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Vancouver Landlords – Landlords Are Paying Record Prices for Rental Properties

September 3rd, 2014 · No Comments · BC Landlords Association, LandlordBC, Latest News, Vancouver rental property

 Vancouver Landlords - Landlords Are Paying Record Prices for Rental Properties

With rental prices rising and premium properties hard to find Vancouver landlords need to make sure you rent to good tenants

The news from the Business in Vancouver website is that Vancouver landlords are paying record prices for rental properties.

The BIV report includes an interview with Dave Goodman. Goodman specializes in multi-family residential rental properties for the company HQ Commercial.

According to Goodman there has been a huge rush to purchase rental properties that “cash-flow” in the Metro Vancouver area this year.

Sales of rental apartment buildings rose 36 percent from January 2014 to June 2014 compared to last year and our suburban markets saw a whopping 212 percent increase in total sales.

In Vancouver the average price to buy an apartment rental jumped up 13 percent to over $302,000.

In one amazing deal a traditional apartment building new the University of British Columbia sold for a price that equals $1,200,000 per door.

Why Are Sales So Strong?

There are a number of reasons including:

1. Mortgage Rates

Mortgage rates remain historically low and investors are taking advantage of these low rates.

2. Vacancy Rates

According to the CMHC (Canada Mortgage and Housing Corp.) the vacancy rate for Metro Vancouver is very low at only 1.7 percent. This means there are a lot of tenants looking for rentals.

Rent to Good Tenants

With all the competition to buy rental properties it’s important investors and landlords focus on the importance of renting to good tenants.

It’s also important to know hiring a BC property manager to run your rental doesn’t mean your rental property business will flourish.

How Can I Find Good Tenants?

It’s important landlords make sure you screen your tenants carefully.

We’ve heard landlords complain about the difficulties in dealing with tenants bringing in bedbugs to their apartment.

There are also serial bad tenants out there who move in and then don’t pay rent.

Even in a pro-business province, Alberta landlords are making sure they run credit checks and using professional documents when they rent to someone.

Tenant Screening and Tenant Credit Checks

As we’ve written before, it’s absolutely essential landlords screen tenants carefully and run credit checks.

We received an email Richard Jiang who is a BC landlord and property investor. His advice to other landlords is:

“Be a landlord in Canada is very different compared to Hong Kong or Mainland China. In British Columbia the rules are for tenants even if they don’t pay rent so you must be careful prior to renting to the person. If you are new make sure to learn how things work in BC because so much of it doesn’t make sense for the landlord.”

How Can I Run Credit Checks On Tenants?

You can join the BC Landlords Association for only a low one-time registration fee.

That’s right, no annual fee, just a one-time registration fee.

After you become a member you can network with thousands of other landlords in British Columbia and throughout Canada.

You also get full access to the BC Landlord Rental Kit full of documents and applications.

You also get access to premium credit checks from Equifax and GARDA.

All for a one-time fee, it’s a deal that can’t be beat and will help you succeed as a landlord!

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