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The 15-storey Era condo and ground floor commercial tower is located in the 700-block of Yates Street. The project also includes the widening of Millies Lane (Odeon Alley) and the preservation of a heritage building facade fronting onto Yates Street.
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Retail units encase the tower podium with access off Millie's Lane and Yates Street.
The AirBnB premium would have given the seller an extra $100k, so there’s no actual appreciation.
The best part is, the government will still capital gains tax them!!
$430k in 2017 dollars is $530k in 2024 dollars.
Show your math here.
If I bought it in 2017 for $430k what does $530k have to do with anything?
You need to clear $532,322 to make a profit, in 2024 dollars, if you bought the unit for $430,000 in 2017 dollars.
I see.
What other mainstream and relatively safe investement could I have made - putting down $430 in 2017 - that would have me cashing out at $530 in 2024? Or are you just using general inflation numbers?
It's around 3% per year I guess.
Residents of a “ghost hotel” off Yates Street want to see how they can help the City of Victoria crack down on illegal short-term rentals — and are planning for the condo to levy its own fines against short-term rental operators who don’t follow the rules in their building.
Marv Gandall, council strata secretary of the Era on Yates building at 728 Yates St., said members of the council are meeting with the city’s short-term rental bylaw enforcer to see how they can coordinate efforts to ensure that no illegal short-term rentals can operate in their building.
As of April 29, only 30 of the 157 units in the Era were lived in by its owners, Gandall said.
“We knew the imbalance was acute but were shocked by its extent.”
Incomplete records provided by the building’s property manager to the building’s council strata seen by the Times Colonist shows another 62 units in the building had long-term tenants.
Of the other units, 38 were licensed for short-term rentals and the status of the remaining investor-owned units was unknown or had incomplete information.
The strata council believes many of those investor-owned units were operating as unlicensed short-term rentals, Gandall said.
Victoria condo fetches astonishing resale premium thanks to AirBnB
The popular vacation rental directory has helped a condo owner sell a newly-built unit as a turnkey business ...for a premium.