Southseacompany posted a few stories about our changing market and dropping rents as some people move away from city cores.
“People are leaving the cores of major cities, including Vancouver, and that has led to some rent drops.”
“The average monthly rent in Vancouver in October for a two-bedroom apartment was the highest in Canada at $2,712, but it was an eight per cent drop from a year earlier, the steepest fall in B.C.”
For a while there the most sensible money move if you had a small apartment available was to rent it out in a short term basis on Air BnB, but that market has crashed lately.
Does that mean more units looking for long term tenant and with more supply will we see lower rent prices? So far rents are down about 7% since December, will they bounce back soon?
Vancouvers empty home tax is bringing in some decent coin – almost $40 million in 2018.
If you believe in a vibrant vancouver and want to do your part to support it, you can own a home here and keep it empty – that extra tax income goes to support affordable housing and rent protections.
If you really want to go the extra mile, don’t report your empty home: Audits raises $22.1 million in taxes and fines from empty home owners.
Read more here.
Sorry to tell you, but we’re not number 1 – that honor goes to New Zealand, but Canada is right up there on this visual map of countries at the greatest risk of a bursting housing bubble.
Thanks to southseacompany for the link, see all the data here.
…At least that’s what CTVnews says.
The city of Vancouver is facing a crisis in housing affordability, with one bedroom units averaging about $1,730 per month.
But these rentals offer a single room in a multi-bedroom house for anywhere between $700 and $1,500, with more than 5,000 empty bedrooms available across the city.
“Maybe the cheapest real estate right now is mansion rentals,” Roy said.
While most owners contacted by CTV News said they don’t want groups renting out the homes, the rentals present a cheaper housing alternative for students and young professionals.
Sehrish Qureshi is one of 14 students who applied online and was placed in a Vancouver mansion nicknamed “the castle,” paying around $1,000 a month for a mansion with a pool, home theatre, and games room.
When move-in day arrived, she was shocked by the furnished, $5-million home.
“Me and my family were just like, ‘What? Is this for real?’” she said.
“I’ve compared it to some of my classmates, and they pay, like, $1,300, $1,400 for small studio apartments in downtown … I’m so happy with what I’m paying.”
Read the full article here.