bill at greaterfool.ca 11 Apr 2010 12:57 pm -
“We still haven’t rented the first floor bachelor suite. We have the odd nibble and sometimes make an appointment but they have all been no shows. ‘For Rent’ signs keep popping up all over our neighbourhood [Broadway and Arbutus in Vancouver]. Not to mention ‘For Sale’ signs as well. I would think that there is some pressure from the owners of condos here. I wonder if there are enough renters to go around? I expect the competition for renters is going to get much more intense. I reckon there will be a rent reduction at some point. I cant see senior management allowing us to go another month without a tenant.”
but the question is what % of the owners are foreigners? that will determine if the suite can be left EMPTY for many months.
genxr,
Certainly that is an initial factor. However there will be enough that are price sensitive that some will soon move from rental to list. This is the trigger point in this market that pushes prices down. As they decline even those who can hold will start to panic. So it begins.
Look at buildings like Spectrum and Woodwards downtown. These are highly investor purchased and have both a high number of rentals up and units for sale. Canary in the coal mine.
This is interesting.
I live in a Hollyburn building, and the general note always was: The only thing you can rely on is to get a yearly rent increase.
Only: This year I didn’t. I have been four years in this place and this is the first time I did not get a rent increase. My neighbours and others though did.
I have to wonder if that is another sign of the market turning, or did I just get lucky?