Talon Thompson Nanaimo Realtor

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Have you considered renting a suite in Victoria, BC to help increase cashflow and the overall value of your home? Victoria is one of the most beautiful placed on earth to rent out a suite and increase your investment at the same time.  With its picturesque landscape, relaxed lifestyle, and low crime rate, Victoria is a fantastic place to call home. However, as the costs of living increase and Victoria real estate prices rise, many people are looking at ways to supplement their income passively. Income suites are a fantastic way to do that. Provided you keep in mind a few details, you can legally rent part of your single-family home. Depending on where you live, this can result in $1,000 or more per month. It’s a win-win for both buyers and sellers. If you are buying in Victoria, BC, the ability to rent part of the house helps pay the mortgage. If you’re selling in Victoria, BC, homes with suites to rent fetch more money. When it comes to rental income suites, here are three...

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Many buyers are looking for homes in which they can Airbnb a self contained unit or a room or two in a house. This is a great way to earn extra income for your early house taxes, perhaps new furniture or maybe a trip. However, as a home buyer thinking about short term rental (STR) there are some things you need to know. Rules in Victoria have changed surrounding STR.

A short term rental is anything you rent out for less than 30 days on sites like Airbnb.

You may be eligible if;

Your short term rental is your principal residence – the whole home on occasion (for example, when you are on vacation), or up to two bedrooms in your home with shared kitchen and living spaces. This does not include a self contained suite, except for when a renter (with owner’s permission) rents out a suite (their principal residence) on occasion. This is important to know. Basically what it means is that you are allowed to rent two bedrooms within your home and it must have...

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.