Rental Vacancy Rates

CanuckFan
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Rental Vacancy Rates

Post by CanuckFan »

https://www.castanet.net/news/Vernon/32 ... lor#324493

I know this article relates to local govt. being concerned, but the problem relates hugely to the draconian policies of the provincial govt.

If they weren't so dang unfriendly to landlords, and so biased towards tenants, there would be more places available.

I know they are talking here about apt. buildings and such, but there are lots of homes with affordable suites, etc., that landlords have chosen to no longer rent out. While that is a direct consequence of COVID and the ridiculous 'no rent increase' and 'no evictions' rules, those rules are only an extension of what's been happening for years.

Yes, some landlords are jerks, and some tenants are horrible, but the govt. needs to quit trying to micro-manage everything.

The allowable rent increases are laughable (when they were allowed). The costs to insure and maintain a quality building can well exceed what some pencil-pusher decides is fair to the owner.

The eviction process for bad tenants has always been a long, dragged-out, and unfair process for the landlords. It is equally bad for the good tenant with the bad landlord who is trying to evict them unfairly.

If we hadn't already sold our rental units years ago, we'd have dumped them last year, if possible. At least now, when the phone rings, you don't have to be afraid to answer, wondering 'what the fresh hell is going on now?'
DetectivePikachu
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Re: Rental Vacancy Rates

Post by DetectivePikachu »

I could be a landlord right now, but why bother with the RTB as corrupts as it is.

What a huge waste of time and money to be a landlord.
Sorry renters its only going to get worse for you.
TylerM4
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Re: Rental Vacancy Rates

Post by TylerM4 »

I don't think the RTB is corrupt - it's just that their policies are horribly imbalanced in favor of tenant and when the landlord does get a ruling to his/her favor they are completely ineffective and enforcing it.

I think every landlord has a bit of a "What the hell!?" moment when they realize that even if the RTB supports your eviction and rules in your favor, they'll do nothing to actually ensure the tenant leaves while making it clear that if the landlord tries to force the issue they'll end up on the losing side of a court battle.
Gixxer
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Re: Rental Vacancy Rates

Post by Gixxer »

Im looking at buying a house with a basement suite. Guess what I wont be doing with it, thats right not renting it out. The extra hassle and headaches a tenant would bring isnt worth the extra $1000 a month
Even Steven
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Re: Rental Vacancy Rates

Post by Even Steven »

Gixxer wrote:Im looking at buying a house with a basement suite. Guess what I wont be doing with it, thats right not renting it out. The extra hassle and headaches a tenant would bring isnt worth the extra $1000 a month
Do it through Air BnB. More hassle but you make double.
Gixxer
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Re: Rental Vacancy Rates

Post by Gixxer »

Even Steven wrote:
Gixxer wrote:Im looking at buying a house with a basement suite. Guess what I wont be doing with it, thats right not renting it out. The extra hassle and headaches a tenant would bring isnt worth the extra $1000 a month
Do it through Air BnB. More hassle but you make double.

Good call, and I keep the rights to my house.
Even Steven
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Re: Rental Vacancy Rates

Post by Even Steven »

Gixxer wrote: Good call, and I keep the rights to my house.
Exactly.
jasonp1
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Re: Rental Vacancy Rates

Post by jasonp1 »

I know this article relates to local govt. being concerned, but the problem relates hugely to the draconian policies of the provincial govt.

If they weren't so dang unfriendly to landlords, and so biased towards tenants, there would be more places available.
Totally agree. It's government! It's more than a little ironic a councilor is "concerned" about the vacancy rate. The city approval and permitting process drives the costs of building rentals through the roof!

The provincial government has made it all but impossible to make a reasonable return on investment. Oh yes, that's right...people get into the rental business to make MONEY. Now they have limited rent increases to inflation. When rent increases are allowed again. If they can't make it on rental property...... the money goes somewhere else. It's pretty simple.

The provincial government has tilted the scales so far in favor of the tenants, you are almost a hostage. The Residential Tenancy process is a bureaucratic nightmare. A bad tenant can drag an eviction out for months, meanwhile you still have to pay the mortgage, and when you do finally get them out, trying to collect the delinquent rent is a whole other bureaucratic hell. I didn't realize when I bought my rental...I was signing up to be a social service provider.
CanuckFan
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Re: Rental Vacancy Rates

Post by CanuckFan »


A bad tenant can drag an eviction out for months, meanwhile you still have to pay the mortgage, and when you do finally get them out, trying to collect the delinquent rent is a whole other bureaucratic hell. I didn't realize when I bought my rental...I was signing up to be a social service provider.
NO kidding! And, then, they skip out without paying the rent once you get a judgement.
TylerM4
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Re: Rental Vacancy Rates

Post by TylerM4 »

CanuckFan wrote:
NO kidding! And, then, they skip out without paying the rent once you get a judgement.
The worst are the ones who don't skip out once the landlord has a judgement. The landlord then must go to the court system and convince a sheriff or bailiff to visit and forcefully remove the tenant. They must pay for that service out of pocket.

Meanwhile you've had a tenant who hasn't paid rent in 6+ months. If you're lucky they haven't trashed or gutted the place. Guarantee they're not going to cleanup before they leave and at a minimum you'll need to spend a few days cleaning or paying for a cleaning service.

But don't worry, you've got that maximum 1/2 month security deposit. :200:
lcpp64
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Re: Rental Vacancy Rates

Post by lcpp64 »

The BC NDP has in their wisdom screwed so badly with the RTB, the opposite outcome of what they wanted has happened.

Landlords have bailed as the risks & money is not worth the headaches.

Tenants should consider this next time they get to vote in a new BC Government.

In politics in Canada it feels like picking the least worse devil, but BC made a big mistake backing Horgan, who called an election early during a pandemic & rode of the popularity of Dr. Henry (who has attempted to stay non-political & recently failed in my mind).

Landlords, tenants, or somebody is voting these clowns in & they are doing a terrible job - if you get to peak past the curtain, you will see it is not a Wizard at all.

Communism at its best,,,
CanuckFan
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Re: Rental Vacancy Rates

Post by CanuckFan »

The RTB has been a joke for many years, and I don't know which govt. made it that way, but no one has fixed it in the meantime. We sold our rental units in 2002, and it was horribly biased at that time even.

My husband used to send me to deliver eviction notices to druggies or bullies. It was easy enough for a single woman to get a cop to attend with me, although I'm sure they don't have time for that stuff nowadays.
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vegas1500
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Re: Rental Vacancy Rates

Post by vegas1500 »

Even Steven wrote:
Gixxer wrote:Im looking at buying a house with a basement suite. Guess what I wont be doing with it, thats right not renting it out. The extra hassle and headaches a tenant would bring isnt worth the extra $1000 a month
Do it through Air BnB. More hassle but you make double.
Exactly....best thing I ever did. And they leave In a week or 2.
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GordonH
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Re: Rental Vacancy Rates

Post by GordonH »

Here you go and rent is cheap like borscht. lol
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alanjh595
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Re: Rental Vacancy Rates

Post by alanjh595 »

yup sure is cheap.

$1700/mth would be a $400,000 mortgage payment. = 1 bedroom


$3,657.02 / Monthly is a $850.000 mortgage. = 3 bedroom
Monthly rental prices are estimated to be between $1,700 and $3,600 per month with one-, two- and three-bedroom homes available.
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