Property transfer taxes could offset their loss
While I do not own a rental property, I have been curious about what it must mean to those many thousands of B.C. residents who do, now that short-term rentals have been all but outlawed in most of the province.
As many of the stories we are hearing about come from owners of small micro-units rented on a short-term basis, I ran those numbers as an example to better understand the problem I would be facing if I bought one before the policy change.
A typical downtown Victoria micro-rental unit of under 500 square feet sells for an average price of around $425,000.
Assuming that I purchased one with 20 per cent down with a 30-year mortgage at seven per cent, my monthly payment (including insurance and taxes) would be around $2,550.
On top of this I would need to cover strata fees, which vary from building to building, but let’s assume they are around $250 a month.
As a short-term rental I would potentially also be paying for cleaners and a property manager. While I may have been covering my expenses reasonably well renting it out as a short-term rental, now I must repurpose it as a-long term rental at a monthly rate in the region of $2,800 just to break even. Yikes!
Now that I have run these numbers, I have a much better idea of how devastating this policy will be for many thousands of my fellow British Columbians.
This said, I understand why this prohibition on short-term rentals in most of the province is an important thing to do from a housing crisis perspective. But it also makes me wonder whether the government is morally obligated to provide some form of transitional assistance to those impacted by this abrupt change in policy.
Perhaps a portion of the significant increase in property transfer taxes that will undoubtedly result from a sell-off of short-term rental properties could be set aside for this purpose.
Howard Brunt
North Saanich
Make it easier to offer long-term rentals
The government of the day, whether it be municipal, provincial or federal, would like everyone to believe that the problem of short-term vs. long-term rentals can be laid at the feet of greedy landlords.
Unfortunately, as is usually the case, the government(s) will rarely, if ever, do some navel-gazing to see that the root of the problem can be laid squarely at their feet.
Many of the landlords that currently use short-term rental platforms do so in order to avoid the broken residential tenancy act.
If you have a condo you want to rent and enter into a tenancy agreement with a tenant, as a landlord, you have now relinquished all your rights to the whims of the tenants as there is no enforcement capability with the dispute process.
All it takes is one tenant who decides not to pay and a landlord will see they cannot continue with this farcical regulatory situation.
It will take up to a year or more to remove a tenant that fails to pay or damages your property. Many long-term rental landlords moved to short-term rentals simply to avoid this process.
Until the government fixes this situation, any patchwork legislation they put in place will be a Band-Aid at best.
Warren McCall
North Saanich
Victoria approved all those micro-suites
Much has been said about how micro-suites are not appropriate for long-term rentals. The implication is that these suites were always destined to be short-term rentals.
When the developer applied to the city for a development permit or rezoning, was there ever any mention about the intention to have these micro-suites be exclusively short-term rentals? If so, I am surprised the city agreed to the rezoning.
So if the city agreed that a sub-400 square-foot unit would be appropriate for a rental unit or owner-occupied unit seven or eight years ago, why is it not suitable now?
Kevin Burns
Victoria
Remembering better times for B.C. Ferries
Re: “Raeside, volunteer to help run B.C. Ferries,” letter, Oct. 28.
Hilarious! Adrian Raeside’s cartoons are fabulous and B.C. Ferries has earned every one. The ferries have become a joke in recent years.
But in the 1960s , 1970s and 1980s, the ferries were perfect.
I can’t even remember cancellations due to weather but I can remember sailing with water coming up over the windows.
Plus wonderful staff, happy with their jobs.
Peggy Bodnar
Qualicum Beach
Shawnigan museum features E.J. Hughes
Re: “Life at Shawnigan Lake, through the eye of E.J.Hughes,” review, Oct. 29.
I would like to mention the small, yet very interesting museum in the centre of Shawnigan Lake village.
The Shawnigan Lake Museum houses an excellent gallery with several of Hughes’ original drawings and a few personal treasures.
The museum is being expanded and will incorporate a larger Hughes gallery and a more comprehensive look at his life and work.
The museum is well worth a visit! Check it out when it reopens in early June 2024.
P.A. Pope
Shawnigan Lake
Schools get us ready for the wider world
Geoff Johnson’s Sunday column seems to suggest that the Fraser Institute ratings are unfair to Indigenous students.
One might ask “for what purpose are schools if they are not meant to educate our youth and prepare them for their future journey through life?”
Johnson’s complaint would be more justified if Indigenous children were only expected to get along immersed in a mostly Indigenous community, but this is no longer possible due to the advance of human interaction with nature and science.
If any Indigenous youngsters plan to work away from purely hunting and gathering activities they, like the rest of us, must be schooled accordingly and that schooling leaves little room for non-essentials.
To suggest, as does Johnson, that our schools are based on colonial expectations is ludicrous. I have never seen a copy of the Foundations Skills Assessment rating system, but it might be an eye-opener to many if the tested pupils were required to identify their racial origin.
It would be no surprise to me if the highest scorers identified as Asian, and Asians are not usually considered colonials but rather fully 91原创 citizens, immigrants, or visitors. Much of a student’s ability to learn, or not, is instilled in them by their parents as an expectation.
So back to my question, for what purpose is our schooling?
David Smith
Victoria
Pronounce the word the correct way
I hear so many people mispronouncing Hallowe’en and pronouncing it “Hollowe’en”
The name of Hallowe’en is a shortened version of Hallowed Evening, a Christian holiday, and it’s not hollow!
Jill Yonge
Saanichton
Suggesting a name for this province
I read here months ago discussions about a new name to replace the outdated colonized name of “British Columbia.” May I suggest a simple and straight-forward “91原创 Columbia.”
Boon Kang
Victoria
Please tell us more about a two-state solution
Prime Minister Justin Trudeau says Canada believes in a two-state solution in Israel. He ought to share with 91原创s what Canada is doing to achieve this end.
Because whatever policies Canada is pursuing, they are not working.
Louise Manga
Victoria
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