Furnished Vancouver 2010 Rentals - Winter Olympic Accommodation, Homes, Townhomes, Condos for Rent

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Problems with Renting Your 2010 Vancouver Rental Home - Why You Shouldn't Rent 2010 Vancouver Suites - Part 3 of 3
In this 3 part series about the problems you may encounter when renting your own home or condo during the 2010 Vancouver Olympic Games, we’ve covered everything from property management issues before, during and after the games in addition to the collection of money. Other very important issues and problems surrounding the rental of your home during the 2010 Olympic Games includes condo bylaw issues surrounding short-term rental accommodations, personal income tax reporting, cashflow and expense problems as well as the inability to apply for the full GST Rental Rebate for a new property.

In Part 3, we will examine other problems associated with renting your furnished 2010 Vancouver rental accommodation that includes possible Vancouver Hotel Room Taxes as well as other municipal or regional taxes too, both of which you will need to pay back shortly after the tenancy and obviously comes with a lot of paperwork. Other things involved with the Vancouver 2010 rental problems includes the Primary Residence Exemption on your home and what that means to your future taxes on your property even though it is deemed your primary residence in addition to competition coming from all angles including new cruise ship 2010 rental inventory, property management and other bulk vacation companies offering rental housing. Lastly, we will examine some problems involving placing new long-term tenants into your rental home or condominium after the 2010 Olympic Games when the inventory and vacancy rates start skyrocketing.

Rent Olympic 2010 Rental Problems and Issues surrounding Hotel Room Taxes (HRT) and Municipal Taxes for investors renting more than 4 rental properties

Furnished 2010 Rental Problems With Hotel Room Tax Issues
In addition, if you are renting out four or more units during the Olympics, you are also subject to the 2010 Vancouver Hotel Room Tax (HRT), which is equal to 8% of the accommodation rental price. This has to be charged back to the tenant. However, some homeowners may opt to ‘lump’ it into the final rental price, and therefore, you will be responsible for paying the Vancouver Hotel Room Tax (HRT) at the end of the tenancy. There are many steps to go through in order to setup a Vancouver Hotel Room Tax number, and also to forward HRT Hotel Room Vancouver Tax to the government after the Olympic Games. The Vancouver Hotel Room Tax is subject to any hotels, motels, resorts, cabins, boarding houses, B&B’s, privately owned vacation homes, condominiums and similar establishments sold by operators who offer four or more units of accommodation in British Columbia. In addition, homeowners looking to rent their homes as furnished 2010 Vancouver rental accommodation during the Olympic Winter Games may need to pay an addition municipal and/or regional district tax that amounts to up to 2% of your purchase price. Municipalities that have this municipal 2010 Rental Accommodation tax includes Victoria, Nanaimo, most regions in Greater Vancouver and Whistler. The Ministry of Small Business and Revenue administers this tax for the municipalities under the Hotel Room Tax Act. However, the municipal and regional district tax is separate from the Vancouver 2010 Hotel Room Tax HRT and has its own tax return form. Again, these two additional taxes may create problems for your 2010 Vancouver rental accommodation profit and return.

Click Here for more information regarding the British Columbia Hotel Room Tax or HRT Taxes for Olympic 2010 Rentals

Remember that renting a short-term Vancouver 2010 furnished suite may have huge implications on your primary residence exemption (non-taxable profit when you sell your home), so make sure you calculate your PRE.

Primary Residence Exemption Problems Associated with Rent 2010 Rental Homes
If you currently own your home and it is considered to be your primary residence, you should make note that renting your furnished 2010 rental home may cause problems with claiming your home as a primary residence. In addition to the 2010 rental income that you must report to CRA for your personal income taxes at the beginning of 2011, make sure that you are still eligible for the primary residence exemption (PRE). The calculation is as follows for exemption of taxes: gain x (number of years designated as your primary residence + 1 / total number of years of ownership). In some instances, renting your furnished 2010 Vancouver Olympic rental accommodation may have profound influence on whether or not you can actually claim the primary residence exemption on the total gain once you sell later on in the future.

How competitive can you be when you are competing for the best tenants for your Rent Vancouver 2010 Furnished Accommodations?  What extra value added services do you provide?

How Competitive Do You Think Homeowners Will Be? There Will Be Plenty of Competition Issues for Advertising and Finding The Best Tenants for Your Vancouver 2010 Rental
If you haven’t already heard, the talk around town, at work, at the park and at shopping malls is renting your own home during the Vancouver 2010 Olympics. Yes, you’ve heard of people renting their small one bedroom condo for $20,000 for the month of February 2010 or a home owner in West Vancouver renting their furnished home for $50,000 for that same month. But in the end, do you really know how many apartment suites, townhomes and homes are on the 2010 furnished rental market? Remember that the Winter Olympics are a world-class event, but really, does not compare to the Summer Olympics. In addition, there will be plenty of competition for advertising and marketing promotions for furnished 2010 Vancouver rental accommodation from property managers and other 2010 Vancouver property management companies. Remember that media, IOC and other important visitors will NOT be renting from you. These organizations and businesses already have affiliation with Vancouver 2010 rental management companies and other IOC sponsored property managers who take care of everything. So, how can you compete against these other very well branded companies who offer a lot more all inclusive services, added value amenities and the security of the booking, when you are a one-off advertising on Craigslist? How do you expect to get the maximum rental income when there are better alternatives for 2010 Vancouver rental housing out there from more proven property managers and companies? Also, in terms of location, most visitors want to be in the heart of the action, meaning that if your home, townhouse or rental 2010 apartment suite is more than 5 to 10km away from a venue, good luck. Or, how can your self-managed bachelor pad or rent 2010 furnished apartment complete an all-inclusive cruise ship accommodation that provides all meals and services for a package price that is probably less then what you are asking for? Already confirmed for the Pier at North Vancouver’s Lower Lonsdale and soon to be confirmed for the New Westminster Quay, the moorage of these impressive cruise ships will bring plenty more inventory into the fully serviced, all inclusive furnished 2010 rental accommodation available during the Vancouver Olympics. With this sudden increase in rental inventory, do you not think that will affect the asking price for a typical suite for rent? In some instances as well, including the cruise ships and property managed rental 2010 Vancouver accommodations, they are adding event tickets, transportation, meal vouchers, house cleaning and other services as part of the package. How are you going to compete?

Remember that even though there is a shortage of furnished rental 2010 Olympic housing, what will happen to the rental market after the Vancouver Winter Olympics?  The market wil be flooded with investors looking to rent long-term unfurnished suites and you will be competing against them!

After the 2010 Vancouver Olympics Issues for Renting
Our question is, if you have a perfectly awesome tenant in your rental property right now, why would you consider kicking them out for a short-term gain? Finding great tenants is like finding a needle in the hay stack, so if you’re getting good rental income, positive cashflow and a low maintenance tenant, KEEP THEM! Remember that the most important asset in your investment rental property in Vancouver is your tenant, so if you lose them, it will be your own fault! In addition, the tax implications between a long-term tenant and a short-term rental are profound. If your intention is to rent out your Vancouver rental home or property to a tenant long term, you only pay taxes on 50% of the profit. If you are looking to rent a furnished 2010 rental accommodation short-term, 100% of your profit is taxable. That’s a HUGE difference when you consider this profit is added to your total income during the year, and it may bump you up into the higher tax bracket. In addition, do you not think that a good long-term tenant will treat your Vancouver rental home as their own home? You will see that short-term renters, especially ones for the Vancouver 2010 rental accommodations will create more hassle, damages and theft, as that is the nature of the two types of tenants. In addition, after February 2010, do you not think that there will be thousands of visitors leaving the city after the Olympic Games? With that, do you not think that these few thousands of cookie-cutter condos and homes will be flooding the market seeking new long-term local tenants? Do you really think that there will be thousands of people looking for rental homes after the Olympics? ABSOLUTELY NOT!

So in conclusion, do your due diligence, run your numbers and calculate your actual return after taxes. Also factor in contingency and damages, as well as your holiday during the time your furnished 2010 rental accommodation will be rented in addition to the time off work you’re taking. If it is worth it, go for it. If you have doubts, don’t!

Click Here for Part 1 - Problems You May Encounter While Renting Your 2010 Furnished Suite That Include Collection of Rent, Deposits, Damages, Theft as well as 2010 Olympic Property Management Issues

Click here for Part 2 – Strata Building, Personal Income Tax, Hotel Tax, Competition and Renting Problems for Your Furnished Vancouver 2010 Rental Accommodation

CLICK HERE for a full list of Vancouver Real Estate Developments


2010 Winter Game Rental Resources


2010 Renters Checklist
2010 Renters Guidebook
2010 Homeowners Checklist
2010 Homeowners Guide




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Have you considered renting your home during the 2010 Games?

Renting a Furnished 2010 Suite Yourself? Here's some advice.

Use a Professional Vancouver 2010 Property Management Company for Your Furnished Rental

PART 1 - Issues surrounding furnished 2010 rental housing including property management issues and money/rent collection

PART 2 - Other problems you may encounter if you rent 2010 Vancouver accommodations including GST524 Rental Rebate, reporting your rental income and strata bylaw restrictions for furnished 2010 condos and townhomes

PART 3 - Rent 2010 Vancouver Furnished Suite Issues including HRT and other city taxes, competition from 2010 property managers, post- 2010 Olympic rental inventory

District of West Vancouver 2010 Rentals and Short-Term Rental Bylaw Changes

Be prepared to pay the $106 business Olympic 2010 license fee for homeowners looking to rent 2010 accommodations to visitors

Vancouver Short Term Incentives for Rental Program, Olympic Homestay Program and Tenant Insurance

Short Term Vancouver 2010 Rentals and Hotel Room Taxes (BC HRT Taxes)

Dealing with Difficult Tenants and Avoiding Discrimination for your Vancouver 2010 Rentals

Here's a list of Olympic 2010 accommodation seekers for your furnished Vancouver 2010 rental suites and homes - ideal 2010 renters and tenants listed here!

RCMP 2010 Integrated Security Force that will ensure the safety of Vancouver Olympic Athletes, Visitors and Tourists


Concerns over affordability of affordable Vancouver 2010 rentals and accommodations

Olympic Vancouver 2010 Travel Agents Looking for Rentals

VANOC sues 2010 ticket reseller while ICBC and BC Hydro purchase bulk Olympic 2010 Vancouver tickets

2010 Vancouver Olympic Games Resources and Articles

Vancouver 2010 Blogs and Olympic Athlete Blogging, Twitters a No-Go?

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