Rent Bank

[BC Landlord]

Well why should landlords feel they are exempt from that? It's entitlement.

Who said they are feeling exempt? You see, if they default on mortgages, they get hit with foreclosures. Similarly, if tenants default on rent, they get evicted. Everyone should bear responsibility for their (in)actions. Rent bank is actually beneficial for the later. Whose "entitlement" is that?

[Vacancyrate]

Thats funny i give renters that same advice when they're crying about rent

Your over leveraged costs are not their problem. That's your problem.

Rent is tied to wages worked by workers. Always has been. Any landlord knows the rents they charge are tied to the wages worked in the city they reside in. You're either a clueless landlord of playing dumb if this is "news" to you. If your costs exceed what working people can pay then the business model is shot.

If McDonald's got over their head and had to charge 20 dollars for a Big Mac would you expect the Government to come in and provide 15 dollars in tax-dollar charity to customers so that the world wouldn't be deprived of Big Mac's and MCDoanlds could stay in business? That would be a Big-Mac bank.

If landlords are hiding behind the "charity" and "society NEEDS US" line of BS then landlords can cough up their books like a non profit getting audited and the Government will provide a rent bank to renters so long as the landlords don't turn a profit and operate like a charity.

Without landlords, landlords suggest that there would be millions on the street homeless and hundreds of thousands of empty buildings without occupants! I say call their bluff. Let's see it happen. Landlords are vastly outnumbered numerically and politically. Go right ahead. Sell off all your rentals. Get real jobs. We'll figure it out without you.

If that can't be done it's time to cut landlords right out of the game just like we cut medical insurance companies right out of the game.

Anyone that wants a house can start paying into a "Canadian mortgage program" and the Government will kick in your down-payment. CHMC holds the bag on most of the mortgages in Canada anyways, which means that taxpayers does. Just because the mortgage is at The Royal Bank doesn't mean the bank holds any risk - Canadians hold the risk! Might as well just make it easy for people to stop paying crazy rents so they can save money and buy things in the economy and go to school and start businesses.

Just like realtors (they will be replaced with a phone app), landlords know their days are numbered. Leeching productivity and wealth like a parasite while producing nothing.

You can't charge rents higher than wages.

When land prices rise 3 times as fast as wages...you all knew this was coming but ignored it. Those gains were so juicy!

Now landlords want welfare to keep their ponzi going.

[Even Steven]

Just like realtors (they will be replaced with a phone app), landlords know their days are numbered. Leeching productivity and wealth like a parasite while producing nothing.

[BC Landlord]

Rent is tied to wages worked by workers. Always has been. Any landlord knows the rents they charge are tied to the wages worked in the city they reside in. You're either a clueless landlord of playing dumb if this is "news" to you. If your costs exceed what working people can pay then the business model is shot.

Hmmm, ... Rents have never been "tied" to wages, not that I know of. True, many jurisdictions have rent controls (some don't), but that's usually driven by the inflation rate, as it is currently a case in BC. You are absolutely correct that if landlord's overheads exceed revenues, such business is shot. I just don't understand how do you expect such a property to be still available for rent?

If landlords are hiding behind the "charity" and "society NEEDS US" line of BS then landlords can cough up their books like a non profit getting audited and the Government will provide a rent bank to renters so long as the landlords don't turn a profit and operate like a charity.

I am not sure how many times have I repeated that landlords are NOT charities. They (myself included) do it for profit. And it's a hard work, trust me. Especially when you have to put up with characters who think that the whole world owes them something or everything. Not fun always, but if there is a mutual understanding, it could be rewarding.

Without landlords, landlords suggest that there would be millions on the street homeless and hundreds of thousands of empty buildings without occupants! I say call their bluff. Let's see it happen. Landlords are vastly outnumbered numerically and politically. Go right ahead. Sell off all your rentals. Get real jobs. We'll figure it out without you.

Seriously, who do you expect to rent from if all landlords were gone? About 95% of the rental stock is in private hands. Wherever you have governments running housing, it inevitably turns into slums. Do you really want that?

Anyone that wants a house can start paying into a "Canadian mortgage program" and the Government will kick in your down-payment.

I can only imagine where such an utopia is coming from. But, just for the sake of curiosity, could you please elaborate on how exactly are you envisioning this to work? Is this something you've come up with yourself, or is there a viable theory (a link would be helpful)? I've never heard of the "Canadian mortgage program" ...

Just like realtors (they will be replaced with a phone app), landlords know their days are numbered. Leeching productivity and wealth like a parasite while producing nothing.

An app??? I've never heard of an app that would fix your leaking faucet, for example. I know, some tenants don't like periodic inspections, thinking that it is somehow intrusion on their privacy. But from my experience, if landlords don't stay on the top of the game, they are often bound for costly disasters. Is there an app for that, too?

[Vacancyrate]

Hmmm, ... Rents have never been "tied" to wages, not that I know of.

This poster says they are a Landlord but I question that given their statement. The poster may just be terrible at business or playing dumb and this is the internet after all, but that is the golden rule of being a landlord.

Rule #1 when considering being a landlord/looking at a rental business is "Consider the income of the people that will rent your property and the area in which it is located". The biggest problem landlords face is getting rent on time. Not damage, not partying but collecting rent. If you charge too high of rent you aggravate that late payment factor. When determining rents you need to look at your costs and balance that with what your tenants can actually pay - on time. Who your tenants will be. You can charge $2500 a month for a one bedroom in Penticton but you're either going to be renting to a drug dealer or getting late rent more often than not. The rent doesn't match the local incomes!

Rent costs are now exceeding what renters can pay with their wages.

Before 1982 in Canada there was no such thing as a "food bank" in Canada. Rents went up and wages didn't and over the last 30 years a large portion of the grocery bill went into the landlords pocket so they invented food banks to make up the difference. They said it was just a one time thing during hard times. They are now a permanent fixture of our "prosperous society".

Well it's gotten worse and now the tenant who is going to the FOOD BANK will also be going to the RENT BANK, which will also become a permanent fixture unless something is done.

The food bank is welfare for landlords. So is the rent bank.

Landlords are leeches on society.

[Boosted632]

Kinda sounds like renters are the leaches with the taxpayer subsidizing their food and now their rent whats next?

[MAPearce]

Wouldn't know, I never went to college and I think I turned out ok.

Same here .....

I'm so busy at work , I haven't had the time to apply for all the Covid benefits..

I must have done something right , huh ?

[BC Landlord]

Rule #1 when considering being a landlord/looking at a rental business is "Consider the income of the people that will rent your property and the area in which it is located".
...
You can charge $2500 a month for a one bedroom in Penticton but you're either going to be renting to a drug dealer or getting late rent more often than not.

That's a very good advice, Vacancy. But, that's what pretty much all landlords already do. In my case, I put out an ad and wait for about a week to collect applications. Depending on the time of the year, I get about 20 to 50 of them over that time. I sift through them, do credit checks, references, etc, short-list, and select a suitable one. That's how I probe the market, and shield myself from potential delinquencies. Not really a rocket science. It's worked well so far.

[Even Steven]

removed

[Mark1111]

So I am going to weigh in on this since I have held multiple rental properties in all 3 of the Western provinces over the last 30 years. BC is, right now, is the worst province to be a landlord now that the NDP is in power.
I have already started to liquidate my rental assets and I really didn’t want to so soon but c’est la vie . They removed the term tenancy clause in the vague, uninformed and misguided hope that this would reduce renovictions. Fail: you just put more landlords in jeopardy and reduced the supply. Congratulations: you just failed Econ 101. If you mess with the laws of supply and demand, you will always fail.

The Liberals understood this; the NDP never did.

I have watched this party fail time and time again in BC for over 50 years. And to be honest, I thought they might have a shot at it this time. The only reason the term ‘renovictions’ was ever even coined, and deprecated, was because it represented the only vehicle left for landlords to accommodate a market rental increase.

However, it’s still, and always has been, a business people.

A market adjustment is always required to offset the same costs homeowners face and a landlord faces the same challenges (more so when you consider rental insurance, placement fees etc.). And it was only used because the BC NDP government didn’t have the vision, the balls and political will to address the real problem in the first place. Build your own *bleep* low income housing and stop heaving your responsibility on the backs of small landlords. Stop looking for shortcuts.

So now we have landlords, like myself, leaving for other investment opportunities. I am thinking AirBNB is starting to look a lot more attractive. Minimum vulnerability, maximum profit. I can make as much in 3 months on STR that than on LTR for the rest of the year. How long do I need to be beaten up by my government before I see the light?

Which is really kind of sad because I have some really great long term tenants, who will have to find new homes after years integrating into their neighborhoods. But when you step back and really look at even the best case scenario, which is never a constant, you come back with the cold reality that you are just too exposed. And your risk has grown. And the light at the end of the tunnel is just too far away.

[Vacancyrate]

More empty threats from landlords.

Don't let the door hit you on the way out.

[Vacancyrate]

It's worked well so far.

Except now you expect charity to pad your profits.

You've hit the wall.

[Mark1111]

More empty threats from landlords.

Don't let the door hit you on the way out.

I did not post for your amusement , approval or even to goat you Vacarate. What will hit you, and other renters, with the exodus of myself and many other landlords, is yet more properties removed from the Kelowna rental market. And it’s a pretty tight market already wouldn’t you say? The door hitting me on the way out will be very well padded with capital gains profit. But the people that now have to find a new home won’t be so lucky. But if you are not in my shoes you will never be able to understand that will you?

[Vacancyrate]

I love how landlords think that the government is going to let millions of people be homeless while property owners just sit there with empty buildings. Or even better yet allow them to rent them on on Airbnb!

The pitchforks and policy changes will find you eventually.

Keep making those empty threats!

[alanjh595]

More empty threats from landlords.

Don't let the door hit you on the way out.

Who is going to buy-up and re-rent those properties?

Independent landlords are supplying properties that commercial landlords won't. They are the ones that offer private yard space for the tenants kids to run and play safely while being supervised by an adult looking out a window with full view of the entire area.
Try and do that from a 3rd floor apartment.

Where are these kids going to play? Where are they going to keep their bicycles, big-wheels, skateboards, on and on, ad nauseam.
These kids today are "cattle chuted", just like the adults are......into orderly rows, everywhere from check-outs to bank tellers, to ........everything.

NO, you can't have a sandbox, it's not clean, cats dump in it, junkies ditch in it.
NO, you can't go to the water park, the Coliform content is too high..
NO, you can't form a close relationship with that person, (they may have to leave at the end of their lease, or because we may have to move at the end of our lease).

NO wonder why today's kids are so messed up. They don't know where they will be living or under what circumstances 1 year from from the day that they move into a new rental house.