Rental Vacancy Rates

dontrump
Grand Pooh-bah
Posts: 2587
Joined: Feb 20th, 2016, 10:39 am

Re: Rental Vacancy Rates

Post by dontrump »

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
IF I needed the cash I would rent it out for all cash no lease and no receipts ;;just really vet your client
make sure 1) there single 2) not heavy drinker or smoke dope etc 3) there gainfully employed at a good job

I did this for my son and its working out great just be patient when vetting the client

like said all cash no paper tail works great for us been doing it for 5 years
Mrmarvingardens
Board Meister
Posts: 487
Joined: Jan 28th, 2009, 6:50 pm

Re: Rental Vacancy Rates

Post by Mrmarvingardens »

Glad to see (from the advertisement for their project at Sopa Square) the Mission Group is doing its best for humanity.
Three bedrooms at how much???
Mr Friesen talks of all the amenities..Nice touch.
He didn't mention the Mission group owned boat launch rental site near the Eldorado.
After you have paid your rent you can take advantage of the 4 thousand dollar boat rental that they will have waiting for you.The company will launch your boat at the taxpayer funded boat launch next door.
Mr Friesen mentioned in one of his earlier ads, that "rentals provide a steady cash flow"
That they do!
Isn't capitalism wonderful? [icon_lol2.gif]
User avatar
alanjh595
Buddha of the Board
Posts: 19654
Joined: Oct 20th, 2017, 5:18 pm

Re: Rental Vacancy Rates

Post by alanjh595 »

dontrump wrote: IF I needed the cash I would rent it out for all cash no lease and no receipts ;;just really vet your client
make sure 1) there single 2) not heavy drinker or smoke dope etc 3) there gainfully employed at a good job
I did this for my son and its working out great just be patient when vetting the client
like said all cash no paper tail works great for us been doing it for 5 years
So therefore you are not only breaking CRA laws, but also advocating that others do the same?

You do Know that the CRA can subpoena Castanet for their IP addresses of those that have publicly declared, as what you have just done?
Bring back the LIKE button.
dontrump
Grand Pooh-bah
Posts: 2587
Joined: Feb 20th, 2016, 10:39 am

Re: Rental Vacancy Rates

Post by dontrump »

alanjh595 wrote:
dontrump wrote: IF I needed the cash I would rent it out for all cash no lease and no receipts ;;just really vet your client
make sure 1) there single 2) not heavy drinker or smoke dope etc 3) there gainfully employed at a good job
I did this for my son and its working out great just be patient when vetting the client
like said all cash no paper tail works great for us been doing it for 5 years
So therefore you are not only breaking CRA laws, but also advocating that others do the same?

You do Know that the CRA can subpoena Castanet for their IP addresses of those that have publicly declared, as what you have just done?
ahh the dogooders of the world have descended upon us LOL iam shaking in my boots lol while the total :cuss: bag trudeau sends our money to support 3rd world foreign countrys
User avatar
ferri
Forum Administrator
Posts: 54004
Joined: May 11th, 2005, 3:21 pm

Re: Rental Vacancy Rates

Post by ferri »

:-X :topic: Rental Vacancy Rates
“Weak people revenge. Strong people forgive. Intelligent people ignore.”
― Albert Einstein
BenRutgers
Fledgling
Posts: 170
Joined: Mar 5th, 2021, 8:52 am

Re: Rental Vacancy Rates

Post by BenRutgers »

I call BS. If that was the case landlords would be selling and there would be lots on the market. not the case. I blame greedy developers who bribe city councils to just build boomer retirement living and the racist policies that keep half the valley from being properly developed. but sure pandemic rent controls let's go with that
Muzza
Generalissimo Postalot
Posts: 792
Joined: Jun 13th, 2014, 11:01 am

Re: Rental Vacancy Rates

Post by Muzza »

BenRutgers wrote:I call BS. If that was the case landlords would be selling and there would be lots on the market. not the case. I blame greedy developers who bribe city councils to just build boomer retirement living and the racist policies that keep half the valley from being properly developed. but sure pandemic rent controls let's go with that
I'm one of those landlords who is planning to start selling off my properties, and a very significant reason for doing so is the current government. My costs are skyrocketing - eg: Replace 1 - 5 x 5 window - $1350, new washer/dryer - $1800, new fridge - $1700 (I make sure my tenants have quality appliances). I spent $20,000 on one house in the last 18 months to make sure it is a safe and comfortable home for my tenants - new deck, exterior paint, landscaping, etc. As a result, I lost money on that one during that time, which is fine, as I invested into it and the value has gone up, so I'm good.

If I can't raise the rent enough to make sure my costs of are covered, then I will sell. Part of it is my fault. In the past I kept the rents low, as I know most of my tenants very well, and consider them friends. However, at some point I have to take care of me, as these properties are my retirement. If I can get better returns elsewhere, then I'm going elsewhere.
BC Landlord
Übergod
Posts: 1881
Joined: Jul 15th, 2019, 2:18 pm

Re: Rental Vacancy Rates

Post by BC Landlord »

People think, rent controls do some good. They don't. In reality, they are highly counterproductive for what they are intended to do. Rent controls apply only to continued leases, and on average rental units change tenants every 1.5 years. Then it goes up big time, to compensate for landlords' inability to react to future costs to them. Every seasoned landlord usually sets new rents based upon projected cost estimates over the next 2-3 years, rather than the above average of 1.5 years tenancies. Not to mention "renovictions" (this only exists where rent controls are in force). This all actually drives the market. So, in all reality rent controls just hype it up. For example, Alberta doesn't have rent controls (never had), and their rental market has always been just fine, even in the hottest days of their economy. But governments just love controlling things, that's what it's all about.
Last edited by BC Landlord on Mar 31st, 2021, 9:18 pm, edited 2 times in total.
TylerM4
Lord of the Board
Posts: 3504
Joined: Feb 27th, 2014, 3:22 pm

Re: Rental Vacancy Rates

Post by TylerM4 »

alanjh595 wrote:
You do Know that the CRA can subpoena Castanet for their IP addresses of those that have publicly declared, as what you have just done?
Nope. Only a judge can issue a subpoena/warrant. They'd need to build a case and ask a judge - pretty unlikely that a judge would do it based on a single statement like that.

Tracking someone down like this isn't easy. It's a minimum of 2 search warrants/subpoenas, there's a high likelihood they would not get the data needed, and even if they did - there's a high likelihood they wouldn't be able to prove who in the household actually posted. Months of effort, 10's of thousands in cost, and a high likelihood it'd all be for nothing = this is almost never done/attempted except in very serious circumstances (eg - Murder, Pedophilia, human trafficking, or perhaps fraud over 6 digits). The suggestion that they'd do this in attempt to catch someone not claiming rental income is extremely far fetched.
dontrump
Grand Pooh-bah
Posts: 2587
Joined: Feb 20th, 2016, 10:39 am

Re: Rental Vacancy Rates

Post by dontrump »

rates and vacancy's in vernon are high rates and low vacancy these days was getting 750 a year ago and getting 900$ cash now kid loves it
hillsnvalleys
Posts: 6
Joined: Mar 4th, 2016, 9:10 am

Re: Rental Vacancy Rates

Post by hillsnvalleys »

I have also sold all my rental units because of the unfair treatment of the landlord by the government. I would imagine that the rules are being made by people that have never had rental suites. I would like the government to back their legal system and pay the landlord the judgement then collect it from the tenant. Like many landlords, I can't afford to support tenants that don't pay their rent or damage a home that someone has allowed them to use.
Last edited by Catsumi on Apr 24th, 2021, 8:45 pm, edited 1 time in total.
Reason: Typos corrected
Gixxer
Lord of the Board
Posts: 4842
Joined: Jul 26th, 2007, 8:24 am

Re: Rental Vacancy Rates

Post by Gixxer »

I currently have a friend going through tenant hell. She was an excellent renter until she moved her bf in. Now she hasnt paid rent in 3 months, her BF has threaten my friends wife, and has made scenes in the neighborhood to make them look bad. Yes being a landlord sounds likes an amazing experience.
Mark1111
Board Meister
Posts: 565
Joined: May 3rd, 2008, 10:22 am

Re: Rental Vacancy Rates

Post by Mark1111 »

The role of government is to better the lives of the electorate. The goal of government is to convince the electorate that their lives have been bettered. Meaning they only have to make you think they are doing a good job. Horgan and company have done a masterful job convincing renters that he is on their side. But Horgan’s tactics have placed people (landlords and tenants) in such a precarious position by removing all the tools that protect an investment that usually takes a lifetime to acquire, that landlords are selling their properties.

And those voting renters are now looking for new accommodations having to pay far more than they previously did for a place to live because the shrinking number of remaining landlords know, they have to charge as much as possible because they may not be able to get market rent for years to come.

I recently sold (last week) one of my properties because I no longer have control over my investment and I am just not comfortable with my exposure. The other property goes next year. And I had great renters but the risk is just not tolerable.

The sold property housed two families. The couple that purchased the property insisted on having the property vacant upon possession which is their right when the tenancy is month to month. They were clear that they did not want to be landlords in this province.

BC’s reputation for tenancy laws are notoriously across Western Canada so I was not surprised.

So two families are now having to scramble to find new homes at far higher rental rates in a very tight market. Their kids won’t be able to run across the street to play with their friends. Their kids may have to go to a new school.

So tell me again how the NDP is championing the working class?
If you want to test a man's character, give him power.
A. Lincoln

Return to “North Okanagan”