Some Burnaby homeowners are finding new ways to cash in on their properties even while the value of their homes continues to skyrocket.
But they aren’t doing it legally and there are few ways to stop it.
And that has left residents in some Burnaby neighbourhoods frustrated. I’ve been overwhelmed with stories by residents about illegal rental units on their streets, with people upset about the impact they have on everything from safety to parking.
But at least those illegal rentals are providing homes for people. I can live with that although I wish these homeowners would just go through the city process to get their rental units registered so they are at least safe and regulated.
What I don’t have time for are illegal short-term rentals that are destroying the rental stock in Burnaby and beyond.
Ted in the Burnaby South area is working on complaint to the city about what he calls an illegal “hotel” operating in an eight-bedroom, seven-bathroom home on his street. Since he hasn’t filed the complaint yet, I’m not naming the street, but Ted says it’s wreaked havoc in the neighbourhood after being listed on such short-term rental sites as Airbnb.
“Basically, the owner has given a big middle finger to the rest of the neighbourhood,” he said. “There are tourists coming at all hours of the day and night, taking up all of the parking and making a lot of noise. During the summer, the noise from the parties that guests are putting on is really disruptive. At least with a neighbour you know, you can talk to them but this is an absentee owner who just seems to exist to collect money. There are strangers here all of the time and people getting drunk. I mean, they’re tourists and I get that they want to have fun but do it at a proper hotel.”
As I said, what this also does is eat up more of the rental stock in the city. It’s a scourge that doesn’t seem like it will slow down anytime soon.
Meanwhile, these homeowners continue to get richer without actually doing anything to earn it.
In Burnaby in 2021, the value of a single-detached house jumped to an average of $1,725,000, according to BC Assessment Authority data, a 19% increase from 2020’s $1,449,000. For strata-type homes, such as townhouses and condos, the increase was 10% to $646,000
And the Real Estate Board of Greater Vancouver says that the average price for a single detached house jumped nearly 20% in the area of Burnaby South, which is the city’s priciest area for buying a house. The average detached house price across the entire city went from $1,574,000 to a whopping $2,062,000 in just one year.
You would think that gaining this type of equity would be enough value, but no.
Follow Chris Campbell on Twitter @shinebox44.
