Vancouverites Making a Pretty Penny, Thanks to Lack of 2010 Accommodation!

08 June 2009

If you own your home in Vancouver and don’t mind skipping town or camping out for two weeks, there is some money to be made.  The going rate for rentals right now is between $5,000 and $11,000 per week (depending on the size, location, and quality) for your house, apartment, basement suite, etc.

The lack of affordable …and frankly available, accommodation during the 2010 Games is leaving homeowners with an interesting conundrum – to rent or not to rent.  The money is good however, the question should be considered wisely…

According to Jeff Lee’s blog (Vancouver Sun, Olympic reporter) (http://www.vancouversun.com/sports/Gaining+from+Games+more+marathon+than+sprint/1575510/story.html) there are some serious considerations to be had.

  • Does your municipality — or strata bylaws — allow short-term rentals?
  • Do you need to get a permit?
  • Are there fire regulations that come into play once your home becomes a commercial operation?
  • Have you inventoried your contents?
  • Do you have rules or special expectations of your renters, i.e., no smoking or no pets?
  • Does your house insurance cover short-term rentals?
  • Are you prepared to pack away all your items of sentimental value?

With only nine months left and a few more rounds of tickets sales to be had, a lot of Vancouver and Whistler residents have lots to think about!

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