So only applies to chinks and gooks? So specific! I guess any Asian other than Chinese and Koreans are welcome?

That's the most racist word that person can think of for asians probably.

Someone should write a parody letter from a First Nations' POV

Ur gonna lock the most popular thread on revscene?

RIP RS

only citizens can be realtors

there, problem solved

dem chinarman won't give up their chinese hukou

White people, Asian people, brown people do the exact same things to white people, Asian people, brown people. Races and origins have nothing to do with being a xenophobe.

Gooks can pretty much apply to every other non-Chinese East Asian ethnicity like Vietnamese. Except Japs, they are distinctive enough to get their own slur.

Steering this back towards real estate issues -- what is RS' take on the recently proposed changes to rent hike formula so that the max rate hike can only be tied to the rate of inflation?

IMO, those people on the BC Rental Housing Taskforce -- Vancouver-West End MLA Spencer Chandra Herbert (who also serves as the Premier’s Advisor on Residential Tenancy), MLAs Adam Olsen and Ronna-Rae Leonard -- are idiots. Put that rate hike limit in place, and watch how the supply of rental properties dry up even more.

I am also surprised by how many people among the general public can't see that these changes will only lead to reduce rental supply.
FailFish

its on news1130 and i wouldn't be surprised if global ran it with their bleeding heart mentality

https://www.citynews1130.com/2018/09...itlam-realtor/

I swear the media is so short sighted, like i guess when it goes "viral" they are obligated to report it, but i feel like this sort of thing does more damage than good

You've got the social justice warriors triggered to ruin somones life

You've got the right leaning non-asian groups looking at it and having a chuckle and agreeing

Have dummies getting ideas in their head of imitation

media outlets consciously promoting division?

It's already gone, rent hikes are like irrelevant, 2/3/4%

the people who are already paying 1800 for a 1br can probably absorb the increase, the people on the fringes who are dealing with rental companies and landlords that are taking advantage of the yearly increases are fucked. They were already fucked before this new standard. It's not sustainable for people who are living cheque to cheque to try and live in situations like that regardless of the increase.

Simple new landlord will just set the intial price higher to offset this. Instead of listing their one bedroom at $2000/mo they will just list it at $2400/mo. And you still have people lining up to rent it off your hands.

Just found out the person who purchase my apartment just rented it out $2400/mo. Is a one bedroom. Sure is nice is new is got A/C near metrotown. But still is only a one bedroom. My friend who currently rented her one bedroom out 2 years ago furinshed for only $1800. When her current tenant was going to move out then realize how cheap his rent is and now he is not moving. Even if she increase his rate every year is still far cheaper for him to stay.

A friend of mine who also rented out his one bedroom near metrotown around Aug listed for $2200/mo for a 490sq sutido had people lining up ready to sign the lease on the spot. Apartment was rented out the same day ad was posted up.

All I say is if rental increase is to inflation you are going to see a lot of place listed much much higher than current rate and some people might even use loopholes to kick their current tenant if the rent is too low.

Currently, the maximum allowed hike is inflation + 2%. It isn't much, and a smart landlord with a good tenant may or may not even increase it by that much anyway since it is probably a better idea to keep a good tenant than to price them out.

^^ I quite agree with all this.

Lol what is so good about Metrotown... 2200 for a studio?

^ It's not just Metrotown, the new building by Edmunds "Cedar Creek" is selling 1 bedroom, 633 sq ft for $500k.

If they paid the basic 15% down it means their mortgage would be about 2500/ month. And then renting it out for at least 3000 to cover costs.

The convenience of having everything within walking distance and being a 15 minute train ride away to downtown is quite enticing.

Watch Asians take the blame for a market correction as well... Not white? Can't win... lol

^^

Uhhh that’s pretty clearly dumb white politicians reacting 20 years too late to closing loopholes and outdated laws and/or allowing it to happen to profit off it personally

Many of the things you mentioned simply can't happen. New landlords (for a particular unit) can set their initial rental price to whatever they want, but they'd at least generally look into what the going rate for similar units in similar locations that are being rented right now as reference. So if they arbitrarily pick a high number out of the hat, it probably wouldn't generate too much traction.

Existing landlords do not have this option to set an initial high price -- they'd be bounded by whatever the current maximum rent increase percentage is in effect. If they find the rent to be too low, their only real and viable option is to sell that unit, and buy again somewhere else with the money. You can't do renoviction anymore because new legislation makes it:

1) tougher on what qualifies as renovations that are significant enough to evict the tenant, and

2) significantly longer advanced notice of eviction is required

3) the existing tenant has the first right of refusal to rent the renovated unit again

^^ I am aware of the new policy (I mention this a few pages back) and I still don't get it. The gov wants more people to rent out their property/basement but put in place to prevent landlord kick trouble tenants. It makes no sense. You don't even have to be a good tenant just don't cause trouble and most likely your landlord wants you stay. My parents have rented out their basement since 1991 and never had any issue with forcing tenants outs. Every time it is the tenants that move on(bought their own place, moving away etc etc). And they don't increase the rent at all. Coz the tenants were good.

Giving more power to tenants only prevent people from renting their place out. Is no easy being a landord there are so many risk it almost makes renting out as an invesement not worth it.

rent hike changes, every year, ask me how i know

it's 4.5 pts for 2019

https://globalnews.ca/news/4487219/a...s-little-as-1/

Syndicated mortgage loan is not new. They're also risky AF and most people ended up losing their money.

developers short for cash now?

Easier and quicker to get cash from a pool of retails rather than going to a bank.

This increases liquidity but there are risk with development being delayed or abandoned. Mom and pop ends up holding the bag. There are enough of these in Ontario that they came down hard July this year and imposed a dollar limit on how much you can put in.

https://www.cbc.ca/news/canada/toron...help-1.4603945

These “lift ups” have been increasingly popular, but man do they seem sketchy af lol

https://i.imgur.com/R1bFZpY.jpg

https://i.imgur.com/JtQQz31.jpg

https://i.imgur.com/IVVzNUn.jpg

Those lift ups look like a bad game of Jenga just waiting to happen :rofl: