Vancouver's Real Estate Market

[SSM_DC5]

Originally Posted by EvoFire

My linkedin picture was from 14 years ago, but I look almost the same.

Asian don't raisin

[AstulzerRZD]

"Daddy's Money" is a 300k salary + consulting earnings

https://www.ontariosunshinelist.com/...on-corporation

I have two addresses in Mississauga and Unionville

[AstulzerRZD]

Originally Posted by pastarocket

Hmm, VLAD fits the profile of a MAGA??? Canadian version.
A Maple MAGA!

Here is some info. on Vlad from this post and other posts on this thread about the snitch:

-drives a pick up truck. An orange pick up truck. -as orange as Trump's face haha.

-chubby old white guy.
-He lived in Germany. He speaks German.

Google search shows that Trump's grandpa on his Dad's side of his family was also German.

https://rennlist.com/forums/rennlist...on-gt3-rs.html

Hmm, Vlad definitely fits the profile of a MAGA.

He's a damn racist?

-just to clarify, I am not saying that all white guys with a German background are racist Nazis. That is not true.

I am saying that VLAD's background can fit the profile of a MAGA. We all know that Trump does not like people who are not white, right?

Queen West + Townhouse + Garage made the address incredibly easy to find.
In addition to the Raptor, there's also a recent GT3 RS, 2024 GX both insured with co-operators.

If someone has an extra hour, they should collect TMP/Mosport/Trillium event photos and look for the tow car to get a plate.

[Great68]

So BC Supreme court overturned a an RTB Arbitrator's ruling that awarded a tenant $25k for bad faith eviction. Pretty strong words from Judge against the arbitrator.

A judge has overturned an arbitrator’s decision that awarded a tenant $25,000, after the landlord argued her son had in fact moved into the rental suite following the tenant’s eviction.
Under B.C.’s Residential Tenancy Act, a landlord is permitted to evict a tenant if they or a family member plan to live in the property.
If the landlord or family fails to move in within a reasonable amount of time and don’t live there for at least 12 months, they must pay the evicted tenant the equivalent of 12 months’ worth of rent.
In a Nov. 14 Supreme Court of B.C. decision, Judge Wendy Baker detailed how the original residential tenancy branch decision came to be.

In January of this year, landlord Feng Ying Yu gave tenant Amber Carreiro a notice to end tenancy effective May 31, as her son would be moving into the property. Carreiro moved out early, on March 28.

The landlord then hired a painter to paint the rental unit before her son moved in. The painter was hired on April 1, with the work conducted from April 14 to May 8. The landlord’s son moved in on May 9, according to his testimony.

During the hearing, the tenant said they wanted to accommodate the landlord’s son as a reason for moving out early. The tenant told the branch of hearing “from other people that no one moved into the unit after her departure” and that furniture was moved in around May 27.

In response, the landlord submitted a gas bill for the property in her son’s name covering a period from April 9 to 28, along with a hydro bill in his name dated April 29.

“The arbitrator rejected the landlord’s evidence that the son moved into the unit within a reasonable time after the effective date on the notice,” with the arbitrator suggesting the son’s testimony was “limited and vague” during the hearing, and that the bills covered a period of time before his move-in.

The arbitrator also made the decision based on the lack of photographs of the furnished property, and no move-in documentation or witness statements from neighbours that supported the landlord’s position.

As a result, the branch had awarded Carreiro $25,444. However, in Baker’s ruling this month, she said she had “significant concerns with the reasoning of the arbitrator.” “Rather than assessing the evidence before him … the arbitrator criticized the landlord for not producing additional evidence,” she wrote.

The judge also noted that the effective date of the eviction notice was May 31, and it was irrelevant that the tenant moved out early, since the reasonable amount of time before a landlord is required to move into a property for their own use should be calculated from the effective date of the notice.

As well, the law requires that a landlord of family move in within a reasonable amount of time and also live in the property for at least 12 months or pay the tenant 12 months’ worth of rent. But because it had been just weeks between the effective date of the eviction notice and the branch hearing, it was impossible for the landlord’s son to meet the second requirement.

“I find the reasoning in the decision is clearly irrational,” wrote Baker.
In the end, Baker overturned the original decision, declined to refer the case back to the branch, and ordered the tenant to pay the landlord’s legal costs.

The actual ruling:
https://www.bccourts.ca/jdb-txt/sc/2...25BCSC2241.htm

The tenant's only evidence for her claim was "b) The tenant heard from other people that no one moved into the unit after her departure"

[Hehe]

It's a shame how RTB had so much bias.

The tenant acted so quick that you can clearly see she was clearly watching how everything unfold hoping for a big payday.

And RTB is the reason why my family doesn't touch residential properties.

[Badhobz]

RTB is the reason i got out of being a slumlord and our unit wasn't even slummy, it was yaletown facing the water! prime real estate. Even then the idiots we had were infuriating.

[EvoFire]

I can totally see the tenant moving out early banking on the landlord not being ready to move in. That's a bitch move and a bitch move by the RTB. And the gov't wonders why there are less rentals than they would like and why AirBNB is so popular.

[bcrdukes]

Originally Posted by Hehe

And RTB is the reason why my family doesn't touch residential properties.

While not the same, I've instructed to my family to never rent to anyone, no matter the circumstances.

Our experience:

1. VPD showed up to my house looking for tenant that just moved out and was wanted for by police (reason not shared due to ongoing investigation.)
2. VPD showed up to my house (on a separate occasion) asking about a prostitution ring involving one of our homestay students (she is not hot)

Other tenants were generally nice/okay to deal with, but these two were over the top and more than our fair share of fucked-upness than we were willing to deal with.

[whitev70r]

I like how you pre-emptively answered Badhobz follow up question to No. 2

[bcrdukes]

I'm sure everyone was going to ask.

[Manic!]

Originally Posted by Hehe

It's a shame how RTB had so much bias.

The tenant acted so quick that you can clearly see she was clearly watching how everything unfold hoping for a big payday.

And RTB is the reason why my family doesn't touch residential properties.

But in the last 10 years from what I have seen residential has gone up way more.

[Great68]

I think that every case which that Arbitrator has previously ruled on needs to be under review. Either they are grossly incompetent, or they're compromised and biased. Probably a bitter renter themselves...

[Gumby]

Note to self: do not rent to tenant named "Amber Carreiro".

Fortunately I only rent to students (who might not know their rights, LOL).

[mikemhg]

Originally Posted by AstulzerRZD

Queen West + Townhouse + Garage made the address incredibly easy to find.
In addition to the Raptor, there's also a recent GT3 RS, 2024 GX both insured with co-operators.

If someone has an extra hour, they should collect TMP/Mosport/Trillium event photos and look for the tow car to get a plate.

Shooting you a message.

[JDMDreams]

Yea but the only students left are Mandeep and sukseep or allah mohameed with wife that doesn't work and 5 kids. There's rarely any hot international girls asking anymore. Maybe need to advertise on vansky or red book.

[Great68]

[whitev70r]

The best thing that came out of the the Vladdy incident is that we don't see his arse on this board cluttering every thread with his sh*tty comments. He ran away with his tail between his legs, scared shitless now that the RS mob outed and found him.

[sonick]

Originally Posted by Great68

Is Carreiro Enterprises like Vandelay Industries

[supafamous]

Originally Posted by bcrdukes

I'm sure everyone was going to ask.

How much?

[supafamous]

Originally Posted by whitev70r

The best thing that came out of the the Vladdy incident is that we don't see his arse on this board cluttering every thread with his sh*tty comments. He ran away with his tail between his legs, scared shitless now that the RS mob outed and found him.

I have also enjoyed not having Honda around to bitch about how terrible things are. I assume he moved to Sweden and is enjoying socialism.

[Badhobz]

I miss him. I enjoyed his quips about how shitty Vancouver is. Totally is a shit hole

[Hehe]

Originally Posted by Manic!

But in the last 10 years from what I have seen residential has gone up way more.

True. But have you seen the rent increase in commercial properties?

Residential units would command nowhere the rent of commercial.

Usually speaking, in CRE, we focus on the cashflow or the rent that it provides. Maybe CRE doesn't grow faster than RE in bull market, but if one's holding long term, there are a lot of things you can do with the cashflow of rent that you can't otherwise do with residential.

[sonick]

Originally Posted by Hehe

True. But have you seen the rent increase in commercial properties?

Residential units would command nowhere the rent of commercial.

Usually speaking, in CRE, we focus on the cashflow or the rent that it provides. Maybe CRE doesn't grow faster than RE in bull market, but if one's holding long term, there are a lot of things you can do with the cashflow of rent that you can't otherwise do with residential.

Just one data point but the lease in our downtown Vancouver office is due next year, the landlord has put an offer of reduced and free rent, where the total cost of the 5 year renewal is actually coming out to slightly less than the last 5 years of rent.

[westopher]

Originally Posted by supafamous

I have also enjoyed not having Honda around to bitch about how terrible things are. I assume he moved to Sweden and is enjoying socialism.

I liked Honda until he morphed into his most recent form. He used to bitch, but was at least funny and reasonably changed his opinion on some things even if he was stubborn on others.
I think he was/is a genuinely decent dude that’s gotten sucked into the “safe streets Vancouver” algorithm.

Vlad is a piece of shit. Probably always was and definitely always will be.

[Hehe]

Originally Posted by sonick

Just one data point but the lease in our downtown Vancouver office is due next year, the landlord has put an offer of reduced and free rent, where the total cost of the 5 year renewal is actually coming out to slightly less than the last 5 years of rent.

Office market has been hammered hard after COVID. That’s why you see many prime office real estate being sold for pennies on the dollar. An office in San Francisco last trades hands for something crazy like 12m. It might sound a lot, but when you consider the transaction before that was 318m, it’s basically below even land cost.

There are a lot of types of commercial re. One needs to know what to look out for. That’s the hard part. But one also can’t just say commercial RE is trash because this one type of commercial re is doing bad. If you look at numbers of data centers and logistic warehouses in major arteries, they command prices you can’t imagine based on their initial investment. I’ve seen returns of over 100x based on works of about 3 years.