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van_driver 08-07-2021 09:18 AM
Quote:
Originally Posted by 68style (Post 9035782)
… I feel like I wouldn’t even tell the city of I was renovating my kitchen lol… how they ever going to find out?
Planning to sell the place in a couple years. If the market is slow at that time, buyers will probably use the no permit excuse as a reason to knock down the price

Hondaracer 08-07-2021 09:25 AM
How would they know?

Spoon 08-07-2021 10:04 AM
If the city cared that much about it, you wouldn't see people knowingly list their properties advertising unauthorized suites.

sonick 08-07-2021 10:07 AM
Quote:
Originally Posted by Hondaracer (Post 9035790)
How would they know?
Sellers have to state it in the disclosure form when selling and Realtors can pull city tax records that will indicate whether or not it was registered or not.

JDMDreams 08-07-2021 10:08 AM
^^ within the last week I've seen 2 scratched off disclosure forms and both sellers and buyers signed.

van_driver 08-07-2021 10:27 AM
Quote:
Originally Posted by JDMDreams (Post 9035796)
^^ within the last week I've seen 2 scratched off disclosure forms and both sellers and buyers signed.
I believe that's only when the seller has never lived in the property

Manic! 08-07-2021 10:38 AM
Quote:
Originally Posted by donk. (Post 9035641)
Anyone own in nanaimo, house or condo and rent it out?
Houses for 500k for long term investment sure do look appealing.
Seems to be no houses available for rent either
The rental market is crazy in Nanaimo. Very low vacancy and rents are really high.

I don't know what you are going to find house wise for 500k.

westopher 08-07-2021 10:43 AM
Yeah 500k for a house seems like you’d end up in Duncan or something like that

JDMDreams 08-07-2021 11:03 AM
Not sure what the rules are but one was disclosed as pr and one was just disclosed as residence.

Quote:
Originally Posted by van_driver (Post 9035800)
I believe that's only when the seller has never lived in the property

donk. 08-07-2021 12:22 PM
Quote:
Originally Posted by van_driver (Post 9035800)
I believe that's only when the seller has never lived in the property
Or if you rented it during sale. Once its rented, you can pull that excuse

Quote:
Originally Posted by Manic! (Post 9035801)
The rental market is crazy in Nanaimo. Very low vacancy and rents are really high.

I don't know what you are going to find house wise for 500k.
Looking on rew, theres like 20 listings 500-600k, not sure if they sell instantly, or thats just the going price. Because 700k gets you a decent house in nanaimo

They aint much, but they are a deal compared to 2mil van teardowns (as an investment wise)

JDMDreams 08-07-2021 12:28 PM
^speaking of investment properties. How do you guys own it? Personally? Or is it worth setting up as a corp. Due to all the capital gains, empty home tax etc?

Gumby 08-07-2021 12:40 PM
Quote:
Originally Posted by 68style (Post 9035782)
… I feel like I wouldn’t even tell the city of I was renovating my kitchen lol… how they ever going to find out?
All it takes is one nosey neighbour to report you to the city...

Quote:
Originally Posted by Spoon (Post 9035794)
If the city cared that much about it, you wouldn't see people knowingly list their properties advertising unauthorized suites.
For the most part the city likely turns a blind eye, unless they receive a complaint. I had a distant relative get her unauthorized suite inspected cuz a neighbour complained. They gave her advanced warning so she paid her tenant to move out temporarily and move back in after the inspection, lol!

Hondaracer 08-07-2021 01:00 PM
Advising the city of a lipstick renovation just added 30-50% of your total costs lol..

If you’re doing a reno to sell etc. You’re crazy to try and get permits for it. You’d be better off not doing the reno and keeping the investment costs for the reno than paying an architect etc to submit drawings and plans.

In this current climate, and the climate of say, the last 10 years I really doubt a buyer is going to get hung up on how the renovation was done.

westopher 08-07-2021 01:31 PM
They’re just tearing down any 2 million dollar houses to put up 9 1.5 million dollar townhouses anyways.
#housingcrisissolved

van_driver 08-07-2021 02:05 PM
Quote:
Originally Posted by Hondaracer (Post 9035812)
Advising the city of a lipstick renovation just added 30-50% of your total costs lol..

If you’re doing a reno to sell etc. You’re crazy to try and get permits for it. You’d be better off not doing the reno and keeping the investment costs for the reno than paying an architect etc to submit drawings and plans.

In this current climate, and the climate of say, the last 10 years I really doubt a buyer is going to get hung up on how the renovation was done.
30-50%? One quote I got was $4500 for the drawings . Plus about $700 for the city . Actual Reno would be probably $25/30k minimum

supafamous 08-07-2021 02:12 PM
Quote:
Originally Posted by Gumby (Post 9035810)
All it takes is one nosey neighbour to report you to the city...


For the most part the city likely turns a blind eye, unless they receive a complaint. I had a distant relative get her unauthorized suite inspected cuz a neighbour complained. They gave her advanced warning so she paid her tenant to move out temporarily and move back in after the inspection, lol!
New builds get inspected in Vancouver in the first year or so as well. I was required to give access to the city about a year in to check my basement to see if I had a kitchen in there so I had to ask my tenants to move out for a week.

It's all some ridiculous theatre b/c the city approved the house with everything but the 220v outlet. The kitchen was a "bar unit", there was a hood vent outlet setup, and even laundry hookups in place. What did the city think we were going to do with the place? And does the city seriously think it'd be a good idea to force me to NOT rent out my empty basement during a housing crisis? (I also would have been happy to pay additional utilities for my suite if the city let me)

It looks like Burnaby is much more realistic about unauthorised suites - you just sign a declaration saying if you do or don't have one and they charge you extra fees for it.

donk. 08-07-2021 02:44 PM
Quote:
Originally Posted by JDMDreams (Post 9035807)
^speaking of investment properties. How do you guys own it? Personally? Or is it worth setting up as a corp. Due to all the capital gains, empty home tax etc?
Personally under 5 properties, once you hit 5, then you want an LLC

There aint no capital gains, unless you sell. As for rental income tax, its pennies since most of it is written off due to expenses.
Or if your mortgage is really small, then it might be worth the LLC. At that point you might as well HELOC and put that "sitting" money to use

underscore 08-07-2021 09:27 PM
My inlaws got checked for a suite and they don't even have one lol. I think anyone who requests a larger garbage/recycling bin gets flagged though.

Quote:
Originally Posted by van_driver (Post 9035674)
looking into a kitchen renovation where I'd need to take down a wall, city said they need a drawing done by a designer or architect showing what's currently there and what's proposed.
They require a pro for that? Here I just got a copy of the blueprints from city hall, they gave me the wrong ones so I just doodled it by hand and then marked it up to show the changes and they were happy. Inspector #1 just cared if I moved plumbing (I didn't), inspector #2 stood at the front door, said "yep you removed a wall", signed it and left.

Great68 08-08-2021 08:18 AM
Quote:
Originally Posted by 68style (Post 9035782)
… I feel like I wouldn’t even tell the city of I was renovating my kitchen lol… how they ever going to find out?
Yes, my garage was fully wired by the previous owners...

Hehe 08-09-2021 06:48 PM
Quote:
Originally Posted by donk. (Post 9035818)
Personally under 5 properties, once you hit 5, then you want an LLC

There aint no capital gains, unless you sell. As for rental income tax, its pennies since most of it is written off due to expenses.
Or if your mortgage is really small, then it might be worth the LLC. At that point you might as well HELOC and put that "sitting" money to use
I'm mostly in CRE and US based, so, it might be a bit different to pure residential here in Canada.

However, it's almost never a good idea down south to put several properties under the same entity/person. Even for smaller investors, you want to put your properties in some tax pass-through entity. So, for every project (property), we'd register a new entity.

The reason is mostly legal... so if you/entity get sued, the exposure is limited to that entity alone. Thus, the most you can potentially lose is that single property minus its liabilities.

Yes, when it comes to tax filling, it's a bit of PITA, but see it as CoDB and/or insurance policy.

blkgsr 08-10-2021 11:05 AM
Quote:
Originally Posted by Manic! (Post 9035801)
The rental market is crazy in Nanaimo. Very low vacancy and rents are really high.

I don't know what you are going to find house wise for 500k.
vernon is the same but $600K MIN for anything decent

supafamous 08-10-2021 08:04 PM
Well, a week after I asked this question I bought this place (subjects are still on it). The place turned out to check nearly every box my wife and I had AND it exceeded on a few things so rather than build a place (which we were wanting to do earlier in the year) or keep up our demoralising hunt we bought this. It's a 10 min walk to my daughter's daycare, elementary and high school and still close enough for my parents and in-laws to come over (and eventually live with us).

Fun fact: The microwave that it comes with costs ($1800) more than the fridge I currently own.

https://www.rew.ca/properties/347394...nue-burnaby-bc

Quote:
Originally Posted by supafamous (Post 9035434)
So I've run across this new build (in progress) that seems intriguing to my wife and I as it has the potential for two suites (for eventually housing the parents/in-laws) while checking a bunch of boxes for us but I don't know much about suite/rental rules in Burnaby:

https://ralphmaglieri.com/property/5...r-ave-burnaby/

The main floor looks like it could be easily suited as either a 1 bed or 2 bed unit and then it also comes with a 600sf studio in the back which is not shown in the photos that comes with a bathroom (the neighbouring houses also have these which you can see in satellite view: https://goo.gl/maps/ThTpoCPsDFrxuFBx5)

I've never seen a house in Burnaby with this kind of accessory building before and when I read about the area zoning there's no mention of this type of building being allowed. As it has a bathroom (and hookups for laundry) I assume they know full well that this is going to be a rental/in-law suite.

Anyone know much about these types of buildings and about creating a suite in Burnaby? Nothing on the city website answers my questions (we'll be getting a viewing this week of the house to get more details).

Manic! 08-10-2021 08:06 PM
Who wants to move to Prince George.

https://www.kijiji.ca/v-house-for-sa...WMulU1cFB_KkfM

Comes with a house.

https://i.ebayimg.com/images/g/hv0AA...cA/s-l640.webp

JDMDreams 08-10-2021 08:26 PM
^^ I'm interested, I wonder if you can divide up the 8 acres to sell. Or if it's snowed in 9 months of the year

Manic! 08-10-2021 08:57 PM
Also has minigolf.

Prince George's Only Drive In | Park Drive In, Weekend Entertainment

https://www.google.com/maps/place/96...4d-122.9489461

Also close to a drag strip/mud park.

https://nitromotorsportspark.com/


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