1897 replies to this topic

[Nparker]

The socialists clearly intend to destroy private property rentals and acquire them for state control. These are dark days indeed for British Columbians.

[Matt R.]

This isn’t law, just a bill the greens are putting forward. If this passes.. hahaha oh look out! East coast is still relatively affordable, I could retire more or less….

[Victoria Watcher]

It’s a Green Party proposed bill. Luckily.

It will not be passed.

[Victoria Watcher]

Rent hits another record high in January as average asking price reaches $2,196

 

Highest jump was in Edmonton, with prices up 17% since last year

 

https://www.cbc.ca/n...sking-1.7114976

[Victoria Watcher]

While Canada's average national vacancy rate sits at a record low of 1.5 per cent, there is one kind of property that likely has a "for rent" sign out front: retirement homes.

 

The Canada Mortgage and Housing Corporation (CMHC) said vacancy rates for standard spaces in retirement homes averaged 15.6 per cent the last time it surveyed them in 2021, ranging from as high as 26.8 per cent in Alberta and low as 6.3 per cent in Nova Scotia.

 

 

___________________

 

Brett Sargon and two teammates from his New Zealand curling team wanted to train and compete in Calgary for a few months but were having trouble finding somewhere affordable to stay.

 

After sharing their situation on social media, Chartwell Colonel Belcher Retirement Residence reached out to propose a "win-win situation," he said. The athletes would stay there without having to commit to a year-long lease, and their presence would liven up the place during their stay. 

 

 

 

https://www.cbc.ca/r...notes-1.7134445

Edited by Victoria Watcher, 10 March 2024 - 03:03 AM.

[LJ]

Not a lot of seniors like their homes "livened up." 

[Victoria Watcher]

Opportunity to acquire a 37 unit well maintained apartment building in the Burnside neighborhood in Victoria. Building constructed in 1976 and offers large 1 and 2 bedroom suites all offering large exterior balconies. Units are on average 65% below CMHC market rents offering significant revenue upside. All 2 bedroom suites have dishwashers and rare walk in closets. Opportunity to buy the shares of the Bare Trust Corp.

 

 

$10,350,000

 

 

565 Manchester Rd
Victoria, British Columbia V8W2E1

 

 

https://www.realtor....ictoria-mayfair

 

 

 

Edited by Victoria Watcher, 12 March 2024 - 08:47 AM.

[Victoria Watcher]

Why does this seem so cheap?  $214,00 per door with development potential.  I think rental income could be near $200,000 with fresh tenants.

 

 

 

 

$1,500,000

 

Investment property with future re-development potential. Good rental income from the exiting 7 unit apartment building. Suite mix is 5 two-bedroom & 1 two bedroom plus den & 1 three-bedroom. Perimeter driveway affords easy access and ample parking. Most units have been recently renovated. Esquimalt Road is a main arterial route. Building is close to schools and shopping amenities. Immediate area is a mix of SF residential, apartments and retail. 

 

https://www.realtor....imalt-esquimalt

 

Edited by Victoria Watcher, 22 March 2024 - 10:37 PM.

[Victoria Watcher]

Why is overlapping legislation desired?




Federal government promising a 'renters' bill of rights' in upcoming budget

Trudeau expected to make more pre-budget announcements in coming weeks

https://www.cbc.ca/n...ights-1.7157206

Edited by Victoria Watcher, 27 March 2024 - 05:51 PM.

[lanforod]

It certainly seems to be stomping even more on provincial jurisdictions. I can already see Alberta and Saskatchewan telling JT to go take a hike.

[max.bravo]

My house has 2 suites, plus the main space - so a triplex.

2 years ago I said goodbye to being a landlord forever. Renters have too many rights in the house I own. Not worth the risk for the reward.

This after i was dragged to the residential tenancy board by people who I was helping (by giving them below market rent).

They lost. It was a frivolous thing. But there were no consequences for them for wasting my time with mandatory attendance at a hearing where some bc government egghead gets to decide if these liars are entitled to live in my basement past the date we had already agreed to.

Between the government low key telling me I don’t really own the property I own; the renters damaging it; the wasted time; and the rental income it brings in… It’s better to make a home office and work more.

So, sometimes the measures to enhance renter rights simply result in fewer rental units on the market. 2 less available in Victoria now, in my case.

Edited by max.bravo, 27 March 2024 - 10:25 PM.

[Victoria Watcher]

Seems to me that rental credit scores will be a way for the government to catch lots of unreported rental income.  Although I'm guessing small landlords will be given an exemption from reporting.

Edited by Victoria Watcher, 28 March 2024 - 03:31 AM.

[Mike K.]

Between the government low key telling me I don’t really own the property I own; the renters damaging it; the wasted time; and the rental income it brings in… It’s better to make a home office and work more.

The portion of your home used for a home office will now be removed from capital gains protection when you sell, no? You’ll have to raise your sale prices to cover that cost.

[dasmo]

“Renters lives matter.

That's why I'm adding an "R" to the end of 2SLGBTQQIABIPOCDEI++R.”

https://x.com/trudea...QrcObpkhVXe97Jg

[Mike K.]

There's going to be a ‘bill’ associated to that, that’s for sure.

[Tony]

The portion of your home used for a home office will now be removed from capital gains protection when you sell, no? You’ll have to raise your sale prices to cover that cost.

I believe this has been the case for a long time? You are not able to double dip. 

If you deduct the percent of home area costs used for business as a business expense deduction then that percent oh the house is no longer exempt from capital gain upon selling.

When I had a home based business I selected not to claim this option especially since I did not have a mortgage.

[Victoria Watcher]

There is already a voluntary program in place.

 

 

 

https://landlordcred...se-your-credit/

 

 

 

How Does Rent Reporting Work?

 

While Canadians have always earned points for paying their credit card bills and other financial obligations, their record of paying rent has historically been excluded from their credit score. 

 

“There are many renters with poor credit scores who actually have a good record of paying their rent on time, and they have a harder time getting housing because Landlords check credit scores,” said CEO Zachary Killam in a recent interview with HuffPost Canada. 

 

“We should be giving credit to consumers for paying their rent on time.” said Zachary Killam. 

 

To do so, the Landlord Credit Bureau has inked a deal with Equifax, one of Canada’s two main credit bureaus. Landlords can now report their Tenants’ payments (or non-payments) to the LCB, which will go to Equifax and end up on their credit report. 

Edited by Victoria Watcher, 28 March 2024 - 08:58 AM.

[Tony]

Here is more info on LCB

 

In 2020, the Landlord Credit Bureau (LCB), a rent reporting agency, and Equifax, one of the two main credit bureaus in Canada, teamed up to solve this problem in order to help renters build their credit scores. To do this, a landlord — also known as the “creditor” — reports the rent payment history to the LCB to collect. The LCB sends the data to Equifax, who then files this information on the tenant’s consumer credit report.

Equifax is currently the only credit bureau collaborating with the LCB, which means rent payments may not apply to credit scores through other bureaus or credit monitoring sites. The service is also not available in Quebec. Borrowell now offers a similar service, allowing tenants to report their rent payments to Equifax for a $5 monthly fee.

How rent payments are reported to credit bureaus

When the landlord records past or present tenancy with the LCB, the tenant receives an email encouraging them to log in and review their record. Tenants can check their history and leave comments, and they can also request a rent receipt from their landlord to prove their rental payments for each month. This way, the renter can also ensure the landlord is reporting accurate information. Similarly, the LCB verifies identities to ensure information is correct, and manages any disputes.

As the payments are reported, the renter can start to build, improve, or repair their credit score and, in turn, access lower interest rates down the road when applying for a mortgage, car loan, or other credit product. Plus, as renters develop a good tenant history, they can receive preferred tenant status and look favourable to future landlords.

This record can also help landlords avoid delinquent or destructive tenants, offering a win-win situation.

[Nparker]

There is ZERO need for more government bureaucracy to create rental social credit.

[max.bravo]

The portion of your home used for a home office will now be removed from capital gains protection when you sell, no? You’ll have to raise your sale prices to cover that cost.

Yeah, I didn’t turn both suites into a massive office. The basement suite got repatriated into the main house. Just the smaller bachelor suite became the office. A liveable compromise.