advice, BC, renting

Pro-tip: Don’t rent your ‘vacation home’ to a 14 year old

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79 Comments

It’s kind of fabulous how easy it is these to days to rent out your spare homes as a vacation home with an online listing. And it’s easy to find a vacation home for a short term stay as well, all you need is a credit card… or your parents credit card.

Police say they were called around 8:30 Friday night to a home on Ottawa Avenue near 24th Street and saw 200 teens flooding out of the house.

Palmer says damage is now estimated at approximately $20,000.

“Walls were kicked in, furniture was smashed, artwork was smashed, furniture was tossed off the balcony into a hot tub,” he says.

The family has agreed to pay for the damage and no criminal charges will be pursued by the owner of the rental home.

Full article here.

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Prawny

Interesting take from BuzzFeed on Russians knocking opponents out in the UK. British government kept quiet because of fear of upsetting Russians who were bringing in lots of money for property in London. Sound familiar to another group?
https://www.buzzfeed.com/heidiblake/from-russia-with-blood-14-suspected-hits-on-british-soil?utm_term=.aiG5xxbaD#.om33WWAk7

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Dave

The difference is the Chinese only knock out businesses with their Porsches.

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kabloona

Thanks for that….

I’ve read elsewhere that the only thing holding London’s luxury house prices up was a combination of dirty Russian Money and various crooked Arabs….the more expensive the properties, the more likely the money-laundering.

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bullwhip29

Judge rules Vancouver West End condo assembly can be sold off despite holdout owners’s protests
http://vancouversun.com/news/local-news/judge-rules-vancouver-west-end-condo-assembly-can-be-sold-off-despite-holdout-ownerss-protests

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Name

How much did the other owners get? Probably lots less than these two holdouts.

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Screwed

Question: is that new policy regarding 20% in effect now?

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bullwhip29

that came into effect the day after it was announced

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kabloona

in case anybody in Vancouver gives a sh*t about Doug Ford, here’s some more Beaverton…. 😉 “Ontario PCs elect drug dealer to replace sex criminal” https://www.thebeaverton.com/2018/03/ontario-pcs-elect-drug-dealer-replace-sex-criminal/ “TORONTO – After this weekend’s hard-fought leadership election, the Ontario Progressive Conservative party has proudly announced that they’ve elected Doug Ford, a former drug dealer, to replace Patrick Brown, a sexual monster. “As a party, we got together and agreed that the PCs could do better than someone who gets very young women drunk in order to pressure them into sex,” said interim leader Vic Fedeli. “And by electing someone who dealt kilos of hash in the 80s, we’ve done just that. Technically…..” .“…It’s not just about the economy. We’re the party of family values. Ask yourself: who would you rather have in charge of our children’s education?” said Fedeli. “A man who dedicated… Read more »

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Just me

Poloz Will Weaken the Loonie, Top Fund Manager Says

https://www.bloomberg.com/news/articles/2018-03-14/bank-of-canada-s-poloz-will-weaken-loonie-top-fund-manager-says

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Just me

Deliberate, unnecessary and, quite frankly, moronic.
Poloz: the worst central banker in the history of Canada?

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kabloona

Thanks for that, Captain Obvious…..

(I mean the Bond Fund guy….Kotsopoulos…..he’s being kinda obvious….)

🙂

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Dave

What does Poloz think we’re going to export? Oil? Can’t build pipelines. Natural Gas? Same problem and too late. Trees? Enjoy the tariffs. Service sector? Hard to cross the border under NAFTA. A $0.80 dollar gives Canada the maximum benefit for trade. Every cent below that has little stimulus. I said this a few years ago if you recall, when the dollar fell and went for a tumble. All the central bankers were surprised with out lackluster trade numbers. The marginal benefit is keeping travel money at home. That’s about it. I think it hurts us more than helps too. It’s bad for consumers because the price of goods goes up. Same problem with investment and productivity. Instead of buying technology, we’ll substitute labour because it’s relatively cheap here. That’s not how you want to develop your economy, unless you… Read more »

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Diadora

Ian Young tweets:” In 2013, @CitImmCanada calculated the QIIP’s retention rate in Quebec at 5%-12%, depending on year of admission. This is from a CIC doc obtained via FOI. It’s no secret to the policymakers in QC and Ottawa that this scheme is total bullshit”
“Quebec media finally asking some sharp questions abt its super-scammy investor immigration program. It’s a toll booth for millionaires who lie about intending to move to Quebec & move to Vancouver, Tor instead. No surprise: QC Imm Min refused interview ”
http://www.journaldemontreal.com/2018/03/13/le-truc-est-simple-un-pret-de-800000-pour-un-passeport

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Just me

Finally, someone is discussing this horrible scam in the Quebec press.
Not sure whether it will make a difference, but it is about time the Feds/Provincials start reassessing the issue.
The sooner the better. Whoever gets on it first will probably reap quite a bit of accolade, and votes.

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See Saw

Why, that could be YOU! Being an intrepid investigative reporter on such a renowned site like this one and all.

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See Saw

I think Ian Young is behind the curve here; I read recently that Quebec has clamped down on using QIP to “trampoline” into other provinces.

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See Saw

Besides, it is Ottawa who must issue the visas; so, they are the ones people should really be looking to in order to find answers.

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Just me

Ottawa delegates selection to provinces. Then issues visas. So the responsibility to select applicants is Provincial.

And, no, there is no hard evidence that Quebec has clamped down on anything. A few months ago there was some discussion that they would not people who own property elsewhere in Canada to apply (that is, if you own in Vancouver already you cannot apply through the QIIP). But I am not sure whether this would change anything at all. Migrant millionaires would simply postpone their purchases of real estate.

In practice, the QIIP is business as usual. Chinese millionaires are still using it as a gateway to Vancouver and, lately, Toronto.

If you have hard evidence to the contrary, please post it.

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See Saw

EVIDENCE to the contrary? Well, duh. Have you seen the latest sales stats/prices for high end Vancouver homes lately? In the ditch, to be precise.

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Just me

I suppose you are implying that the lackluster market at the top end (SFH, especially in the West side) might mean that the QIIP millionaire migrant flows are not as strong as they used to be.

However, my impression is quite different: that immigration channel is still fully operational and we are getting a lot of well-to-do Chinese, who intend to buy real estate. Their problem is that capital controls back in China are making it a lot harder to move money across the pond.
Also, one might not want to underestimate the fact that new bank regulations are making it a lot harder for these guys to leverage their seed money. My concern is that this inventive bunch will figure out other ways to evade rules and hoard real estate. Hopefully, I am wrong.

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See Saw

Just keep up that ol’ scaremongering, Just me; Ian Young will love you for it!

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Shut It Down Already (original)

Your use of capital controls is always a circular argument with no predictive powers.

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Diadora

Epic parking space argument after woman without a car tries to reserve a spot
https://thewest.com.au/news/offbeat/epic-parking-space-argument-after-woman-without-a-car-tries-to-reserve-a-spot-ng-b88772466z

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Just me

Really funny video!

Hoarding as a second nature.

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Bag it and tag it

How long before we see Chineeze only parking spots in Richmond?

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Whister or Bust?

“Until March 22, every Friday night and Saturday, as requested by local authorities, we can only allow a maximum of 10 foreigners in our store at a time,” a notice at one pizzeria said.

Could you imagine if this happened anywhere in North America? Or if someone in Vancouver put up a sign?

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Just me

“Could you imagine if this happened anywhere in North America? Or if someone in Vancouver put up a sign?”

I don’t think they would put up a sign. But certainly, there are other ways this might occur in places like Richmond, where “foreigners” are not necessarily welcome.
Not long ago someone posted an article about a mixed race person being refused access in a leather/bags shop in a Richmond mall. All they have to do is pretend not to understand the language and dismiss any complaints (ideally without looking you into the eyes, as it happens).

It is already happening, to some extent.

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Lost,... but not leased

I’m gonna send SeeSaw and SIDA over there to call them dumbasses and also tell them to F*ck Off !!

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bullwhip29

one of their parking loopholes is to have any senior in a given family apply for a disabled parking permit (regardless if needed) and then proceed to place one on every lamborghini, porsche, bmw, mercedes and range rover used by any/all family members

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bullwhip29

pick any random day/time, visit costco on bridgeport and you will witness the same nonsense

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Lost,... but not leased

Foreign locusts trophy is to get close parking spot..even if they have to wait days…weeks…months..

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bullwhip29

West Kelowna calls B.C.’s speculation tax ‘unconstitutional’
http://www.cbc.ca/news/canada/british-columbia/speculation-tax-west-kelowna-exempt-1.4575103

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Just me

Politics versus policy.

And nimby owners protecting their “hard won” equity.

The NDP should ignore these people. They did not vote for them in the first o,ace. And surely they won’t in the future.

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YVR

The opposition to this tax is just getting started. Expect more of this province wide. We will see if the NDP have a backbone.

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patriotz

“Expect more of this province wide. ”

I don’t think anyone in Trail or Port Hardy is getting worked up over it.

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Shut It Down Already (original)

Even those who have no equity except their downpayment will get hit by the envy tax.

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Just me

You mean speculators and housing gamblers?

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Bear Vancouverite

How will they get hit by the tax? They will be exempt because it’s their Principle Residence and they pay local taxes.

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Shut It Down Already (original)

A recent purchaser of a second home will be subject to the tax. They have no “hard won equity” of the sort Just Me is referring to.

Schooling you clowns is becoming a real chore.

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bestplaceonearth

Well, same thing for them to say, if you wanna live here, cough up the rent and quit whining! They are protecting what they have, what is wrong with that? I supposed, you have your wallet wide open on the street, so any one can pick your money whenever they want eh!

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Just me

They are entitled multimillionaires. They want all the upside of foreign money, but no downside from taxes.

The greed is astounding. They are u willing to contribute any of their new found wealth. People investing in the stock market pay a lot of taxes. But housing is a sacred cow.

The MPS must ignore them.

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Shut It Down Already (original)

What a jealous bitter person you are.

You also forget that homes which aren’t principal residences are subject to CGT (taxed at rates below income, btw) which is the same as your absurd stock market comparison. I can only conclude that you’ve invested in neither.

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Just me

“which is the same as your absurd stock market comparison.”

Absurd? If I have a million dollars to invest, why should I pay fewer taxes if I invest it in RE?

Your true colors are showing.

There is no rational reason to subsidize RE through preferential taxation, as we have done for the past few decades. Freeloaders and foreign investors take advantage of it. The rest of us are left with the bills to pay.

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Shut It Down Already (original)

If you invest it in RE you pay capital gains, dumbass.
Unless you live in it. Remember the topic is second homes (if you can).

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Bear Vancouverite

The fact is that Principal Residence declarations are often being misused. I think you know this as you probably personally know some people who misuse it (we all do).

The Speculation Tax captures some of the abusers of the Principle Residence CGT.

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bullwhip29

Dispute over mansion’s bloody history a window into Vancouver’s high-stakes housing market
http://www.cbc.ca/news/canada/british-columbia/dispute-over-mansion-s-bloody-history-a-window-into-vancouver-s-high-stakes-housing-market-1.4575065

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BubbleTea

“The story begins with an apparent gangland hit in an exclusive Vancouver neighbourhood. But from there, it spins out into a tangled web that includes a disgraced former real estate agent, hints of shadow-flipping and a real estate investor with a massive portfolio”

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Just me

“But from there, it spins out into a tangled web that includes a disgraced former real estate agent.”

Sadly Julia Lau is still active and apparently doing quite well in land assemblies.
Apparently, in Vancouver you can be a criminal and a crook, yet continue your activities undisturbed in our real estate market.

The fact that you are morally ambivalent and have dodgy precedents might be even considered a bonus by some market actors in Vancouver RE.

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Sebastien

Vancouver next?:

https://youtu.be/hYMiTlZ9iN4

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patriotz

Just in case you were wondering whose side “populist” Doug Ford is really on:

The former Toronto councillor also said he was concerned with the province’s efforts to slow the increase of housing prices in the Greater Toronto Area. In early 2017, the government introduced a foreign-buyers tax in the region and expanded rent control. The housing market cooled significantly after those moves.

Mr. Ford said he was considering a policy that would do away with the tax. The better solution, he said, is to build more affordable, single-family homes on underused land.

https://www.theglobeandmail.com/politics/article-doug-ford-open-to-privatizing-liquor-sales-and-dropping-foreign-buyers/

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Just me

It is clear that right leaning local parties are pro-developers. They are the same as the B.C. Libs.

In the name of turning a quick buck for local homeowners, they would sell their souls.

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YVR

Not really. It is more about opposing policy. The party not in power just opposes the party in powers policy. Often once elected they keep the status quo. Remember Site C? Or proportional representation for the federal election?

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YVR

That would be good for BC. One reason Polos is not going to raise rates is due to Toronto housing weakness. If they remove the foreign buyers tax not only will it put upward pressure on rates but take some of BCs foreign buyers. All good in my veiw.

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Just me

You do have a point about Federals and BoC responding to ther Toronto market. I am also hoping that market picks up again, taking away pressure from us and forcing the politicians to be more restrictive.

By the way, given his actions, I now consider Poloz and Wilkins politicians. They behave politically, they take sides, they redistribute wealth.

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Strata Hacker

Poor patriots. His little lefty head is exploding at the realization Doug is going to be his next Premier. Turd is next.

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kabloona

In the name of fiscal responsibility, Doug Ford has offered to help pay down the deficit by declaring all income he once made as a mid-level drug dealer to CRA…

😀

No wait, I just imagined that story, pardon me…..

“Mid-level drug dealer announces bid for Ontario PC leadership”

https://www.thebeaverton.com/2018/01/mid-level-drug-dealer-announces-bid-ontario-pc-leadership/

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Lost,... but not leased

Weaver wants to LOWER the voting age to 16..
..Oh great…get em while still brainwashed and have more Leftards taking control..worse than PR.

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Name

this is just a desperate attempt by weaver to get votes but the teen crowd won’t bother to vote anyways. they are too self absorbed in their own lives.

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kabloona

“Loonie falls after Poloz suggests he’s not ready to take away ‘punch bowl’ – (Canadian) Dollar is world’s worst performing major currency this year”

😀

http://www.cbc.ca/news/business/stephen-poloz-canadian-dollar-loonie-1.4574167

😉

“The dollar came under renewed selling pressure on Tuesday morning, falling half a cent after Bank of Canada Governor Stephen Poloz’s speech suggested the pace of interest rates hikes may become more gradual as the economy expands without triggering inflation.

The loonie fell from 77.87 cents US to 77.37 cents after Poloz started giving a speech about the labour market at Queen’s University in Kingston, Ont., in the morning.

That’s a loss of half a cent, and comes as the dollar is already the worst performing major currency in the world this year.”

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Just me

Pools and Wilinkins are doing this deliberately.
Every move is calculated just so the currency goes lower.
And short term interest rates are kept at an articificially depressed level, to allow households to sink ever deeper into debt.

It is best described like quicksands: Poloz is effectively stuck in a low interest cage and keeps sinking lower every month. We need a new and better set of central bankers. Someone who has actually the guts to finally normalize interest rates and face up to the systemic risk that was built into the system by years of loose policies.

Polos has to go. He is not up to the job.

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Dave

Nailed it. Rates should never have gone this low.

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Cra221

Do you think HAM rented the house to the girl?

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paulb

New
277
Price Change
54
Sold
159
TI:8688

http://www.clivestevepaul.com

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Lost,... but not leased

Who spiked INVENTORY with viagra ?

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Bag it and tag it

This should be the new AirBnb crackdown approach. Government should provide accounts for teenagers to rent units and trash the places, then make it illegal for owners to seek damages for illegal units.

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Bestplaceonearth

2026 will be the biggest Fifa party, and the NDP is hesitating to sign on? These guys only know to screw up BC business.

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Spec

Fuck FIFA and their corruption. Good riddance.

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Spec

John Oliver explains. https://www.youtube.com/watch?v=qr6ar3xJL_Q

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Name

bpoe doesn’t care about explanations because he is blinded by his own ideology.

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Bestplaceonearth

Opss, I forgot, bears are also the very people that say no to everything and demand everything else.

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Spec

We say no to theft, corruption, and malfeasance. If that’s everything, then yes.

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Just me

Do you happily say yes to white collar crime, corruption and money laundering? Should we just embrace them because they bring some extra dollars?

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Best place on meth

You seems very upset these days, freeloader.

You’re posting levels have quadrupled and you’re almost as prolific as whoreacle.

NDP cleaning shit up getting you down?

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Oracle

Just make sure to post on other social media platforms. It’s a war going on. Help support Carole James any way you can.

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Just me

I agree. FIFA and International Olympic Committee are two of the most corrupt international organizations ion the world. And they run on budgets of billions per year.

Thinking again, they both might be just fine in Vancouver. This city also runs on billions raised through white collar crime. Christy Clark and the BC Libs said it was good for our economy and we should not be fussy.

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Best place on meth

Yeah, I’m pretty sure the LibCreds are still more corrupt than FIFA.

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Lost,... but not leased

Soccer is F*cking boring.
……..bread and circuses for morons

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Shut It Down Already (original)

Spreading the tournament across an entire continent is a ridiculous idea and benefits neither the fans nor the teams. I hope the bid gets laughed out of the running.

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