SHORT TERM Vacation RentalS
Investment Properties In Victoria, BC
Investment properties can be a lucrative and rewarding way to grow your wealth and diversify your portfolio. If you're considering investing in real estate in Victoria, British Columbia, here are a few key things to keep in mind.
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Research the market: Before you make any investment, it's important to do your due diligence. Take the time to research the Victoria real estate market, including trends in home prices and rental rates, as well as the demand for rental properties. This will help you make an informed decision about whether investing in a property in Victoria is a good fit for your financial goals.
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Look for properties with good rental potential: When it comes to investment properties, the key is to find a property that will generate a good return on your investment. Look for properties that are in high demand as rentals, such as those that are located near popular attractions, public transportation, and amenities like schools and shopping centers.
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Consider the costs of owning a rental property: Owning a rental property comes with a number of ongoing expenses, including property taxes, insurance, and maintenance. Make sure you factor these costs into your calculations when determining the potential return on your investment.
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Hire a property management company: If you don't have the time or expertise to manage a rental property yourself, consider hiring a property management company. These companies can handle everything from finding tenants and collecting rent to handling maintenance and repair issues. This can help take some of the burden off of you and ensure that your investment is well-maintained.
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Don't forget about the tax implications: Owning a rental property can come with significant tax benefits, including the ability to write off certain expenses. However, it's important to understand the tax implications of owning a rental property and to work with a qualified tax professional to ensure you're taking advantage of all the tax benefits available to you.
Overall, investing in a rental property in Victoria can be a great way to grow your wealth and diversify your portfolio. Just be sure to do your research, understand the costs and responsibilities of owning a rental property, and consider hiring a property management company if needed.
Impacts of Bill 44 on Investment properties in Victoria BC
With the passing of Bill 44, you should be aware that Short Term Accommodation bylaws that prohibit or restrict AirBnB or VRBO type uses are still in full force and effect with fines of up to $1,000 per day.
Aside from needing to comply with specific municipal zoning, you will need to be aware of which buildings in town allow for nightly/short term rentals and which are legally zoned to allow for this type of revenue generation. If you are an Investor searching for a Condo that specifically allows Vacation Rentals here in Victoria, BC it can be a challenging landscape to navigate.
TAX IMPLICATIONS:
GST
GST may well be applicable if you are purchasing a unit for the purposes of nightly rentals. If the unit has previously been rented out for a vacation or short term revenues, it is likely that the GST will apply to your purchase.
It is well worth consulting your Accountant and Lawyer for guidance regarding this. Please let us know if you would like us to refer you to a professional we recommend to help you with this process.
British Columbia Speculation and Vacancy Tax
Speculation and Vacancy Tax will likely apply to your Vacation Rental unless you are planning to rent it out for durations of over 30 days for 6 months or more in a calendar year.
VACATION RENTAL BUILDINGS IN VICTORIA, BC
We've put together a list of the buildings here in Victoria that do allow for Short-Term Vacation Rentals. The properties below are all designated buildings that are zoned for Transient Accommodation, AirBnB's and Vacation Rentals.
- 728 Yates St. - The ERA
- 608 Broughton St. - The Sovereign
- 708 Burdett Ave.& 707 Courtney St. - The Falls
- 610 Johnson St. - The Monaco
- 760 Johnson St. - The Juliet
- 524 Yates St. - Simon Leiser Warehouse
- 534 Yates St. - Simon Leiser Warehouse
- 562 Yates St. - The Oriental
- 535 Fisgard St. - Lum Sam & Lee Cheong
- 517 Fisgard St. - The Union
- 456 Pandora Ave. - The Janion
- 599 Pandora Ave. - The Vogue
- 534 Pandora Ave. - Lum Sam & Lee Cheong
- 528 Pandora Ave. - The Union
- 595 Pandora Ave. - 595 Pandora
- 1610 Store St. - The Janion
- 409 Swift St. - The Mermaid Wharf
- 601 Herald St. - 601 Herald
- 613 Herald St. - The Citizen
- 751 Fairfield Rd. - The Astoria
- 1602 Quadra - Palladian
- 770 Fisgard - Hudson-30 day minimum
- 732 Comorant - Corazon
- 707 Courtney - The Falls
*Please contact us at any time you would like further info or help with your search.
Victoria vacation rental properties
Posted by Stephen Foster on
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