Yea it’s pretty shit considering you can do much more damage than that very quickly. Then you’d be wrapped up in small claims court etc. But you know I’d be dragging out everything as long as humanly possible if Somone tried to fuck me on a damaged unit etc.

I’d be pretty happy she brought the dog. Much better then smuggling it in after. She is hoping for a landlord who sees all the perks and perhaps they may see the dog as a something that won’t completely destroy the unit. Even if I allowed animals I would be giving the dog a serious once over. She’s aiming for the stars, and possibly wasting both your time. But all you can say is no ;)

...and then you got the ones showing up trying to negotiate the rent.

"Oh we were hoping to only spend $xxxx per month"

Ok go find a place for that budget. Dont waste my time.

When I first started renting out my basement suite I put an add on CL with beautiful pics of our brand new suite, i had build it from scratch in the unfinished basement, everything was brand new and the finishing was excellent. Took a lot of time and detail in the design and build

Had literally a lineup of people coming to check it out and not one person gauked at the rental price, every person that viewed it wanted it. . Then as I’m doing background checks etc. I start getting emails like

“Lol $1600 for that ducking dump? Hahaha ok good lucky buddy!!”

And the like lol, fucking people man

I’m not sure why people still insist on renting their properties with the amount of ridiculous protection that tenants have nowadays.

Well, if they aren't living in them, I'm sure the money is probably a motivating factor.

We had amazing tenants for our first 2.5 years and now have a friend of a friend renting. I’d be fairly weary and screen the fuck out of anyone I didn’t know going forward

if they sell they may not be able to get back in the market
if theres low vacancy you should be able to screen good tenants
and there's always property mgmt if you dont wanna deal with it

For the average family, owning a detach and paying less than the mortgage for a TH, pretty understandable.

I rented for a year, between selling and buying a new place. It's not just plebs that can't afford to own and don't appreciate pride of ownership, that have to rent. As with most things, you only hear about the nightmares and rarely the decent, good tenants.

I'm curious what the actual gains are from renting out a separate property (ie not a suite in your place). I've never run the numbers myself but it seems like you're tying up a lot of money, dealing with a lot of BS and taking a fair amount of risk for not that much reward.

I'm getting deja vu typing that so maybe I've asked it in this thread before, idk.

My parents rented out a couple places using a property management company. While there was no major damage* every single tenant was still a special kind of stupid. I'd need to be making a lot of money to deal with people like that.

*one dipshit did decide to "finish" a storage room in the basement, except he did it all wrong and I had to strip it all out.

There historically hasn't really been a consistently safer high return investment than real estate.
Think of 10 years ago you spent 80k on a DP on a two bedroom dt condo for say 500k
You could have covered your entire mortgage, taxes and condo fees for those 10 years, netting you about 200k in equity on top of that 80k, combined with about 400k more equity in the increase in value.
Thats a 600k return on 80k in 10 years minus whatever you lost in maintenance. Lets say worst case scenario being 50k, but realistically it's probably going to be closer to 10k.
I wouldn't consider trying to do that in this market, and I'm using an example of a best case timing scenario, but when you look at the long term, its easy to see why renting a place out is pretty desirable.

This is +10000% true in my case. My mortgage is almost paid off (cheap ass apartment). I don't have to worried about paying for rent for the next 50 years.

My co-worker, 64, is paying $2600 rent and is unsure what to do when he retires. Not trying to be a bitch, but how the fuck do you and your wife come up with 2600 just for rent is beyond me. CPP+benefits are $14000 ($1166 per month) There are also cost of living, heat, property tax.... etc.

64 until say 85 is still 20 yrs away.... crazy...

You're basing that on the value shooting up by a lot though, there's no way to know the future and I wouldn't bank on that (I'm cautious, probably too cautious about things like values tanking or interest rates spiking) so the gains seem a lot lower.

500k place - 80k dp = 420k mortgage = $2k/mo. About $10k paid off the principal each year so in 10 years you sell for $500k and you're up $100k. Take off realtor commission you're up $80k. Take off land transfer tax you're up $72k. $3k in property taxes each year plus $2-2.5k/yr in maintenance on a house but that comes in lumps and you're paying it before you get the money out of the place so you're up $18-22k in the end.

That works out to about 2-2.3% over 10 years, but you need to keep it at least 4 years before you start getting anything out of selling it because of the $28k in realty fees. Obviously the longer you have it the better but if you sell after 5 years you're up $7k which is 1.7%.

edit: factored in land transfer tax & property tax.

Don’t forget land transfer tax!

Damn government with their home vacancy tax

When we didn't think we were going to find a place and were looking for a rental I found most the landlords or property management companies I contacted were unreliable and slow at getting back if they got back to you at all.

I mean we didn't really have a small budget for what we were looking for either like 3-4k for a 3 bedroom house in Cloverdale/Langley. One of the houses I looked at was so fucking gross I wouldn't want to take my shoes off in it let alone live in it.

I'm so happy I didn't have to deal with that shit and found a place. If the shoe was on the other foot though I wouldn't want to deal with renters either.

No property tax when you rent but yeah.
Depending on the unit, some times heat is included.

But there is definitely a big push to moving away and living in a warmer climate when they are retired.
Dunno how the CPP and benefits work at that point, but another huge cost is dental and medical.

yet, most ppl agreed with the empty home tax. It's like 4444 knew something we didn't know.

You have to live in Canada for at least half the year I believe to be entitled to all the pension and benefits, health care etc. So somewhat complicates things

Most people either seem to make it work by having a condo etc. To come back to, or they just say fuck it and pay out of pocket wherever they are living

I've suggested this before but I'm surprised someone hasn't come up with a landlord/tenant database online to show reviews of tenants and try to make money off it. Obviously I think landlords would benefit from this the most. Also I see there being privacy issues and what not but I think maybe it's time to have one.

Anyone own a condo? Seems like we’re fucked

https://bc.ctvnews.ca/mobile/sort-of...isis-1.4813256

Any idea if the insurance issues will affect townhomes or only high rises?

Any strata complex including townhouses. Both my townhouse and condo insurance is going up 50% and deductibles are stupid high

Sorry but i don't buy insurnace for my apartment. I can't afford my own apartment + my rental suites and among other fees along with it.
i DO NOT own the expensive apartments eg// River Green or any of those concord pacific.

My tenant pulled the fire sprinkler... flooded my suite = tenant below... DUH... well $5k deductible.. the tenant paid himself.

I was at River Green, someone was trying to be sneaky and smoked in the lobby right by the pool / activity room, BAM, fire alarm, flooded the entire corridor. All caught on camera. 20k deductible.. wtfffff

Market's pretty hot again IMHO

SOCO 1BR all sold out. Waitlist 50+ people and line up galores too for retail non-VIP crowd

Horizon yesterday was pretty packed for all the $350K studios in Coquitlam - highrise / AC + skytrain should be good capital gain investment for that part of Coquitlam/Burnaby if things continue to go the way it is.

Lots of money in the market still and market's pretty balanced. Stock market's overvalued but where else can general public invest if not in stocks, ETF, land, condos with these low rates in the market?