Vancouver Condo Real Estate Video Blog #652 - April 4, 2011
Rental Restrictions at 550 Taylor in Downtown Vancouver by Ian Watt
Ian Watt video blogs about how 550 Taylor in Downtown Vancouver had proposed a rental cap of 30% however the owners have voted it down and its still free for unlimited rentals. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years.
Ian Watt: Hi good afternoon it's Ian Watt in Downtown Vancouver. In Downtown there are some buildings traditionally older buildings that have rental restrictions, however things that were built probably in the last five years and so generally don't because they are so dominated with rentals and of course to change any of the buy loads you need 75% of the strata to vote up on it. Now at 550 Taylor, there was a SGM or an AGM last week and what they are trying to do is to put a rental restrictions and that was about 30%. Now that building has the majority as studios or 1 bedrooms in the building and of course it is I guess it's 2005 so about six year old building and that building there was trying for 30%. Now of course to get 30% your gonna have to get all this people to vote upon it now they're definitely have more than 30% rentals. However, one owner has twenty something units in there and they were trying this way at that way and fortunately for the homeowners they vote it down because if you look at any building that's dominated with studios or one bedrooms and there's a rental restriction that cuts out a huge percentage of buyers come re-sale and most investors do not want to go into any building even if it is 30% rentals or 70% rentals with a 30% cap whatever it is they don't want to go in there so they cut down a huge percentage of buyers that drops the price. Could drop the price 5 to 10% and I don't want to have any restrictions whatsoever on whether I can rent or not rent totally different if it's a luxury building, totally different if it's building dominated by two beds two baths but one that's dominated with studios or one bedrooms your looking at taking a hit when it comes time to sell. My name is Ian Watt and if you have any questions. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!