Vancouver's Real Estate Market

[PeanutButter]

A client I talked to last week said he's paying $17 towards principle right now. it's wild.

[PeanutButter]

It's pretty hard to evict a tenant legally. The only way I can see you doing it is if you tell them your parents are going to live in it. Even then, you would have to lose out on at least six months rent and you will have to prove to RTB that they were actually living there.

From my experience though, most renters do not know the RTB rules, but if you know the RTB rules, it's not easy to evict someone.

[Hondaracer]

Evict and let it sit empty.

When a landlord can evict someone and get double the rent the former tenant was paying, this isn’t a problem of landlords, it’s a failure of the system as a whole.

This system is what is creating the greed, not the other way around.

[Great68]

Lol, yeah, no, you can't with individual dwellings, ie condos, houses. That is literally not an option for eviction. If you or a close family member don't occupy the unit within a reasonable timeframe you are subject to the 12 month compensation claim.

Plus, have fun with Spec, Empty Home and forthcoming Underutilized housing taxes on that empty unit

Honda you really need to educate yourself on the RTA because you're really showing your ignorance here.

[PeanutButter]

What would the basis of the eviction be? You can't just evict them because you want to? Are you suggesting to just tell the tenant you'll be using the space personally?

[Hondaracer]

Evict cause grandma is going to live there, grandma gets her mail sent there, case closed.

Like.. we can barely investigate murders, and you guys honestly think the RTB has investigators following up on this stuff? Lol come on.

You’ve got your head in the clouds if you don’t think there are infinite ways around this. You’re acting like the tenancy board is the FBI.

Empty homes tax, you have a cell phone bill sent to the property and you’re off the hook. Ironically I was audited for the empty homes tax (awesome use of this service btw) the bills I sent to prove I lived there could be had regardless of whether you lived there or not. Hydro and internet bills? Lol

By selecting “yes I do live there” on a box on the internet, most probably don’t even have to prove anything. The home just sits empty. Let alone LOWERING the empty homes tax amount and not having this apply in money laundering havens like whistler etc.

[Great68]

The RTB doesn't have to investigate shit, the former tenants will do that, especially these days when there's 20-30k on the line.

Do you think the RTB has not seen the "Grandma mail" scenario?

Hint go to the RTB site and read past dispute cases with their rulings... They're not as dumb as you think they are and the landlords regularly lose these sort of cases...

It's actually quite hilarious reading some of the outcomes, the landlords all think they're so wiley and smart like you, only to get slapped down.

[xxxrsxxx]

You can't evict because your "grandma" wants to move it. It has to be a close family member.

Definition of a close family member:
A close family member is a parent or child of the landlord or the landlord's spouse. Siblings are not considered close family members.

[Great68]

Also don't forget, the more these sort of bad faith evictions happen, the more likely legislation will be introduced to make the process more difficult, onerous, and with more compensation to the displaced tenants.

Reap what you sow.

[donk.]

Originally Posted by Great68

https://www2.gov.bc.ca/assets/gov/ho...lines/gl2b.pdf

hem.

This list works well for a house with multiple bedrooms, washrooms, and kitchens

But if you own a condo, it's a golden ticket to kick out your tenant

Bathroom reno? > no shitter or shower for the tenant
Kitchen Reno? > no cooking appliances for the tenant

---------

Or, just "move back in" to your unit for 6 months. Then re list.
Seems like rent in Vancouver was 2k/1bed about 2 years ago.
2k x 12 mo = 24k.

Rent now is 3k/1bed.

2 options:

Keep tenant at 2k for next 2 years = 48k income

Kick out tenant "because your moving in", lose 6 months. Relist at 3k. 3k x 1.5 years = 54k income.

Not to mention the numbers above, magnified for the next 2-5-10 years.

People that pay 800-1500$ in rent because they have been living there for 5-10-30 years, are a charity case, and should be THANKFUL the landlord has his hands tied at 2% rent increases. Or as some here, don't even raise rent.

The grocery store does not sell me groceries at 2005 prices.
My mechanic does not repair my car at 2010 prices.
The government takes my taxes at 2023 rates, not what I was making when it was 2005.

Why should a tenant get half price rent?

Some tenants think landlords are scummy greedy people?
That's fine, go work for 5-10 years, save 50-200k, put all that money into a unit, hold a 400k mortgage, take the responsibility, liability, and (some)headache renting the unit, get paid LESS than the unit is costing you, don't forget a side of deadbeat squatters if your lucky. Then tell me I'm a greedy scummy person.

Spoiler!

I have never renovicted a tenant

Originally Posted by Great68

Also don't forget, the more these sort of bad faith evictions happen, the more likely legislation will be introduced to make the process more difficult, onerous, and with more compensation to the displaced tenants.

Reap what you sow.

Unfortunately for the tenants, this is just going to raise rents even more. And many fail to realize that

[Great68]

If you can afford to go through that many hoops, and to have you unit off the market for that long with no revenue, then you shouldn't be one of those complaining about a 3.5% increase.

If your willing to and can afford to do that, I applaud your effort.

For those who can't, and I'm willing to bet that's a huge number of "amateur landlords", then fucking sell. Like I said, more units on the market for people to buy bringing prices down, those previous rentals become available, more supply, lower prices. You're thought that you can just double the price is no guarantee and will have a limit

[EvoFire]

You know you guys are all right, the truth lies somewhere between everything you guys have said, and then some more. Nothing is black and white.

I think donk is probably the most accurate in his observation.

[Hondaracer]

Donk with the mic drop?

This isn’t a case of making 50% more for that remaining 6 months. It’s getting DOUBLE the rent for years on end.

You’re correct 68 that the people are small Time landlords who try this and fail and get penalized will ultimately come out at a huge loss. The people doing this across 6-8 units are making BANK and are just driving up the prices period.

Going from $1600 a month to $3000 a month, which is completely plausible in this climate nets you almost $50,000 extra over a 2 year period.

Do that across 4 units and you’ve bought yourself another unit.

Now take this on the scale of a demoviction and you’re touching 10’s of millions in profit

It’s somewhat ironic that the guy with the one extra condo is always the demon and the media’s whipping boy in these scenarios. However, the guy tearing down a building, a multiplex, sub dividing a couple lots of almost never mentioned but it’s all exactly the same. That person just has way more in terms of resources to draw from than the lowely landlord trying to keep up with rising costs of upkeep and strata.

[Great68]

Lol, come on, "Mike drop" ? What is this, Grade 8?

Donkey's post is assuming:

1. Rents will always increase in substantial amounts, with no ceiling, due to low supply
2. Those holding these properties have the capability can financially weather a period of no rental income.

You're probably right, those holding 6-7 units might be in a better position for #2 than someone with a single secondary unit, who also might be paying an second mortgage for their existing property.

I don't really care though, I see no difference between either of those two. If enough of the latter have to give up their secondary units, that will take care of assumption #1.

Again, if you're trying to get me to sympathise with how hard done by owners of secondary units are, it's never going to happen.

[Hondaracer]

Don’t hate the player, hate the game? - more high school isms? Lol

[Great68]

Isn't "hating the game" literally what those bitching about the 3.5% increase are doing?

They knew the rules when they started playing...

[MarkyMark]

Loved watching the slow shift of Honda being influenced in this thread going from good guy landlord that never raised rent on a good tenant to preaching pro greaseball tactics to maximize rent lol

[Hondaracer]

Lol hey I’m still good guy, I think both my tenants would agree. First time I raised rent this year in 7 years of being a landlord

I also cut their rent in half at the beginning of Covid for 3 months because she worked in the film industry and wasn’t working

It’s also a basement suite as opposed to a separate unit

As I’ve said I don’t really feel the need to pull the greaseball move but I can certainly understand people trying to get a peice of the pie when they see their unit renting for a thousand below market value

[The Producer]

mom and pop secondary property owners are like blaming foreign ownership for our current state of housing crisis. political misdirection.

follow the real money. look for the corps and REIT's that own 100's of properties per.

the way out of this mess is to drastically alter the tax code.

[JDMDreams]

Pimping ain't easy

[hud 91gt]

The rules are complete BS. Listed a basement suite of my in-laws after being empty for a couple years since a bad tenant situation. They have 6+ months available before we completely remodel as we will be selling our place and moving in with them.

Call the BC Tenancy people, explain the situation…. Nope absolutely not. You can’t have a fixed term agreement (perfect for a student), if you’re planning on remodelling. She basically told me we were the issue with why rent was going up. ��. So no extra suite on the market. Sorry renters, that’s the law. Air BnB here we come.

[donk.]

I'm just sharing my opinion for the entertainment/different perspective value. Everyone's opinion is correct, that's what's great about the internets

we just need all these active guests to join in, and reaaalllyyy stir the pot

Ps, don't post any of my shit on the renting / real estate Reddit threads, someone might have an anyerism or stroke.....

[Alpine]

Originally Posted by donk.

I'm just sharing my opinion for the entertainment/different perspective value. Everyone's opinion is correct, that's what's great about the internets

we just need all these active guests to join in, and reaaalllyyy stir the pot

Ps, don't post any of my shit on the renting / real estate Reddit threads, someone might have an anyerism or stroke.....

I love how people love pointing the finger at landlords and renters (equal # of shitty people that truly deserve each other). But the source? Politicians and government at all levels.

We're just a bunch of poor people fighting each other while the wealthy eat caviar and laugh from above lol.

[GLOW]

i'm picturing laughing like this

[headhunt3r]

Recently, I've found myself really disliking private equity and investors in general. They mostly don't provide much value to the world and are more leeches than anything. PE buying into RE is just one of many. PE in the business world is the same. They just find any industry that they can squeeze a dollar out of, and then start an M&A shit storm then leave after they've "improved efficiency" and made a buck.