Vancouver's Real Estate Market

[The Producer]

it's amazing what has happened around me since the last time I rented. been looking at it for a few weeks now. The old 900 dollar 1 bed walkups in north van are 22-2300 bucks. 400 sq ft shitty bachelors are 2k after you pay for the parking spot that used to be included.

The last apartment I rented was 1200 bucks for a 2 bedroom/1000 sq ft. I have no idea what I would do these days if I was looking for a place to live - especially alone.

[Euro7r]

I currently moved to Burnaby and want to rent out my basement for airbnb throughout the year, and to friends/family that visit. We don't want to do long-term tenant for now because of the vast amount of friends/family that visit us that want a place to crash throughout the year.

From what my knowledge, business license is mandatory and straight forward. Then I read the point where I need to let my neighbors know I'm renting out my basement as airbnb and need their agreement/consent of proof in my application for business license? So if one says No or Screw off, I can't rent it out? Does anyone here or know of anyone in Burnaby rent out their suite as basement can chime in? Am I suppose to knock on the surrounding homes within my proximity and be like hey I'm renting my basement out as airbnb, please allow me?

[SSM_DC5]

Originally Posted by Euro7r

I currently moved to Burnaby and want to rent out my basement for airbnb throughout the year, and to friends/family that visit. We don't want to do long-term tenant for now because of the vast amount of friends/family that visit us that want a place to crash throughout the year.

From what my knowledge, business license is mandatory and straight forward. Then I read the point where I need to let my neighbors know I'm renting out my basement as airbnb and need their agreement/consent of proof in my application for business license? So if one says No or Screw off, I can't rent it out? Does anyone here or know of anyone in Burnaby rent out their suite as basement can chime in? Am I suppose to knock on the surrounding homes within my proximity and be like hey I'm renting my basement out as airbnb, please allow me?

Same neighbour as this one? https://www.revscene.net/forums/7176...ml#post9085735

[Euro7r]

Originally Posted by SSM_DC5

Same neighbour as this one? https://www.revscene.net/forums/7176...ml#post9085735

Nope haha. This was at the parents crib. I'll update that one day when I get around. It got resolved eventually lol.

[unit]

Originally Posted by The Producer

it's amazing what has happened around me since the last time I rented. been looking at it for a few weeks now. The old 900 dollar 1 bed walkups in north van are 22-2300 bucks. 400 sq ft shitty bachelors are 2k after you pay for the parking spot that used to be included.

The last apartment I rented was 1200 bucks for a 2 bedroom/1000 sq ft. I have no idea what I would do these days if I was looking for a place to live - especially alone.

first place i rented was a 4br house in east van with 2 roommates. it was $1350, i paid $450/mo... and we even had a spare room that we left unrented which would be practically unthinkable these days. then i wanted my own place and rented a 1br basement in a relatively new house for $600 in richmond... cant even get a bedroom in surrey for that price anymore. and we're not talking the 1980s, this is around 2008-2010

[supafamous]

Originally Posted by Euro7r

I currently moved to Burnaby and want to rent out my basement for airbnb throughout the year, and to friends/family that visit. We don't want to do long-term tenant for now because of the vast amount of friends/family that visit us that want a place to crash throughout the year.

From what my knowledge, business license is mandatory and straight forward. Then I read the point where I need to let my neighbors know I'm renting out my basement as airbnb and need their agreement/consent of proof in my application for business license? So if one says No or Screw off, I can't rent it out? Does anyone here or know of anyone in Burnaby rent out their suite as basement can chime in? Am I suppose to knock on the surrounding homes within my proximity and be like hey I'm renting my basement out as airbnb, please allow me?

Is this a separate suite or just rooms of your main house? Officially the rules in Burnaby say that you can't AirBnB a separate suite in your house - you can only rent out rooms of your primary residence - but there's no enforcement happening right now at all. I'm told that city staff have a list of violators but haven't been asked to pursue any of it - the somewhat jaded insider I spoke to said the policy is just to placate people who don't like AirBnB and not to actually do anything about it.

As for your neighbors, yeah, you basically go and knock on their door or leave a note. This by-law is enforced only a "reported by residents" basis right now (if even that the insider I spoke with) which means your neighbors and folks who spend too much time on AirBnB are the people who can report you.

[yray]

you know why inflation is going out of hand

work permits everywhere

Last 10 guys I interviewed, 9 are on work permits

[westopher]

I'm certainly not an "immigants get out" kinda guy, but setting massive arbitrary goals for immigration so we can seem welcoming, without having any tiny piece of infrastructure in place, from housing, to hospitals, and so forth, means no matter what happens the housing will never catch up, and the divide will widen. Fucking developers are ditching projects due to interest rates and the BOC think these rate hikes will help.
If the government wants to do something, there will need to be MASSIVE investments in publicly funded housing.

[Hondaracer]

Originally Posted by yray

you know why inflation is going out of hand

work permits everywhere

Last 10 guys I interviewed, 9 are on work permits

Normalize 8 Indian guys living in a 1br “hot bed” basement suite!

[68style]

Originally Posted by yray

you know why inflation is going out of hand

work permits everywhere

Last 10 guys I interviewed, 9 are on work permits

Out of pure curiosity, what field of work?

[Euro7r]

Originally Posted by supafamous

Is this a separate suite or just rooms of your main house? Officially the rules in Burnaby say that you can't AirBnB a separate suite in your house - you can only rent out rooms of your primary residence - but there's no enforcement happening right now at all. I'm told that city staff have a list of violators but haven't been asked to pursue any of it - the somewhat jaded insider I spoke to said the policy is just to placate people who don't like AirBnB and not to actually do anything about it.

As for your neighbors, yeah, you basically go and knock on their door or leave a note. This by-law is enforced only a "reported by residents" basis right now (if even that the insider I spoke with) which means your neighbors and folks who spend too much time on AirBnB are the people who can report you.

This seems super complex with Burnaby bylaw regulation. It has a requirement on the application "Property does not contain any suites", and required I initial off. My home is a single dwelling with a basement that has a kitchen, washroom, bedroom (this is pretty standard with all old bungalow style homes). It has a backdoor that leads to a laundry room, and then another door passage that leads this basement area (essentially another man-cave if you put it that way for guys).

If they're saying you can only short term airbnb not a suite and only a room, that doesn't make sense? So the person can only use the same washroom, kitchen etc. as you? As anything "separate" is apparently deemed illegal as it would mean it constitutes a suite?

[mikemhg]

Originally Posted by yray

you know why inflation is going out of hand

work permits everywhere

Last 10 guys I interviewed, 9 are on work permits

This isn't an anecdotal story.

You can just look around going to malls or patronizing restaurants, businesses, etc.

I've never seen this level and amount of FTWs in the city as of currently.

It's one of those frog in the pot of hot water scenarios -- You don't quite notice it until you do.

[yray]

Originally Posted by 68style

Out of pure curiosity, what field of work?

manufacturing, general labor

these guys are loaded, most drive newer vehicles or renting in good areas

[supafamous]

Originally Posted by Euro7r

This seems super complex with Burnaby bylaw regulation. It has a requirement on the application "Property does not contain any suites", and required I initial off. My home is a single dwelling with a basement that has a kitchen, washroom, bedroom (this is pretty standard with all old bungalow style homes). It has a backdoor that leads to a laundry room, and then another door passage that leads this basement area (essentially another man-cave if you put it that way for guys).

If they're saying you can only short term airbnb not a suite and only a room, that doesn't make sense? So the person can only use the same washroom, kitchen etc. as you? As anything "separate" is apparently deemed illegal as it would mean it constitutes a suite?

So the policy says:

Our framework prohibits short-term rentals in the following types of properties:

• rental units
• secondary suites (legal suites located within a home) and homes which contain secondary suites
• accessory buildings such as a garage or laneway home
• group homes
• units with home-based occupation or childcare facilities

You're only allowed to AirBnB your primary residence (a part or all of it) or a strata property that you own.

In your case you have a basement suite that has a kitchen (I'm guessing it's not a legal secondary suite - not judging here, mine is not legal either) which means you can't legally AirBnB it out. If it didn't have a kitchen it would not be considered a suite even if there's a locked door separating you from the renters. And it's only considered a kitchen if it has a standard stove (220v/gas) AND an exhaust fan - if you were to replace it with a portable hot plate (say a dual burner induction unit) then it'd be ok.

This is all from the two bylaw officers who made me rip out one of my suites after I got reported by a narc neighbour.

So to be legal and retain privacy (locking off the renters) you'd have to remove your stove and exhaust fan and replace it with a portable cooking device. Then you'd have a legal AirBnB by the book.

Does this sound stupid? You bet. I've had to spend thousands ripping stuff out(bathtub, removing 220v outlets) (and lost months of rent) to pass their inspection despite it being extremely obvious to all parties that I would be putting it all back in and going back to renting right after (one of the by-law officers said she would live in the suite she was ordering us to rip out cause it was really nice)

[bcrdukes]

[Euro7r]

Originally Posted by supafamous

So the policy says:

Our framework prohibits short-term rentals in the following types of properties:

• rental units
• secondary suites (legal suites located within a home) and homes which contain secondary suites
• accessory buildings such as a garage or laneway home
• group homes
• units with home-based occupation or childcare facilities

You're only allowed to AirBnB your primary residence (a part or all of it) or a strata property that you own.

In your case you have a basement suite that has a kitchen (I'm guessing it's not a legal secondary suite - not judging here, mine is not legal either) which means you can't legally AirBnB it out. If it didn't have a kitchen it would not be considered a suite even if there's a locked door separating you from the renters. And it's only considered a kitchen if it has a standard stove (220v/gas) AND an exhaust fan - if you were to replace it with a portable hot plate (say a dual burner induction unit) then it'd be ok.

This is all from the two bylaw officers who made me rip out one of my suites after I got reported by a narc neighbour.

So to be legal and retain privacy (locking off the renters) you'd have to remove your stove and exhaust fan and replace it with a portable cooking device. Then you'd have a legal AirBnB by the book.

Does this sound stupid? You bet. I've had to spend thousands ripping stuff out(bathtub, removing 220v outlets) (and lost months of rent) to pass their inspection despite it being extremely obvious to all parties that I would be putting it all back in and going back to renting right after (one of the by-law officers said she would live in the suite she was ordering us to rip out cause it was really nice)

Yup I have a kitchen with stove, hood fan, fridge in my basement. That makes it a suite in Burnaby Airbnb books; thus making it illegal. Well only illegal if bylaws came and busted me. When I do airbnb search for properties in Burnaby for houses, all of them are suites with kitchens with full appliance. I guess it's only illegal until someone snitches on them.

For the Burnaby Supplementary utility fees declaration, do you guys just put not rented out? To me this is just another fee for the City to pocket $$$ for having tenants? I'm sure many people rent out their basement but claim not renting it out? Again just another one of those if illegal only if someone snitches you out.

I guess long-term tenants seems lesser hassle route considering how restrictive these bylaws are in place.

[Acura604]

for you variable folks -
with the rate being at this level, how much are you ensuring you are paying towards the principle ? via additional payments. what amount?

[bcrdukes]

I take the sets of wheels sitting in my garage and multiply by 3.14

[donk.]

Originally Posted by Acura604

for you variable folks -
with the rate being at this level, how much are you ensuring you are paying towards the principle ? via additional payments. what amount?

Been paying 0 extra since day 1, my payment has not changed, 99% of payment to interest baby!

I think the next hike puts me over the trigger.
Sent out an email today to the bank to maybe swap to fixed lol

[supafamous]

Originally Posted by Euro7r

For the Burnaby Supplementary utility fees declaration, do you guys just put not rented out? To me this is just another fee for the City to pocket $$$ for having tenants? I'm sure many people rent out their basement but claim not renting it out? Again just another one of those if illegal only if someone snitches you out.

I was paying it and then the by-law officer, off the record, told me not to cause she said it's a bullshit fee. LOL.

Originally Posted by Euro7r

I guess long-term tenants seems lesser hassle route considering how restrictive these bylaws are in place.

Yeah, I'd like to AirBnB one of my suites b/c I want have guest space and/or have extra room to entertain but the rules are pretty restrictive (even if they're not enforcing them right now). My neighbor just did a renovation to create 2 bedroom suite and I think they are going to Airbnb it out and I'm gonna see how it goes for them first (if anyone narc's on them).

[Acura604]

Originally Posted by bcrdukes

I take the sets of wheels sitting in my garage and multiply by 3.14

i got some toyo winter wheels for civic - think i'll unload those in OCT for an easy $600 and put towards mortgage.

[JDMDreams]

Are you sure you're not over trigger already, a lot of people who bought during the pandemic has hit trigger long ago with their balance going up each month cuz % is more than their payments.

Originally Posted by donk.

Been paying 0 extra since day 1, my payment has not changed, 99% of payment to interest baby!

I think the next hike puts me over the trigger.
Sent out an email today to the bank to maybe swap to fixed lol

[MarkyMark]

Originally Posted by Acura604

for you variable folks -
with the rate being at this level, how much are you ensuring you are paying towards the principle ? via additional payments. what amount?

Mine just automatically goes up with the rate hikes so the same principle is getting paid off. Definitely sucks balls lately im so happy I went variable this time around now I have like another 4 more years of this shit... how high can it go?

[JDMDreams]

^^ why didn't you lock in? Given how rates were you could have easily saved 1% if you locked. Unless you have cash flow to keep up with the hikes and lump sum or over pay why stay in variable. It looks like the rate drops will take longer to come unless something bad happens.

[westopher]

Why didn't you predict the future?