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@@TorontoDIO thats an interesting assumption. How is my livelihood based on rampant speculation? I manage real estate assets for a living. As long as people work and live inside, I’ll have an income. And a steady one. Want to start again?

@@writedunes correct. Unfortunately in Vancouver rents are out of control. These are rent controlled apartments so moving into the open market is more expensive than this increase.

@@keatonbessey7713 It's a free market, so rents cannot and should not be controlled. Beyond paying the increase, renters are free to move in with relatives or friends for free or lower cost, or van life it, or downsize or move to cheaper areas, or graduate to become owners.

@@JessiJohnson1 thanks! Gov’t making it easy for me😂

@@JessiJohnson1 here here!

@@NegatingSilence they have been definitely. People are also leaving, some by choice, some not by choice. This can only accelerate with gov’t change and reductions in standard of living.

Asking Rent ≠ Market Rent, that is correct. However, 90-95% of Asking Rent = Market Rent Not much of a difference.

Tenants find out the problem when they have to move unfortunately. Rent control is a failed policy and its a large part of the reason we’re in his housing crisis today

@@keatonbessey7713 if rent is 3600 a month, with is a significant part of a workers income, maybe we should build a little more social housing

Preaching to the choir my friend. Blanket rent control over an entire province for decades is disastrous policy.

Disability income is still income. Same with retirement income, child support payments, etc. As long as there is paperwork to show proof of income, its acceptable. Thanks for the feedback. We’ll be updating the video and production quality soon!

The problem with planning the deals is that financing can only be in place for up to 120 days. What this means is that if a deal is subject to financing (which it most certainly should be!), you cannot remove subjects and know that your financing is in place as the 4 month notice period + delivery time, etc. is in excess of 120 days no matter how tight you make the timelines. This is what will blow up deals. The main point is that this new legislation will not create anymore homes. It will limit the rentals available, and reduce movement in the region, this creates less available homes for rent, and rents will continue to increase. Its just another rule to keep this whole cycle going, rather than doing anything to create affordable homes. We do deal with people, not cattle--even though cattle are living things as well, and are great and should be treated with respect just like people! Thanks for the comment and hope that helps you better understand the situation.

@@keatonbessey7713 thanks for the information. I think when making videos like this it’s important to properly develop the reasonings just as you did here. A family having to uproot their life: their commute, schools, access to groceries and transportation, even their jobs will always be seen as much more devastating than an investor pouting about deals going south from the comfort of their home which in turn may be paid by the renters themselves. But providing the proper context will at least show how everything is more nuanced than it seems at face value

@@locobob engagement first helps spread the information afterward.

Not a car dealer, but if they own the car, they could sell the car and the lease contract to another dealer. Does not change the terms or your use of the car, its just a different leaseholder/owner. Same with property. If your home is sold and you have a fixed term lease in place, the buyer has to honor that agreement. As the tenant you just end up dealing with someone else and paying someone else the rent.

Don't pass more laws that make rental housing less affordable is a start. If the gov't focused on building homes rather than restricting and taxing them, I would have nothing to complain in this video about, and it would definitely not get 10,000 views because it would be a boring topic.

many people buy rental units in those towers. And one of the towers behind me there is in fact a rental building. not mental, just fact. not trying to sell anyone a building thats for sure, we only provide rental services.

@@keatonbessey7713renting a unit is much less mental but thinking a buyer of those buildings would be watching your videos I think is still mental, even though I misunderstood your video and it's title.

It will help the larger investors by reducing competition to make building more purpose built rental more attractive. All that means is rents will go up until the larger developers want to build rental. horrible legislation...dad

sure...

more like the poor tenants who will have less and less homes to choose from and rents will continue to go up.

this will impact tenants more than landlords. less and less options when you have to move or choose to move.

correct!

it will make rent increase further as there will be less availability, and as most of the rental units are in condos, or the most affordable housing. This will restrict more homes to first time buyers as well so its just horrible policy all together.

1) not a realtor 2) not a lie 3) if the legislative framework is setup in a way to make being a landlord harder, less people do it, and less capital is allocated to it to build, so less homes are built. there are development companies right now with cash sitting on the sidelines, not building, but starting to LEND money to mortgage holders now who are struggling to keep up with their primrary mortgage. money going to debt which should be going to building.

its the tenants and first time home buyers who will be affected worse by this. less availability, less condos coming to the market for sale, prices stay high on rents and on sale.

landlords will cope, some will leave, less will be bought as rental property or built as rental property, rents will go up. good luck tenants

1) selling homes adds to the available homes for sale. if there are 100 homes for sale vs 1,000 of the 100,000 homes available (just for easy math, not reality), there will be higher demand for those 100 homes than the 1,000 homes which increases prices more quickly 2) if homes are not selling, or transactions are not taking place, developers will not build. if homes are selling quickly, developers build. 3) if you have a computer I can buy that does my entire job (owning and operating a property management company) I will pay you a ton of money for that and we will both be incredibly wealthy. I look forward to hearing from you

10 likes. not sure which side you're on though 1) higher rents? 2) more regulation? oh those are the same thing. tenants getting screwed again

@keatonbessey7713 I left BC for many reasons, the first is high rent, now I can save money to one day but a house where the winter low is 25c

Also, perhaps significant bias given your Twitter bio: Renting homes to people who can afford them #housingcrisis | $1B RE managed by age 30 | Over $12M in rent collected at 99.9% Brutal.

​@@ckaceritusthanks for that, it does explain why he's shitting and crying about any minor legislation that tries to help tenants. 😂

when properties cannot be sold, there is less available stock. When properties cannot be sold or it takes too long, developers build less. Therefore, rents go up, entry level homes go up, this whole thing continues to get worse. I welcome a conversation for you to inform me on how housing works. if you've found my twitter bio, you can find my contact. looking forward to the information!

The louder I am, the more tenants are educated on what is going on so they can make an informed decision on what policies actually make their lives easier and more affordable. and I sleep well at night knowing that we only rent to tenants with a take home pay of 3x the rent or more. If we cannot find a tenant at that income level, we reduce the rent to the next qualified applicant. I would say that is helping tenants.

@@keatonbessey7713 Rents go up no matter what tho. If none of those things were happening landlords would still raise the rent. Because they can. And they depend on tenants to maintain their lifestyles.

it will absolutely affect it. you cannot remove subjects to financing as banks will only hold your financing for 120 days. the 4 month + delivery time will always require more than 120 days, so any buyer is essentially going in without subject to financing. banks also are not super excited to lend on a property that won't close for 4-5 months, and people are not super excited buying tenanted properties as it is, let alone having to wait 4-5 months to take possession of it. it will put a huge strain on selling tenanted properties, which will slow the sales market further, which makes developers less and less likely to build. not scare tactics, information tactics

haha awesome! I ate there just before doing the video!

poor tenants. this will only restrict available rentals and affordable homes for sale further driving up prices more with less selection. further, it will reduce the likelyhood that developers will build anymore homes.

Thats what I said!

All this will do is slow the market further, less inventory will be built, less homes for everyone. Only way home prices come down without new supply is if people leave or if a ton of people lose their jobs and cannot pay their mortgage. Those two scenarios are not mutually exclusive either.

​@keatonbessey7713 I'm not sure what city you're referencing, but there's never been nearly as much mutli unit construction as there is now..

​@@keatonbessey7713bruh I'm just wondering who is actually buying the houses other than as another investment opportunity. 😅 prices are crazy

@@keatonbessey7713 tell me how it means less homes for people? The average Joe ain’t buying multifamily homes that would require renters noticing? It helps give transparency and notice for the average guy or gal who can’t afford a home.

@@keatonbessey7713 That's why we need NEW inventory, the construction industry has really let down everyone at this point, complete failures. And I'm not surprises construction companies have failed to build enough inventory, they pay everyone in the industry shit wages and delay their promotion to a reasonable income for 20 years, the whole industry is a scam.

I’ll give them a call to get their secrets

its an affordability issue. if there were more homes available, screening requirements could be lowered. if the residential tenancy act was less tenant friendly (it could be if we had more housing), then the requirements would not need to be so high. All we need is more homes, and this entire situation gets a lot better.

it ensure a financially sustainable relationship between tenant and landlord. we would not do it any other way.

yup. to ensure a financially sustainable relationship between landlord and tenant. if we had more homes in greater vancouver, this would naturally be the rent to income ratio people would pay when they have options. Its an awful market, and we're not going to put a deal together that does not make financial sense.

All the time. The market is unfortunately way overpriced and we want to ensure that through our process we are not putting a Tenant in an unsustainable situation.

Rent can easily be 50 to 60% of expenses nowadays.

On what side? Renters or owners

Michael, not sure what your experience was, happy to talk to you about it: Keaton Bessey Greater Vancouver Tenant & Property Management Ltd. (604) 398-4047 ext. 2 | keaton@gvantpm.com | www.gvantpm.com

Thanks for the message! You can use savings/pension information to qualify as well. The main point here of course is that you have the income to afford the home you are applying for.

Great question! This video gets shared as a link during our engagement process (before anyone has scheduled a showing or been to a showing) it is also shared after they book and after they apply to ensure they've seen it and digested the information.

Hey Kevin, we unfortunately can only represent Landlords and not Tenants. If you would like some resources and contacts to professionals who do represent Tenants to find a home, you can email me at keaton@gvantpm.com

We look at savings as a qualifier as well if you don't have an income. the savings has to be in the country and in your name. if money is coming monthly from out of the country, we do not count that.

We definitely rent to students who can provide proof of savings or if they have a co-signer with adequate income who is also in Canada.