Quote:
Originally Posted by TouringTeg
Listings going up in Victoria. I think all the empty airbnb are going to be a factor.
You either rent it out or sell. Rents are likely falling and there will be more empty units in tourist hot spots like Victoria and Kelowna.
Everyone needs a home but I think it is an awful time to buy an investment property.
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Exactly.
Airbnb will bring down condo prices and increase inventory. You can already go through listings and figure out which units were Airbnb rentals. These are the sellers you want to target with aggressive offers.
You're also right about rents. There's an increase of rental units and lack of renters which means rent prices will go down so for an investor it makes no sense to buy a condo unless it's a smoking deal.
And lets not forget banks are tighten up and lending in general will be tight for the foreseeable future meaning a lot of people who were using their LOC's to buy investments will bow out. These are the same people who might have to dump existing investment properties as well. You'll need a lot of cash if you want to play in this market.