south_slope at vancouvercondo.info 24 Jun 2010 9:39 am -
“I’m a journeyman electrician in my mid 20’s. My wage is close to what a nurse makes. My wife and I combine to make over 100K/yr. But because we have 2 kids in daycare and minivan payments we cannot afford a condo big enough to fit our whole family. So instead, we rent, for a fraction of the cost, and save a TON of money. If the market in Vancouver continues to sky rocket forever we will either continue to rent (and retire millionaires) or leave.”
We rent in Burnaby. Landlord just listed property for sale (720 K for a tear-down on a nice lot). That’s the problem with renting – you are left in the lurch if your landlord decides to sell. Hopefully it won’t sell – there is one other house on the street at the same price, but in better condition. When we mention to people that the house if for sale, they all say the same thing – “why don’t you just buy it yourselves” – and I say, “if we could afford a house like this – why would be still be renting?”.
Do you have a lease right now or is it just month to month? I believe if the place sells the lease gets transfered to the new owner and they cant kick you out unless they pay you 2 months rent and moving expenses.
However, if you are just month to month then I think 30 days notice is all they have to give you.
Check out the RTA to be sure.
Your landlord missed the boat, they won’t be selling that place unless they chop prices. I’ve been getting MLS notifcations everywhere for properties I’ve been watching and most of them are now getting REDUCED!
There are alternatives to being evicted without buying, namely longer term leases and certain types of cooperatives. Both exist and aren’t as difficult to arrange as one might think, with a bit of persistence.