Spring 2012 Market Update with Nicholas Meyer

Nicholas Meyer, President of Downtown Suites Ltd. gives an overview of the current market in Vancouver for real estate investors and renters.

Short term or Longer Lease Rentals? Furnished or Unfurnished?

First Paris, then Vancouver?

At Downtown Suites we have been recommending that owners rent their suites unfurnished for longer-term lease, rather than entering the short-term rental market. Although we do have some furnished suites available for short terms through Downtown Accommodations, our first advice to owners is to consider renting their suites unfurnished.

This article was in the Jordan Times while I was there, and it indicates that all is not roses for those in Paris who have set up short term rental suites to serve the market of foreign and business visitors to the city. Here in Vancouver we may begin to face similar restrictions. If you are an owner and considering renting your suite, this article can reveal some of the pitfalls.

Paris Cracks Down on Short-Term Apartment Rentals

Credit: Reuters/Charles Platiau

By Natalie Huet

PARIS | Thu Sep 22, 2011 8:32am EDT

(Reuters) – Paris, one of the world’s most-visited cities, is cracking down on short-term apartment rentals, dealing a blow to tourists looking for a bargain and entrepreneurial landlords hoping to recoup soaring property costs.

The allure of living in a Paris pied-à-terre for a week or month, and paying much less than for a hotel room, has created strong demand for short-term lodging, but its growing popularity has raised the ire of hotels and residential property owners.

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Condo Contract Rescinded

In the news:

Court says man can break condo contract

A Richmond man who bought a new $3.5-million condominium at the University of B.C. can rescind the purchase contract because he was not fully informed about changes to the development, a judge has ruled. (Read more)