Quote:
Originally Posted by GenWhy?
"The listing describes the one-bedroom laneway house and the three-bedroom basement suite as “mortgage helpers,” and when visitors tour the property, the agent quietly touts the two as bringing over $19,000 a month in revenue as short-term rentals...."
Correct me if I'm wrong but the person who is advertising this is advertising an illegal operation? If I recall you're only allowed to short-term rent out your primary residence that you live in and not the secondary suites on your property. And if they're doing that, they're doing that without the required business license. I can't imagine the nightmare to enforce this from the City's POV.
At least it appears we know (if I read the article right) that Draco Pacific Reality is promoting at least one illegal activity, that we know of for housing.
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"Illegal suites" are ALL basement suites without a separate address.
They are "illegal" as in the tenant has zero recourse, and if the owner of the property rents out the other half of the building to another tenant, they certainly aren't going to intervene.
Now back in the late 70's, early 80's, every single home built in Metro Vancouver and elsewhere in the province, was built with a "inlaw suite"/"mortgage helper"
These are always illegal suites. They only became
"kind of legal to rent", since 2004, but that resulted in people building not just "one" illegal suite, but two.,
And that's a problem, and you see this in comments on places like CBC and Vancouver Reddit, where people want to turn SFH into duplex/triplex/quadplexes, without making them safe to actually sleep in.
A "legal" suite has to minimally have two means of egress (which basement suites never have, let alone two), and separate addresses for electricity, gas, water, sewage, internet, etc to be billed to. Most importantly, parking spaces ON the property for all suites, which is another thing that illegal suites rarely have.
If any SFH housing should be turned into proper MDU, it should be turned into a proper MDU apartment building with the HVAC, water, sewage included in rent like a real MDU property. Condo's are stratafied, and you end up paying nearly as much in strata fees as you do in rent, and you STILL end up paying for HVAC through your electricity.
Go look at the strata fees in Vancouver and then look at the fees in Calgary and Edmonton. Strata fees in Edmonton are as much as rent is in Vancouver, with sometimes seeing $900 to $1200/mo for places that are $400 in Vancouver. So "the grass isn't greener" when people get told to move somewhere cheaper.
Time and time again, you'll see some suggestion to bring down the cost of housing in Vancouver, and they're always the worst ideas that a 12 year old could see the holes in.
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Build housing out of wood instead of concrete. So now it costs 3 times as much to heat in the winter and becomes an oven in the summer. If you want to build housing out of wood, you need to make that a property cooled by a heatpump, otherwise you're just burdening the person living in it with extortionate electricity costs to operate the crappiest heating and cooling solution. It would be better to build everything out of concrete for thermal and acoustic reasons. Not to mention after the leaky condo saga, I don't see why you'd build any MDU out of wood. Developers just do not give a crap about building good housing unless a gun is to their head.
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Make every basement suite legal, absolutely stupid, creating death traps.
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Convert patios into bedrooms, absolutely stupid, death trap, even worse than the basement suite, because there's no heat.
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Allow microsuites, Ugh, NO housing unit should ever be smaller than 500sq ft unless it's student/senior housing in a building that supplies those missing services. No full-size kitchen? Then that building better have a restaurant or cafeteria that is free to the residents. But no, developers would rather everyone sleep in capsule hotels and not have any personal space if they weren't required to make them at least 398sq ft.
Realistically, we need to stop the housing shrink-ray. A minimum of 250sq ft per bedroom on top of 250sq ft to cover the kitchen and bathroom. No more of these fake bedrooms with no closets that can't fit a queen size bed in.
All that's happened by allowing illegal basement suites, is that it's driven up the cost of housing, because now everyone is REQUIRED to have an illegal suite in order to pay their mortgage. It went from "extra money" to "requirement", and there is no way out of this.
I'd love nothing more than to see interest rates continue to climb and force banks into losing money as everyone starts declaring bankruptcy, because I don't believe for a second that housing should cost this much, and the reason for these 100% YOY price increases is because of foreigners trading properties like stocks.
Yes, there is a shortage of rental supply, but there is a shortage of ALL supply, caused by people with no connections to the province, buying the property and deciding to leave it empty, or operate illegal hotels via AirBnB.