Bingo! – “I’m sick of the jizzbags who enjoy the benefits of renting instead of buying. I own a place: I’m a quarter-million dollars in the hole; I pay $250 a month to my strata; if I move, it’ll cost me thousands of dollars in realty/transfer/mortgage fees. Renters avoid all of this by living in someone else’s property and letting the landlord assume all the risks that come with ownership.”

As the market turns and then implodes, we expect all players to become acutely aware of the disadvantages of owning and the benefits of renting.  It is somewhat ironic that the Westender titled the following letter ‘You rent, you risk’.  -vreaa

From ‘Frank’ in this week’s edition of the local ‘Westender’ newspaper [24-30 Jun 2010], as quoted by bridgeman at vancouvercondo.info 28 Jun 2010 10:20 am

“I’m sick of the jizzbags who enjoy the benefits of renting instead of buying a place and then won’t accept the downside- that is, they might have to move out if their landlord needs to renovate the place. I own a place: I’m a quarter-million dollars in the hole; I pay $250 a month to my strata; and if I want to move, it’ll cost me thousands of dollars in realty/transfer/mortgage fees. Renters avoid all of this by living in someone else’s property and letting the landlord assume all the risks that come with ownership. When the tide turns and it’s time to go, they can bitch and moan and call the CBC “Go Public” hotline, or they can do what I did: accept the unpredictability of renting, take their two months’ notice… and buy a place. Or keep renting and stop complaining.”

8 responses to “Bingo! – “I’m sick of the jizzbags who enjoy the benefits of renting instead of buying. I own a place: I’m a quarter-million dollars in the hole; I pay $250 a month to my strata; if I move, it’ll cost me thousands of dollars in realty/transfer/mortgage fees. Renters avoid all of this by living in someone else’s property and letting the landlord assume all the risks that come with ownership.”

  1. “Haw haw…” (while pointing index finger)
    ~Nelson Muntz
    Nelson Muntz

  2. You left out having to save $1000.00 per month of your income in case you get assessed for a leaky condo (1/3 of them still leak). Know someone that had to come up with $70,000 in Abbotsford recently. Also, having the strata nazis tell me what to do while I am living in my own home doesn’t appeal to me. Worrying about what the interest rate will be when you have to renew your mortgage sounds a lot more unpredictable than renting. No thanks. I’ll rent.

    • but if you rent in a strata you still have to follow the strata rules, plus any that the landlord decides to impose.

      Still, I’m with you on the renting at the moment.

  3. i’ll gladly buy ur place at a discount. that way u can rent and stop whining.

  4. is the rental market picking up? i thought things had cooled down from a year or two ago when one had to go to a showing with a cover letter (talking about what a great tenant you’ll be) to try and win a place over the other 20 ppl competing for it. i’ve been casually looking for a place, have looked at a few but haven’t yet found anything worth moving for. found a very promising ad, was given a time to see the place but an hour before i was supposed to go, am told it’s been rented. the landlord said they got over 100 responses. for all the talk of demand being exaggerated and people losing jobs or moving back home, seems there are still plenty of others ready to jump at a ‘reasonably’ priced $1500/mo apt.

    • We’ve been trending towards greater vacancy (in purpose built rentals) since 2008, but of course it depends if you’re constrained to area. South Van’s always been easier for the renter – I’m in Marpole and know of several dozen empty suites of pretty decent quality that’ve been empty for a few months now on pretty tree lined streets. Kerrisdale hasn’t been hard for friends of mine. Grandview used to be easier to rent but is now “prime”. Etc.

      That said, and with shoe leather and a little time, there are places to be found in the more popular areas.

  5. @anonymous: I think a lot of the rental ads I see are woefully optimistic. The best chance you have is look at overpriced places and see if they offer you a discount. The trick is to convince them you’re a “prime” tenant. If you come across as a deadbeat it’s going to be hard to find anyone with prime property to rent to you.

  6. Poorly written, but probably out of context. I don’t think the guy was complaining – He is saying that, as owner, he has full authority to kick anyone out with 2 months notice. His argument is, owners bear the risk of the mortgage and fees, and renters bear the risk of having their lives disrupted.

    Sorry guys, I know that I come off looking like a bull amongst the bears, but I’m really not.

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