Amateur speculators buy anticipating ongoing price increases. The properties are all cash flow negative. They will be sold into the market as prices drop and the premise for holding them disappears. -vreaa
Devore at vancouvercondo.info 28 May 2010 10:46 am - “I’ve seen many places for rent in the last month, and one of the first things I ask the landlord is how long you’ve had the place. All the condos I looked at, over a dozen, ALL, the owner had between 1-3 years with the property. Many without even asking offered to drop price for a “good” tenant with 1 year lease. Uhm, thanks but no thanks. I don’t want to be getting a call 6 months from now begging me to break my lease and move out because they have to sell.”
I’d have little problem with renting there. If they want to sell it in six months that’s their problem, not mine.
Michael, Michael…do you really enjoy packing up all your belongings and finding a new place to live every 6 months? Sounds like it would be your problem.
That happened to me in 2008…the panicked phone call. One quick call to the Residency Tenancy Board told me that the landlord had no right to kick us out as long as the lease is in place. So with 6 months remaining on our lease, any new owner would also inherit us as tenants, at least for 6 months. But yes, it is a hassle to move, even once a year is a hassle.
I’ve paid tennants to leave before. I’d love a paniced phone call from a landlord begging to accept $5k to get out so they could sell
Most definitely. Being in a lease when the house is sold out from under you is the best outcome for a renter.