^ looks like someone took out the one bedroom wall but left the door?

I think it's just a living room basement, that's what my in-laws place looks like. It's a two bedroom suite with a living room almost exactly like that.

It's crazy to think how expensive housing and the rental market is and yet people are still coming here. I guess the opportunity of living in BC is still quite desirable. I guess Vancouver is somewhat like New York. When is see the rents in New York and what you get, it blows my mind.

Hey, for those who have a rental suite.

Would you prefer to rent it out to a long term renter or do airbnb?

let's say $1,800/month (long term) for rent versus $2,500-$3,000 (airbnb)


My wife thinks the $1,800 long term tenant is better because it's less turnover in the suite, it's less work, and she doesn't want so many people coming in and out of the house.

I'm thinking having airbnb would be more flexible and significantly more money. Just wondering how many would just do the airbnb strictly for the money?

Furnishing the suite would probably cost around $2,000 for the way I would want to do it.

I would say base it off what you're comfortable with and what you can manage.

Where else would you live in Canada?. Vancouver is very attractive to multiculturalism. Unless you're white the rest of Canada isn't quite attractive. Sure we can lump in the province as a whole but most people coming here come for Vancouver.

Try airbnb for a month first. It easier than trying the long term rental first.
I’m betting though that you will not see the revenue you might think from Airbnb. I don’t know why anyone coming to vancouver would want to stay in someone’s basement over a hotel. The fees and shit eat up any of the savings then I’m expected to clean up after myself? Fuck that shit.
If your location is amazing or the home has some sort of significance I’d feel differently, but hotels just provide such a better experience in big city situations.

Wasn't airbnb originally meant to give visitors "local" feeling




Some forecasting

https://betterdwelling.com/canadas-s...le-desjardins/

I suspect you may be over estimating how much you can get from AirBnB unless you're located in a great spot or your suite is really nice. In addition there's additional costs unless you plan on cleaning it and managing it entirely yourself (non-trivial). I have a friend with a condo downtown which is managed by a company for him as a short term rental and it makes only slightly more than what rent would bring in. Of course he has cleaners and the management company takes a cut but he's in prime real estate (near Yaletown) - he'd make good money if he ran it himself but it's not worth the hassle (and he's in Australia right now).

I looked into it for my suites and can't make it worth my while - if you assume a 75% occupancy rate you're only making slightly more money.

You and your wife have two different opinions it seems?. She's more on the conservative approach (rather get less $ with less hassle, and you don't mind the work as long as it yields the $$$$). Either way, no right or wrong as there are pros and cons to both. Too many variables comes into play with airbnb. My fiance used to run airbnb, she was able to replace her entire working income when she did it, but it was just tiring as you had to do every single damn thing yourself to maximize the money staying in your pocket. And yeah as some mentioned, gotta pick up others crap and deal with cleaning etc, unless your willing to drop $$ for a cleaner.

I don't see why there is so much doom with the rates rising. Let's say var is 1.5% right now, even if it doubles it will only be at 3%. Everyone who bought a house was already qualified at 5.25% stress test rate. So unless you lost your income it shouldn't affect you much. Even at max borrowing. Yes cost will go up for sure, but on paper you should be able to afford it with the same income. And your property has gone up like 10-30% in value, so even if you had to sell you're still ahead. ??? Profit

Paying more money a month for an imaginary profit I can’t receive doesn’t seem like a sweet trade off but ok.

So you're telling me if there was truckers lock down tomorrow and shit hit the fan and you have to fire sell your house tomorrow that you would be underwater and can't afford the m3 anymore?:pokerface: :accepted:

Yeah cause not liking paying more money per month is the same as being on the brink of bankruptcy.
The other thing is just because I’m not leveraged to the teeth doesn’t mean I’m too stupid to think others aren’t.

I was just looking over my mortgage for the year. I’m paying all of $600 a month in interest. The rest is equity. Would be shitty to double that lol. For now that’s cheap livin’.

Imagine if you were renting.
How much would you think you would be paying per month for your place?

Way more. That’s why I bought something. Lol

I think at 10% gains, you're break-even with closing costs x 2, GST or LTT paid + Realtor fees to sell. But who said you always had to profit with real estate :accepted:

Well in the short term it's NBD but the impact of an increase is a big deal long term.

If you have a 1.2% mortgage now that's over 25 years an increase to 2.3% would add 5 years to your mortgage if you keep the payments the same. That's a 20% increase in the size of your mortgage! Or when the renewal hits and you're going to down to 20 years the bank tells you your payment has gone up 10% or more (depends on your pay down etc).

Anyone who takes a variable rate mortgage should generally be paying it down as though they are on a higher fixed mortgage to protect against that happening. An extra couple hundred bucks a month might be the difference between retirement time or getting hit hard during renewals (or losing your home cause you can't afford it anymore).

Clearly not anyone around here:rolleyes:

No sir, not me. I'm expecting my 20 year old 1BR to hit 1Mill, by 2025. :ilied:

What would you do if it did?

Just curious.

By then a SFH teardown would cost 5mil

1901 -2085 skyline crt.

List 698k
Sold 810k

Only 190k away :lawl:

https://www.fisherly.com/a/billdrits...-skyline-court

Sell and move to Calgary assuming the equity available could still get me a decent house + 2 car garage. I'll fly back to Vancouver during the summer or whenever I feel like it.

Alternatively, I've channeled most of my focus towards saving/investing $1,250,000 in investable assets asap and retire early off the investment income of $50,000/year + inflation. Rather retire early at the moment than grinding harder to upgrade a 1BR into a 2BR / TH.

I don't think I'm motivated enough to grind harder to buy a $1,000,000+ place anymore. Pretty burnt out and have accepted that living in a smaller place closer to city is the new reality.

My place is 17 years old, so if it gets close to $1mil, idk what to say lol.

A part of me feels like there'd be civil unrest if that happens.

Depends what money is worth at the time... inflation wise... for sure they will be a million one day but maybe a combination of crazy market and inflation makes it so.

I have a pretty decent mind to sell out here and move to the UK if for no other reason than it makes all of europe accessible to explore on a whim and there's tonnes of race tracks and car events/culture to go to... and could buy a pretty big property somewhere nice and peaceful rather than sitting in a $600,000 1 bedroom place listening to my upstairs neighbours hack meat on a marble cutting board for half an hour every night and be told it's not complainable because it's considered food preparation.