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AirBnB, VRBO, vacation and executive rental news and issues in Victoria


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#1661 spanky123

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Posted 12 December 2023 - 08:37 AM

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. 



#1662 Tony

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Posted 12 December 2023 - 02:39 PM

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.


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#1663 Victoria Watcher

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Posted 12 December 2023 - 10:33 PM

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

 

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#1664 lanforod

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Posted 12 December 2023 - 10:41 PM

Any lawsuits yet?

#1665 Victoria Watcher

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Posted 05 January 2024 - 01:05 AM

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#1666 Victoria Watcher

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Posted 10 January 2024 - 01:37 PM

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.


#1667 Mike K.

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Posted 10 January 2024 - 06:42 PM

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.


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#1668 lanforod

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Posted 10 January 2024 - 06:48 PM

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?


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#1669 Mike K.

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Posted 10 January 2024 - 07:24 PM

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.


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#1670 lanforod

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Posted 10 January 2024 - 07:51 PM

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?

#1671 Mike K.

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Posted 10 January 2024 - 09:04 PM

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.

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