1107 replies to this topic

[MarkoJ]

5 units already up for rent on UsedVic alone in the terrace building + podium.

 

Totally reasonable prices for the 2 bed units. $2,800/month for a 1,140 sq/ft two bed which is likely market value close to 800k. Once the landlord pays $400+ strata fees plus $300+ taxes it is a great deal for the tenant. 

Edited by MarkoJ, 19 January 2019 - 05:27 PM.

[Mike K.]

Yup. An $800k unit even with 20% down will yield a monthly mortgage of ~$3.5k including property tax at today’s five-year rates. Then you gotta tack on strata and insurance so the carrying cost is what, $4,100?

[MarkoJ]

Just received completion notice on a 4th floor tower unit for Feb 22nd.

[tjv]

5 units already up for rent on UsedVic alone in the terrace building + podium.

 

Totally reasonable prices for the 2 bed units. $2,800/month for a 1,140 sq/ft two bed which is likely market value close to 800k. Once the landlord pays $400+ strata fees plus $300+ taxes it is a great deal for the tenant. 

I didn't find 5 places, but I could have been using the wrong search criteria.  The one I found was 2895/month for a 2 bedroom 2 bath no sq ft listed, furnished unit but no view.  Seem a bit of a stretch for price, but hey that's just me maybe.

 

Who ever is moving in there better have a good paying job, and good luck finding that in this town.

[MarkoJ]

I didn't find 5 places, but I could have been using the wrong search criteria.  The one I found was 2895/month for a 2 bedroom 2 bath no sq ft listed, furnished unit but no view.  Seem a bit of a stretch for price, but hey that's just me maybe.

 

Who ever is moving in there better have a good paying job, and good luck finding that in this town.

 

Fully furnished does have an advantage over non-furnished.

 

For all the units search Encore on usedvic.

[MarkoJ]

Pool at night

 

[tjv]

Fully furnished does have an advantage over non-furnished.

 

For all the units search Encore on usedvic.

Wait, are you trying to say that fully furnished gets no more money than un furnished?

[RFS]

I didn't find 5 places, but I could have been using the wrong search criteria.  The one I found was 2895/month for a 2 bedroom 2 bath no sq ft listed, furnished unit but no view.  Seem a bit of a stretch for price, but hey that's just me maybe.

 

Who ever is moving in there better have a good paying job, and good luck finding that in this town.

 

Foreign student is far more likely 

[Brownhorsey123]

I didn't find 5 places, but I could have been using the wrong search criteria.  The one I found was 2895/month for a 2 bedroom 2 bath no sq ft listed, furnished unit but no view.  Seem a bit of a stretch for price, but hey that's just me maybe.

 

Who ever is moving in there better have a good paying job, and good luck finding that in this town.

I only found one place for rent also, on usedvic. The one you mention. It does have sort of a view. For now. At least does not look out on a brick wall, like the apartment I was just reading about in New York city. LOL. That's a steep price, though, for a 2 bedroom rental, isn't it? Or is that normal for an apartment in Victoria?

[lanforod]

considering there is a fully furnished, modern renovated house for rent in my neighbourhood of Royal Oak for $2900 (5 month term), that does seem very steep.

[Mike K.]

$2,900 for an up-market, fully furnished two-bedroom condo on the doorstep to downtown is on point.

 

Rental rates are starting to push $3 to $3.50 now for brand new up-market inventory.

[laconic]

There is an open house in the small tower this weekend Jan 25/26

[MarkoJ]

There is an open house in the small tower this weekend Jan 25/26

 

Today 4-6 pm and tomorrow 12:00 to 1:30 pm. I'll be hosting.

[Brownhorsey123]

Today 4-6 pm and tomorrow 12:00 to 1:30 pm. I'll be hosting.

Why is there an open house? Is someone selling?

[songheesguy]

Why is there an open house? Is someone selling?

There are 2 for sale. Little townhome and 3rd floor unit in terrace. 5 units up for rent last time I looked which is unfortnate because no matter what anyone says some renters just don't have the same respect for a building as owner/ occupants who have $ invested in it.

[MarkoJ]

There are 2 for sale. Little townhome and 3rd floor unit in terrace. 5 units up for rent last time I looked which is unfortnate because no matter what anyone says some renters just don't have the same respect for a building as owner/ occupants who have $ invested in it.

 

Common.....give me a break; classic myth I hear over and over again at strata meetings I attend. I rented at the Bayview for three years and I don't remember treating the unit or building any worse than any of the units/buildings I own in. Tenants are not second class citizens which is what many strata corporations try to sell to restrict bylaws.

 

I find the percentage of units rented is a very small factor when it comes to presentation of the building. Things that actually make a difference from experience are such as a live-in care taker, or not. When I was on the strata council at ERA we had 60%+ of the building rented, 25+ vacation rentals, but we had a great live in care taker (strata owns the unit). Very very few issues and immaculate lobby/elevators/etc plus amazing re-sale (20% higher per foot than Bayview). On the other hand, I also have a unit at the 834 and it doesn't show nearly as well plus more issues as no one is on site to monitor move-ins/move-outs, etc.

 

At least you can get rid of bad tenants, unfortunately not much you can do about crappy owners.

 

With the market slowing down the buildings with no rentals and significant rental restrictions we get hit hard. You average owner-occupier doesn't want to buy into a no rental buildings, let alone the market as a whole.

Edited by MarkoJ, 28 January 2019 - 11:35 AM.

[RFS]

 You average owner-occupier doesn't want to buy into a no rental buildings, let alone the market as a whole.

 

There are lots of owner-occupiers who won't buy in a building that allows rentals.

[Jjly83]

As mentioned above, what is the setup at Encore for cleaning? Do they have a live-in caretaker and if so will the strata own the suite they occupy?

Cheers

Edited by Jjly83, 28 January 2019 - 11:54 AM.

[Mike K.]

There are lots of owner-occupiers who won't buy in a building that allows rentals.

Many do so because the units are significantly cheaper and that’s all they qualify for.

[MarkoJ]

There are lots of owner-occupiers who won't buy in a building that allows rentals.

 

The reason owner occupiers on average don't want to buy into these buildings is life circumstances can quickly change (family arrangement, career, health, etc.) and people want to the option of being able to rent. You are also forced to sell when you want to upgrade/downgrade. 

 

In my career I've never had a buyer approach me wanting to specifically buy into a building that doesn't allow dogs, BBQs, or no rentals. Even no BBQs over the years has come up as an issue for buyers, I've had two buyers bail on writing offers at the Kimta buildings because BBQs are not allowed.