1731 replies to this topic

[spanky123]

I ag

 

You can when there are 30 possible rentals, and at least 5 of those have at least 10 reviews and 4.5+ stars. That's not uncommon at all. It's easy to ignore the ones with no reviews and less than 4 stars.

I agree that reviews are important

 

I agree that reviews are important. What we are saying is that the lack of a review doesn't imply that the place was never rented.

 

The other thing to consider is that some hosts may request that their renters not complete reviews to avoid scrutiny at the time when the City is talking about restrictions or if they feel that their landlords/stratas might object.

Edited by spanky123, 14 November 2016 - 09:45 PM.

[Rob Randall]

I know someone who attended a big house party at an Airbnb in Vancouver last Saturday night. He saw a girl walking around with a cactus saying, "I like this cactus and I'm taking it home". He took it away from her. Two other girls were snooping in the homeowner's bedroom trying on their clothes.

Edited by Rob Randall, 14 November 2016 - 10:43 PM.

[SusanJones]

Thanks Rob.  We hear the horror stories, few considering how many vacation rentals there are.  (There is a gadget that will detect noise levels and send a message to android, iPhone, tablet or computer when the level has surpassed the setting chosen.  The owner can then address the issue immediately.  There are other fantastic items that will assist both owners and guests - I introduce them in my next 101 class.) 

 

We don't hear about the success stories. I'd like to shed light on the short term vacation operators success stories and guests, only the good stuff  

 

www.hostcoach.ca 

[Mike K.]

Value of downtown condos could soar as Victoria considers ban on AirBnB zoning

http://victoria.citi...-airbnb-zoning/

 

Owners of Victoria’s transient-zoned condos may realize a boost in re-sale values as the City of Victoria moves towards a transient zoning restriction for future condo developments.

 

At a hearing on proposed changes to Vic West’s Dockside Green project, Victoria councillors voted unanimously to support a motion introduced by councillor Jeremy Loveday to restrict transient zoning – otherwise known as a hotel-like or short-term rental usage – at Dockside Green and future condo proposals in the City.

 

“We have a housing crisis in Victoria,” Loveday said. “It’s important that every housing unit that’s built is used for housing.”

 

However, Victoria REALTOR® David Langlois of Macdonald Realty says the motion could undo the work of previous councils who enacted legislation to introduce transient zoning for economic reasons. [Full article]

[SusanJones]

Value of downtown condos could soar as Victoria considers ban on AirBnB zoning

http://victoria.citi...-airbnb-zoning/

 

Owners of Victoria’s transient-zoned condos may realize a boost in re-sale values as the City of Victoria moves towards a transient zoning restriction for future condo developments.

 

At a hearing on proposed changes to Vic West’s Dockside Green project, Victoria councillors voted unanimously to support a motion introduced by councillor Jeremy Loveday to restrict transient zoning – otherwise known as a hotel-like or short-term rental usage – at Dockside Green and future condo proposals in the City.

 

“We have a housing crisis in Victoria,” Loveday said. “It’s important that every housing unit that’s built is used for housing.”

 

However, Victoria REALTOR® David Langlois of Macdonald Realty says the motion could undo the work of previous councils who enacted legislation to introduce transient zoning for economic reasons. [Full article]

thanks Mike, it's the headline at http://news.yyjchat.ca/#!headlines

[spanky123]

Don't see how real estate values would soar. You would no longer have investors purchasing multiple units so my guess then would be that values would fall in line with traditional long term rental economics.

[Mike K.]

It's the same economics that lead to $200,000 liquor primary licenses in the City of Victoria.

 

If you restrict a desired commodity, its value rises.

[spanky123]

It's the same economics that lead to $200,000 liquor primary licenses in the City of Victoria.

 

If you restrict a desired commodity, its value rises.

 

Ok I get your point, the value of EXISTING transient housing would increase, not the value of all condos.

 

Since you can camp anywhere downtown whenever you want or operate a business without a business license, why would anyone think for a second that the City would enforce any of its bylaws as they would relate to proposed tenancy restrictions anyways?

[Mike K.]

The value of all condos will rise with the City's measure, but condos with transient zonings will see much higher gains.

[spanky123]

The value of all condos will rise with the City's measure, but condos with transient zonings will see much higher gains.

 

Don't agree with that. With interest rates slowly on the rise there are not a lot of places where you can make a decent return on your investment by renting long term. As long as we have rent controls I would rather park my money were I can get paid a relatively safe 5% dividend and not have to deal with tenants.

Edited by spanky123, 15 November 2016 - 04:17 PM.

[LeoVictoria]

The value of all condos will rise with the City's measure, but condos with transient zonings will see much higher gains.

 

So the value of condos goes up when AirBnB comes on the scene, and then when it's restricted the values go up again?  I doubt it.   More likely the AirBnB restrictions will be along the lines of Vancouver and will make it less attractive, taking some AirBnB investors out of the market.

Edited by LeoVictoria, 15 November 2016 - 05:45 PM.

[Mike K.]

A 50% rise in a 1BR at the Union will have a positive effect on the value of a non-transient development down the road.

 

Transient zoning aside, the product is still the same as competing inventory. If both were purchased for $275k and three years later one rises by 50% to $415k, you can be assured that the non-transient unit will have appreciated at a higher rate than it would have otherwise.

[JanionGuy]

airbnb etc., is here to stay because consumers like it.  So if transient accommodations are reduced, those units which have legal transient accomodation will increase in value to those who desire such (not just investors, but also part-time residents).  At the same time, buildings which outlaw transient accommodation will then appeal to more buyers trying to avoid bnb-able developments. I seriously believe all the negative airbnb press will have a positive effect on condo real estate no matter which side of the fence you're on.  But i'm certainly no expert.

[Mike K.]

And what's very likely to happen is as AirBnB units keep appreciating at a faster rate, you'll start seeing stratas converting to a "yes" side pretty quick, thereby increasing the values of their respective units (albeit at a slower pace).

 

The Belvedere's strata has just voted to ban short-term rentals. We'll see how that pans out.

[sebberry]

The Belvedere's strata has just voted to ban short-term rentals. We'll see how that pans out.

 

So has mine.  Well, we've voted to take the bylaw banning them forward to the next stage. 

[JanionGuy]

And what's very likely to happen is as AirBnB units keep appreciating at a faster rate, you'll start seeing stratas converting to a "yes" side pretty quick, thereby increasing the values of their respective units (albeit at a slower pace).

 

The Belvedere's strata has just voted to ban short-term rentals. We'll see how that pans out.

 

I'd be interested to know what exists in their bylaws as to short-term rentals, and whether the building is zoned for such. If the building isn't zoned for it, than wouldn't the strata already have the ammo to shut down offenders?

 

And also, if a strata council in a building zoned for nightly rentals put it to the owners to change the bylaws, they'd need a serious group of owners to support such a vote, and if passed, begs the question: would current owners be grandfathered (ie., exempt)

[JanionGuy]

So has mine.  Well, we've voted to take the bylaw banning them forward to the next stage. 

 

The stratas i am involved in require a 3/4 vote in favour of making any bylaw ammendment, this is pretty standard.  If a building is zoned for transient rentals in this current market, would 75% of the owners vote against it?  I suppose if they're an older, more conservative crowd?

[VicHockeyFan]

I'd be interested to know what exists in their bylaws as to short-term rentals, and whether the building is zoned for such. If the building isn't zoned for it, than wouldn't the strata already have the ammo to shut down offenders?

 

And also, if a strata council in a building zoned for nightly rentals put it to the owners to change the bylaws, they'd need a serious group of owners to support such a vote, and if passed, begs the question: would current owners be grandfathered (ie., exempt)

 

All good questions.

[JanionGuy]

And, the Strata Act allows for strata councils to ammend their own bylaws to state what type of vote is required to change future bylaws.  In a new building, the first strata council might make that a 90% vote, or a 50% vote, etc.

[sebberry]

The stratas i am involved in require a 3/4 vote in favour of making any bylaw ammendment, this is pretty standard.  If a building is zoned for transient rentals in this current market, would 75% of the owners vote against it?  I suppose if they're an older, more conservative crowd?

 

Yep, ours is 3/4.  The proposal received overwhelming support at our open house. 

 

Add it to the never ending pile of restrictions around here...