Friday , August 19 2022

Dan Fumano: After claims, the real estate firm will change its model


A group of companies in Vancouver tries to change their way of doing business, and their spokesman responded to this week's experience in buying old multi-storey houses and long-term lease or retirement.

This week, as the city council of Vancouver has taken measures to protect renters from the practice of "renovating" and "aggressive acquisition", dozens of rents have occasionally come to offices to share heavy conversations, and several homeowners have risen several times.

According to lawyers, these cases have a clear example of strict laws and the need for zero leverage and the need to increase rental wages.

And in Vancouver and BK it may be difficult for the authorities to renovate and renovate the renters, and Coltric Properties and VS leasing companies' spokespersons said Wednesday they will be "hard-pressed" and "will change our model."

Tuesday night Valerie Farina told about the story of 23-year-old Kitsilano. It is called "Mano Ya", which in September bought Coltric and immediately began to give money to the tenant. Green zone. Peter answered the questions of Fri Farina, who was recently quoted by Coltrich and VS. Farina's building was not on its radar because of all of its claims.

"I add it to the list of VS-slash-Coltric reports," Fri said. "This is not on my list."

Since September, Farina's new residents have offered to renters the latest three rental offerings from Monday. "We are glad to inform all tenants. We have made a new offer to assist you in this transition period, "the proposal said: $ 5,000" purchase bonuses ", a three-month rent, $ 500, a refund, and a reference letter.

Farina said she was ready to move temporarily for permission to carry out repairs, and she could return later, he said, but he was pressured to allow the new borrower to take the money.

"Their attention should be paid to the people," Farina said. "It really motivated us and encouraged us to abandon us."

But when Postmedia News called on VS Rentals on Wednesday, vice president Christopher R. Evans told Faraina and other tenants that she was planning to let her know whether to go back and after being repaired.

When Postmedia went to Farina, he said: "Wow. This is not something we have been told … So far, we have nothing to say: "sooner or later you will leave".

According to the real estate owners, repairs are being made to rent housing in the oldest residential area of ​​the region, and housing rentals often raise rent payments for homeowners to expel long-term residents. Senior Vancouver Headquarters writes that the new memorandum is often seen by new owners who buy the building.

"Significant growth of market wages in recent years has created an environment that reflects significant returns of owners of a unit, and a lower rental rate gives relative discounts for new residents looking for new high rent payments," wrote Vancouver Assistant Director of Housing Policy and Regulation, Dan Garrison B. government housing group.

"We often hear these things happen when we sell them to a new leaseholder. Long-term proprietors tend to support regular leases, and new owners may consider trading as a way to increase their revenue on new investments. «

When the 90-year-old Manoa Yew was put for sale at the beginning of this year, the sales brochure cleared up to $ 170,000 to $ 175,000 a year on a net operating profit after spending on building maintenance, maintenance, property tax, insurance, and utilities. elevator and other "different" operating costs.

The sales brochure says: "Roofing and plumbing have already reduced the required capital."

Evans does not include costs for mortgages that are compound capital costs that are reflected in the sales brochure. But Evans did not argue with other parts mentioned in his trade book, for example, maintenance costs and the replacement of roof and sanitation. In fact, the name mentioned in the Manoa Yew sales brochure, Terrence Harding, is now interested in real estate.

Harding, who was on Wednesday on listing as a listing agent, 1875 Yew Street Nominee Ltd. is one of two directors, B.C. he bought property on September 17, $ 10.5 million, brokerage 12 million dollars. Zvonimir Dyurich, another managing director of the company, is the director of Coltric Properties.

Coltric is buying real estate and its property management company, VS Rentals, is part of a network of companies that have recently purchased a number of properties in Vancouver, Metro.

Part of the business model of the company has been leased to "leakage" buildings, such as Manoa Yew, to lease them to new leaseholders, "said Evans," but now it is difficult. «

"We are changing the entire model and it will be harder," he said. "Because, In my opinion, the mass media is often not ready to leave. "

"I love doing what I do," said Evans. "We are a community and we do not know what is going on."

David Huttak, Landlord BK is a rented housing industry, who said: "I do not know companies or directors, so I can not talk about their presence in the industry. I will say that Landlord B.C. Does not support "renewal" and, of course, this is not the industry's best practice … We often conclude that there is no need to stop the renter's repair or repair work, even to make it easier or less economical. Hosts who take these actions do not need to rent less and clearly do not hurt the wider scope. «

This week, Vancouver Sun, another renters from West Wes, leased out of their renters, reported last month that they had made a decision to buy a second release only after the weekend.

Evans declined to answer the number of properties owned by companies.

But Coun. Fry said there were more than ten Metro Vancouver buildings owned by the company.

"This is very relevant to me," Freey said earlier this month, suggesting that he build a rental office in Vancouver.

"We should not try to keep the money in the hands of anyone, but we must be fair and inexhaustible," said Fri. Like the experience of Vancouver updates, Fri said, "These days will start to see the new direction of the city council."

Carolyn Soltau file

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