Petr Vokoun, who co-owns Orca Realty, told Glacier Media in an interview that over the last six months, the “deterioration” of the detached house resale market and the threat of the speculation tax has resulted in his company getting a slew of phone calls from luxury home owners. These are either from owners – both domestic and overseas – who can’t sell their high-end homes and have reluctantly decided to rent out their property instead, or non-occupier owners, largely those based overseas, who want to avoid paying speculation tax on their currently vacant, multimillion-dollar investment properties.
“The speculation tax, as well as the collapse in the housing market, is definitely going to affect rental rates in the high-end rental market,” said Vokoun. “A $3 million house that would have rented for $5,000 a year ago will likely rent for around $4,000 a month today. What we’re seeing is that rental rates have decreased up to 20 per cent from the spring of 2017, and it’s getting even worse. And when you look at the ratios, if a person owns a $3 million property, to get $4,000 a month for it probably doesn’t make financial sense for them.”
The spike in high-end rental inventory is “probably around 90 per cent due to owners not being able to sell their home, and 10 per cent due to those who don’t want to pay the speculation tax,” Vokoun assessed. He observed that there could be an opportunity for tenants with a healthy budget to rent a much better home than they could a year or two ago. “For tenants with a budget of $4,000 a month, previously on the North Shore they could get a pretty beaten-down house for that – now they can get a really nice house worth at least $3 million. And someone who has $5,000 a month has a huge amount of choice on the North Shore today.”
Will there be a trickle-down effect that will reduce rents on less-expensive properties? “Absolutely – it has to,” said Vokoun. “The sales slowdown started with detached homes, but now also condos and townhomes are slowing down too, which in turn will spike rental inventory in the market and rental rates will go down. That’s what I’m seeing. And the speculation tax – as well as Vancouver’s empty homes tax – will exacerbate this effect.”
Замечу, что моргидж+такс+пр на 3М дом (с 600К даунмейментом) составляет порядка 11-13+К в месяц в зависимости от условий
(кстати говоря, повышение % ставки на следующей неделе приведет к тому, что месячный платеж за такой моргидж увеличится приблизительно на 300 долларов).
Возможность снять такой дом за 4К вряд ли можно рассматривать иначе чем суперсубсидию рентерам. Особенно в условиях, когда такие дома даже по официальным данным дешевеют на 1-1.5+% (т.е. на 30-45+К) в месяц!