Ira, you are a great speaker and your subject matter is always spot on! I totally understand why people don't want to be a landlord to long term tenants. I have been fortunate with great tenants for many years now, but I can share horror stories of days gone by. In my opinion, the government has overreached how an individual choses to manage their property. Some people don't want long term tenants and some people don't want short term tenants, for their own reasons. I think we should invest in high end art. Although I don't have any high end art, at least the government can't tell me where I could or should display it. Keep up the great work Ira! Corrie
Thank you. I have great tenants as well and have been fortunate, and most tenants are great but the risk of a bad one is scary to a of property owners.
No kidding, it's ridiculous. You pay property taxes that are close to house property taxes + strata fees and now the cost of "existing" in that dwelling is 3x the amount.
Same in Vancouver, Lots of overpriced inventory, few of them are even staged! Many of the investors are going to lose money but they are not willing to price them fairly and move on!
What is really broken is the blind bidding process. Stressful, unfair, and often driving up the whole market, as these panic bids become the next "comparable" for new listings. Auctions are ideal for multiple offers. The seller and buyer know that other buyers were setting the price.
You can blame real estate boards for that. If it were like Australia, which is auction type, then it might be more fair than it currently is. Collusion is illegal and happens here all the time.
Prices went high, fast, partly because too many people in our communities wanted it that way….they wanted to profit off their neighbours. Some of my friends did well and now own multiple dwellings. Well, they currently co-own with the bank I guess. They were not the cash buyers that also flood Victoria. Some friends are hanging on by a shoe string in grotty, old, small but affordable rental units. Three of them work in health care. So, side note…..If you want good health care, as an example, for your beloved in the dementia unit, you also need your workers caring for that loved one to be securely housed. As many of those care aid jobs don’t pay all that well.
People are sick of this government ...pure an simple. A lot of people are leaving Canada. Trudeau planning to tax people on the equity in your home as well as the regular property tax is very concerning to many people I know.
Could the extreme cost of groceries, high fuel costs, and ever increasing taxes have anything to do with a decline in real estate ? P.S. that was a rhetorical question ;) ;)
If BC keeps voting NDP this is what we'll get an economy in free fall, until there is a major change across the country and in BC things will only get worse, pls change your bus BC'ers
Hi Ira, good points as always, how is the multiplex contractors coming along in Victoria? My elder neighbor thinking to sell their longterm home and I want to know if O can sell part of my backyard land which is adjacent to her yard.
i have an empty condo right now. not going to sell... just going to leave it for family when they visit. i would LOVE to rent it but the BC NDP have made that a HORRIBLE idea with all of their regulations and taxes.
@@thebigpicture2032 partially... i don't think the potential income is worth the risk when a tenant can get away with trashing my place, and not pay rent for months. now, if i do decide to sell, i can't even get them out for 4+ months. it's not worth it. this SHOULD be a simple transaction. Pay for something, receive it. In NO OTHER type of commerce, can someone steal from a merchant, with no consequences. The BC NDP are enabling thieves to run wild.
@@roseoverdose6451 I’m in BC and haven’t had any issues with renters but references and I’m a good judge of character which helps. If anything, I feel guilty about how much they’re paying so I save 8.5% of their rent and don’t charge for December.
@@thebigpicture2032 Well, I also own a duplex, and a fourplex in BC. I do background checks, credit scores... references, everything. I also charge below market rent and get gifts for Christmas. I allow pets, and I do my best to make a nice place to live. Most recently, a tenant put dozens of nails through the brand new waterproofing on her deck to keep her dog in. The deck was on the second floor and her innocent mistake not only ruined the deck, but also water damaged the unit below. We both had insurance but neither covered the enormous expense of repairs. These things happen all the time. At the very least, I should be able to kick out a tenant who missed a months rent.
In Canada, everything revolves around supply and demand, with mortgage rates being the easiest way to control these factors. My clients and followers are well aware of this. Partnering with a knowledgeable Realtor who understands the dynamics of supply and demand in Ontario's real estate market is crucial for success. The global downturn following Putin's invasion of Ukraine illustrates the importance of understanding geopolitical economics and their impact on inflation, stagflation, and market fluctuations. If your real estate professional lacks this insight, you've chosen the wrong advisor. Ensure you work with true professionals; the best aren't the ones advertising on buses, billboards, and benches. THINK OUTSIDE THE BOX. PS: Keep up the good work! Good content as always💪
This has the opposite effect that was needed. I read comments everywhere that landlords are getting out because conditions are simply untenable. I dropped out of the business 20 years ago for similar reasons. There will be fewer rentals available now even though there are more empty properties. I have a rentable suite here in my home which is empty and will stay empty before I will let the government dictate what I can do with it. Sorry homeless folks, but this is what your socialist government produces for you. Increased homeless victims, increased vacant properties, decrease in property values, and suffering both for the homeless and the home owners (no longer landlords).
Hi Ira, good points as always, how is the multiplex contractors coming along in Victoria? My elder neighbor thinking to sell their longterm home and I want to know if O can sell part of my backyard land which is adjacent to her yard.
Who would have guessed money laundering would have had this kind of impact
pretty much zero impact actually. Interest rates, however ...
@@planesandbikes7353 zero? You definitely don't understand finance
Ira, you are a great speaker and your subject matter is always spot on! I totally understand why people don't want to be a landlord to long term tenants. I have been fortunate with great tenants for many years now, but I can share horror stories of days gone by. In my opinion, the government has overreached how an individual choses to manage their property. Some people don't want long term tenants and some people don't want short term tenants, for their own reasons. I think we should invest in high end art. Although I don't have any high end art, at least the government can't tell me where I could or should display it. Keep up the great work Ira! Corrie
Thank you. I have great tenants as well and have been fortunate, and most tenants are great but the risk of a bad one is scary to a of property owners.
Same in Toronto. Many empty condominiums owned by investors that cannot sell.
The high HOA fees are also killing the condo market.
No kidding, it's ridiculous. You pay property taxes that are close to house property taxes + strata fees and now the cost of "existing" in that dwelling is 3x the amount.
The sellers are in the denial phase of the cycle
Which turns in to the "OH GOD I HAVE TO SELL MY HOUSE BEFORE THE NEIGHBOR SELLS HIS" phase.
Same in Vancouver, Lots of overpriced inventory, few of them are even staged! Many of the investors are going to lose money but they are not willing to price them fairly and move on!
Seems to be a trend Canada wide. Toronto also has record inventory levels. How long can investors keep them vacant though? Something has to give.
Love the content Ira, reach out if you ever need a solid, non alarmist home inspector. I’ve been doing more pre listing inspections than ever lately.
I don’t understand how we can allow the government to tell us what to do with our properties. It’s criminal. 😢
What is really broken is the blind bidding process. Stressful, unfair, and often driving up the whole market, as these panic bids become the next "comparable" for new listings. Auctions are ideal for multiple offers. The seller and buyer know that other buyers were setting the price.
You can blame real estate boards for that. If it were like Australia, which is auction type, then it might be more fair than it currently is. Collusion is illegal and happens here all the time.
"Overpriced or just plain awful" exactly the same as the Vancouver area. Nothing is selling.
Prices went high, fast, partly because too many people in our communities wanted it that way….they wanted to profit off their neighbours. Some of my friends did well and now own multiple dwellings. Well, they currently co-own with the bank I guess. They were not the cash buyers that also flood Victoria. Some friends are hanging on by a shoe string in grotty, old, small but affordable rental units. Three of them work in health care. So, side note…..If you want good health care, as an example, for your beloved in the dementia unit, you also need your workers caring for that loved one to be securely housed. As many of those care aid jobs don’t pay all that well.
People are sick of this government ...pure an simple. A lot of people are leaving Canada. Trudeau planning to tax people on the equity in your home as well as the regular property tax is very concerning to many people I know.
Could the extreme cost of groceries, high fuel costs, and ever increasing taxes have anything to do with a decline in real estate ? P.S. that was a rhetorical question ;) ;)
Trust the govt to make things worse ,
Interesting there is a lot of inventory in a market looking for housing - especially affordable. What’s up??
Yes, it's a real contradiction. The property ladder is also being pulled up on first time buyers and the dream of an SFD is further and further.
If BC keeps voting NDP this is what we'll get an economy in free fall, until there is a major change across the country and in BC things will only get worse, pls change your bus BC'ers
You wanna add a bit of substance to your comment, or do you just prefer partisan platitudes?
It's all over priced.
Wow the lesson is buy only empty places so you don't wait half an year or more for tenant to move out.
Really like what you are doing Ira. I appreciate the info
More inventory, but real families can't afford to buy homes at the current interest rates.
Hi Ira, good points as always, how is the multiplex contractors coming along in Victoria? My elder neighbor thinking to sell their longterm home and I want to know if O can sell part of my backyard land which is adjacent to her yard.
i have an empty condo right now. not going to sell... just going to leave it for family when they visit. i would LOVE to rent it but the BC NDP have made that a HORRIBLE idea with all of their regulations and taxes.
So you’re not renting because you don’t want to pay tax on income?
@@thebigpicture2032 partially... i don't think the potential income is worth the risk when a tenant can get away with trashing my place, and not pay rent for months. now, if i do decide to sell, i can't even get them out for 4+ months. it's not worth it. this SHOULD be a simple transaction. Pay for something, receive it. In NO OTHER type of commerce, can someone steal from a merchant, with no consequences. The BC NDP are enabling thieves to run wild.
@@roseoverdose6451 I’m in BC and haven’t had any issues with renters but references and I’m a good judge of character which helps. If anything, I feel guilty about how much they’re paying so I save 8.5% of their rent and don’t charge for December.
@@thebigpicture2032 Well, I also own a duplex, and a fourplex in BC. I do background checks, credit scores... references, everything. I also charge below market rent and get gifts for Christmas. I allow pets, and I do my best to make a nice place to live. Most recently, a tenant put dozens of nails through the brand new waterproofing on her deck to keep her dog in. The deck was on the second floor and her innocent mistake not only ruined the deck, but also water damaged the unit below. We both had insurance but neither covered the enormous expense of repairs. These things happen all the time. At the very least, I should be able to kick out a tenant who missed a months rent.
That’ll show them!
it has to broken with the absurd manipulated market
In Canada, everything revolves around supply and demand, with mortgage rates being the easiest way to control these factors. My clients and followers are well aware of this. Partnering with a knowledgeable Realtor who understands the dynamics of supply and demand in Ontario's real estate market is crucial for success. The global downturn following Putin's invasion of Ukraine illustrates the importance of understanding geopolitical economics and their impact on inflation, stagflation, and market fluctuations. If your real estate professional lacks this insight, you've chosen the wrong advisor. Ensure you work with true professionals; the best aren't the ones advertising on buses, billboards, and benches. THINK OUTSIDE THE BOX.
PS: Keep up the good work! Good content as always💪
This has the opposite effect that was needed. I read comments everywhere that landlords are getting out because conditions are simply untenable. I dropped out of the business 20 years ago for similar reasons. There will be fewer rentals available now even though there are more empty properties. I have a rentable suite here in my home which is empty and will stay empty before I will let the government dictate what I can do with it. Sorry homeless folks, but this is what your socialist government produces for you. Increased homeless victims, increased vacant properties, decrease in property values, and suffering both for the homeless and the home owners (no longer landlords).
Ya, 4 months notice.
A year too late for me!!
😂😅
Good program I liked it
yo man. think you forgot to update the daily game
Shitty overpriced house is finished.
the only reason is too many demand with limited supply.
Victoria is a giant hotel.
Boring speaker, stop reading!
1980's coming again?
Hi Ira, good points as always, how is the multiplex contractors coming along in Victoria? My elder neighbor thinking to sell their longterm home and I want to know if O can sell part of my backyard land which is adjacent to her yard.