The new rules for residential tenancy apply to the many suites here in Vancouver that are held as investments and currently occupied by tenants. When owners wish to sell the suite, they find that tenants are not simply expendable, to be evicted upon sale of the suite.

Here in BC, tenants have many rights, upheld by law. It may come as a surprise to owners to discover that when tenants are in a lease situation, that lease takes precendence over the sale. Unlike other countries, an owner here cannot evict a tenant for the purposes of selling. In fact, it is only if the new owner wishes to live in the suite that a tenant may be evicted. This new owner is referred to as an “owner-occupier”.

This is important legislation. At Downtown Suites, we help the owners understand the ramifications of this legislation when they decide to sell their investment property.

(This is an important Evergreen Resource article, revisited from our archives.)

Frequently check for evidence of mold and be cautious of any minor leaks in humid locations that can foster mold.  Be careful to ensure that ventilation outlets are opened so the basement areas can “breathe”.  One
issue we had in a very expensive town home was caused partly by the vents being closed so there was no adequate venting.

We are including a link to the extensive CMHC information page for you to review:

Fighting Mold — The Homeowners’ Guide

Understanding mold

• Mold can be harmful or helpful — depending on where it grows.
• Mold needs moisture to grow.
• Mold does not grow on dry materials.
• Mold growing inside a home can affect the occupants.
• Occupants can learn to recognize mold.

Molds are microscopic fungi, a group of organisms which also includes mushrooms and yeasts. Fungi are highly adapted to grow and reproduce rapidly, producing spores and mycelia in the process.

You encounter mold every day. Foods spoil because of mold. Leaves decay and pieces of wood lying on the ground rot due to mold. That fuzzy black growth on wet window sills is mold. Paper or fabrics stored in a damp place get a musty smell that is due to the action of molds.

Molds can be useful to people. The drug penicillin is obtained from a specific type of mold. Some foods and beverages are made by the actions of molds. The good kinds of molds are selected and grown in a controlled fashion.

Molds are undesirable when they grow where we don’t want them, such as in homes. Over 270 species of mold have been identified as living in Canadian homes. Molds that grow inside may be different from the ones found outdoors.

What makes molds grow?

Molds will grow if we provide them with moisture and nutrients. If we keep things dry, molds do not grow.

High moisture levels can be the result of water coming in from the outside, through the floor, walls or roof; or from plumbing leaks; or moisture produced by the people living in the home, through daily activities like bathing, washing clothes or cooking. Water enters the building when there is a weakness or failure in the structure. Moisture accumulates within the home when there is not enough ventilation to expel that moisture.

Different kinds of molds grow on different materials. Certain kinds of molds like an extremely wet environment. Other kinds of molds may be growing even if no water can be seen. Dampness inside the material can be enough to allow them to grow.

Why are molds a concern?

Damage to materials is one concern. Materials get stained or discoloured, and over time they are ruined. Moldy paper and cardboard disintegrate over time. Fabrics are damaged. Continued mold growth can be indicative of moisture conditions favourable for growth of fungi that cause wood rot and structural damage.

When molds are growing inside the home, there may be health concerns. Molds release chemicals and spores.

Health experts indicate that, depending on the type of mold present in a home, the amount and degree of exposure, and the health condition of the occupant, the health effects of mold can range from being insignificant to causing allergic reactions and illness.

Pregnant women, infants, the elderly and those with health problems, such as respiratory disease or a weakened immune system, are more at risk when exposed to mold. Consult your family physician if you believe there is someone who may be at risk.

Is there a mold problem?

Molds are always found in the air outside and in all buildings. They come into the home in many ways — through open windows or doors, on clothing, pets, food or furniture. The problem starts when mold grows inside the home.

Some mold growing, for example on the window sill but not elsewhere, is not a cause of concern. You can clean the mold yourself. The presence of mold is a sign that there is too much moisture in your home — a situation which must be corrected.

Inspect the home to find the extent of the mold.   (….read more here at the CMHC site….)

Some recent Kitsilano Heritage house short term tenants have just rented a one bedroom apartment fully furnished (for long term) and equipped on the 23rd floor of a fairly new building close to the Beach Crescent neighbourhood in downtown. The suite has sweeping views etc. for $1600 a month utilities included!

This price is indicative of where the market is returning to.

I had been working with my clients for several days and viewing many different buildings in the downtown and Coal Harbour area until we finally found the perfect investment property for them. The best deal in Coal Harbour!

This studio suite in the Coal Harbour area  was clean and tidy, and perfect for their investment needs. It came complete with  a great tenant who has resided in the suite for the last five years and wished to stay. It was a win- win situation for all involved! The sellers were happy to have an offer on the table and I was able to negotiate a great price for my clients and the tenant was happy to stay in her home.

My clients were thrilled with their purchase, it was the perfect “turn key” investment property. Downtown Suites will now proceed to take over the professional management of the suite for our clients.

Their are many great investment opportunities  a this time in the Downtown and Coal Harbour areas. If you are interested in purchasing an investment property or would like information in regards to our Real Estate and Property Management services. Please do not hesitate to contact me directly.

Victoria Farrell
Downtown Suites Ltd

www.downtownsuites.com
victoria@downtownsuites.com

At Downtown Suites we offer many condos and apartments in today’s rental market.

We have seen that the higher end suites ranging from $2000 per month and more are bringing in fewer people per viewing. What contributes to the lower number of viewers coming to the showings of these suites?

One of the factors is the new suites rapidly coming on the Vancouver rental market left, right and center. We have the Shangri-La, The Ritz, H&H, The Grace, The George, The Sapphire, and many others that are completing or have been completed. Suites there are often sitting empty because there is an overwhelming number of suites available in Vancouver with not enough people able to or wanting to rent.

This has a trickle effect on the rest of the rental market because prices are going down.

If these new higher-end suites are sitting empty, the owners must lower their rent.

This in turn brings all the other rental listings down, because if you have a suite that is for $2500 in a decent place, then see that the Shangri-La has one of their listing at $2500, it is heavy competition for the other suite to try and match the Shangri-La. So in response to that, the owner would have to lower their rent to be able to rent out the suite and not lose any money. Thus this is a domino effect on the rest of the rental market.

Furthermore people unsuccessfully trying to sell their property, are now putting their suites up for rent. This is contributing to the massive availability in the current rental market.

Nonetheless, all of the suites we have shown this month have seen a positive response, and great deal of interest. It is true that if rental suites are priced right, the suitable renter is not far behind.

The first suite I showed was a penthouse suite on West 12th and Granville. I met with the gentleman and his friend and we took a look at the suite. It is a very unique suite with a lot of spaces that are dispersed through out the house. There are 2 fireplace, one with a custom mosaic motif which gives the piece some character.

The couple looked around all the rooms and gave their input saying that the place was great as far as space, but it was kind of gloomy and dark and the maitainance in the suite didn’t seem to have been done for some time.

We then went outside to the spiral staircase that leads you to the top of the 2,600 ft deck. The fellow really loved the view of the city.

Although he liked some of the qualities of the suite at the end of the day he decided that the place wasn’t the right one for him.

My second showing was at  West Georgia. This is a Penthouse unit in Coal Harbour.

2 Men showed up and took a good look at the suite. This penthouse offers a generous amount of living space with a wrap around deck that you can look out to all the spectacular views of the city, water and mountains.

They both took applications and were very pleased with it.

So all in all the showing went well. I like to get feedback’s from the viewers and I encourage them to voice their thoughts, because it gives Downtown Suites Team and I an idea as to how people are reacting to the rental market.

I will keep you posted on the many showing that i have coming up this week.

To view this suite please visit our website at www.downtownsuites.com go into the ad and fill in the contact boxes provided.

Senior Property Manager, Tanja Milosevic, discusses the current 2 bedroom suite market with Nicholas Meyer at the Downtown Suites office.