The death of private rentals in BC (tenants and landlords BOTH LOSE)

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I can only raise rent by 1% but the city raises my property taxes by 15%

Invested in rentals in the past ten year. Sold them all and happy to be out of the rental market.

Five reasons NOT to buy a rental property 1. Negative cash flow - The rent does not cover the bills. Mortgage interest rates are higher for rental properties, and can go even higher, property taxes, strata fees, insurance, cost of repairs, legal fees, etc. go up, but the rent can't be increased more than the amount decided by the RTB. - Landlords must have savings to cover the bills in case the property is vacant, tenants miss payments, and in case of litigations. - The timing is not always right when buying and selling. The realtors fees are hefty, tenants might not accommodate realtors to show the property to potential buyers, and the buyer must honor the existing rental agreement and cannot increase the rent to the rental market. 2. Unfair Tax policies - According to CRA, the rental property is not considered an active business but an investment. Therefore, landlords cannot claim their labor needed to manage the tenants and the property (most of Property Management Companies won't do the job, it's not their property after all). - The mortgage interest payments can be claimed only. That puts the rental property in a "profit" status, when in fact, the property is losing money. Yet, landlords have to pay taxes on that "profit". - Landlords must pay taxes on the capital gains when selling the rental property. 3. High maintenance. Most tenants will not look after your property as if it were their own. Repairs are expensive and it's not easy to find the right vendors. 4. No Control over your own property Tenants can move out whenever they want, all they have to do is give one month notice, no question asked. Landlords cannot give tenants one month notice to move out. Landlords can give 4 month notice to tenants, and one month free rent only if landlords move in themselves. Landlords still pay their bills for the month that the tenants stay for free. Double standard, isn't it? 5. Uncertainty. The lender can take the property away if property's value drops below the amount owed. This is a very rare scenario but it can happen and it has happened.

Looks like Blackrock's plan is coalescing rather nicely ...

The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people—at least in California, where I currently reside—are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!

For some Canadians the canadian dream has been reduced to living in a van.

say good bye to real estate investing.

The BC gov is just a mess with these new rules. Also the FEDS are even worse, lots of hype about affordable housing but if you actually try to launch a project you will note that the financing and tax rules are not designed to actually get projects off the ground.

There should be different rules for corporate landlords that private ones. Corporatioms treat people.like a number own.multiple units and are all about the profit. I turned my house into two reasonably priced rentals because i felt my foot print for one person was excessive. Since then before any investments would be paid off I ve been endlessly abused by the tenants breaking their leases and not being at all serious not being who they say they are and giving a shit about the Place. I AM SO DONE. I can't get punitive damages from people who break their leases but would get secerely punished if I did not follow the rules. Our leaders are utterly brainless. Literally making people homeless.

Any measure by the BC Government is doomed to fail now that tenants enjoy severely-limited rent increases for a limitless number of years. Adding to this factor is the lack of protection of property owners from aggressive tenants demanding months or years’ worth of rent as compensation for moving out. Lots of rental property owners are selling because buying rental properties and renting them out is no longer economically sustainable in the longer run. I repeat: the housing crisis is going to get much worse with the BC Government’s inept tenancy policies

It is extremely annoying to try to hear what you are saying over that dreadful music/noise in the background... why do this?...

Background music is too loud, it's hard to hear you or concentrate in your message.

I thought I was being considerate when I gave my tenant 3 months notice that I was taking back my suite. Instead of appreciating extra time to look around, and a month's free rent (which is mandatory in the rtb rules) - she just stopped paying for everything right then - and then, refused to leave at the end date of the 3 months. So, perhaps landlords need to factor in an increase in rent to make up for the possibility of losing those last four months of payments as well. I have a lovely little apartment that I could be renting out, but I will never, rent it again. These rules weigh so heavily in favour of the tenant that it's just not worth it for a small time person like me.

My MLA sends me an email bragging about what she is doing to screw landlords in BC. I expect a lot more in the coming months.

We spent extra on a new home to get a suite for retirement income. Eight months in, and having serious buyers regret. The renter we had was actively causing problems. Now we are without that income for twelve months. Tenants have more rights than the owner. Isn't this the government? They create a problem, and when they make a fix that makes the problem worse.  I was a tenant for many years. I totally agree with you. These new rules will make it much worse for both landlords and tenants. The person who benefits, is the woman looking for votes of idiots... (and as Mark Twain points out) "Ain't that a majority in any town." The solution has to be to increase supply, and this will only ever decrease supply.

A large part of the problem is as a homeowner you factor in the rental income of the suite when it comes to mortgage payments. If you can't effectively afford the property mortgage says renter, you shouldn't purchase the home. Rental income should be deemed merely supplemental.

With the tax on secondary homes a lot of people will stay out of that investment , I am, plus tenants can really screw with landlords so a big no.

By giving more time to tenant to vacate rental property in 4 months, tenants will not care for the property and probably have more damages done to property in 4 months as they won't care for it anymore as tenants are leaving. I am a landlord and landlord should acquire their property in 60 days or less if they need it for whatever reasons. 👍

The “clever people “ of BC see themselves as good little socialists. They voted for this and definitely will do so again. Why complain when you get exactly what you want?