1763 replies to this topic

[spanky123]

To many young working families, home ownership is for the elite (and of course newcomers who come here with a sack of USD) and something that they view as out of reach.

 

On that basis then, screw anyone who owns a house and take their profits from them. Now when their parents pass and they are left the family home their opinions change 180 degrees but that isn't generally until their 40's or 50's. 

[Tony]

Some young people still see the upsides of owning a home in the long term.

 

I have a 20 year old family member, a university student already has a TFSA,  best to save RRSP for when your income is higher. Saving also for a down payment. He is lucky that he has a small inheritance that consists of part ownership of a family home the  value having gone up, down and now up again. As soon as he is working full time he plans to get on the property ladder for the long haul.  He even learned about  investing as part of his high school program.

[Victoria Watcher]

https://twitter.com/...639073304723775

 

[lanforod]

Any lawsuits yet?

[Victoria Watcher]

[Victoria Watcher]

Like Airbnb owners across B.C., Debra Sheets is in a holding pattern.

The Victoria resident talked to a realtor about selling her 250-square-foot unit in The Janion building that she bought in 2017 for $420,000. However, she was told she would be lucky to get $350,000, a loss she can’t afford as she nears retirement.

With four months until the B.C. NDP’s ban on most short-term rentals that aren’t in the owners’ principal residence takes effect, some Airbnb owners are trying to make as much money as they can before their investment dries up or becomes a liability, while others are panic-selling.

Victoria realtor Ira Willey has been showing his clients micro-lofts in The Janion, several of which have hit the market since October when the short-term rental crackdown was announced.

The problem is, none of them are selling.

“This is just too small to live in,” said Willey, standing simultaneously in the kitchen, living room, dining room and bedroom of the 300-square-foot unit that’s listed for $375,000. “It’s a perfect investment [property], perfect for a couple days. But renting long-term, it’s not the right place.”


https://www.timescol...g-price-8088962

Edited by Victoria Watcher, 10 January 2024 - 01:38 PM.

[Mike K.]

Hold on, bought in 2017 for $420,000, and it won't sell for $350k in 2024? Heck, I'll buy it. That sounds like a deal of the century to buy a $420k 2017 unit for $350k.

 

And to Ira's point, it absolutely is the right place to live, but at the right price. You can't be asking a 1BR price for a 300 sq ft unit, which is what the owners are asking.

[lanforod]

I think you know full well that they paid 420k in 2017 because it was explicitly permitted to have short term rentals. It was valued higher due to income potential. 

Is there seriously no class action lawsuit vs the NDP on this yet?

[Mike K.]

In 2017 you could buy a 1BR+den pre-sale for $420k, which today would be worth $550k, maybe more depending on the building and the view.

 

But when you spent $420k on a 250 square foot unit, I mean the risk you would have taken at the time was huge. $1,700/sq ft. at a time when condos were selling for $675/sq. ft.

 

Even AirBnB-able units weren't selling for $1,700/ft back then, nowhere near that price. Somebody may have received some bad advice.

[lanforod]

Possibly, sure. Doesn’t change my point. What was the income potential? 35k/yr? If it’s nearly unrentable for 1 year leases, that potential has dropped drastically. Maybe it’s only 15k now. That’s why the value has dropped so much.
Again, where’s the lawsuits?

[Mike K.]

The unit never made sense at $420k, is my point.

You’re still buying real-estate. It still has to make sense on a per square foot basis, or you risk losing all your profit eventually. That buyer over-paid, I’m afraid. There is a premium for AirBnB but not a $1,000/ft premium.

[Victoria Watcher]

The mayor of Parksville and a group of property owners who invested in tourism-zoned developments will send letters to three provincial cabinet ministers and Premier David Eby seeking an exemption from new short-term rental laws in B.C.

 

On Wednesday, Parksville Mayor Doug O’Brien said that he had just met the Resort Drive Advocacy Group representing the owners of 289 purpose-built short-term vacation homes adjacent to Rathtrevor Beach Provincial Park.

 

As of May 1, when B.C.’s Short-Term Rental Accommodation Act comes into effect, the owners will need to either move into the units full-time or rent them out for more than three months at a time.

 

O’Brien said all Resort Drive housing units were built exclusively as tourist accommodation and were never intended to be for long-term rentals.

 

“Parksville has a very unique situation with these purpose-built vacation homes,” he said, adding most were fully booked for the next 12 months. “We are asking for a relaxation only for this small area.”

 

 

 

https://www.timescol...al-laws-8373691

 

 

 

 

https://www.google.c...f2qy1?entry=ttu

 

 

 

Edited by Victoria Watcher, 29 February 2024 - 02:30 AM.

[Nparker]

Socialism: the one-size-fits-all solution that works for no one.*

*except for those wielding the power of course

[dasmo]

What they need to do is just do it. Parksville isn’t special. Provincial government needs to stop with their projects that just make things worse for us and the only way is to disobey. If the law is ignored by enough people what are they going to do? Send in the horses to trample the old ladies in Parksville? As a town they have more power than an individual. Take inspiration from Alberta and fight back!

Edited by dasmo, 29 February 2024 - 08:43 AM.

[spanky123]

What they need to do is just do it. Parksville isn’t special. Provincial government needs to stop with their projects that just make things worse for us and the only way is to disobey. If the law is ignored by enough people what are they going to do? Send in the horses to trample the old ladies in Parksville? As a town they have more power than an individual. Take inspiration from Alberta and fight back!

 

The issue with the specific homes in Parksville is that they are zoned for tourist accommodation and cannot be rented long term! Now the Province has stepped in and stated that they cannot be rented short term either!

 

You could say that Province zoning supersedes Municipal, but the intent of the tourist accommodation rules was to insure that Rathtrevor Beach has accommodations for families and snowbirds.

[Nparker]

...You could say that Province zoning supersedes Municipal...

And this is problem #1.

[Victoria Watcher]

They were built as tiny vacation homes.

 

I mean, even the province admits only 16,000 homes are being used short-term.  And:

 

 

 

B.C. welcomes more than 100,000 people, the most in 60 years (2021)

 

https://news.gov.bc....PREM0019-000505

 

 

 

 

 

New data shows record stretch of people leaving B.C. for other provinces — and many are headed to Alberta Over 12,800 moved elsewhere in Canada since July 2022, but 151,000 have migrated to B.C. in 2023: StatsCan

 

https://www.cbc.ca/n...tario-1.7064169

Edited by Victoria Watcher, 29 February 2024 - 10:30 AM.

[Nparker]

Banning STRs will solve all of BC problems.

[MarkoJ]

Edited by MarkoJ, 10 March 2024 - 01:59 PM.

[Nparker]

Or scrap the bill and let the free market decide.