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I want to be a landlord in Surrey. My dream is to have a drug addict move in and trash my place with no capacity to evict them. As I think about it, I think I'm also going to vote NDP. They are very compassionate and I am sure they will open up a taxpayer funded "safe" injection site on my block. Helps with property appreciation and quality of life for the neighbourhood.
Now now. If you are a Liberal or NDP you care a great deal about the less fortunate and work hard daily to make their lives better. I heard Justin say this so it’s true. A compassionate person will happily provide housing to those less fortunate. I’m a caring and virtue signalling Liberal and hope you will open your home to those less fortunate. I’m not able to because it would be inconvenient for my cats and I. It’s Pierre Poilievre fault and Donald Trump is also at fault for the lack of housing. Gotta go there’s a pride parade to attend
Wife and I were thinking of renting our basement suite after our daughter moves out… Don’t think we will anymore. These rules are going to shrink the size of the rental pool I would think.
Truthfully I am less concerned about basement suites as you could still give someone notice that you are taking over the space for your household, which is so much easier to do than with a totally separate dwelling. Either way, good luck to you!
If you live in the property I believe you can rent it as a short term rental like airbnb which falls outside the residential tenancy branch. Double check but I think that's right, at the moment!
Just be careful who you rent to. Insist on a background/credit check, get references and actually call them. Learn what questions to ask to get to the truth.
@dianegrant3215 of course people do that, but tenants lie. They falsify data, fake references, it's not easy to screen for bad tenants, they're very good at gaming the system
I have been a landlord in the Okanagan for about 15 years now. It was a typical box house with upper/lower level suites. I originally lived in the basement with a roommate and rented the top floor. Eventually I took the top floor with a roommate and kept doing home improvements each year that would increase the value. After property prices kept climbing I was able to do a large add-on to the house as a construction mtg with about 15k down. The add-on included a 2 car garage with a carriage house above it. I have always lived in the house and included utilities/tv/internet in the monthly rent (more things to write off). At the start things were hard on a single income. I had a few years of the rent income covering 100% of the mtg but now with the new rates and the limited annual increases I'm below average market rent and my mtg payment has never been higher(I have variable). Thankfully rates are starting to come back down. I have never viewed my tenants as a barrier to selling and actually see them as an asset. I have had lots of people interested in my property because it has 3 separate living areas. That being said, I do see your point in a case where the new owner wants the space currently rented. Something to consider is that 80% of long term rents can be used as income in the lending process. I'm not a huge fan of having 100% rental property as the capital gains tax sucks and it's going to get worse. My recommendation is to screen your tenants as much as possible. Good tenants that are happy make things operate smoothly. My current tenants have been with me over 5 yrs, single renter in the basement and single renter in the carriage house. Here's to hoping for the smooth sailing to continue.
With the benefit of hindsight having been a landlord in Quebec, I saw this writing on the wall as soon as the NDP was elected. Quebec invented tenant rights in Canada and has virtually destroyed the rental market in Quebec. You have to be an absolute idiot to be a landlord in that backwoods Province. So with the NDP in power, I sold all my rentals and started to invest in Alberta. And here's another prediction ...the NDP will now come after your primary residence. Expect to see an annual Provincial tax on your primary home equity and a cap gains tax upon its sale. Those thinking of selling might want to consider pulling the trigger now.
I ve been renting for almost 3 years in the Okanagan. 2 tenants bailed on their leases and we are not allowed to "penalize" them but if I say i am.moving in and dont I am penalized a whole year's rent. My last tenant who said he was sober and fell off the wagon before his 6 month lease was up just left and too bad for BC tenants that suite is no longer available. Haven t even paid off the debt i incurred to create it but I am sick to death of people and this discriminatory system for the measly 14k a year it brings. So bye bye
Ok. I’m a 72 year old widow and this is what I did. It’s called a Nanaimo eviction. I had a tenant that bullied me and refused to pay rent or move . For months . The convoluted procedure to evict was too much for me and the sherif would cost 1,500. So, I got a couple of guy friends. While the tenant took a cab to the liquor store , I opened his suite . One friend packed up all his stuff with me and we placed it on the curb. The other friend changed the lock. When the perp came home and saw his stuff on the street and us in his suite he went ballistic. He called the police , who then told him there was nothing they could do, it’s a civil matter … sure, it’s risky , he could have sued , but didn’t .
I will share this with my landlord's family. I have been waiting for them for 10 years now, and they are happy just to have the help with their mortgage. They aren't in it for the money, and we have built a real family here.
This video just dropped and already out of date about the 4 month notice. The BC Government has recognized the issue and changed the policy to allow 3 month notice in case of sale and buyers occupying the property.
I was a landlord in surrey throughout the 80s, 90s, 2000s. People would buy a place and the mortgage kinda worked out to be 30% of your renters income. A house in surrey was between 100 and 200k. Your mortgage payment was $1000 or so and you could always find someone with a good job to rent it. The numbers havent worked to be cashflow neutral in 10 years though. Once a bunch if people lose their shirts, prices will return to cashflow neutral. So the next person who buys that house that was once priced at 1.2 mil for 700k, his mortgage will allow it. Prices ALWAYS come down to wages eventually. Been through a few of these cycles. Ya, im old. Lol
The private rental market is going to crash, just like it did in Ontario in the 80's. The owners take on all the risk, and the government takes all the control. The inability of government to forcast housing needs is once again redirected at the private sector to shift the blame for their incompetence.
Yes central-managing by Marxist governments always ends in a mess with giant shortages, and skyrocketing prices and homelessness. Though both the municipalities and the Province are responsible for obstructing housing, overburdening the building market with excessive regulations and permitting and zoning havoc ending up with costs of 400 a sf to build now. Now the Province piles on with a ton of new landlord expenses and risk, which will create skyrocketing rents and worsening shortages.. nuts. And quietly in the background the Province brought in new handicppaed-access requirements for all new homes: this will add $50,000 to the price of condos and houses which will add about $300 a month higher rent or mortgage on all new units. Yes every household will be paying $300 a month more just for the handicapped access which 99% do not need.
This Is called government group corruption. Can you imagine people working in private section has almost no salary increase, however, government employees Can get salary increase to match the inflation increase.
I'm a landlord with two rental houses in BC. I don't think the four months notice for eviction would be much of a factor currently in the single family home market as listings are so scarce that buyers and their bankers will find a way to make it work with the extended timeline if the property meets their needs and budget. However, if the condo market gets glutted and there are a lot of listings there, then it could definitely be a factor working against the owner of a tenanted unit depending on the buyers timeline. And yeah, the minimal increases over the last three years are a bit of a joke when there's been 20% inflation over that time period. The two percent last year was basically lunch money in todays price environment and that's if I pass on dessert.
Yes the increase limits have been bad for many people. Most landlords have tight margins if not are losing money. This is an interesting article on Toronto, but same is happening in Vancouver. www.theglobeandmail.com/business/article-just-over-80-of-new-condo-investors-in-toronto-are-losing-money-on/#:~:text=More%20than%2080%20per%20cent,new%20report%20issued%20on%20Thursday.
@@dreamingof777 I put a new roof on one house last year and the price was $2000 more than I was quoted pre-covid so yes, inflation does affect what repairs are costing. Another example, my municipal property taxes have gone up over $600 on each house over the same time period due to price appreciation and the allowable rental increases over that time barely cover just that, never mind everything else. Also, are you still making higher wages then you were pre-covid? If yes, then why shouldn't I? I need to live off what's left over of the rent money after my monthly expenses and literally everything I need to live is more expensive now.
So, I am a renter. I rent a one-bedroom suite in Langley. I have a full-time job but have not seen a raise in 3 years. We've had high inflation and the rent caps are my only saving grace when it comes to being able to afford s place to live.
Get a room mate. The current government in power wants things to be this high priced to force people to double up, or work two full time jobs to account for the monthly expenses. there's always BC housing but that's full up for years. Try to see if the competition pays a little more in your work sector. I'm sorry you're struggling, you didn't sign up for that.
You are 100% correct! Housing has become a human right in Canada, so if everyone was housed, there wouldn't be much of a market. This means real estate is no longer a good investment for lucrative returns. Public housing is the inevitable outcome.
If this is anything like Toronto I can expect and absolute stand still of real estate investing for renting. Existing landlords can expect to be extorted like many tenants are now doing in Toronto to home owners, cannot even sell their homes because the tenant has more rights than the owner of the property. All I can say is that going forward if this trend continues the homeless will rise exponentially as homeowner will stop renting and sell their property and leaving the province or relocating to another province where such rules are not as rediclas.
Just wait till housing prices hard correct due to forced selling. People pulling out equity and hoping to refinance at lower rates are going to get a reality check. Jobless rates about to climb along with interest rate spikes possibly as our $ continues to devalue (true meaning of inflation). I sold in 2022 during the peak. The bubble has been slowly deflating, but things seem like they're on the verge of a swift downturn with inventory piling up and sales being way down. Even with rate cuts, people can't afford homes at these ridiculous prices. My thoughts anyhow... As far as rental properties, I've got my eye on Alberta markets. Way more favorable prices and policies for owners.
Hard and fast, single family homes should not be used as rentals, and the fact that they are is reason enough for the government to take action. It is however worth saying that we need to change the rules and make it easier for home owners to use added density units to create new rental housing, and we need to find good ways to incentivize that. We also need to look at how to fund things like investments housing co-ops to create viable alternatives for those without significant capital to get housed.
I thought the old system was already broken and ridiculously unfair. It took me five months to evict a tenant not paying rent and trashing the place. Went through the entire process with RTB. The journey only begins after getting a writ of possession and money order from RTB. Good luck enforcing that through the court system. More cost on the part of the landlord and good luck serving your court notice if the person left and you can't find him or her. So whatever you've got from RTB is essentially useless.
I just checked the government website and they have it as four months for a property being sold and the new owners want occupancy for themselves or an immediate family member. It doesn't say anything about if the new buyers want to rent it to new tenants so I'd assume that could be disputed by the current tenants.
@@greganderson4547 they just announced it is changing to 3 months for a sale - but does not take effect until late August I believe. So if you want to sell a home as vacant right now you still need to give 4 months notice. Albeit the notice is set at the beginning of the month, so right now to give the notice today the 4 months begins September 1st, meaning the tenants could choose to stay until December 31! But if you wait until say Aug 28 to give notice then the tenants have to be out on or before Nov 30th.
Thanks for your video. I agree that the rules aren’t fair for landlords. not being able to evict a problematic tenant would be a nightmare. But ultimately until the government fixes the lack of supply of homes in this province it would be better if people did not buy second and third etc properties. There’s simply not enough supply to go around; this has made for a very toxic housing / rental market.
Rents will continue to go up as shortages of rental units continue. Property values may or may not go down which will also help close the profitability gap. Unaffordability isn't the issue. Landlords don't need the poorest person in the city to afford their rental unit. They only need ONE person who can afford it, and is happy with the rental product.
I bet you anything, that if AirBNB and rooms for rent disappeared overnight, a ton more home owners would actually want to rent as the demand for it would significantly favor the odds of the property owner again. And if this happened, rent would actually go down, making affordability available for every working person in the country pretty much. Even in more expensive areas, typically Vancouver and Victoria. The over bloated anybody can be a hotel on demand industry has crippled land lords. Because it didn't just pave the way for prices to go up for a few, but also made governments respond negatively. Favoring homeless and couch surfers more so as the lowest possible denominator of social voter class, as opposed to the majority of people being full time employed on a single job. Part time work, partial budget offerings and short term begging culture has done more to harm our society, than any other epidemic we've lived through. Solve that, and you start to see things magically return to normal. Where Taxi drivers got more money for their profession. Bus drivers saw less nastiness. And commuters faced less traffic congestion because city planners would do more with local tax money.
Thank you Darin. This is very well done and to the point. All true and very concerning for sure. I think that the rental pool in Canada is about to shrink significantly as landlords diverting thier investments to other asset class (commercial , retail and so on ) or taking thier money to invest down south in the US. that in turn will push rental prices up. Tenants needs protection for sure , but so do landlords. The policies that are ignoring this will absolutely backfire on us the the potential damage is huge. Interestingly enough, the economists up their know that. I personally had some interesting conversations with some out our top economist nation wide and they all agree and consulting our decision makers to that extent . But they seem to ignore this advice in search for the best election campaign tagline. That for itself a bad choice as it is my understanding that the demographic of renters tends to be less involved in the democratic process.
If the NDP doesn't want the non-corporate rental market to crater, they need to bring in a rental insurance scheme that will pay for damage and unpaid rent. Tenants would pay into the plan like ICBC, and if they cause a claim their premiums go way up. If they have a successful tenancy their rates go down. If landlords were 100% protected they would be more willing to take a chance on renting even with the other ridiculous restrictions.
Most peoples wages are not keeping up to inflation. As a long term tenant my current annual rent increase equals the increase in my wages each year. The current system seems fine to me until I have to move which I cannot afford to move ever. For someone getting close to retirement the current rents are too high.
Policy can change when new government comes . We should vote out David NDP and pick Conservative , Abnb policy will be removed restriction right away .
I used to rent my basement out, I stopped that in 2008 after a series of nightmare tenants. I took my debts on without that headache, I'd never rent again.
Yeah its crazy how easily a renter can abuse a lanlord. I had a cousin who was pretty bad for not moving until after a couple of months without paying.
That was not the rule change. The rule change was that IF you had a fixed term tenancy, the renter would have to move out unless the landlord let it default too a month-to-month tenancy with no renegotiation. They didn't need cause to get rid of that tenant if they moved out, but they couldn't pretend a continuous tenancy was multiple one year tenancies, thus circumventing the rent increase caps Oh, and in the market, rents NEVER go down.
We have a friend that bought he paid 2 percent more when rates went up because of this payments were 400 more because the rate hold expired . Never buy a rented home big mistake
Yep 100% agree... NDP now makes land lords responsible for life to take care of the occupant if they decide not to pay..plus you must keep lights and gas cable
Two questions. 1. Can sellers still issue the "good faith" owner occupy notice on behalf of the buyer? 2. Isn't there a 90 day possession requirement on insured mortgages? With the changes so new I worry what details available online are out of date or superceded.
Good questions. Yes to #1 and #2 is not entirely true. Here is a good article explaining it in more detail. Cheers! financialpost.com/globe-newswire/bc-real-estate-association-and-canadian-mortgage-brokers-association-bc-identify-significant-issues-with-changes-to-residential-tenancy-act
The silver lining at the end of the tunnel is that you own the property and you didnt have to pay anything for it. The property has appreciated in value and any rent you collect after it is paid of is gravy. How much more do they need.
You don't understand real estate investing. Neither does Eby , that's why the market will crumble under Eby's Tennant virtue signaling, socialist policies.
It is near to impossible to evict a tenant for cause in BC. You have to prove the cause and unless you video or take pictures of tenants 24/7 (which is also illegal), you will not be able to prove the cause. Arbitrators at RTB are also incompetent, don't know what they are doing, have no legal training and must follow their policy guidelines (that the public do not know about) that favours the tenant, hands down. Tenants know that the laws work in their favour and will apply because they have nothing to lose. They could possibly get a full year of rental fees just by applying to the RTB and getting the "right" arbitrator.
I would say that if you are holding a number of houses in almost any market you should be considering selling. There is little t, no market for houses and there is a dearth of unsold properties… and the economy is poised to go in the dumpster in fairly short term. Next spring if you hold through the winter thinking the market will be on an upturn.. you may be very disappointed and find yourself stuck in a downward spiral. And it could go on for a long time, until economies come around to the new reality.
Rental properties are extremely expensive and hard to find. On the average renters are paying 1000 dollars per bedroom..very difficult for families...3 bedrooms are going for 3000.00 and up ...who owes a mortgage that high? Please enlighten me.
Anyone that bought a property in the last few years. Plus property taxes, strata fees, utilities, etc. Stay tuned for a video breaking this down coming out later in Nov
If i may, if more people got out of being landlords, that means there will be more housing stock available for those renters to actually buy. Which is a good thing.
short answer: no, unless there's circumstances like justifiable expenses on repairs and maintenance -- e.g. say building elevators are due for replacement -- but then it's a special case for RTB to authorize any rent increase that's outside the annual limit the province sets. They don't call it "rent control" in vain!
And in many cases you have empty home tax? So you can get stuck with one or the other? It's coming closer to saying " YOU OWN NOTHING AND HAPPY ABOUT IT "
So hey there tenants, if you keep voting for the NDP, you better invest in a nice tent, because that is where you will be living. Here's why. More and more people moving here and less and less rentals because no one wants to be a landlord equals sleep in the street. No one in their right mind should want to be a landlord in BC now. It's no surprise that people do not want to rent out their basement suite or other accomodations which fall under the jusrisdiction of the BC Residential Tenancy Act. There will be less and less rentals available because of these totally unfair new laws that take away a property owners rights and people who have spaces to rent out will if at all possible not rent them out anymore. Get rid of the NDP!!!
I bought a 1-bedroom condo in May 2024, and live in it, but was thinking of renting it out in a year, but now I'm thinking no. I really wish I did not buy, and just kept renting.
I remember the day when landlords could double and even triple without any repercussions at all. It was tilted completely towards landlords, and tenants were screwed. I have always agreed that there should be some protection for both parties, but to swing it completely towards tenants is unfair as well. Rent captured at least equal the reality of the markets.
Watched this and although you say you are not basically disrespecting tenants you are, I rent with my family the house is a good but never worth $5500 a month, in the two years I lived here the landlord has increased the rent to the max he can and has done zero maintenance the furnace has never been serviced, gutters overflow unless I climb up there to clear them, I've replaced a lot of broken stuff in the house cause I don't want to live in a load of crap, landlords or at least some should feel prevelaged that they can own multiple homes. If the human race wasn't so greedy everybody would have the opportunity to buy a home but that's another story.
The tenancy laws are always changing due to landlords abusing their power over tenants. Fixed terms where eliminated due to landlords using it as a tool to increase the rent above the allowable rental rate. Rents go up and down and right now and for most of 2024 rents have been on a sharp decline in the lower mainland of BC due to over supply of product. The fourth months notice was changed to three months for purchasers and the four months is now only if the owner is re- occupying the unit. It is hard to please both sides of any equation all the time, and the government will protect the party with less power in a transaction, which is always the tenant. It sounds like you are searching for listings not giving accurate information about the rental market. When the laws are followed the rental laws are fair to both parties.
You can make it cash flow positive by making many bunk beds and renting a bed in a dorm style setting to many international students. You have to learn how Asians and East Indians can make property cashflow positive whereas normal Canadian way of renting one person to a room doesnt work.
The government of B.C. just keeps making it worse for renters. By penalizing landlords and creating disincentives to them will lead to less rentals. But of course the NDP relies on low info voters to get re-elected. The gaslighting by the NDP is only second to the federal Liberals. No matter what side your on you have to recognize that disincentives lead to less of a product. Simple economics.
So … government housing with heavy government regulations would be better ?? Because this is promoting this. Landlords need to HODL. It’s always better to own.
Why bother paying rent. Most people think that shelter is a human right and know that the NDP will protect squatter rights over property owner rights lol.
We need less sleazy landlords and their 2 months notice loophole..thank God they raised it to 4 month notice. I was paying $1300 for a two bedroom 3 years ago and got served a two month notice..lucky i found a place for 1870 for a 2 bedroom. Screw landlords..not all of them though..my current landlord is amazing..my last one was shiyte
without rentals MANY people would not be able to afford to buy... MANY landlords to not have the temperment or intelligence to be a landlord... that being said MANY people make a lot of money by renting and to tell everyone to sell alll of thier rental properties because of a few minor changes is kind of dumb.
Nothing is selling 🤣, hopefully, some poor family that always pays their rent doesn't have a landlord that listens to you . Just my road has 9 houses for sale . Good luck cashing in on that artificial value . Raw land everywhere but vancouver.
@GermynGroup interest rates are making to many families struggle to pay there mortgages and are trying to sell and landlords are pulling out of the rental market due to new rental rules
The housing bubble is coming to an end. Yeah! Then maybe I can stop being a tenant. You know me, the jerk that has been financing your soaring real estate profits. And hey, maybe those 6% commissions can be brought down to within reason. The price of everything has gone up, except my wages. I have to work harder and longer to afford anything, from transportation to food. And you are whining that the poor (literally) tenant get an extra 30 days notice to vacate. Do something else if you don't like strong consumer rights.
That is a very common and very unhelpful narrative. I believe that there is no bubble. It's not coming to an end. And the longer people wait , the worst they we be. Consumer protection is important, but vilifying the people that are putting thier own money to create so much needed rental supply is not the way to go. It will hurt renters in the future even more. The whole formula needs to change.
I too am a tenant and I disagree with you. This system we're all trapped in, is by design trying to push you away from the people who don't want this type of compression placed upon our right to grow and expand as anybody. Land owners or not. Don't give the government in power the satisfaction of forcing to turn to their worse in house solution out sourced and contracted to foreigners to manage to fix this. That's their plan. And they do this so they can in turn, get the family members of these foreigners to come here, claim citizenship, get everything handed to them on a silver plate. And force you out of a job even more, with double the effect than the last year in office they had already ruined for us. We're all neighbors, separated by distance only. No job, no pay check and no house can take that away from us. We're Canadians first, and we always will be. that grants us immunity from things like bad policies, because we're not intentionally breaking the bank, if we can afford to be respected as Canadian citizens by our own government. The fact that we can't, proves that we have to work two jobs, get a room mate, have over time pay, and hope wages aren't clawed back because the scammers holding our land over our heads, is trying to make a quick and dirty sale to their friends. Not on my watch. And I'm so sorry you're struggling at their expense. It's not us doing it. It wouldn't be us wanting to enjoy doing it, if we had a say. Because our very own ancestors, wouldn't have fought for that so we could have a country today.
Just a bit of Little feedback. Is this an Interesting topic…? Sure it is. But… Your continuously panning in and out makes your video (‘s) impossible to watch.
☎ *Considering moving to Surrey?* Connect with me here ➡ germyn.ca/connect
🔥 *21 grants and incentives* to help home buyers save BIG* ➡ taxbreaks.90daysout.ca/
I want to be a landlord in Surrey. My dream is to have a drug addict move in and trash my place with no capacity to evict them. As I think about it, I think I'm also going to vote NDP. They are very compassionate and I am sure they will open up a taxpayer funded "safe" injection site on my block. Helps with property appreciation and quality of life for the neighbourhood.
This made me laugh!
😂😂😂
Exactly.... Govn't is ruining everything for a person trying to own something.
Now now. If you are a Liberal or NDP you care a great deal about the less fortunate and work hard daily to make their lives better. I heard Justin say this so it’s true. A compassionate person will happily provide housing to those less fortunate. I’m a caring and virtue signalling Liberal and hope you will open your home to those less fortunate. I’m not able to because it would be inconvenient for my cats and I. It’s Pierre Poilievre fault and Donald Trump is also at fault for the lack of housing. Gotta go there’s a pride parade to attend
🤭🤭😂🤣
Wife and I were thinking of renting our basement suite after our daughter moves out… Don’t think we will anymore. These rules are going to shrink the size of the rental pool I would think.
Truthfully I am less concerned about basement suites as you could still give someone notice that you are taking over the space for your household, which is so much easier to do than with a totally separate dwelling. Either way, good luck to you!
If you live in the property I believe you can rent it as a short term rental like airbnb which falls outside the residential tenancy branch. Double check but I think that's right, at the moment!
Just be careful who you rent to. Insist on a background/credit check, get references and actually call them. Learn what questions to ask to get to the truth.
@dianegrant3215 of course people do that, but tenants lie. They falsify data, fake references, it's not easy to screen for bad tenants, they're very good at gaming the system
Have to agree with you. These rules designed to help rental pool actually discourages more rental properties being available
Stopped being a landlord years ago and even then rules were not that fair. There are easier ways to make money than being a landlord
I have been a landlord in the Okanagan for about 15 years now. It was a typical box house with upper/lower level suites. I originally lived in the basement with a roommate and rented the top floor. Eventually I took the top floor with a roommate and kept doing home improvements each year that would increase the value. After property prices kept climbing I was able to do a large add-on to the house as a construction mtg with about 15k down. The add-on included a 2 car garage with a carriage house above it. I have always lived in the house and included utilities/tv/internet in the monthly rent (more things to write off). At the start things were hard on a single income. I had a few years of the rent income covering 100% of the mtg but now with the new rates and the limited annual increases I'm below average market rent and my mtg payment has never been higher(I have variable). Thankfully rates are starting to come back down. I have never viewed my tenants as a barrier to selling and actually see them as an asset. I have had lots of people interested in my property because it has 3 separate living areas. That being said, I do see your point in a case where the new owner wants the space currently rented. Something to consider is that 80% of long term rents can be used as income in the lending process. I'm not a huge fan of having 100% rental property as the capital gains tax sucks and it's going to get worse. My recommendation is to screen your tenants as much as possible. Good tenants that are happy make things operate smoothly. My current tenants have been with me over 5 yrs, single renter in the basement and single renter in the carriage house. Here's to hoping for the smooth sailing to continue.
Thanks for sharing your story. Best of luck and continued success!
With the benefit of hindsight having been a landlord in Quebec, I saw this writing on the wall as soon as the NDP was elected. Quebec invented tenant rights in Canada and has virtually destroyed the rental market in Quebec. You have to be an absolute idiot to be a landlord in that backwoods Province. So with the NDP in power, I sold all my rentals and started to invest in Alberta. And here's another prediction ...the NDP will now come after your primary residence. Expect to see an annual Provincial tax on your primary home equity and a cap gains tax upon its sale. Those thinking of selling might want to consider pulling the trigger now.
I ve been renting for almost 3 years in the Okanagan. 2 tenants bailed on their leases and we are not allowed to "penalize" them but if I say i am.moving in and dont I am penalized a whole year's rent. My last tenant who said he was sober and fell off the wagon before his 6 month lease was up just left and too bad for BC tenants that suite is no longer available. Haven t even paid off the debt i incurred to create it but I am sick to death of people and this discriminatory system for the measly 14k a year it brings. So bye bye
sounds like socialistic country
We have a basement suite in Vancouver. It’s going to sit empty.
Rules are far too biased in tenants’ favour. It’s just too risky for us.
Ok. I’m a 72 year old widow and this is what I did. It’s called a Nanaimo eviction. I had a tenant that bullied me and refused to pay rent or move . For months . The convoluted procedure to evict was too much for me and the sherif would cost 1,500. So, I got a couple of guy friends. While the tenant took a cab to the liquor store , I opened his suite . One friend packed up all his stuff with me and we placed it on the curb. The other friend changed the lock. When the perp came home and saw his stuff on the street and us in his suite he went ballistic. He called the police , who then told him there was nothing they could do, it’s a civil matter … sure, it’s risky , he could have sued , but didn’t .
Very interesting. You're right, the same convoluted process for a tenant to go after a landlord exists. Very interesting approach.
Did the same thing!!
I will share this with my landlord's family. I have been waiting for them for 10 years now, and they are happy just to have the help with their mortgage. They aren't in it for the money, and we have built a real family here.
This video just dropped and already out of date about the 4 month notice. The BC Government has recognized the issue and changed the policy to allow 3 month notice in case of sale and buyers occupying the property.
so what? Not a big difference though.
I was a landlord in surrey throughout the 80s, 90s, 2000s.
People would buy a place and the mortgage kinda worked out to be 30% of your renters income. A house in surrey was between 100 and 200k. Your mortgage payment was $1000 or so and you could always find someone with a good job to rent it.
The numbers havent worked to be cashflow neutral in 10 years though.
Once a bunch if people lose their shirts, prices will return to cashflow neutral. So the next person who buys that house that was once priced at 1.2 mil for 700k, his mortgage will allow it.
Prices ALWAYS come down to wages eventually.
Been through a few of these cycles. Ya, im old.
Lol
The private rental market is going to crash, just like it did in Ontario in the 80's. The owners take on all the risk, and the government takes all the control. The inability of government to forcast housing needs is once again redirected at the private sector to shift the blame for their incompetence.
Yes central-managing by Marxist governments always ends in a mess with giant shortages, and skyrocketing prices and homelessness. Though both the municipalities and the Province are responsible for obstructing housing, overburdening the building market with excessive regulations and permitting and zoning havoc ending up with costs of 400 a sf to build now. Now the Province piles on with a ton of new landlord expenses and risk, which will create skyrocketing rents and worsening shortages.. nuts. And quietly in the background the Province brought in new handicppaed-access requirements for all new homes: this will add $50,000 to the price of condos and houses which will add about $300 a month higher rent or mortgage on all new units. Yes every household will be paying $300 a month more just for the handicapped access which 99% do not need.
I'd never heard of that in the 80s, will have to research it. Thanks for sharing
This Is called government group corruption. Can you imagine people working in private section has almost no salary increase, however, government employees Can get salary increase to match the inflation increase.
I'm a landlord with two rental houses in BC. I don't think the four months notice for eviction would be much of a factor currently in the single family home market as listings are so scarce that buyers and their bankers will find a way to make it work with the extended timeline if the property meets their needs and budget. However, if the condo market gets glutted and there are a lot of listings there, then it could definitely be a factor working against the owner of a tenanted unit depending on the buyers timeline.
And yeah, the minimal increases over the last three years are a bit of a joke when there's been 20% inflation over that time period. The two percent last year was basically lunch money in todays price environment and that's if I pass on dessert.
Yes the increase limits have been bad for many people. Most landlords have tight margins if not are losing money. This is an interesting article on Toronto, but same is happening in Vancouver. www.theglobeandmail.com/business/article-just-over-80-of-new-condo-investors-in-toronto-are-losing-money-on/#:~:text=More%20than%2080%20per%20cent,new%20report%20issued%20on%20Thursday.
@@dreamingof777 I put a new roof on one house last year and the price was $2000 more than I was quoted pre-covid so yes, inflation does affect what repairs are costing. Another example, my municipal property taxes have gone up over $600 on each house over the same time period due to price appreciation and the allowable rental increases over that time barely cover just that, never mind everything else.
Also, are you still making higher wages then you were pre-covid? If yes, then why shouldn't I? I need to live off what's left over of the rent money after my monthly expenses and literally everything I need to live is more expensive now.
Brilliant content hindered by background music
Thanks for the feedback
Also Agenda 2030...you will own nothing..and be happy😊
Ya it's annoying. Should be illegal on TH-cam. Same with long ass intros.
Great video!! And with our new Capital Gains Tax rate, landlords get even less profit.
Rents are way too high in BC , the only way having a investment property that makes profit is if house prices go way down...
So, I am a renter. I rent a one-bedroom suite in Langley. I have a full-time job but have not seen a raise in 3 years. We've had high inflation and the rent caps are my only saving grace when it comes to being able to afford s place to live.
Get a room mate. The current government in power wants things to be this high priced to force people to double up, or work two full time jobs to account for the monthly expenses. there's always BC housing but that's full up for years. Try to see if the competition pays a little more in your work sector. I'm sorry you're struggling, you didn't sign up for that.
I'm sorry to hear you haven't seen a raise in 3 years. Do you have alternate options in a similar field to make more income, or ask for more in wages?
You are 100% correct! Housing has become a human right in Canada, so if everyone was housed, there wouldn't be much of a market. This means real estate is no longer a good investment for lucrative returns. Public housing is the inevitable outcome.
If this is anything like Toronto I can expect and absolute stand still of real estate investing for renting. Existing landlords can expect to be extorted like many tenants are now doing in Toronto to home owners, cannot even sell their homes because the tenant has more rights than the owner of the property. All I can say is that going forward if this trend continues the homeless will rise exponentially as homeowner will stop renting and sell their property and leaving the province or relocating to another province where such rules are not as rediclas.
I heard Toronto right now is even worse. Thanks for commenting
Those are exactly the reasons why I live in Alberta and invest in real estate locally.
Just wait till housing prices hard correct due to forced selling. People pulling out equity and hoping to refinance at lower rates are going to get a reality check. Jobless rates about to climb along with interest rate spikes possibly as our $ continues to devalue (true meaning of inflation). I sold in 2022 during the peak. The bubble has been slowly deflating, but things seem like they're on the verge of a swift downturn with inventory piling up and sales being way down. Even with rate cuts, people can't afford homes at these ridiculous prices. My thoughts anyhow... As far as rental properties, I've got my eye on Alberta markets. Way more favorable prices and policies for owners.
Yes Alberta has much better rules and fairness for both parties
Hard and fast, single family homes should not be used as rentals, and the fact that they are is reason enough for the government to take action.
It is however worth saying that we need to change the rules and make it easier for home owners to use added density units to create new rental housing, and we need to find good ways to incentivize that.
We also need to look at how to fund things like investments housing co-ops to create viable alternatives for those without significant capital to get housed.
I thought the old system was already broken and ridiculously unfair. It took me five months to evict a tenant not paying rent and trashing the place. Went through the entire process with RTB. The journey only begins after getting a writ of possession and money order from RTB. Good luck enforcing that through the court system. More cost on the part of the landlord and good luck serving your court notice if the person left and you can't find him or her. So whatever you've got from RTB is essentially useless.
I think its three months now, starting mid August for tenanted property being sold.
You’re right, they just changed it yesterday. Better, but still very problematic. Thanks for commenting!
I just checked the government website and they have it as four months for a property being sold and the new owners want occupancy for themselves or an immediate family member. It doesn't say anything about if the new buyers want to rent it to new tenants so I'd assume that could be disputed by the current tenants.
@@greganderson4547 they just announced it is changing to 3 months for a sale - but does not take effect until late August I believe. So if you want to sell a home as vacant right now you still need to give 4 months notice. Albeit the notice is set at the beginning of the month, so right now to give the notice today the 4 months begins September 1st, meaning the tenants could choose to stay until December 31! But if you wait until say Aug 28 to give notice then the tenants have to be out on or before Nov 30th.
@@greganderson4547 Yes a new buyer can't just put new tenants in if they request the original tenants to vacate
Thanks for your video.
I agree that the rules aren’t fair for landlords. not being able to evict a problematic tenant would be a nightmare.
But ultimately until the government fixes the lack of supply of homes in this province it would be better if people did not buy second and third etc properties.
There’s simply not enough supply to go around; this has made for a very toxic housing / rental market.
It's challenging for both parties for sure
Rents will continue to go up as shortages of rental units continue.
Property values may or may not go down which will also help close the profitability gap.
Unaffordability isn't the issue. Landlords don't need the poorest person in the city to afford their rental unit. They only need ONE person who can afford it, and is happy with the rental product.
Yup
I bet you anything, that if AirBNB and rooms for rent disappeared overnight, a ton more home owners would actually want to rent as the demand for it would significantly favor the odds of the property owner again.
And if this happened, rent would actually go down, making affordability available for every working person in the country pretty much. Even in more expensive areas, typically Vancouver and Victoria.
The over bloated anybody can be a hotel on demand industry has crippled land lords. Because it didn't just pave the way for prices to go up for a few, but also made governments respond negatively. Favoring homeless and couch surfers more so as the lowest possible denominator of social voter class, as opposed to the majority of people being full time employed on a single job.
Part time work, partial budget offerings and short term begging culture has done more to harm our society, than any other epidemic we've lived through. Solve that, and you start to see things magically return to normal. Where Taxi drivers got more money for their profession. Bus drivers saw less nastiness. And commuters faced less traffic congestion because city planners would do more with local tax money.
Currently selling all my rentals for these exact reasons, rates rolled over and rising costs = not worth it.
Profits are just not there anymore. Let us know if you need help!
Thank you Darin. This is very well done and to the point. All true and very concerning for sure. I think that the rental pool in Canada is about to shrink significantly as landlords diverting thier investments to other asset class (commercial , retail and so on ) or taking thier money to invest down south in the US. that in turn will push rental prices up. Tenants needs protection for sure , but so do landlords. The policies that are ignoring this will absolutely backfire on us the the potential damage is huge. Interestingly enough, the economists up their know that. I personally had some interesting conversations with some out our top economist nation wide and they all agree and consulting our decision makers to that extent . But they seem to ignore this advice in search for the best election campaign tagline. That for itself a bad choice as it is my understanding that the demographic of renters tends to be less involved in the democratic process.
Thanks for your great comments and watching!
5:30 takeaway: "let's not misunderstand, 3.5% is a T O N of money" (now you understand, get it? a TON)
If the NDP doesn't want the non-corporate rental market to crater, they need to bring in a rental insurance scheme that will pay for damage and unpaid rent. Tenants would pay into the plan like ICBC, and if they cause a claim their premiums go way up. If they have a successful tenancy their rates go down. If landlords were 100% protected they would be more willing to take a chance on renting even with the other ridiculous restrictions.
that is brilliant - so ... surely will never happen.
What a brilliant comment. I love this. I have a new video coming out I'd love you to watch about this. Coming soon...
Most peoples wages are not keeping up to inflation. As a long term tenant my current annual rent increase equals the increase in my wages each year. The current system seems fine to me until I have to move which I cannot afford to move ever. For someone getting close to retirement the current rents are too high.
Yes, both rents and house prices are both super high. I hope your rent continues to stay manageable, thanks for commenting.
You might need to get a room mate. See if there's more competition in your work sector that can pay a bit extra.
Policy can change when new government comes . We should vote out David NDP and pick
Conservative , Abnb policy will be removed restriction right away .
I used to rent my basement out, I stopped that in 2008 after a series of nightmare tenants. I took my debts on without that headache, I'd never rent again.
I always wanted to do that ,but every one I know that did that was never happy with the tenants
Yes it is nicer to not have others living in your home if possible for sure
Todays interest rates and housing prices will destroy the rental industry in canada
Yeah its crazy how easily a renter can abuse a lanlord. I had a cousin who was pretty bad for not moving until after a couple of months without paying.
So the new strategy is to evict someone to move yourself in. Once you've done that you can reno and sell for full market value.
Are you saying that i cant raise the rent by 4% for the year or whatever the B.C limit is for 2024?
2024 rental increase limit is 3.5%
That was not the rule change. The rule change was that IF you had a fixed term tenancy, the renter would have to move out unless the landlord let it default too a month-to-month tenancy with no renegotiation. They didn't need cause to get rid of that tenant if they moved out, but they couldn't pretend a continuous tenancy was multiple one year tenancies, thus circumventing the rent increase caps
Oh, and in the market, rents NEVER go down.
We have a friend that bought he paid 2 percent more when rates went up because of this payments were 400 more because the rate hold expired . Never buy a rented home big mistake
Oh wow. Yes that is a huge detriment to the new 3 month waiting period recently introduced. There will be more stories like this coming forward.
Yep 100% agree... NDP now makes land lords responsible for life to take care of the occupant if they decide not to pay..plus you must keep lights and gas cable
My landlord raised it 53.5% last year
Two questions.
1. Can sellers still issue the "good faith" owner occupy notice on behalf of the buyer?
2. Isn't there a 90 day possession requirement on insured mortgages?
With the changes so new I worry what details available online are out of date or superceded.
Good questions. Yes to #1 and #2 is not entirely true. Here is a good article explaining it in more detail. Cheers! financialpost.com/globe-newswire/bc-real-estate-association-and-canadian-mortgage-brokers-association-bc-identify-significant-issues-with-changes-to-residential-tenancy-act
The silver lining at the end of the tunnel is that you own the property and you didnt have to pay anything for it. The property has appreciated in value and any rent you collect after it is paid of is gravy. How much more do they need.
You don't understand real estate investing. Neither does Eby , that's why the market will crumble under Eby's Tennant virtue signaling, socialist policies.
It is near to impossible to evict a tenant for cause in BC. You have to prove the cause and unless you video or take pictures of tenants 24/7 (which is also illegal), you will not be able to prove the cause. Arbitrators at RTB are also incompetent, don't know what they are doing, have no legal training and must follow their policy guidelines (that the public do not know about) that favours the tenant, hands down. Tenants know that the laws work in their favour and will apply because they have nothing to lose. They could possibly get a full year of rental fees just by applying to the RTB and getting the "right" arbitrator.
Yup
I would say that if you are holding a number of houses in almost any market you should be considering selling. There is little t, no market for houses and there is a dearth of unsold properties… and the economy is poised to go in the dumpster in fairly short term. Next spring if you hold through the winter thinking the market will be on an upturn.. you may be very disappointed and find yourself stuck in a downward spiral. And it could go on for a long time, until economies come around to the new reality.
Do you feel prices will come down next sping?
Rental properties are extremely expensive and hard to find. On the average renters are paying 1000 dollars per bedroom..very difficult for families...3 bedrooms are going for 3000.00 and up ...who owes a mortgage that high? Please enlighten me.
Anyone that bought a property in the last few years. Plus property taxes, strata fees, utilities, etc. Stay tuned for a video breaking this down coming out later in Nov
If i may, if more people got out of being landlords, that means there will be more housing stock available for those renters to actually buy. Which is a good thing.
True, if they can qualify to buy it
You could technically use this to your advantage as an owner and put your property up on AirBNB in that case.
You didn't mention the new captial gains tax and the effects on the landlord selling their home.
Good point. I believe it only effects profits over $250,000 for personal taxes
Landlords have to give 4 months notice now to have tenants vacate property. Just saved you 16 mins of your life
Could you have a fixed term tenancy for 3 to 5 years with escalation clause yearly
short answer: no, unless there's circumstances like justifiable expenses on repairs and maintenance -- e.g. say building elevators are due for replacement -- but then it's a special case for RTB to authorize any rent increase that's outside the annual limit the province sets. They don't call it "rent control" in vain!
And in many cases you have empty home tax? So you can get stuck with one or the other? It's coming closer to saying " YOU OWN NOTHING AND HAPPY ABOUT IT "
Fixed term tenancy need to be reinstated immediately
Agreed.
I expect the government to link the rent increase to the unit within a couple of years.
me too
So hey there tenants, if you keep voting for the NDP, you better invest in a nice tent, because that is where you will be living. Here's why. More and more people moving here and less and less rentals because no one wants to be a landlord equals sleep in the street. No one in their right mind should want to be a landlord in BC now. It's no surprise that people do not want to rent out their basement suite or other accomodations which fall under the jusrisdiction of the BC Residential Tenancy Act. There will be less and less rentals available because of these totally unfair new laws that take away a property owners rights and people who have spaces to rent out will if at all possible not rent them out anymore. Get rid of the NDP!!!
You hit the nail on the head. It will destroy the system
I bought a 1-bedroom condo in May 2024, and live in it, but was thinking of renting it out in a year, but now I'm thinking no. I really wish I did not buy, and just kept renting.
At least you didn’t pay $100,000 over asking price
It will pay off in the long run, its good you bought.
I remember the day when landlords could double and even triple without any repercussions at all. It was tilted completely towards landlords, and tenants were screwed. I have always agreed that there should be some protection for both parties, but to swing it completely towards tenants is unfair as well. Rent captured at least equal the reality of the markets.
I actually haven’t ever seen that and rented the first half of my working life!
Its been since changed to 3 days notice
It’s absolutely NOT worth the massive headaches!
Watched this and although you say you are not basically disrespecting tenants you are, I rent with my family the house is a good but never worth $5500 a month, in the two years I lived here the landlord has increased the rent to the max he can and has done zero maintenance the furnace has never been serviced, gutters overflow unless I climb up there to clear them, I've replaced a lot of broken stuff in the house cause I don't want to live in a load of crap, landlords or at least some should feel prevelaged that they can own multiple homes. If the human race wasn't so greedy everybody would have the opportunity to buy a home but that's another story.
The tenancy laws are always changing due to landlords abusing their power over tenants. Fixed terms where eliminated due to landlords using it as a tool to increase the rent above the allowable rental rate. Rents go up and down and right now and for most of 2024 rents have been on a sharp decline in the lower mainland of BC due to over supply of product. The fourth months notice was changed to three months for purchasers and the four months is now only if the owner is re- occupying the unit. It is hard to please both sides of any equation all the time, and the government will protect the party with less power in a transaction, which is always the tenant. It sounds like you are searching for listings not giving accurate information about the rental market. When the laws are followed the rental laws are fair to both parties.
You can make it cash flow positive by making many bunk beds and renting a bed in a dorm style setting to many international students. You have to learn how Asians and East Indians can make property cashflow positive whereas normal Canadian way of renting one person to a room doesnt work.
Who knew bunk beds could be the secret to financial success? Maybe I should start a "How to Become a Bunk Bed Baron" series!
The government of B.C. just keeps making it worse for renters. By penalizing landlords and creating disincentives to them will lead to less rentals. But of course the NDP relies on low info voters to get re-elected. The gaslighting by the NDP is only second to the federal Liberals. No matter what side your on you have to recognize that disincentives lead to less of a product. Simple economics.
You hit it on the head
the problem is that voters vote for doing what they're used to. And so very few vote for what change could be done.
Well spoken
Thanks Jesse
So … government housing with heavy government regulations would be better ?? Because this is promoting this.
Landlords need to HODL.
It’s always better to own.
Clouds have a silver lining. The end of a rainbow has a pot of gold, not a silver lining. 😊
Haha, thank you. Talking live on camera... Doesn't always work out perfectly!
Buy high sell low types. No its time to buy the dip
A good strategy
😂2030 agenda BlackRock
There are many much more ethical ways to invest. Profiting from homeless seniors is not a great look.
Who builds and pays for the homes that people need to rent in that case?
Don't worry Landlords most renters cant afford the rents. So your property will be or stay vacant as we move out of BC
Do you think rents will improve?
@GermynGroup
You're simple question brought a tear to my heart. One can only pray for countless people caught in this dilemma. Let's hope so.
Cash for key babe 😂🎉❤
Why bother paying rent. Most people think that shelter is a human right and know that the NDP will protect squatter rights over property owner rights lol.
We need less sleazy landlords and their 2 months notice loophole..thank God they raised it to 4 month notice. I was paying $1300 for a two bedroom 3 years ago and got served a two month notice..lucky i found a place for 1870 for a 2 bedroom. Screw landlords..not all of them though..my current landlord is amazing..my last one was shiyte
Study Bitcoin and you’ll realize you’ll never want to be a landlord ever again.
8:13 diversity clips!
to many words to tell nothing
Just read the video title then :)
without rentals MANY people would not be able to afford to buy... MANY landlords to not have the temperment or intelligence to be a landlord... that being said MANY people make a lot of money by renting and to tell everyone to sell alll of thier rental properties because of a few minor changes is kind of dumb.
Landlords are exiting the market in huge numbers due to this
Nothing is selling 🤣, hopefully, some poor family that always pays their rent doesn't have a landlord that listens to you . Just my road has 9 houses for sale . Good luck cashing in on that artificial value . Raw land everywhere but vancouver.
House prices have gone up year over year, just a slower summer market, haven't seen one in years
@GermynGroup interest rates are making to many families struggle to pay there mortgages and are trying to sell and landlords are pulling out of the rental market due to new rental rules
The housing bubble is coming to an end. Yeah! Then maybe I can stop being a tenant. You know me, the jerk that has been financing your soaring real estate profits. And hey, maybe those 6% commissions can be brought down to within reason. The price of everything has gone up, except my wages. I have to work harder and longer to afford anything, from transportation to food. And you are whining that the poor (literally) tenant get an extra 30 days notice to vacate. Do something else if you don't like strong consumer rights.
That is a very common and very unhelpful narrative. I believe that there is no bubble. It's not coming to an end. And the longer people wait , the worst they we be. Consumer protection is important, but vilifying the people that are putting thier own money to create so much needed rental supply is not the way to go. It will hurt renters in the future even more. The whole formula needs to change.
I too am a tenant and I disagree with you.
This system we're all trapped in, is by design trying to push you away from the people who don't want this type of compression placed upon our right to grow and expand as anybody. Land owners or not.
Don't give the government in power the satisfaction of forcing to turn to their worse in house solution out sourced and contracted to foreigners to manage to fix this. That's their plan. And they do this so they can in turn, get the family members of these foreigners to come here, claim citizenship, get everything handed to them on a silver plate. And force you out of a job even more, with double the effect than the last year in office they had already ruined for us.
We're all neighbors, separated by distance only. No job, no pay check and no house can take that away from us. We're Canadians first, and we always will be. that grants us immunity from things like bad policies, because we're not intentionally breaking the bank, if we can afford to be respected as Canadian citizens by our own government.
The fact that we can't, proves that we have to work two jobs, get a room mate, have over time pay, and hope wages aren't clawed back because the scammers holding our land over our heads, is trying to make a quick and dirty sale to their friends. Not on my watch. And I'm so sorry you're struggling at their expense. It's not us doing it. It wouldn't be us wanting to enjoy doing it, if we had a say. Because our very own ancestors, wouldn't have fought for that so we could have a country today.
Dude, pluck out your nose hair
thats the best you have to offer to this discussion?
@@mannytreivish8547 it’s just yuck
Just a bit of Little feedback.
Is this an Interesting topic…?
Sure it is.
But…
Your continuously panning in and out makes your video (‘s) impossible to watch.