1072 replies to this topic

[Victoria Watcher]

Indirectly, and property owners are shouldering more and more of it as rental increases are capped while property taxes are not. You already know that.

Taxpayers pay the property tax of the social service providers housing.

[lanforod]

Yes but they catch up when renters leave.  I rented a few properties for a while, I never even raised rents on people annually.  When they left you bump it up.  If your lucky to have a great long-term tenant it's worth it.  I would say this day and age as rates increased that would have been way more difficult to maintain rents but you are gaining in other ways as an owner.

 

I don't think i'll ever go back to being a landlord. The stress of it just sucks. Maybe if I left it in a PMCs hands, but that may not work well economically with this gvnt.

[Ismo07]

I don't think i'll ever go back to being a landlord. The stress of it just sucks. Maybe if I left it in a PMCs hands, but that may not work well economically with this gvnt.

 

Oh me either...  LOL.. that was a different life.

[Nparker]

Indirectly, and property owners are shouldering more and more of it as rental increases are capped while property taxes are not...

This.

[Ismo07]

This.

 

People move...  Lots of units for rent.. All have been bumped up more than property tax increases...  Part of the deal and business.  Some renters shoulder more of the property taxes than others, that's true.  Some owners may shoulder more of their mortgage than other sure.  Rents more than adequately covers property taxes if you want to look at it like that.

Edited by Ismo07, 02 February 2024 - 11:41 AM.

[Love the rock]

People move...  Lots of units for rent.. All have been bumped up more than property tax increases...  Part of the deal and business.  Some renters shoulder more of the property taxes than others, that's true.  Some owners may shoulder more of their mortgage than other sure.  Rents more than adequately covers property taxes if you want to look at it like that.

That depends if you own several units or an apartment that is the case . If you have a suite in your house and have long term tenants the costs associated with it may not be worth it . Many suites include utilities  usually electric heat ,add costs of insurance costs of upkeep possible costs of building  the suite , extra income taxes ,property tax is it worth it . With the low ceiling on rental increases that have gone on for years having a long term tenant in your home with no way to increase to costs isn’t worth it financially.

This isn’t taking into account bad tenants who damage or are always behind on their rent still extremely hard to move them out .
I know several people who live in apartments whose rent is extremely

low they aren’t going anywhere ever .

[Ismo07]

That depends if you own several units or an apartment that is the case . If you have a suite in your house and have long term tenants the costs associated with it may not be worth it . Many suites include utilities  usually electric heat ,add costs of insurance costs of upkeep possible costs of building  the suite , extra income taxes ,property tax is it worth it . With the low ceiling on rental increases that have gone on for years having a long term tenant in your home with no way to increase to costs isn’t worth it financially.

This isn’t taking into account bad tenants who damage or are always behind on their rent still extremely hard to move them out .
I know several people who live in apartments whose rent is extremely

low they aren’t going anywhere ever .

 

Oh so do I...  They couldn't possibly...  But yes of course it depends on many things.  I think it's a pretty low number of people who rent the same for 20+ years.  Of course there are but %-wise, landlords keep up.  If taxes become too much they sell and collect the years of appreciation.  Being a landlord is a business, when it's not worth it you get out.  In this business though you can really cash in.

[Love the rock]

Oh so do I...  They couldn't possibly...  But yes of course it depends on many things.  I think it's a pretty low number of people who rent the same for 20+ years.  Of course there are but %-wise, landlords keep up.  If taxes become too much they sell and collect the years of appreciation.  Being a landlord is a business, when it's not worth it you get out.  In this business though you can really cash in.

Big differences between putting a suite in an already existing house

and an apartments in an apartment building.

People with suites with no experience in being a landlord may find themselves in over their heads financially add low rates of rental increases especially with long term tenants or headaches some renters bring. They wait hoping the tenants will eventually leave .
It’s very different if it’s your personal property  apples and oranges .

As for long term tenants in an apartment years ago landlords didn’t always raise rents every year .
Everyone I know in an actual apartment building has rent below market value as they  have lived there for fifteen or more years with no plans of moving out .
 

[Ismo07]

Big differences between putting a suite in an already existing house

and an apartments in an apartment building.

People with suites with no experience in being a landlord may find themselves in over their heads financially add low rates of rental increases especially with long term tenants or headaches some renters bring. They wait hoping the tenants will eventually leave .
It’s very different if it’s your personal property  apples and oranges .

As for long term tenants in an apartment years ago landlords didn’t always raise rents every year .
Everyone I know in an actual apartment building has rent below market value as they  have lived there for fifteen or more years with no plans of moving out .
 

 

Yes renting a suite is a gamble...  Never free money there is always a catch.  As i said before, I almost never increased rents on current tenants, I would always review rents after they moved out.

 

Yeah people renting currently for over 10 years will likely never move.

[Mike K.]

That's exactly how you get into trouble as a landlord.

[Ismo07]

That's exactly how you get into trouble as a landlord.

 

Never had that trouble back in the day...

[Mike K.]

You did call it a gamble, just now.

[Ismo07]

You did call it a gamble, just now.

 

True but I never had an issue... and 15-20 years ago, less of one with respect to buying properties with equity and renting them for enough I wouldn't pay money into them.

Edited by Ismo07, 05 February 2024 - 04:27 PM.

[Victoria Watcher]

Sidney’s draft 2024 budget proposes an 8.42-per cent tax increase to address inflation and increased firefighting and policing costs.

 

The increase represents roughly $142 more in taxes per year for the average residence, according to a staff report on the draft 2024-2028 financial plan.

 

Higher-than-average inflation affected the town’s budget last year, with the highest inflation rate Sidney had seen in decades at just under seven per cent, the report said, adding while inflation seems to be stabilizing, it continues to put pressure on the budget.

 

In addition, the cost of replacing outgoing CAO Randy Humble, who is retiring in June after 25 years with the municipality, is estimated at $195,000.

 

 

 

https://www.timescol...ncrease-8220155

Edited by Victoria Watcher, 07 February 2024 - 05:17 AM.

[Mike K.]

Remember when the NDP did an analysis on gas prices and found a mystery 13 cent cost they couldn’t understand?

[Ismo07]

 

Sidney’s draft 2024 budget proposes an 8.42-per cent tax increase to address inflation and increased firefighting and policing costs.

 

The increase represents roughly $142 more in taxes per year for the average residence, according to a staff report on the draft 2024-2028 financial plan.

 

Higher-than-average inflation affected the town’s budget last year, with the highest inflation rate Sidney had seen in decades at just under seven per cent, the report said, adding while inflation seems to be stabilizing, it continues to put pressure on the budget.

 

In addition, the cost of replacing outgoing CAO Randy Humble, who is retiring in June after 25 years with the municipality, is estimated at $195,000.

 

 

 

https://www.timescol...ncrease-8220155

 

 

I haven't heard someone retiring costing a municipality that much...  Interesting...

[Victoria Watcher]

All I could think was that they let him bank unused vacation time over many years. Which maybe isn’t the end of the world.

Edited by Victoria Watcher, 07 February 2024 - 08:54 AM.

[Tony]

Some government agencies allow you to bank unused sick days.

When you retire you may be paid  for a percentage of sick days in your account up to some maximum which could add up to 50% or more of your annual salary if you have not used many sick days.

This money may  be transferred tax free into your RRSP  if you do not want to take it in cash.

[Ismo07]

Some government agencies allow you to bank unused sick days.

When you retire you may be paid  for a percentage of sick days in your account up to some maximum which could add up to 50% or more of your annual salary if you have not used many sick days.

This money may  be transferred tax free into your RRSP  if you do not want to take it in cash.

 

Yeah not so much these days though.. I mean maybe it's part of it...  A lot of Muni's do not allow you to carry more than a week through to the next year of vacation.  I would be surprised if they allowed carrying sick time as well.  But I don't know, he might have a different contract too.  Sounds nice to get a year of salary when you retire if that's what this reporting means.

Edited by Ismo07, 07 February 2024 - 12:19 PM.

[Nparker]

I just received my strata AGM package. My proposed monthly assessment is up 10% this year or about 3 times the current rate of inflation. 

 

Meanwhile, rent increases are capped at 3.5%. Even worse, the BC Greens are calling for vacancy controls that would cap the allowable rent increase (a max to 3.5%) landlords can charge when one tenancy ends and another begins!   

Socialists really do hate property ownership.