1896 replies to this topic

[Mike K.]

That’s how it’s done in many cities in Europe. Renting there is entrenched and ownership only available for a very few. NYC is the same.

[Awaiting Juno]

I've been thinking about the rental market and can't help but think that a good part of the dysfunction seen is in response to inadequate compensation for risk. A bad tenant can inflict damages that far exceed the damage deposit - further, the costs of displacing bad tenants are excessive and often involve months of notice provisions or compensation. Add to it, competition from the demand for transient housing (Air B'n'B) that seems to be much lower risk (there's insurance in event of claims!) and you have a market that commands really high prices for rental accommodations.  Setting a high price means more risky lower income tenants are priced out of the market, it means the damage deposits more closely reflect the risks of providing housing, and the price is more competitive with the alternative (Air B'n'B) substitute. Large damage deposits are also a barrier to housing for many - as they're an upfront cost that many people do not have.

 

Add it all together, and you get people trying to "hack" housing costs by opting out all together and choosing "Van Life"....which imposes its own set of costs on the community at large.

 

What if the risk was removed from the price of housing altogether? What if tenants (and landlords) had to purchase mandatory insurance that covered the risks of housing? What if as a result of an insurance model, the damage deposit model could be abandoned entirely? An insurance model could be tremendously helpful in restoring function to the rental housing market.

[Szeven]

Any costs you put on landlords increases the price of housing, not decreases

[Victoria Watcher]

surely a landlord can today insure or self-insure against damage.  i don't think adding another mandatory cost helps either party.

Edited by Victoria Watcher, 09 May 2021 - 08:38 AM.

[Rob Randall]

There's no insurance that fully protects against The Tenant From Hell, the guy that destroys your apartment and games the system to stay there another six months. Imagine the deductible.

[Victoria Watcher]

There's no insurance that fully protects against The Tenant From Hell, the guy that destroys your apartment and games the system to stay there another six months. Imagine the deductible.

 

i think that is where the system needs tightening up.  to be faster at least for some types of cases.  perhaps as soon as rent is over 15 days past due, those cases can be expedited.

Edited by Victoria Watcher, 09 May 2021 - 09:27 AM.

[Rob Randall]

But at the same time the system has to protect tenants from abusive landlords. And 15 days isn't long to sort out a dispute if the landlord is screwing the guy around.

[phx]

surely a landlord can today insure or self-insure against damage.  i don't think adding another mandatory cost helps either party.

 

Landlords often require tenants to buy insurance.  I don’t know if the standard tenant insurance would cover the costs of a “bad tenant”.

[Mike K.]

A friend had to invest huge sums of time and money last year after evicting a tenant in 2019 who destroyed the home prior to leaving. He cut every pipe, he cut the electric wires at the boxes, and cut support beams under the patio. And what’s worse is there’s nothing he (the landlord) could do about it as you can’t squeeze blood from a rock, and spending money to legally pursue someone adds up fast.

Stories like that are everywhere and that’s why some homes with suites remain untenanted out of fear that a bad scenario can end up becoming a nightmare you have to literally live with.

[Victoria Watcher]

A friend had to invest huge sums of time and money last year after evicting a tenant in 2019 who destroyed the home prior to leaving. He cut every pipe, he cut the electric wires at the boxes, and cut support beams under the patio. And what’s worse is there’s nothing he (the landlord) could do about it as you can’t squeeze blood from a rock, and spending money to legally pursue someone adds up fast.

Stories like that are everywhere and that’s why some homes with suites remain untenanted out of fear that a bad scenario can end up becoming a nightmare you have to literally live with.

 

your friend never aggravated the situation?  it as just random violence - against the house?  most crazies are too lazy to do all that kind of work with no motivation.

[Mike K.]

Aggravated the situation by evicting them for not paying rent. He later learned from a cop that this wasn’t the first time this couple had done that. The male tenant worked construction and knew how to hit the landlord hard without making it easy to see on the day of the move, or even days later. The landlord didn’t catch on until he felt the patio shift when he was on it some days after the move. All it takes for someone who knows what they’re doing is a few minutes of effort to snip some wires and make some cuts.

There have been calls for a tenant registry but housing advocates are lobbying hard against implementing something along those lines.

[tanker]

There's even specialists you can hire that know exactly how to legally get rid of problem tenants. There are legal ways to make them want to leave.

[Mike K.]

It’s not always getting them to move that’s the problem but the aftermath of the move that is the issue. Once someone learns how to game the system they too become an expert, I guess.

[lanforod]

I just sold a rental and am contemplating whether I want to reinvest in 1-2 here. Not sure I want the headache anymore.

[Mike K.]

Have you considered a commercial strata unit?

[grantpalin]

A Reddit user on /r/victoria highlights a notice of new parking management at Goodacre Towers (350-360 Douglas St)

https://www.reddit.c...ssible_parking/

Management (Devon) is cracking down on incorrect use of residents' assigned spaces, and starting to charge for use of visitor spaces. Parking to be managed by Robbins.

 

I used to live at Goodacre Towers. There were a decent number of visitor spaces (at no charge) at the NE corner of the lot, near the Toronto/Douglas corner. Don't know if that's where they are still as I haven't been there for years (since when it was still Quadra Pacific).

 

Another recent similar discussion: https://www.reddit.c...tment_building/

984 Mckenzie was recently purchased by Starlight, but was managed by Devon and still is.

Edited by grantpalin, 19 May 2021 - 04:19 PM.

[Victoria Watcher]

as usual only one person on reddit has a reasoned response.

 

 

 

It has everything to do with individuals living in vehicles on private property in that area or those enterprising individuals that run mobile retail establishments parking inconspicuously. The issue with vagrancy comes down to dollars for the property managers. They can’t have problems in the visitors parking area that cause liability. It’s a easy decision. Toronto has lots of public parking the whole way down to the bent mast. Park there.

 

Edited by Victoria Watcher, 19 May 2021 - 04:25 PM.

[Victoria Watcher]

$2,400,000

 

An incredible opportunity to acquire a landmark property, in the heart of Rockland, Victoria's most established enclave of manors & estates. Built in 1911 in British Arts & Crafts style, the property was converted to 6 suites in the 1940s. The home has retained much of its' Tudor & Georgian Revival character, featuring soaring ceilings, intricate wood work & original stained glass windows. Built on granite foundation with a dramatic entry foyer & a solidity that carries throughout, the property has been lovingly maintained by the same family for 50+ years. Historically significant & adjacent to Government House, 1385 Rockland presents an excellent investment opportunity to purchase a stable cash flowing asset in a highly desirable neighbourhood. (24130804)

 

https://www.realtor....ctoria-rockland

 

Edited by Victoria Watcher, 27 May 2021 - 08:32 AM.

[Victoria Watcher]

DEVELOPMENT LAND IN THE CORE! 2540, 2542, & 2546 Shelbourne are being sold together, forming a rare opportunity to reimagine approximately 23,100 sqft in the heart of Victoria. The official community plan favours townhouses, which fits nicely with other new developments nearby. At the intersection of the Oaklands, Fernwood, and Jubilee neighbourhoods, this setting is ideally situated between Royal Jubilee Hospital and an idyllic community of single family homes. Walking distance to schools, parks, and shopping either at Hillside Mall or Oak Bay Village. On a main bus route to downtown with UVIC route nearby. The existing homes are in good condition and could be held for rentals. Buyers to verify any development opportunity with City of Victoria. Contact for an information package.

 

$1,188,000

 

https://www.realtor....ctoria-fernwood

 

Edited by Victoria Watcher, 27 May 2021 - 08:33 AM.

[Mike K.]

$1.2M? That’s a $2M+ play all day long.