Quote:
Originally Posted by Migrant_Coconut
If you mean a landlord overseas renting out legally, that's a highly unconventional setup (are there any examples you know of?) but no problem so long as they're paying taxes. The intended targets are Airbnbs (scams, tax evasion, detriments to Vancouver's hotel industry) and empty units (used as shares or tax exemptions rather than homes).
Rents can be increased by 2% a year - or if the NDP changes it, at the pace of inflation with an option to dispute. Landlords are perfectly capable of increasing rents.
I can sympathize with those who're genuinely struggling to make ends meet at those rates, but what's happening just as often is that tenants are being kicked out for no other reason than greed. Want more for the unit, just turn a simple plumbing job or repainting into an eviction, put it back on the market for another $700-1,000/month. That's not right either. |
Your confusing want more with wanting market rates. It’s not like you can jack up a market rental 700-1000 and someone else will come. What happens is you have units where the owner never bothered to raise rent or forgot and suddenly the rent is a lot less than market and the tenant is getting a great deal. How do you raise the rent once this situation happens? Under the old system you could at least raise it slowly but now your forced to rennovict. Right now in vancouver rents are way under what the cost of housing is, you should be getting around 6-7% return because you have to pay maintenance management etc and you need to make as more interest than the bank. Instead people are getting 2-3% which is awful. Owners are already suffering at market rates and were saying this is too high you should take a bigger loss. People forget that owners pay 300-500 towards the strata each month plus rental management plus paying for the damage/screwups of the tenant. It adds up so profit margins are low or non existent. Before people would buy rentals because the housing market goes up to repay it but now the markets going down and rent just doesn’t make sense.