I thought laneways and secondary suites are not allowed for short term rentals unless the owner lives in that laneway/secondary suite as their primary resident. Is this incorrect?
Great video Owen!!! Thanks for the excellent content!! Also, many condo or home insurance companies do not allow Airbnb or short term rentals. In that case, coverage is denied if there is a claim. Seems like that’s a standard clause for many of the home insurance companies these days. It’s also considered running a business from that property, which again they don’t seem to allow.
I think it has an effect because the non existing bylaws to restrict Airbnb in the other cities in lower mainland is pushing prices to the level of vancouver. You can go an hour and half out to Abbotsford, and still have to pay 1.2mil for a house or rent for over 1700.
Great Video and information.. thank you... Perhaps a video on when the market will be more balanced for investors.. ie.. interest rates going up?... No foreign buyers for 2 years... supposedly... more builds?.... more inventory.. In principle I am struggling with paying a bit too much.. :)
Balanced market? Still a long way before that happens. Pre-sales in Surrey is selling out in 2 days. Brentwood and Metrotown area is all a lottery pick to purchase new. Even if you had the down payment, you wouldn’t be able to buy new.. Only the old stuff as per what Owen said is sometimes undervalued/overlooked. Buy and use Owens golden rule, hold for 5-10 years, the longer the better.
To post a place on Airbnb, one needs to get a short term rental business license from the city and the city requires a letter from Strata confirming that STR is allowed. Airbnb will not list a place without a license. I don’t see how people can run it illegally.
Clarification regarding the laneway as ABnB. I thought because laneway is a separate building from the main building. It is not considered principle residence? Hence not allowed for ABNB?
Hey Owen, have you heard of the workaround people are using? Renting it out to their Partner/Significant other long-term on paper, then having them sublet it out on AirBnB.
I don't think the City of Vancouver allows laneway houses to be used as AirBnB period, unless it's the owner's principal residence. Too bad, because they would be perfect as AirBnB's.
Thanks for the info. Do you know which buildings in Vancouver allow airbnb? I wondered how people can list their units on airbnb, they need a business license for that. And the city of Vancouver knows which buildings allow short term or not
6:45 even if you do your due diligence (screen properly, check all boxes, etc) you may still get a tenant that will sublet as airbnb, what can a landlord really do? so sad
I thought laneways and secondary suites are not allowed for short term rentals unless the owner lives in that laneway/secondary suite as their primary resident. Is this incorrect?
Great video Owen!!! Thanks for the excellent content!! Also, many condo or home insurance companies do not allow Airbnb or short term rentals. In that case, coverage is denied if there is a claim. Seems like that’s a standard clause for many of the home insurance companies these days. It’s also considered running a business from that property, which again they don’t seem to allow.
Good point.. Thanks Reza
Your insights are always appreciated!
Our strata fines anyone who lets out their unit as an Air Bnb, $1000 per night. We don't mess around.
Same!
Good proactive strata
I still do it
Not in Vancouver but in Victoria, we have 25 condo buildings that are zoned for STR. I have one in the Mermaid Wharf.
I’m investor in Vancouver
You are 100% on point
I think it has an effect because the non existing bylaws to restrict Airbnb in the other cities in lower mainland is pushing prices to the level of vancouver. You can go an hour and half out to Abbotsford, and still have to pay 1.2mil for a house or rent for over 1700.
Great Video and information.. thank you... Perhaps a video on when the market will be more balanced for investors.. ie.. interest rates going up?... No foreign buyers for 2 years... supposedly... more builds?.... more inventory.. In principle I am struggling with paying a bit too much.. :)
Balanced market? Still a long way before that happens. Pre-sales in Surrey is selling out in 2 days. Brentwood and Metrotown area is all a lottery pick to purchase new. Even if you had the down payment, you wouldn’t be able to buy new.. Only the old stuff as per what Owen said is sometimes undervalued/overlooked. Buy and use Owens golden rule, hold for 5-10 years, the longer the better.
the laneway home that you mentioned around 12 min mark, which part of the city is it in? thanks!
To post a place on Airbnb, one needs to get a short term rental business license from the city and the city requires a letter from Strata confirming that STR is allowed. Airbnb will not list a place without a license. I don’t see how people can run it illegally.
Clarification regarding the laneway as ABnB. I thought because laneway is a separate building from the main building. It is not considered principle residence? Hence not allowed for ABNB?
Hey Owen, have you heard of the workaround people are using? Renting it out to their Partner/Significant other long-term on paper, then having them sublet it out on AirBnB.
I don't think the City of Vancouver allows laneway houses to be used as AirBnB period, unless it's the owner's principal residence. Too bad, because they would be perfect as AirBnB's.
Thanks for the info. Do you know which buildings in Vancouver allow airbnb? I wondered how people can list their units on airbnb, they need a business license for that. And the city of Vancouver knows which buildings allow short term or not
6:45 even if you do your due diligence (screen properly, check all boxes, etc) you may still get a tenant that will sublet as airbnb, what can a landlord really do? so sad
Helpful
Terrific video!
I miss that Airbnb old time
Making 3x the rent
Thank you
Love seeing interest rates going up, up and way...