Canada's Housing Bubble Explodes As Its Biggest Mortgage Lender Crashes Most In History

[tsznecki]

https://theprovince.com/news/local-...tors/wcm/7d349ff7-4ec6-4b39-bfe3-d4a54c566820

https://vancouversun.com/news/local...ome-on-airbnb-heres-how-to-do-it-in-vancouver

From the second article:

"Am I eligible to rent out my home short-term?
In order to be eligible to rent out your home for short-term guests, you must live in the home yourself for most of the year and it must be a legal suite that meets all building and safety requirements."

You have an understanding deficit. But do you get it now? When people go away, they want to stay somewhere private. If you only rent a room in a 2 bedroom condo, that isn't exactly private now, is it? Entire condos were being rented out for a nightly rate versus left for a long term tenant, and this is what the city wanted to stop.

Now when I go to AirBnB, I do still see some listed, but shit loads less than before. Those listed do not have their license posted in the ad, which is what you're supposed to do, so I figure there will hopefully be some sort of enforcement on these units.

Are you dense or willfully ignoring my point? People who are renting airbnb units do take the whole unit, not a room. The market for rooms in a unit(shared occupancy) is about 5% or less of the market for units listed. The owner/main lessor is not in the property when the guests come in.

Also, you might want to keep up with the facts if you are posting on this: https://rezel.ca/2019/01/airbnb-quietly-drops-licence-requirements-for-vancouver-listings/

What does the inside of your rectum look like?

 

[Seaweed]

Are you dense or willfully ignoring my point? People who are renting airbnb units do take the whole unit, not a room. The market for rooms in a unit(shared occupancy) is about 5% or less of the market for units listed. The owner/main lessor is not in the property when the guests come in.

Also, you might want to keep up with the facts if you are posting on this: https://rezel.ca/2019/01/airbnb-quietly-drops-licence-requirements-for-vancouver-listings/

What does the inside of your rectum look like?

As the article states, they "quietly" dropped the license requirement. This means they are breaking the Vancouver by-law.

Of course the market is for the entire apartment, but this is what Vancouver is trying to prevent. If the apartment is available as a whole for short term rentals, Vancouver wants it for residents as a long term lease.

What you describe might be happening, but it is not legal based on what I'm reading on the very websites you quote.

 

[Nine_Ender]

1989 didn't happen? It took *20 years* for Toronto housing prices to eclipse the 1989 peak.

You'd have had to have bought at the very peak after numerous 30%+ annual increases in price. Miss the peak by even just a year and it's a far different story.

 

[destriero]

You'd have had to have bought at the very peak after numerous 30%+ annual increases in price. Miss the peak by even just a year and it's a far different story.

Hence the work "peak"

Prices dropped 10% in 1990... and were not eclipsed until 2007.

 

[viruscore1]

i lived thru 3 Canadian and 1 US real estate corrections. Takes about 10 years to recover, longer in some areas. Without chinese money, TO and Vancouver will drop more than 50%. Nothing goes straight up, denial doesn't work.

 

[destriero]

 

[tsznecki]

As the article states, they "quietly" dropped the license requirement. This means they are breaking the Vancouver by-law.

Of course the market is for the entire apartment, but this is what Vancouver is trying to prevent. If the apartment is available as a whole for short term rentals, Vancouver wants it for residents as a long term lease.

What you describe might be happening, but it is not legal based on what I'm reading on the very websites you quote.

And? Owners/main lessors of the units are in no way compelled to have it on a long term lease vs Airbnb.

You have made a complete 180 turn from your post here where you describe laughably that Airbnb is illegal.

This is a very interesting point and may very well explain the continued appreciation in values. But it only takes one law from the city to turn the tide. Just like in Vancouver where the city made AirBnB illegal, Toronto could do the same. In fact, it should do the same. When your local citizens who work in the city don't have a place to live, its a problem that politicians will need to solve.

I'm personally not comfortable with this whole AirBnB model and how it skirts the rules established for the hotel industry. Are these AirBnB hosts paying the hotel tax? Are they even paying their taxes to begin with? Once you equalize all this, maybe running your AirBnB isn't as lucrative, and worse, it might be illegal one day.

But hey, keep commenting on things you know nothing about and that you just read on the internet and have zero practical experience doing. I think the term is: full of shit.

 

[Seaweed]

I think the term is: full of shit.

Time for you to take some of your shit.

https://vancouver.ca/news-calendar/city-legalizes-short-term-rentals-in-vancouver.aspx

Facts about the new bylaws

• Starting April 19, short-term rentals, which are stays of less than 30 days, are legal in Vancouver.
• Short-term rentals are only allowed in a principal residence, where the operator resides for more than 180 days of the year and receives mail.
• A short-term rental must be licensed before it can be advertised or rented.

Notice how it says short term rentals are only allowed in a principal residence where the operator resides 180 or the year. Now this was a bit of a surprise to me, but it must be written like this to take into account the old folks who leave for the rainy months but come back for the summer months.

Now do you really think people leave for the summer so they can rent out their place and come back to live in their unit for at least 180 days? No, I don't think so. I think most of what you see are illegal listings that do no abide by this. There are fines spelled out, but I'm sure the enforcement will be quite lax.

So tell me now how it is that some condo owner who own 5 condos can run legal AirBnB's in these units year round? It clearly states he would have to live in the unit at least 180 days of the year, and none of those other units could be used as short term rentals.

Now you can go fuck yourself for your disrespectful nature.

 

[tsznecki]

Time for you to take some of your shit.

https://vancouver.ca/news-calendar/city-legalizes-short-term-rentals-in-vancouver.aspx

Facts about the new bylaws

• Starting April 19, short-term rentals, which are stays of less than 30 days, are legal in Vancouver.
• Short-term rentals are only allowed in a principal residence, where the operator resides for more than 180 days of the year and receives mail.
• A short-term rental must be licensed before it can be advertised or rented.

Notice how it says short term rentals are only allowed in a principal residence where the operator resides 180 or the year. Now this was a bit of a surprise to me, but it must be written like this to take into account the old folks who leave for the rainy months but come back for the summer months.

Now do you really think people leave for the summer so they can rent out their place and come back to live in their unit for at least 180 days? No, I don't think so. I think most of what you see are illegal listings that do no abide by this. There are fines spelled out, but I'm sure the enforcement will be quite lax.

So tell me now how it is that some condo owner who own 5 condos can run legal AirBnB's in these units year round? It clearly states he would have to live in the unit at least 180 days of the year, and none of those other units could be used as short term rentals.

Now you can go fuck yourself for your disrespectful nature.

Yes, in fact they do Susan. The biggest margins are in the summer months when rental rates and tourism numbers skyrocket. Of course you wouldn't know that, since you are simply making shit up on the internet and acting like you know something.

Whether a guy has 5 units for rental and has 1 unit designated as his primary residence is completely irrelevant to your point. You said Airbnb is illegal, and then 180 degree pivoted to agree with me that it wasn't. Foot in mouth. Head in ass. Nice dodge in your reply not addressing my point by the way. But no surprise since you lack the IQ points to comprehend that.

As for the guy with 5 units and his other 4 being illegal? He runs the risk of course, but so what? Are you a disgruntled renter? Those with 1 unit only are well within the boundaries, and enforcement is lax for multi units. Yet another point against your pathetic reasoning.

I'll go fuck myself right after I wash your shit off my dick. Should I lube up more next time?

 

[Seaweed]

The biggest margins are in the summer months when rental rates and tourism numbers skyrocket.

So you actually believe that the owner of said unit is gone for the summer so he can rent it out for sky high prices but returns in the winter to fulfill his 180 residency requirement? Ha!

You said Airbnb is illegal,

If you followed my line of reasoning, you would see that I was saying that renting an entire apartment was illigeal, not that Airbnb as a whole was illegal. I did now learn that there is this 180 day rule, but I will bet that hardly anyone does this legally.

To recap, most of what I said was legit. You admit that the guy running 5 unit would have a problem with 4 of them. And you also hopefully see that the owner would have to occupy his unit for half a year, and I bet we both know this is most likely not the case, so in this fashion, this unit is probably an illegal listing as well. Like I say, most people leave during the ugly months and come back during the nice months. To do this in reverse would be highly rare.

All of this combined leads a rational person to see that renting an entire apartment with these strict conditions is not something too plausible, and most of the guys who were doing this before these new rules, (aka. running a hotel with their condos), can no longer do this. You keep saying enforcement is lax, and this I agree with, but this means you agree its not legal. I would hope for the citizens of Vancouver they continue to fight this, and that Airbnb is given some sort of penalty for allowing listings without permits when it clearly agreed to this earlier.