Vancouver Condo Real Estate Video Blog #547 - May 12, 2010
Implementing Rental Restrictions on Vancouver Condos
Ian Watt video blogs about how Implementing Rental Restrictions Are Almost Impossible to Impose on Vancouver Condos as there are so many investor owned suites. Also all owners are running the risk of reducing the value of their investment by cutting out 30% of investors. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to firstname.lastname@example.org and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.
Ian Watt: Hi Good Afternoon, it's Ian Watt in Downtown
Vancouver. In the underground haven't start on my day yet but I just
wanted to talk about rental caps. There are lot of buildings that have
propo at their
AGM's or the SGM's proposed rental caps and they want to cap it at 25 or 35 percent. On the newer buildings most of the newer buildings built in the last. I would say 5 years or last or ten years or last have so many investors in order for them to change the rental restrictions they would have to get at least 75% of the owners to agree. Unfortunately for those people that are pushing for the rental caps there are always more than 25 or 35 percent rentals in the building. So its gonna be very hard to give in any investor to go against their investment and change the rentals and of course she can say their grandfather until they sale their place but you know whats interesting if 30% of the Downtown Vancouver market for units under $500,000 dollars are investor driven or investor owned. You definitely gonna cut out a lot of potential buyers in your property. Whats gonna happen its going to decrease the values of your one bedrooms. If you're cutting out 30% in the market you're going to cut out a lot of opportunity to get your prices highest possible. There are few buildings in Downtown Vancouver that have studios in one bedrooms in them and they do have rental caps and they do sell significantly less than the comparable unit with no rental restrictions. So if you are thinking about voting for rental cap in your building. Make sure you cover all angles make sure you realize you might sell your property cheaper than the comparable unit across the street. My name is Ian Watt an dif you have any questions. You could always email me at email@example.com. Thank you very much and have a great day!