin gets around to that IP ban, readers please note that if the avatar has the word “guest” under it, the post is most likely an imposter. Desperate times I guess.

Meth is right. The reek of desperation is starting to get thick in here.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

However, regulars can probably recognize the writing style of some of the people here, and some would be extremely hard to mimic. For example, Meth has a writing style that would be extremely hard to mimic. (I quite admire it.) The “guest” post above could never be mistaken for him.

Combat roach
Guest
Combat roach

Stupid… for the fuck sake why would you come here if you already had majority and Asia back at home? Only reason I can think of would be a sick urge to be like whities and live like whities and impersonate / mimic whities. Unfortunately moron like you can only dream of that. At the end all you got is just another shitholle full of Asians, not so big achievement, right?

Tim
Guest
Tim

This IP needs to be banned.

Newcomer
Member
Newcomer

Pope, can you please ban Oracle’s IP?

Whistler or Bust?
Guest
Whistler or Bust?

Wow 43 posts and 3 mildly released to Vancouver Real Estate. Glad I come a few times a month now.

Best place on meth
Guest
Best place on meth

4th imposter.

VCI needs a housecleaning.

southseacompany
Member
southseacompany

“Summer Slump: Metro house sales plummet after offshore tax introduced”, The Province
http://www.theprovince.com/news/local+news/summer+slump+metro+vancouver+house+sales+plummet+after/12148802/story.html

“Home sales dropped in Metro Vancouver by up to 86 per cent after the introduction of the foreign investor tax on Aug. 2, according to official MLS data only available to realtors.”

“The detached market has just fallen off,” said realtor Steve Saretsky. “It’s crazy. It’s actually scary. The week the tax was announced, it went dead across the board.”

southseacompany
Member
southseacompany

“Vancouver Foreign Tax Slowing an Already Cooling Home Market”, BNN

http://www.bloomberg.com/news/articles/2016-08-24/vancouver-foreign-housing-tax-slowing-an-already-cooling-market

“Early data from the Real Estate Board of Greater Vancouver suggest the 15 percent foreign buyer’s tax, which was unveiled July 25 and took effect Aug. 2, may be curbing sales and limiting price gains, adding to a slowdown that started in May amid concern a housing bubble was forming in Canada’s third-biggest city.”

Newcomer
Member
Newcomer

“…amid concern a housing bubble was forming…”

Well, good thing they nipped that in the bud.

Openhousemassacare
Guest
Openhousemassacare

@Southseacompany can u add these two ur YouTube channels
https://www.youtube.com/user/southseacompany/videos

Openhousemassacare
Guest
Openhousemassacare
southseacompany
Member
southseacompany

On vacation so I can’t download and upload vids

I’ll have a look when I get back

First one has a realtor whining about the tax for most of the interview so I didn’t feel like posting when I first found it myself

Openhousemassacare
Guest
Openhousemassacare

Thank u so much. what kind of software u use to download site like CBC ?

southseacompany
Member
southseacompany

Usually use select screen record onQuicktime. But I only have my iPad now so no can do.

space889
Member
space889

Bunch of locust scum lovers?? I bet they would make BPOM sick and vomit before kicking them in their you know where.

https://www.quora.com/What-are-some-advantages-to-living-in-China-compared-to-living-in-the-US

btw, when are you going to be joining the JDF and kick some Chinese ass? You know the best recruits get to pilot these hyper advanced transforming planes like VF-21. Those puts F-35 into shame.

Openhousemassacare
Guest
Openhousemassacare

If china is awesome why so many Chinese people want to move to Australia,Canada and the states ?

Are westerns that desperate to live in China that they will lie cheat and murder to do that ?

Best place on meth
Guest
Best place on meth

Hey, chinese scumbag.

How do I go about joining the JDF and is this the best option for killing as many mainland vermin as possible?

Are there other forces that could offer me a better kill per minute ratio?

Thank you in advance you fucking piece of chinese shit.

space889
Member
space889

I thought all those amateur landlords are subsidizing the bear’s rent while they wait for the inevitable 50%+ crash before buying in? So why be so hard on them? do you really want them to learn about things like proper risk pricing, depreciation, etc and decide to either pull their units from rentals cuz it’s not worth it, or charge a more higher price that actually compensates for all the risk & hassle?

Newcomer
Member
Newcomer

Yup. That would be good for the market. The current situation is very unhealthy for everyone.

Nom Nom Nom
Guest
Nom Nom Nom

Hey Spacey… How was your sabbatical to the ‘Little Pink” academy? I haven’t seen you around as much these last couple of weeks…

LS in Arbutus
Guest
LS in Arbutus
It’s quite clear why single family homes have stopped selling. Has anyone actually looked the listings and the prices being asked? I haven’t in a long while as it’s all become so irrelevant, I stopped looking. I just looked in Kits and Arbutus SFH. It’s beyond unbelievable. Even before the 15% tax, Canadians and rich foreigners (who are also borrowing their collective brains out) are tapped out and can’t raise the $3 million for a starter home/building lot or $4 million for something with a decent house on it. This market is utterly screwed. Even if you don’t think it’s going to correct, what is the upside in buying a $3 million home? You simply would have to be a moron or really like setting money on fire to contemplate buy at these prices. Particularly if you remember that a… Read more »
HAMster
Guest
HAMster
Openhousemassacare
Guest
Openhousemassacare

How much does VCI readers think it will go for ?

Clark St – $2M – $6M
Dunbar – $5M – $10 M
Downtown – $25M – 50$M

bullwhip29
Guest
bullwhip29

none of this should come as a surprise. underutilised land is not permitted in this city. the irony in the whole live/work downtown experiment is that many wound up not working d/t after moving there while many never moved in to begin with. now with every vacant and/or underutilised space being turned into more condos, there will be no reason to even visit this part of town too.

Shut It Down Already
Guest
Shut It Down Already

Yes, that gas station is the only reason to visit Coal Harbour….

bullwhip29
Guest
bullwhip29

if it werent for skytrain many businesses, restaurants and other destinations would get no foot traffic whatsoever. this said, many are just hanging on (check out robson for instance) and wont survive by just cranking prices up. as i said, a failed experiment imho…

Chinabuyeverything
Guest
Chinabuyeverything

Not much else around there unless you want to hang out with the grey haired tourists at carderos.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

Meanwhile the multiple condo buildings across Georgia st are virtually empty. Drive by at night. You will see approx 4-10 units with lights on per building. Hollowed out Coal Harbour. Sad.

bullwhip29
Guest
bullwhip29

there will come a time when sacred areas that were previously off limits will end up being developed in some fashion. if plans to expand or rebuild the lions gate bridge ever get off the ground you know the usual cast of characters in the RE game will be lining up at the trough and coal harbour north will be born.

Shut It Down Already
Guest
Shut It Down Already

Don’t know about you but I turn off the lights when I go out or sleep.

Chinabuyeverything
Guest
Chinabuyeverything

At 9pm?

Shut It Down Already
Guest
Shut It Down Already

Yes, I’m out at 9pm. You know, restaurants and sunsets and stuff. Not everybody stays home watching UFC.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

It’s pretty obvious when a place lacks people. The emptyness is not due to people going to bed early, there are no people there (unless …they are hiding out after a crime spree and want people to think there are no people).

Oh, speaking of which, I observed someone in a yard raking trying to fake-out the guy who was coming around door to door checking for residence. At least that’s what I believe I witnessed, on the westside, not Coal Harbour.

Kim
Guest
Kim

Ironic because the mainlanders who come will all drive their Mercedes and Land Rover SUVs. Where are they going to fill up now?

bullwhip29
Guest
bullwhip29

i figured this wouldnt take long. RE industry starting to pump tax free zones hard now

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

Saanich home draws attention from Vancouver realtors
http://www.cheknews.ca/vancouver-realtors-flown-view-saanich-home-211083/

bullwhip29
Guest
bullwhip29

Foreign-buyer tax to have short-term effect on Vancouver market: credit union
http://www.bclocalnews.com/news/391221261.html

bullwhip29
Guest
bullwhip29
Combat roach
Guest
Combat roach

… so McCallum figures in the meantime to bring more Chinese if there is nothing else to be done. At least they have unlimited human resources.

http://www.macleans.ca/politics/why-china-needs-more-canada/

Billybonger
Guest
Billybonger

Oracle,

Why can’t interest rates go up?

What do you know hat I don’t know? Interest rates CAN’T go up??? But WHAT IF THEY do anyways?

Will you house still zoom higher in price?

You seem to have the answers, hence I’m asking the question…thanks.

We live in interesting times…

Hyper-mega-Bull
Member
Hyper-mega-Bull

You sound very fearful. I suggest you don’t worry about these things. Just stay home and play call of duty.

bullwhip29
Guest
bullwhip29

The American McMansion is dying for good
http://www.businessinsider.com/the-mcmansion-is-dying-2016-8

Combat roach
Guest
Combat roach

Too bad, Vancouver just discovers them and they are already out of fashion. Perhaps local elite might start a new wave of tearing shit down and build other stuff to keep up with trends?

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