We are looking for a newer 4 bedroom house in Cobble Hill, Cowichan Bay or Mill Bay for a long term rental up to $1450.
We are looking for a realistically priced rental that reflects local incomes and the value of the house. We have seen several house ads and suite ads looking to charge rents that are equivalent to those in Victoria and Vancouver - but we are not those world class cities.
We have seen many that try to charge rents that are equivalent to or more than the cost of a mortgage with a zero down payment for a very cheap house. Anyone can see the value of the home using the E-Value BC Assessment site (http://evaluebc.bcassessment.ca) and then use a mortgage calculator to see what they would pay for it monthly if they buy it. And to no one's surprise, they sit empty, and get pulled, only to be re-listed later.
If you are a landlord, you have to realize that rents have to be based on local incomes. Local incomes in the Valley and Victoria area are not high. We don't have millionaires moving here from overseas. If rents are too high, people move elsewhere, break leases, or simply buy themselves. And all it takes is for your house to sit vacant for a month or two for that high rent to wipe out your increased rent gains.
People have stopped moving here from Alberta and Vancouver. Those markets are heading downhill and correcting. The new foreign buyers tax and the new federal mortgage rules means there will be more downward pressure on prices as there will be less buyers and less sales.
You are already seeing it in the Valley here will big price reductions on houses that actually sell and houses sitting on the market for much longer. That little pop in the market last year is now done because the Alberta and Vancouver markets have changed for the worse.
We are looking for a long term rental and we are happy to live there supporting your investment for the right price for a long time. We are trades people that will keep your house maintained and neat with steady income.
If you have something available we would love to hear from you!
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