As law-abiding and polite as Canadians might be, there are a few bad apples out there who attempt to scam renters. Vancouver is no exception. In fact, given how hot the Vancouver rental market is, it is no surprise that you'll discover that rental scams exist. Finding a place to rent in Vancouver is difficult enough and the last thing you want to deal with is financial or identity theft. ...
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What is the Empty Homes Tax? After its first year of implementation, the Empty Homes Tax and BC Speculation and Vacancy Tax, instituted to target vacant properties, increase vacancy rates and create affordable housing, is estimated to generate $38 million dollars - $8 million more than originally projected. As this wasn't the original intent of the tax, the City is now considering a number of changes. As a quick summary, here is ...
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Do you take advantage of all the deductions available to you as a B.C. landlord? When you own a rental property, you are legally obligated to report all rental revenue on the Statement of Real Estate Rentals schedule on your personal tax return. Thankfully, you are also able to deduct a number of landlord expenses from your gross rental revenue and then pay tax only on the amount remaining. To ...
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When you're nearing the end of your lease, you have a few options as renter. One of those options is renegotiating your lease with your current landlord. This is a daunting exercise for many but it doesn't have to be if you prepare and develop a strategy. Chances are your landlord will take the opportunity to raise the rent by the allowable amount (2.6% for BC in 2020). However, if ...
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The most effective way to generate the best return on your investment rental property is by increasing the rental value. especially in competitive rental markets like Vancouver's. Deciding where best to spend your money, however, is always a challenge. The fact is that certain renovations are more likely to reap better rewards than others. Here we’ve outlined 7 ways to boost the rental value of your investment. Of course, the cost ...
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Unsure about handing extra money over to your new landlord? Here we've outlined the basics with respect to security and pet deposits in the province of British Columbia. These rules are sometimes revised so the ultimate source should always be the Residential Tenancy Branch. Security Deposit A security deposit often called a damage deposit is paid to the landlord before a tenancy begins and protects the landlord from unforeseen damage caused by a ...
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Vancouver’s New Airbnb Rules In April 2018, Vancouver City Hall began to regulate the popular home sharing platform, Airbnb, by introducing a new set of Airbnb rules. In response to disgruntled citizens wary of sharing their buildings with a revolving door of Airbnb guests and by others desperate for rental housing in a city where occupancy rates are nearing 100%. In addition, many Vancouverites feel Airbnb is responsible for further inflating ...
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Rental Repairs and Maintenance Responsibilities You’ve signed a lease on a new apartment and you’re excited about your new digs…but what if things don’t work according to plan. The electrical outlet that will power your beloved Nespresso machine is dead or the sink perpetually drips? What to do? Well, before moving in, be sure to conduct your own inspection preferably alongside a property manager or landlord. Make note of things that ...
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What are tenants responsible for? Renters often get a bad rap – a reputation as messy, careless and disrespectful to properties. This is really unfortunate given the majority of renters who do treat their rental home like it was their own. Maintaining a property is the shared responsibility of both landlords and tenants. Landlords must ensure it is clean, safe and livable before new tenants move in but once in, the best ...
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As part of a 30-point plan to help alleviate the housing crisis, the Province of British Columbia has imposed a speculation and vacancy tax hoping to turn vacant, under-utilized properties into homes for people living and working in BC. For Vancouverites, this is in addition to the civic Empty Home Tax levied for the same reasons. Though the intent of these taxes is noble, the implementation has proven confusing and ...
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