:(
So remember how I blogged about the house I live in getting sold and the new landlord said I could stay? Yeah, apparently not so much. The new landlord called tonight and said I have to get out. Sigh.
Anyone know of any cheap places for rent in Vancouver?
Oh yeah, and to add insult to injury, this news story came out today. Double sigh.
Comments |14|
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"Unaffordable" means to buy, not necessarily to rent. I mean, this isn't news.
My rent in Kelowna is maybe only $100 less per month than my rent in Vancouver, and my Vancouver apartment was a good deal larger, and in a nicer neighbourhood. So, meh.
But the fact that it's so unaffordable to buy means I can't even entertain the possibility of owning a place. And getting kicked out of my rental is yet another reminder of this sad fact.
Have you thought about moving closer to work? Less of a commute would be a good thing and it might be more affordable.
Yeah, the thought is crossing my mind. I abhor suburbs, but beggars can't be choosers!
That housing report — I read it yesterday – is SCARY. Vancouver is the most unaffordable city in the English speaking world. Prices have ABSOLUTELY NOWHERE to go but DOWN. But that'll be good for you in the long run.
I am so, so sorry about the landlord. How long do you have to vacate?
He said he wants me out by March 1, but I checked it out and he has to give me two months and it has to be written notice, so I've legally got until April 1, assuming he provides me with written notice by Monday. And he has to give me my last month's rent for free, so at least that's something.
Frankly, he sounds a bit scattered so you may end up having until May 1.
The housing market is about to peak — there will be interest rate increases by late spring/summer (Bank of Canad Governor Mark Carney has already said so) and there are rumblings that in the March federal budget the 5% down/35 year mortgages will disappear, making mortgages much harder to get — both will SCREW most Vancouver buyers, especially those buying on spec with the intention of flipping. This is what happened in Toronto when the bottom fell out of the market in the early 1990s, where it'll happen again. But it will be much worse in stupidly overheated Vancouver real estate.
That sucks. Did you have a lease for a certain time period? In America, if you did, they would have to honor it. How long do you have to find a new place? Good luck!
Nope, my lease is month-to-month, so he only needs to give me two months notice.
Is this one of those "I'm moving my brother in so I can legally kick you out" kind of things? That blows. Where's Danielle living now? You can move back in with her!
Alas, Danielle lives in Victoria, so I can't barge my way into her place like I did with my current abode. The commute would be killer!
I think it's a "I'm not going to be renting out the basement so I can legally kick you out" thing, but it wasn't clear when I talked to him. I'll find out for sure when I get my written notice.
As a result, there will be MANY reluctant landlords in the Vancouver area – those carrying condos that are "upside down" mortgage-wise, where they owe more in mortgage than the resale value. In Canada — and UNLIKE the US — we cannot walk away from homes. Even if they sell for less than what's still left on the mortgage, we're still liable for 100% of that difference. The only option will be to declare personal bankrupcy, and many people won't want to do that. They'll hold on, renting out condos at prices LOWER THAN THEIR MORTGAGE PAYMENTS — the market will demand it — just to hold on.
What this means for you? Obviously, you'll have to find something in the short term. But in the medium term? The rental market in Vancouver will soon get a hell of a lot sweeter — great stuff for cheap. And since I think you only need to give a month's notice to get out of a lease in B.C. (that's what you had to do in Burnaby, right?), you'll be in the proverbial catbird seat.
Or you can just, well, move and break the lease. It's not like you lose much other than 1/2 month's rent.
That's interesting stuff, Sarah. I hope you're right, otherwise Beth and I are sunk.
If you want to talk more about this, we can chat. đŸ™‚