Owners scramble to sell short-term rentals
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- Опубликовано: 10 янв 2024
- B.C.’s new laws on short-term rentals have triggered a wave of owners trying to offload their investments, largely without success.
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So, people bought a premium-priced private 'hotel room' based on a zoning waiver and can't find anyone who wants to permanently live in an expensive closet?!? Shocking!
Hahaha an expensive closet.
'Investing' has ALWAYS been a form of gambling...
"Investors" hoped the music would not stop and they be caught holding the "hot potato." But the music always stops, at some point. At least they can convert them into 6-12 month rentals and perhaps lower the price to attract long term tenants.
They have people who want to stay there the issue is that the BC government has changed the law regarding short term accommodation and they now have to be a registered business etc. The non-compliance fine has gone from $2K to $50K.
@@kyledalton5274 Nothing the Service Corp masquerading as the gov't is a 'law'
Acts, codes, statutes are contract offers, nothing more
It's not selling because you need to sell it at a true market value. Take your losses and move on. Investments come with risks
You talk like someone who's never actually invested before.
You can always sell, the issue is that they won't take their losses. Economics 101.
you are a karen if not im a frog @@jamescarter8311
That risk should NOT include arbitrary government re-zoning. But that what commies do.
@@Skippy0330it’s like NY cabbies whining and moaning about their precious medallion values tanking. Rent seeking behaviour should have never been legitimized in the first place.
Residential housing is NOT meant to be hotels; Short Term Rental should never be allowed in residential area.
Exactly
This is good I am glad they are losing extra houses they dont even fucking live in so non rich people can get housing
But they were ZONED that way. Just like when there is a gas station or concrete plant, it is ZONED that way. Completely unfair to up and changed the zoning to more strict rules, would be like changing the speed limit on the road AS YOU DRIVE and a cop giving you a ticket right then.
@@maddierosemusic And? People need housing this will help with that, Fuck profit vs humanity.
But those units ARE hotel rooms and are not meant to be long-term residential housing.
Air Bnb has been a disaster for housing supply with thousands of units that could have been someone’s home. They drove up prices and now they can’t sell without taking a loss..
Wow, Do you work for the Conservative party of Canada?
Harper's immigration tweaking, adding 20% more economic migrants(20% of houses were rentals), reducing non economic migrants by 20%, then saying tax breaks for retrofits were enough for the housing supply.
You're a dummy if you think air bnbs have ruined the supply market
Literally. And it's not even a loss. They obviously made a ton of money on the value of the property - they're just being greedy AF, as all boomers are.
In localised areas? Yes. But for most western countries urban areas the number of dwellings built per year doesn't even come close to the level of population growth. And it has been running at a deficit for decades.
@@uttamgala7186 For that to be true, real estate has to depreciate and we all know that you're not paying less now than then same house cost 10 years ago.
The reason why the listings aren't being snap up is due to the properties are still too expensive.
Look at how small it is.
Exactly!
Have you not notice those ugly towers they keep building that are soon going to hit $1M to own 1000sqft if lucky?
They don’t build homes because why sell you 3500sqft for $1M when they can break that into 5 for $500K+ each?
Not even the new house builds are touching 3000sqft these days and those hit $1M for basic outskirts living 😂😂
which triggers the prices to drop :D
I think those 300 sq ft units cost $2 million$.
@@Macky1101 $2M!…that’s crazy
They are not selling because they are asking $1,700/sqft!
Haha what a joke 😂
Crazy!
Greed is rewarded under capitalism
@BleedForTheWorld They can be greedy, but no-one is buying
For all we know, they paid $1,650/sqft, and can't tolerate a loss.
It's sort of amazing how people go, "Look, I get to charge rent for profit (or I get to charge interest) because I'm taking a risk here. I could lose money! You have to price in the risk."
But then the moment the risk comes home to roost, they're suddenly going, "This isn't fair. We need to change the rules. I could _lose_ _money_ !"
Everything sells at the right price. These sellers need to accept the reality of their situation and price accordingly. Lot of make belief 2020 prices out there but folks will learn eventually.
Markets come down faster than they go up. Ponzi schemes don't end well.
The problem is these people got sold. They got sold by agents, brokers and society. I have no sympathy for any of this as it is a risk. I sure hope they were not doing these interviews hoping the government will bail them out...because you can hear a slight nuance of that.
something is only worth what someone is willing to pay for it. from what I see many of these tiny places are crazy priced and will not sell, but mortgages still have to be paid. so have a nice day. the owners took the risk and the risk failed.
They'll learn in 4 months,,
Government telling people what they can do with their land is never a good idea. Big corporate Hotel Executives are dancing in their mansions and laughing at all the people that scrimped and saved for years to afford a rental...Bribe on, Bribe on. Let's see how business that relies on tourism does after the Hotel Execs jack their rates back up.
AirBnB was bad for regular renters, drove up prices and too apartments away from regular people. If these units are too small for families then they are perfect for seniors or single people.
Nailed it. "Airbnb" needs to go out of business altogether.
Thank Chinese "investors " absolutely destroying air bnb and rentals and housing all across California. And then thank the sellouts that sold the land and space to these elitist snob mob entities to commit the crime against legal Americans just trying to make ends meet .
Regular renters are the ones who drove many into the AirBnB biz - they did not pay on time, trashed the place, squatted and forced evictions which take forever, have dogs / pets when it is against the lease. Believe me, I was a landlord, and said - Fuck Them Never again.
Any other businesses you arbitrarily want to fail or be shut down by the long arm of government? Farming? Trucking? WalMart? @@tw8464
Renters like that are the vast minority. "maddierosemusic"@@maddierosemusic
Hear that? It’s the worlds smallest 🎻.
Yep. Agreed. Shitty people sometimes find shitty luck in life
just beautiful
@@genregurl If only you had the cognitive awareness to realize you're the shitty one for speaking that way of your fellow citizens.
Lmfaooo
I certainly don't feel bad for the owners. Canadians have a foolish addiction to real estate investment and it harms affordability and national productivity and innovation.
Spoken like the government shill you are!
💯
Those units were specially built to meet the law and market needs. This type of change of law is totally unfair to the people who abided by the law.
Just Canadians?
Ummm why do you thinkmthere isna shortage of properties? You realise that trudeaus unsustainable immigration is swallowing them up as fast as they're available, right. Property owners don't owe anyone a thing, its theirs and they're paying for it. Don't side against David to benefit the troublemaking goliath unless you acknowledge you're a terrible person while doing so.
These "investors" raised the cost of actual properties in the area artificially, so it's just the market returning to the level where it ought to be.
I agree! I hope this results in more affordable housing! Perhaps having one or two properties instead of 6 or 10!😊
Yeah I have a hard time feeling bad for these landlords when they contributed to the reason why I can never own a home here in the province where I grew up
@@imdone2114 Did you not listen to the video? Most people owned 1 added property, not "6 or 10".
It also said no one is buying these units, what now? Do you still agree on this genius move that literally did nothing of what it claimed it was going to do?
@@Kyla94934 Translation : I will indulge in envy to a point where I fabricate hard working people to somehow be evil, and the reason I, a broke loser, cannot afford anything. But if I present myself as some sort of victim I will almost believe it to be true.
Newsflash, housing shortage is greatly caused by government, and you have no right to housing, it's something you earn with your work.
@@user-iu1ru1qz7u 1 is too much.
Own where you live and where your family lives, maybe.
It's been the best time to sell for a while now.
Holding on longer is going to cost.
And yes, it did what it said it was going to do.
It put pressure on the scumbags that own these short term rentals to sell, and they WILL sell.
They're just going to lose money doing it.
Holding costs money too, so, how long do you think it's going to take to produce the desired effect?
These hotel rooms are selling from $289k - 415k for anyone curious
Thanks!
Wow, what a total rip off. I wouldnt pay more than 30k for one of those little pods
Bahaha
The unit shown in the video, is probably worth about $250k.
At THAT price, would consider...
@@RepublicOfWesternCanadaNOW
Am from Quebec, therefore we are all 'well acquainted' this end of the country with the wannabe separatists. Just wish all you guys and Herren Smith, would actually go your own way, instead of endless talk and threats.
Let's balkanize Canada now..., that's the solution, eh??
Welcome to the world of high-risk investment in disruptive products.
spoken like a tenant
that why i diversified. dont have alot of money. i have two rental properties in two states and one abroad. income is really just enough for other costs. me and the wife still work with 401 k
roth ira and a little bit of savings. bonds at times. rented out my property at lower than market value and my tenants are happy until they can afford their own. was thinking of wxpanding at one point but in reality i dont need the headache and more money.
@@kickboxer8173 Lots of landlords getting out or thinking about getting out of this investment class. It's a lot more work and risk than most people realize.
@@davidowens1424 Spoken like a salty butthurt landlord:))
@@puggirl415 ...good one!
GOOD! I don't recall hearing about any of these wanna-be hoteliers wanting to share their profits, so I'm more than happy to see them swallow the losses. You want to be in the hotel business? Buy some properly zoned land, develop and operate to code and pay your business taxes
Exactly
And I’m sure many leveraged Covid relief to buy them too
why should they share their profits? Because you want live like a parasite?
Just because the government lets Silicon Valley do whatever they want because supposedly "technology" "erases all laws and common sense", "Airbnb" got away for years with unilaterally "rezoning" whole countries residential zoning, falsely turning it into "hotel zoning" for their "Airbnb" empires infringing on everyone else in the neighborhoods and cities property and housing rights, all WITHOUT any vote or consent from the whole neighborhoods or local populations whatsoever. "Airbnb" is the real leech whole time falsely bypassing the real established zoning laws, operating in reality illegally, bypassing all democratic process and driving up everyone's housing costs and rents by adding to the colossal corruption and rigging the "housing market" artificially reducing supply.
Greed did air bnb in. We used to rent condos for vacation but the fees they’ve tacked on are outrageous. We can get multiple hotel rooms with housekeeping and more amenities for half the price.
"Airbnb" needs to go out of "business"
The cleaning fees are outrageous every time I’ve considered using Airbnb. And then the host’s instructions almost always say to clean before you leave. Then why am I paying a cleaning fee if I’m doing the cleaning 🤔
If you don’t live in it I find it hard to feel sorry for you.
If sympathy is so fickle, what is it really?
How would you like to purchase an investment only for the government to come along and legislate it out of existence for propaganda points?
@@Tom-yo7zf It would suck, but investments have risk. This is a part of investing
@@Tom-yo7zf It sucks but they chose to make that gamble. They will be alright eventually.
Spoken like a true non-investmant property owner lmao
It’s people like this who have caused house prices to become unaffordable.
Sort of. The real issue is lowering of interest rates thanks to central bankers and increase in population via immigration by the Federal government. The other problem is the banks who lend and let people refinance to buy more properties. All these people did was come later making a housing crisis even worse. If the first three didn’t exist these people wouldn’t either.
actually mass immigration has more to do with it than short term rentals. Our gov initially said they'd bring in 500,000 people in 2023.. in 3 months alone last year,, 430,000 people came to Canada.. it's only going to get worse with a gov hellbent on bringing in millions of people with nowhere to house them...
@sharinglungs3226 housing as investment and in lieu of other pension plans are the issue. The federal govt needs to offer pension payments or face older ppl staying in work force longer or becoming homeless. Immigration is necessary otherwise you suffer aging population and lose workers.
@@ellyward7381 there are other forms of investment but the three things I listed is what makes a business case for investors to invest in real estate. If our market had poor single digit appreciation people wouldn’t be investing in it and look for other areas for returns. When it comes to immigration it’s not all or nothing but finding the right balance. Our government unfortunately over did it leading to more demand than we can supply homes which is why some investors see longer term potential for investing in real estate. Point being they aren’t the cause but the symptom.
It would be less than a fraction of a percent. The real cause is government and giant firms like black rock
Homes are built to be lived in and owned not to operate as a hotel room without a license. If you want to speculate and gamble and lose then there is nobody to blame but yourself.
Spoken like a true woke lefty socialist.
@@asmith8947 It's called be an adult and take responsibility for your decisions.
And the govt punishing you, don't forget that.@@Democracyexposed
?????@@Democracyexposed
People were just trying to get ahead under the laws that were givin'. I'd rather rent an airbnb and support the small guy than be forced to rent an expensive hotel for some rich conglomerates.
This is why you need to make sure that if you’re buying a rental, you can afford the mortgage on your own, even if you’re unable to rent it out. Playing the Air BnB game is too risky. I’ve seen way too many places in the US all of a sudden change their rules regarding renting and next thing you know, you’re paying two mortgages.
short term rentals should only exist in remote locations.
We already have lots of short term rentals. They're called hotels
hotels are for holidayers. rentals for workers.@@GameFuMaster
@@GameFuMasterNot a fan of hotels. I have used Airbnb for years so much nicer.
@@Mike-01234lol, you really enjoy paying those cleaning fees eh
The game we are all playing is: "-can we trust politicians?" Not the air bnb game. I don't like to stay in bnb, in my opinion hotels are better and more convinient, but when you have some stupid politicians changing the game rules suddenly, it is not fair, and I won't be happy with people losing money and jobs.
I wish my county would do this. We have prioritized tourists over residents.
AirBnB pays higher taxes than a resident. In FL it's 11% on top, just like a hotel. So the places that are banning them will lose tax revenue.
Same
I agree
Tourists pay the freight. Residents just vote - and ALL governments do not listen to the residents. Sad.
More like prioritizing those with money over the average Joe.
Our Children should be able to own a home and when I say that I want yours to own a home and I want mine to be able to do the same!
You're absolutely right
They can, if they get up early, work hard, don't spend on booze and tats, and save money. Very very easy to own a home.
@@maddierosemusic Where?
All over the place. Clifton Forge , VA. All over towns in Iowa. Indiana. Problem is, today's youth want everything they grew up with - NOW, and don't want to work for it. @@JakobHill
@@maddierosemusicLol, you’re delusional 😂
Good. Airbnbs got way too expensive, the owners were so disgustingly greedy. Would charge extra for cleaning not matter how clean we’ve left the place.
There’s literally so much corrupting and unnecessary bad people who are involved in airbnb…
Also airbnb made the owners of airbnbs very delusional, snappy and addicted to receiving money from rentals. That’s the only reason why the ones who profited of this corrupt system are crying and trying to fight back. If you can’t make money without Airbnb then you’re poor and can’t afford to have an Airbnb. It’s simple, sell your “investment” and get a real job…
well they can also rent for 30 days plus - but wouldn't make hotel room prices
Nailed it
Why are they greedy? What is this statement based on exactly? How do you even measure greed? Should businesses operate at a loss so you won't call them greedy?
Surely you can comprehend that your claim of "leaving it clean" means nothing to the next tenant that doesn't know you or what your standards of clean might be? It's not very hard, if you concentrate, you will understand that.
How many corrupt people/acts are you aware of, that you can prove related to air BNB and the people who do business in short term rentals? How many people do you even know with units on air BNB? What exactly do you deem as corrupt?
You do understand that empty accusations is just slander and has no credibility?
A real job? Like what? Working at wal-mart with you? Are you that guy they assigned to determine what a real job is or isn't? LOL.
my my you are on a rant - hilarious - so many questions - do you really expect a conversation and responses. i had $50K in abnb stock up until last week - sold it cause i could see what happening down the road ----this is called "comments" not debate - LOL LOL LOL so silly- @@user-iu1ru1qz7u
Damn you're such a salty soon-to-be ex-airbnber@@user-iu1ru1qz7u
I'm glad the zoning laws have changed. AirBnB ended up being negligent and careless. I rented a place (3 days) while looking for a place and discovered one person leased 9 of 20 units in that building and had created their own AirBnB sub-corporation. That's why workers like myself can't find places to rent long term!
Many owners took their units off the market or switched to airbnb due to having losers as tenants. If the rtb allows loser tenants to take advantage of trusting landlords, expect it to become more difficult to get housing. Most homeowners would love to rent out their basement suite to respectful people, but it isn't worth chancing a loser tenant living in your unit. It becomes a danger.
@@MrTrevorDidier Landlords are bloodsuckers. Not sure what the term is for people like you, who shill for them, but it's not flattering.
@@MrTrevorDidier More like loser landlords who only care about profit and couldn't care less about the state of their property or the concerns of their tenants because they are going to sell out from under them anyway. I had one place with mushrooms growing in the bathroom and landlord said he was going to sell to East Indians and they would care even less, and that's exactly what happened. In case you didn't know, an East Indian renovation involves spreading "anti-mold" drywall mud over mold and then painting everything.
@@MrTrevorDidier agree. so make eviction easier AND place restrictions on short term rentals. do both and the average middle class renter/ homeowner wins.
Seems easy.. yet government won't let it happen. They want things to not make sense, and to make it difficult.@@jessem4659
Real estate investors feeling entitled to profits, what a surprise
This is good news. There were too many built. Now please build housing for regular Canadians, not just visitors.
@verar5844 I don't support government bail-outs, whether it's for billion dollar corporations or individual investors, the market should be sink or swim, without putting tax payers on the hook for illogical/irrational spending.
@@lenhammer1You need some regulation, otherwise you'll see 80 storey condos next to detached homes in suburbs.
@@verar5844 Guess they should vote better if they're actually residents or citizens. government changes the rules and you adjust. But the solution is not for the government to buy their investments (bailout) and run them at a loss, unless they're purchased at foreclosure auction and turned into low income housing, lol
@@michaelp4122lol it’s been happening in my city?
Hell they even have started forcing retail parking lots to build these ugly towers in the suburbs because that’s the only way to force these ugly towers in nice home areas.... like go to the city if you wanna love there but F off with that shihh to stay safe but want city life...
Building tiny cubes for close to $1M isn’t going to motivate anyone to build bigger for cheaper or detached homes overall and the clowns crying about not being able to afford them are the same groups supporting these tiny cubes building and chasing them... like whattt lol when I was 8 my city was a suburb basically with one the country’s biggest mall, now it’s ugly looking wanna be Toronto loozas and now even shopping centres are being forced to squeeze those towers in
@@hakasonma8588 Developers often find loopholes around regulations.
In Toronto, near Park Lawn, they built a lot of condos because half the area was zoned "Industry" (Mr. Christie cookie factory). So since part of the area had zero density, the other part of the zone was allowed double density.
Now that Mr. Christie has been rezoned residential, the developers pushed for the same density in the rest of the area (The 2x density), and now we're will see 80 storey condo's in Etobicoke.....
Honeydale mall is the same story, they refuse to build 20 storey's and want 60+.
We need to incentivise mid-rise units (6-12 storey's), not high rise units in a field of suburbs.
Maybe when they can’t sell their rentals for the hefty price they paid,they will understand the feeling that a major amount of Canadians feel when they can not afford rent!
People who are financially capable of advancing their lot in life shouldn't be stripped of that capability over some sort of pseudo moral scale balancing.
Don’t get me wrong, I enjoy watching people lose their life savings as much as the next guy but it is never pretty when people make good faith investments and the Government changes the rules.
I don't wish hard times on anyone. I have a few thoughts on this though, 1st housing should never have become a source of income. It should be a basic human right, and no one should be without a roof over their head.
2nd we need to really address immigration practices until we can catch up on housing, which will hopefully bring the cost down.
3rd this just goes to show that even those benefiting from the current system are not exempt from feeling the pain of the current system. Unless, of course, you're one of the one percenters with billions and connections, the average besr doesn't have.
We're going to have a lot more homeless over the next couple of years. And at this point, I don't think any of us average canadians are safe from that reality.
@@incipidsigninsetupits just a bad investment. Nothing wrong with people losing money for making the wrong financial decision.
@@user-fy6gd3pp3w free housing for all but how about food and clothing? And why limit immigration? Very meanspirited of you. Don’t immigrants and migrants have a basic right to free housing food and clothing as well?
This should have been done years ago, next force foreign buyers to sell.
Exactly
Short term rentals should of been treated as Hotels years ago
Why are hotels OK and short term rentals are not?
They’ve entered the business of hoteling where upside can also be met with downside. If they wanted to secure their capital they could have bought a GIC instead
Really, a GIC? Are you happy with below inflation returns?
Index funds are the way to go for those with no investing skills.
They're greedy.
@@michaelp41225.7% returns is better than inflation
I think the word is just flat out narcissistic. They don't value others, they don't care that people are obviously homeless because of ABnBs. Their ego tells them that they can just ignore how other people feel about a situation and too narcissistic to realize this is how a democracy works. Their entire business model is exploiting a loop hole what on earth did they expect to happen@@dano3952
@@michaelp4122exactly
"I thought I could benefit from the housing shortage but this new law is making that difficult"
@@snowbird6855 And the dudes living in mom's basement while paying a 30% marginal tax rate on income from the jobs that haven't enabled them to even buy these postage stamp flats.
Bingo... Meanwhile Snowbird is some basic bitch in the states right now...@@maple.everything
Says the OUT OF NATION basic beyotch@@snowbird6855
@@snowbird6855 Exactly - says the dude in his mom's basement because house prices are too unaffordable to move out due to the housing shortage exacerbated by the airbnb craze!
@@snowbird6855I think the commenter is being sarcastic.
The problem is that the 'short term rental' market became over saturated with the mad gold rush mentality. If you weren't in on it at it's earlier points, it became harder to turn a profit.
Having lived in NYC and London the unit shown doesn't appear too small at all for a single person - I suspect the problem is a too high price point either for sale or long term rent coupled with the current financial pressures on buyers or renters.
Lol your mindset is what is what is making everything expensive....
Small units are NOT okay and that is why you only see condo builds, because cities collect pure tax bags + developer cash instead of helping you own a family HOME that will be your family inheritance for generations vs putting you in debt and owning your life and shelter while trapping you in an investment you won’t be able to flip.
Artificially enhanced by us humans who think it’s okay to live in 500 sqft and families in 1000sqft... new house builds do not even hit 3000sqft these days and they asking $1M starting prices when you gotta live out of town...
So yeah when you hit those prices you’re left comparing homes to condos... and at those prices you’re better off at an old house than a tiny cute 😂
Yeah but this is a city of a few hundred thousand people, not London or NYC.
@@alanj9978 the size of the city doesn't affect how many square feet a single person can live in - maybe their expectations though
@@semiramis47 Larger cities tend to be more densely packed than smaller ones.
And the quality of those tiny apartments looks poor too. When people buy AirBnbs, they're thinking of short term profits so they'll buy a crappy apartment, but when you're choosing a long-term investment, you look for quality. Those apartments don't have it. No one wants to pay high for bad quality.
Rent it to a student? Oh yeah, no huge bucks there and they were looking for risk free investment which doesn't exist.
Greed and stupidity
Everyone in Canada is now a real-estate investor. Good for you . I can gurantee you these " entrepreneurs " don't want AirBnBs anywhere near their principle residence
Canada's a free for all for the wealthy.. complete shithole - and it's cold
It's " principal" residence, not "principle"
@tcjatko7964 I bet you were the hall monitor at school. Ratting out your fellow students
@@tcjatko7964 Yes, and they STILL want to be privileged and not have AirBnB near where THEY live. AirBnB, like Uber, morphed from being a "home sharing" service to being illegal hotels for investors. In the case of Uber, there was a LOT of abuse by the taxi owners (in general) that opened the door for a far better service in the case of Uber or Lyft. In the case of AirBnB it became about avoiding taxes and expenses that legitimate hotels pay (NO, I don't work in EITHER industry); a business model that exists because it avoids taxes in a way that COULD be considered evasion is never a good one.
I personally would only consider airbnb or possibly a student while renting out a suite within my principal residence. There is close to zero chance that I would rent to a longterm tenant... that tenant would have to be perfect.
Many owners keep their units vacant or switched to airbnb after dealing with complete losers as tenants. It makes more financial sense to keep the unit vacant than rent to a lowlife loser. Those are facts.
Funny thing about investing... sometimes you win and sometimes you lose. These people blame the government for putting the needs of the many before the greed of a few. They should be blaming the investors that bought 100's of these "short term rental" units causing them to become such an issue that the government had to step in.
Lol government only stepped in because the tax bags from these guys vs the developer cash for those tiny 750sqft they sell @ $500K+ brings in more than protecting these guys who bring them trouble from the public...
Which is ironic because it’s the same group buying these tiny cubes and shack houses and then wonder why everyone wants to sell their washroom for 50K to live in and they can’t afford rent or new builds 😂😂
Oh, and the group crying is also the same group adding taxes and fees etc to save this planet rock though their life only spans 40-80 at best haha
I am amazed the government stepped in Air B &B should have never been allowed
They made their investments based on the rules, then the rules were changed. The government should compensated them for their loss.
@chickenwing111 That's not how investments work. I have had stocks lose value due to legislation, and no one ever compensated me. All investments have risks, and you should only invest what you can afford to lose. Again, the point is that they are pointing fingers in the wrong direction as always.
Hi@@ArchDruid19 . I don't think this is quite the same thing. They had a zoning exemption that allowed short term rentals and then that option was taken away. I think it would be different if there were no rules regarding short term rentals and then they created the rules to alleviate nuisance problems created by the rentals. The government is effectively taking the units. Personally, if I owned one of these I would just convert it to a long term rental. Managing short term rentals seems like a total P.I.T.A. to me.
the hubris of these homeowners. It's called risk. You take a risk and nobody owes you anything. Where can I complain when I lose money in the market? You go into these things with the knowledge that you might lose out no matter how much "research" you do.
I doubt you've ever had money to lose in the first place LOL.
If your retirement plan centers around taking long term housing supply off the market during a housing crisis then its hard to feel sorry for you when that plan fails
agreed
There’s also the fact that it’s better for local small businesses when housing is abundant. rather than housing be so scarce that people have no money left over after rent to spend at local businesses
@@SigFigNewton i feel its a good thing this story is being closed down, so many fake abnb out there, some only advertise but there is no such abnb even, i see daily world wide such complaints, of money being taken and when tourists arrive at the address theres no abnb, or that address does not even exist , in South Africa its a daily thing happening, that government is closing down the Abnb industry, only registered guest houses are allowed now,
Yeah fugg em ! 😂
So many languages, and my man chose to speak the truth
I have a small cleaning company in FL and I’m seeing this happen with the few airbnbs we clean for. They are trying to sell it for what they bought for during pandemic, but nobody wants to buy. I think they will sell for less soon or foreclosures are gonna start
What is wrong with these greedy people they won't lower the price to sell it like everyone else had to do in a real market? The whole rigged "housing market" greed speculators are beyond crazy
this put a smile to my face ..
I don't have any sympathy for speculators/ investors. There is always RISK and REWARD. People have had reward now comes time for the risk and consequences.
Ya except this is not a natural happening in real estate! This is a top down dictate from on high by our elected Communists dictators in Victoria! Welcome to the new NDP Government the new face of the Communist Dictatorship of old! Enjoy
posting for you here as well:
that building was specifically built and zoned for short term rentals from its construction going back to the lead up for the Commonwealth games in 1994 when Victoria realized they needed extra rooms for visitors - it's never been on the open market for long term rentals or owners living in them - the owners have done nothing wrong, followed all bylaws are now being punished
The risk shouldn't be government sanction.
The housing market in Canada is like the Netherlands and the tulip trade. It was only a matter of time till the government got involved.@@smoothascent6502
@@smoothascent6502 So the people freezing outside on the street can only stare up at an empty, heated rental... U are quite the humanitarian aren't u.
1994 Commonwealth games? 3o years ago?So all this time that building was left & a superficial game is used as the excuse instead of converting those units into affordable living space.... U just told on yourself. GREEDY AF & the hubris to go along with it.
We need this in California. Short term rentals have made it impossible for new home owners to find affordable entry homes.
And people who do own want real neighbors, not short-term rental madness.
Yes, and the huge impact of corporate investors who can buy properties with cash.
What the owners need to do is just rent them out on year-long leases, unfurnished. They'll probably make the mortgage, and get to keep the equity. Flexibility is key.
STRs are a new thing more popular the last few years. Commiefornia has been UNaffordable for decades. It's called illegal immigration and lack of supply due to Govt regulations plus Black Rock and investment corporations that snap up properties with free money from the Fed's endless money printers.
If you want blackrock and statestreet to own more rental properties then sure. If you want the ability for private individuals owning a second investment property Than you aren't advocating for that. You will own nothing and be happy.
A crying shame. All the opportunist assholes who jacked up prices and rent are now getting their comeuppance. My heart truly bleeds for them.
Haha let's hope they end up homeless too XD
💯 👍
Exactly. I've been evicted a few times in the last few years by smug, middle-class types who viewed rentals as investments and routinely flipped them. They just want a warm body in the rental temporarily to save on insurance payments and then act like they have done you a favour when they force you out and turn you homeless.
@@vovin8132 So since when do you have the right to tell someone what they can do with their own private property? Don't like it? Go buy your own place.
@@KingCommander1000 You're a joke. Go clown around with somebody who cares about your narcissistic self-importance.
They should have known investing in hotels is a risky business, let alone grey area hotels.
If you want to own a hotel go for it. But if you own a single family home either rent it for minimum of a year if renting or live in it.
Exactly
Just like it was before this rotten "Airbnb" crap and "trickle down" no limits rigging the "housing market"
Serves them right. YOU CANNOT turn an entire city into a business venture while ordinary persons who live in that city long-term go homeless and pay through the nose just to live in that city. I'm hoping for the same in Melbourne Australia, because renting here has become ridiculous. You turn up for a rental inspection and there will be literally 100+ people in a queue. It's turned grown people of 30+ y.o. into share-housing and renting rooms in strangers' houses.
Thanks for delivering the excellent news CTV! Gotta love it!
Residential properties should have never been considered businesses, they are zoned residential. Thats it, lower the price from an inflated business opportunity to half and sell it to starting couples.
you miss the point these specific buildings were zoned for abnb --- it is the province that over rode that --- I agree with the province but city's set their own zoning - the city should be sued.
@@downieduck2414
No, you missed thr point ! They should never have been rezoned for bed a breakfast hotel operations. Never !!!
You're absolutely right. "Airbnb" b.s. never should've been allowed to get started. Just total b.s. someone on Silicon Valley throws up a website and all of a sudden all the laws and common sense of everyone's lifetimes goes right out the window no questions asked because the "trickle down" crowd get their way all the time. Enough is enough
It’s because they’re keeping the prices high when the prices should be coming back down now
This is really satisfying to see. Yes, I understand their point: they paid extra for this zoning, they made arrangements for this venture, and I understand as property owning folks they have no idea how brutal the housing market has been impacting renters lives for over the past decade. But if this is the type of business you are going into, you are part of the problem. Airbnb was a disruptive technology whose impact on the housing market is not insignificant, just because laws and enforcement around this are way overdue, doesn't mean you can complain when suddenly the government is scrambling to address housing being unaffordable to even rent for the average person. These people need to get a real job and next time avoid parking their money in a get rich quick scheme.
What kind of loser rents for a decade? It sounds like the one who needs to get a real job is you, so you can actually afford to buy something.
Any policy that screws AirBnB investors is music to my ears.
Good! People using our short supply housing as investments can get bent. Let them play the stock market or buy bonds.
I hope the owners sue the government for damages. If it was in a zone that allowed for short term rentals they should have had a lot longer period perform the changes went into effect. You know who’s laughing. The hotels. Watch those rates jack up.
Some will definitely the sue realtors that sold them on promises
Some agents could be seen as being in breach of their fiduciary duty to their clients by providing financial advice they are not qualified or licensed to provide. I know a few it’s going to get ugly.
The hotels are the ones driving this all.
Same thing happened in an area where we wanted to live in states, the airbnb crowd is now scrambling to sell and many houses are just sitting on the market.
Short term rentals are tightening up in Wales too now .
Really love hearing about these short-term rental property investors taking it in the keister.
It's amazing this has taken as long as it has. For those listings that haven't been "snapped up", I suppose it's time to lower your price to something someone can actually afford.
This is such a good riddance, they knew what they were doing is more or less directly making people homeless. I love when people are blatantly going in to exploit something and get upset when they get put in their place. In reality most of these people will be renting these units long term at a loss. I'm not big on regulating housing overall but this is a good riddings situation.
this building use to be a hotel... they added small kitchen in hotel rooms... would you want to live in something the size of a hotel room?
Let's hope the government slaps a lower limit on wages too while they're in the "mess with a free market mood."
Hotel Execs and the politicians they bribed are laughing all the way to the bank.
@@The_Savage_Wombatsorry bro your free market was demonstrably failing the people
@@gabz91110 It's not necessarily about want when it comes to a place like that, it's about what people can afford. Places that small shouldn't cost anywhere near as much as what these cuckoos are charging.
From experience in the 08 crash. Expect minimum 75 percent drop before it turns
Housing prices will probably continue to climb.. even more so in affordable areas.
That would be amazing
Governments should ban short term housing rentals like Airbnb. They are the reason why people go homeless and can't afford rent. Visitors can stay in hotels and motels.
and i thought it was 90 percent caused by fetanyl
Looks good on them . The STR industry has driven the price of real estate through the roof , pricing many people out of the ability to rent or own a home . I hope more cities pull the plug on these .
This kind of rug pull discourages real estate investment. The end result will be fewer rentals and higher rents. This happens every single time the government meddles.
@@Tom-yo7zfbro, hell no. There are markets like CA where there are no units available to be bought. Prices are insane, removing competition is healthy for long term home ownership, you must be invested in this, otherwise there’s no way you’d have that opinion, sorry.
Based on what analysis? STR comprises a sliver of the market.
Punishing people "retroactively" is bonkers. Yes, get rid of STR, but grandfather these people in. Most of them are not wealthy and this will have devastating impacts on their lives. The governments role is to protect people's rights not destroy them.
Other things the government can do: get rid of most taxes on new development, shorten permit approval (currently Canada is dead last in the OECD), force rezoning of communities to high density, get rid of property transfer tax for first-time home buyers, etc, etc.
So many more meaningful things that could be done
@@Tom-yo7zfnope. The result will be fewer housing units that aren’t housing people. Increasing the supply of homes very directly. Lower rent prices for sure. It decreases investment into a 5ing that wasn’t supplying housing in the first place. Good. Let builders build something the city actually needs.
Sellers have priced people out of the market and low interest rates but mainly sellers, not STR. That is a method of renting but STR has not raised prices in entire zip codes. Prices are raised my comps not airbnbs
I am shocked at the size of that unit for sale. It's about the size of a student dorm room. Ok for a couple of nights, but living there full time? Students can't wait to move out once their course is over.
When you put 1 million parks and unesco sights in every single km that's what you get
@@benjamins8082There is no way to understand what you are trying to say. 😂
@@MattM-oe6qs rich will succeed and middle class and the poor will help them succeed
How's that
I lived quite happily in a unit about the size of the unit shown for 4 years in midtown Manhattan
Parks are what make a home livable. Go live in Bejing or Hong Kong if don't want parks or a livable neighbourhood. @@benjamins8082
I applaud cities that are outlawing AirBNB's. It's a terrible things for homeowners or tenants around them to have strangers coming in and out of your area everyday.
You're absolutely right half those "Airbnbs" are Party rentals
If the government did not act, the number of Airbnbs would have continued to grow. It’s short term pain for a few folks who took a financial risk that didn’t pay off. That’s what being an entrepreneur is all about. You win some, you lose some. People seem to forget that the government has almost unlimited power because we have been living in relative peace and prosperity since WW II. Governments can and will be far more powerful if the people feel threatened.
My neighbors across the street run a short term rental and they are screwing up our neighborhood! The owners are rude and don't give a damn about us who live in our homes and the people who show up are rude and not friendly and they are noisy and they let their dogs bark and shit in my yard, And it completely destroys that neighborhood feel. They are greedy and rude and trying to buy other homes next to me and we are not going to stand for it. Get a freaking hotel and stop screwing up local neighborhoods.
Been watching this thread for about 25 minutes. Gave up on the prospect of home ownership in 2005. Almost 20 years old, saw the slavery that'd be required to be able to pay a mortgage on a trailer, said no thanks. Here for a good time, not a long time.
@@bebop34 will the sun will not shine everyday for you nor will it shine for the landlords of these properties!
@@bebop34 sorry that comment was meant for someone else please let the sun shine for you to be young and enjoying your life is one of the most important things in life again sorry
@trudygoosney3708 LOL
Yeah nothing guaranteed party on !!
Imagine feeling sorry for those leeches. Rent it out like a normal landlord, and try not to be too greedy.
Amen
Human memory sure is a fickle thing. Never invest something you can't afford to lose.
Dumb advice. If you don't invest the government will steal from you via deliberate inflation. Learn some economics.
80% of Toronto condo units are tiny 1 bedrooms or studio. They're built for Airbnb.
Exactly. They all should've been built for family housing for the people who keep Toronto running on a daily basis not "Airbnb" garbage
BlackRock will buy those properties and rent out short term, long term, whatever they heck they want.
Blackrock nees to be put out of "business" too.
Those will make great student rentals once the sale prices come down to what a student rental is worth. Sucks for the people who invested in this but it sucks more to live in a tent because you're poor.
Airbnb and the like should all be banned. I didn't buy a house in a residential neighborhood to live next to a hotel.
Please do this to Toronto too
So much for that Canadian dream of buying up property and retiring to Florida while renters pay your way.
What is the alternative? Working until you have a heart attack whilst stacking shelves aged 85? You'd only accuse them of taking the jobs of young people. 😒
The best alternative is to leave this overpriced country and go someplace with better opportunities. That's what I did.
😂
@@mrscreamer379waaaa waaaa waaaa
I'm crying uncontrollably for the poor greedy buggers 😢. They didn't care when they were making houses unaffordable for all of us but we are better than that. 😂
Yes before this they glorified the government but now that their bottomline is headed south they are the biggest whining bitches ever.
Karma. It’s real 👍
This isn't addressing the problem at all. It's just vilifying one group and knocking out people who invested in housing supply. There is research from Portugal that short-term rentals (STR) have a low to no impact on housing prices if housing supply is unrestricted. Meanwhile, they add resources for new construction, renovation/maintenance, and local economic benefits in taxes and visitor spending. Plus the people of Vancouver are probably the first to book a STR in another city when they themselves go on vacation.
It provides a few months of relief, but all the factors of restricted supply are still there. So you manage to wipe out a few local investors, lower your tax base, scare away people willing to build, and lose some local jobs and spending. For what in exchange? To see housing pause temporarily and then keep going....
@@neilirvine7129delusional take. Stealing construction resources away from units built to be lived in helps housing supply?
Directly adding more units to housing supply by not reserving them for tourists hurts housing supply? Twisting yourself in circles
@@neilirvine7129also you’re exactly wrong about what is best for the local economy. Hint: it isn’t making housing so expensive that people have no money left to spend at local small businesses. Your way of things gives more money to banks lending oversized mortgages. You a banker? Support the people, not big corporations. Support local small businesses, not banks. Make housing abundant.
I have been warning about the dramatic uptick in air b&b rentals, it was always a disaster waiting to happen.
My buddy Justin said that suite would be perfect for a foreign student and their extended family... it also could be a step up for a canadian camping in the park across the street....
Profiteering on food, housing, transportation... what's next... healthcare?
Considering the healthcare industry in Canada is worth 330 billion. That's far more than Food, Real Estate and Transportation combined. Companies have been profiting off healthcare a heck of a lot more. The profits will increase even more as healthcare privatizes across the nation.
Healthcare has been in 1st since 2019 lol you didn't see the big pharma numbers ?
Air breathing
This unit would be perfect for a single long term renter.
So we all are forced to use hotels now? Id rather pay for an air bnb and support the small guy.
I find hotels so bland. I love air bnbs
I prefer hotels BC they are more secure
Much better value than hotels, especially for families. Oh well I guess I'll take my vacation somewhere else. Victoria is a woke joke nasty cess pit now anyway. No reason to ever go there.
@@Tom-yo7zf think that the hotels are going to jack up prices at some point too.. I feel like hotels are so impersonal.. they don't compare to air bnbs charm and convenience
I think the law allows owners to continue to rent out a primary residence and one more additional secondary suite as a short-term rental.
Why wouldn't owners simply make the unit their "primary residence", stay a few days and rent it out the remainder of the time?
cause then their other residence is subject to higher proper taxes (no grant) and capital gains
Now make it illegal for foreigners to buy up all these properties. That is one of the main reasons that Real Estate is so expensive in Canada and California.
That needs to happen too. Rich noncitizens foreign "trickle down" aristocracy speculating and laundering money shouldn't be allowed to buy housing. It needs to happen in the U.S. too. Same the government needs to ban private equity and large corporations from buying up homes also.
These landlords were counting on a cornered housing market, guaranteeing expensive short-term rental/passive income. If their rental rates were dirt cheap because there was no scarcity of housing, they wouldn't have gotten into the business to begin with.
Nailed it
The hardworking people who actually keep everything running on daily basis need to take the syndicates all down and remove their power to buy the government and continue their crime against humanity of artificially restricting housing supply. Once we do that our children will no longer be homeless
The only reason any property does not sell is it is too expensive for what it is. If it is cheap enough, in the present financial climate, people will make do and mend with a tiny flat.
Aren't we told to live within our means? If you can't afford to pay for the unit on your own it is a risk you shouldn't take. Now since the government zoned that area this particular building should be exempt. There is a need for short term rentals.
Lack of short-term AirBnBs is gonna raise hotel rates.
Hotel lobby doesn't think your way
@@jimmason8502 Possibly. So many people travel now and we have digital nomads who work and need short term rentals. BUT we also need affordable long term housing. The world has gone wild.
TO BNB OWNERS NOT THIS TIME,CRY ME THOSE CROCODILE TEARS.
TOO MUCH GREED HAS RAMFECTION ON OTHERS.
With the severity of this housing crisis, there really is no room for short term rentals. They can do what they did before the advent of Airbnb. Digital nomads are, by definition, not tied to a certain place... they can find a place that isn't grappling with a catastrophic housing shortage. @@cavelleardiel
This truly makes me smile from ear to ear. A beautiful thing this is. The joy this has brought me is just…. Thank you for this.
I applaud the government of BC for having the guts to make a decision and do something about the housing crisis 👏👏👏
In a couple of months you'll get to see that this had absolutly no effect on rental price. Than could you please ask the government to build social housing instead of wasting their time? This has been done before around the world and it never made a dent in the rental market.
You do not want government building housing.. did you see that their projections for some projects are already double the cost of what was originally projected? $1M per tiny unit... I bet if given the go ahead, they'll be charged triple what it currently projected. Get rid of useless / corrupt government. They're not here for you or me. @@gabz91110
This will do nothing but you fell for the ndp propaganda. Now go get another boooooster.
I have no sympathy for the landlords affected by this change in zoning
We all care about your flippant judgments. That’s that catty, female attitude that’s bringing your country down.
What if your place was rezoned commercial and they told you it was illegal for you to now live there?
@@Fullmetalseagul And whoever gets wrecked is just collateral damage? How nice of you, comrade. It's all about the collected F the individual that suffers. Bless your heart.
@@jonathantaylor6926 Seriously- it's like these people are commies- They zoned the area specifically for short term rentals, people bought knowing that was the case, then they changed the rules. Most everyone here says: "Too bad land owner" because they hate landlords.. but it's really not fair at all.
@@jonathantaylor6926 Bootlickers like you are hilarious.
They try to get sympathy but the truth is that these investors are simply regretting overpaying as they jump into the bandwagon during the rise of airbnb and they are the ones holding the bag.
Buyer beware!
Like that say, equality is directly proportional to happiness and eventually growth. Its a heavy price for the investors but it's a good move
I think taking away short term rentals is a good idea, I am tired of seeing tourists come and stay where locals can't afford to be due to inflated rental rates.
That's the risk people take when they go into business.
Lower the prices and they will sell. These types of “glorified hotel rooms” are only fit for 1 long term inhabitant. Can’t market to single parents or roommate situations. Hopefully the entire housing market will adjust and prices will come down.
It probably should've been torn down and made new apartment building. Not this "Airbnb" crap.
If they're too small for most people to consider them long term homes, knock down a few walls, and double them up.
People will buy them, and these new laws are well needed a long time ago.
Screw that short term bullshit keeping homes even more unaffordable than they already are.
Exactly
"Airbnb" never should've been allowed. It was just more gasoline on the fire making families and children homeless
I don't feel bad for rich people losing their extra house/condo. In fact I want to take more from them.
How about you get a job instead?
Sounds like you are a follower of commie Justine Trudeau-Castro... Have you been to Cuba lately?
Ok Stalin...
Profit through misfortune
Yup, they had no prob exploiting other ppl that were worse off than themselves......
"Housing advocates say that the state of the housing crisis justifies lost investments"
Until they become investors themselves. Then they change their tune.
Found the POd Airbnb investor 😂
That’s messed up for these to have been specifically built and zoned as short term rentals, and then ban using them as short term rentals after the fact. That’s like building a hotel, and then after the hotel is up and running, make it illegal to rent out the hotel rooms.
The city I’m in banned short term rentals (that aren’t owner occupied) going forward, except they grandfathered in existing rentals, or places zoned for it.
I may get flack from this, but as a person who can never afford to buy a home at these crazy high prices and will probably be stuck renting all my life, i just have little sympathy from those those who own multiple properties and rent them out as air B&Bs for tidy profits, and now may have to sell BooHoo.
P.S the prices are so high where i am, that even my new family doctor cannot afford to buy a house..
Brilliant and fearless commentary.
This is a prime example of stupidity! Your cheering on a Communist Dictatorship taking away more of your property rights! How stupid could you possibly be?
Hopefully you have been saving up with Justin Trudeau's monetary policy advice. Soon enough you will be able buy all of these properties for a song because of them.
I know a few older people that own 2-3 houses. All but one just sit empty except for a few weeks a year when they go stay at them.
Not worth the hassle to rent they say.
Homeless people are employing you, what's with this class warfare?
It’s a risk to buy real estate, even if it’s a primary residence. We had a home across from mine was purchased by a couple still working FT jobs and bought it as a FT air BNB. Then they realized the abnb market had so called bubble burst and people stopped booking. They immediately put their home back on market to sell, haven’t seen any prospective buyers since. They keep dropping the price and it’s impacting the neighborhood, not in a good way.
Perfect example of how "Airbnb" screwed everything up. What did everyone think was going to happen with a couple of hustlers in Silicon Valley throwing up a website and all of a sudden all the zoning and laws and hardworking families renting long term all thrown out the window no questions asked just because the "trickle down" crowd always gets their way? It's unbelievable anyone in any city or community ever allowed this "Airbnb" crap.
I am from India. But I live in Spain. Canada has no business talking about housing shortages given its geographical size and population density. It’s basically lack of proper city planning. There is ample place for Canadian cities to expand. Just build more public transportation unlike the US and watch suburbs connected to big cities (I repeat unlike the US) and housing supply improve. This applies to all countries that have decent public transportation in Europe too. Except the US which is car centric. And I totally support this zoning law change. Regular housing for people has to be top priority. Not side hustle or full time small businesses running Airbnbs. Barcelona is a good example of how they are juggling their tourist business vs ensuring supply to regular residents. If you rent out any short term apartments (less than 30 days) then your property is taxed like a hotel/commercial business. Not perfect but it has made a huge impact. Tourists are either longer term visitors or going back to hotels. More apartments are back on the long term rental market.
It will be so much better when they get rid of all the mom and pop landlords and only the big business landlords remain..... The professional landlords have always been conscious of low income and affordable housing right.... lol We have not seen homelessness on a scale as we will see it wihtin the next year.
I know one of those professional landlords, they are money hungry and could care less about anyone but themselves. P.S they also do short term rentals illegally ,no licence .
renters think they are paying alot now? just wait til all the big corps take over.... its not going to be pretty. More tent camps incoming
@@lmrharper3586exactly the truth. The "Airbnb," nimbies, big corporations buying up housing, they're all intertwined or often one and the same, "trickle down" crime syndicate rigging the "housing market" to point they're making their own hardworking family members children homeless. They're the most ridiculous people on planet earth. STR for short term mindset.