This article is a look at some interesting statistics about renting a strata unit in Vancouver as a pet owner and a look at why buying might make more sense in this market.
Renting a condo in Vancouver with a pet
Following are some statistics taken from the SPCA's power point presentation to stakeholders available on their website.
I found these stats to be quite remarkable, especially the first one where, despite all the benefits of being pet friendly, only 5% of rental buildings choose to allow dogs in the complex.
The good news is that this is not the case with stratified condo buildings in Vancouver. My best advice is that if you are a pet owner and are looking for a condo to rent, it probably makes more sense for you to buy. Here's why:
1235% Down5% Down5% Down25 Year Amm30 Year Amm35 Year AmmPurchase Price $350,000 $350,000 $350,000 Down payment $17,500 $17,500 $17,500Loan to Value 95% 95% 95%CMHC Premium 2.75% 2.75% 2.75%Total Premium $9,144.00 $9,144.00 $9,144.00 Total to Finance $341,644.00 $341,644.00 $341,644.00 Term 5 Years 5 Years 5 YearsAmortization 25 Years 30 35Cost of Borrowing 2.35% 2.35% 2.35% P & I $1,505.00 $1,321.00 $1,192.00Strata Fees $200.00 $200.00 $200.00Taxes $100.00 $100.00 $100.00 Total Monthly Payment $1,805.00 $1,621.00 $1,492.00(Principle, Interest, Strata & Taxes) Est. Bi Weekly Pmt $903.00 $810.00 $746.00
So, if you are renting a place for anywhere between $1400 and $1800 per month (which is typical rent for a one-bedroom in Kitsilano), then you should make the decision to buy. Don't abandon your pet and don't stress about having to please some miserable landlord.
You'll never get ahead by renting.
Renting a condo in Vancouver with a pet
Following are some statistics taken from the SPCA's power point presentation to stakeholders available on their website.
- More than 50% of BC residents have pets, just 5% of rental buildings allow dogs and 9% allow cats
- Low vacancy in desirable markets such as Kitsilano and Coal Harbour further restricts availability of rental units to pet owners who must compete with non-pet owners.
- 2500 animals per year are surrendered to the SPCA because their guardians couldn't find pet friendly accommodation. Generally these animals are older and less adoptable
- People with pets will typically pay 20 to 30% more for a rental unit that is pet friendly.
- Tenants with pets tend to stay longer than tenants without pets, an average of 48 months as opposed to 18 months without
- Pet guardians have a vested interested in being model tenants
- Building security is increased when pets are present
I found these stats to be quite remarkable, especially the first one where, despite all the benefits of being pet friendly, only 5% of rental buildings choose to allow dogs in the complex.
The good news is that this is not the case with stratified condo buildings in Vancouver. My best advice is that if you are a pet owner and are looking for a condo to rent, it probably makes more sense for you to buy. Here's why:
1235% Down5% Down5% Down25 Year Amm30 Year Amm35 Year AmmPurchase Price $350,000 $350,000 $350,000 Down payment $17,500 $17,500 $17,500Loan to Value 95% 95% 95%CMHC Premium 2.75% 2.75% 2.75%Total Premium $9,144.00 $9,144.00 $9,144.00 Total to Finance $341,644.00 $341,644.00 $341,644.00 Term 5 Years 5 Years 5 YearsAmortization 25 Years 30 35Cost of Borrowing 2.35% 2.35% 2.35% P & I $1,505.00 $1,321.00 $1,192.00Strata Fees $200.00 $200.00 $200.00Taxes $100.00 $100.00 $100.00 Total Monthly Payment $1,805.00 $1,621.00 $1,492.00(Principle, Interest, Strata & Taxes) Est. Bi Weekly Pmt $903.00 $810.00 $746.00
So, if you are renting a place for anywhere between $1400 and $1800 per month (which is typical rent for a one-bedroom in Kitsilano), then you should make the decision to buy. Don't abandon your pet and don't stress about having to please some miserable landlord.
You'll never get ahead by renting.
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