Stressed small landlords bailing out of Vancouver
The Vancouver-based CEO of the Landlord Credit Bureau says hundreds of small landlords, such as homeowners renting a basement suite, are bailing out of Vancouver’s rental market due to a provincially-mandated rental freeze and difficulties in evicting scofflaw tenants.
Larger landlords, meanwhile, are facing a “trifecta” of challenges that are driving rents down and persuading many landlords to offer incentives for the first time in years, he said.
“B.C.’s rental regulation is having an unintended consequence of actually reducing the number of rental units available,” Zac Killam told Western Investor. “The reason is that it has essentially taken the financial impact that tenants are facing due to COVID and placed it on the back of small landlords.”…[Read More]