5833 replies to this topic

[Mike K.]

And then there is also that silver lining that the absolute worst renter is 1000% better than the absolute worst owner (one might disappear in six months, the other might be around for a very, very, very long time).

[LJ]

We have one rental house on our street and it is without a doubt the worst maintained house on the street, right down to the abandoned car in the driveway.

[G-Man]

As a renter I think that all of you may be seeing what you want to see. Our garden is far nicer than many of the homes along the street that are owner occupied and I would say our house is far tidier than many of my "owning" acquaintances. The fact is most people in Victoria rent and it will continue to be that way but more so as time goes on.

[LeoVictoria]

Would it stand to reason that the value of all property shot up significantly over the last 18 months, so the switch from non-rental to rental would be mostly affected by the general melee, not necessarily the switch?

General market is up for sure but not nearly as much. The general market for similar one bedroom condos is up about 6% in the period that condos in this building increased about 18%.

[LJ]

As a renter I think that all of you may be seeing what you want to see. Our garden is far nicer than many of the homes along the street that are owner occupied and I would say our house is far tidier than many of my "owning" acquaintances. The fact is most people in Victoria rent and it will continue to be that way but more so as time goes on.

Could you rent the house on my street please?

[G-Man]

I wouldn't dare move. My rent would go up. 😀

[tjv]

The general reality is rents are far too low for landlords to reinvest in their properties.  Apartment buildings are selling with ROI's (return on investment) of around 4% give or take.  Pathetic returns so landlords are trying to maximize every dollar in their pockets

 

Do some simple math on being a landlord trying to rent out a house valued at $1 million with mortgage payments, property taxes, maintenance costs, and other factors including depreciation and a vacancy factor, etc and you will soon discover you need to rent out that house for $7500 to $8000 for a decent return.  That's not going to happen anywhere in Victoria

[LeoVictoria]

The general reality is rents are far too low for landlords to reinvest in their properties. Apartment buildings are selling with ROI's (return on investment) of around 4% give or take. Pathetic returns so landlords are trying to maximize every dollar in their pockets

Do some simple math on being a landlord trying to rent out a house valued at $1 million with mortgage payments, property taxes, maintenance costs, and other factors including depreciation and a vacancy factor, etc and you will soon discover you need to rent out that house for $7500 to $8000 for a decent return. That's not going to happen anywhere in Victoria

Yeah the best return is in lower priced properties for sure. $1M house is very difficult to make sense as a rental unless you can shove it full of suites and live over the garage

[Mike K.]

I was a Christmas party the other day where the landlord built herself a tiny house/garden suite in the backyard and rented the top and bottom floors of the main house to two tenants.

[tjv]

Yeah the best return is in lower priced properties for sure. $1M house is very difficult to make sense as a rental unless you can shove it full of suites and live over the garage

don't forget the average single family house is now 903k so you don't get much for 1M

 

I was visiting a major US city recently and a 1 bedroom apartment starts at $2500 per month and salaries aren't much different than Victoria

[sebberry]

In my girlfriend's building the issues are 1/10th as pronounced as they are in my building, and and I'd wager 90% of the issues in her building are courtesy of renters.

 

My building allows 5/27 units rented, which all of them are.

 

I'd suggest that in my building, renters are responsible for about 10% of the complaints, most of them trivial in nature. 

 

 

 

Anyway, I have a notification email for when houses in the postcode where my childhood home in England is go up for sale. 

 

The old house I was in has sold a few times since 2000.  Just thought this was interesting as we all complain about housing costs here:

 

[North Shore]

On the downside...my sister-in-law and her husband and two teens live in Tokyo.  Pretty much a bog-standard Japanese apartment reasonably close to the centre of the city.  they paid the equivalent of $350k for it in ~1999.  The guy they bought it off?  He paid close to $900k at the peak of the boom in the late 80s...

[LJ]

And in Scottsdale you can rent a brand new 2 bedroom apartment for $1400.

 

 

http://www.56northap...7_1|38_297787_1

[spanky123]

don't forget the average single family house is now 903k so you don't get much for 1M

 

I was visiting a major US city recently and a 1 bedroom apartment starts at $2500 per month and salaries aren't much different than Victoria

 

By rest of the world standards, Victoria had, and still has, very cheap rent. 

 

What the rest of the world doesn't have, is a large contingent of hippies who think that it is their right to live anywhere they want and only pay $600 a month. 

[dasmo]

By rest of the world standards, Victoria had, and still has, very cheap rent.

What the rest of the world doesn't have, is a large contingent of hippies who think that it is their right to live anywhere they want and only pay $600 a month.

I thought all the hippies moved to saltspring in the 89s?

[Matt R.]

Its the same here.

Matt.

[Bingo]

I thought all the hippies moved to saltspring in the 89s?

 

Yeah, and they all got JOBS.

[Matt R.]

Or acreages.

Matt.

[Citified.ca]

2017 ended with low inventory of under 1,400 listings on MLS, while prices pushed to a record average of $859,871 and record median of $752,125, both 16% above the average and median of 2016.

 

Record highs, record lows: 2017 sets new bars for Victoria real-estate

https://victoria.cit...ia-real-estate/

[LeoVictoria]

Note that while total inventory is lower than last December (by 7%), residential inventory (which I assume most people are more interested in) is actually up slightly (by 4%).