Vancouver 2010 in Other Languages
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Tenant Insurance for Vancouver
2010 Renters PLUS the Vancouver Organizing Committee Homestay
Program & Short Term Incentives for Rental Program (STIR)
and How It Affects You
So if you are looking to rent out your home or
condo during the Vancouver 2010 Olympic Games, please read below
for some important news that you can benefit from. The Vancouver
Organizing Committee Homestay Program is an invitation to North
Shore residents and homeowners in the Sea-to-Sky Corridor who
want to rent their house fully or in part to Vancouver 2010 Olympic
Games volunteers. In addition, the City of Vancouver is also thinking
of increasing Olympic 2010 rental stock ahead of the Winter Games.
A great article in the North Shore News talks about
the importance of the proper home insurance for your Vancouver
rent 2010 accommodation to tenants. With more than two hundred
thousand international visitors from around the world descending
on the Greater Vancouver area during the Winter Olympic Games
in February 2010 and with the recent launch of the Vancouver Organizing
Committee’s homestay program, many people have Vancouver
2010 home rentals on their mind. For both Vancouver homeowners
and real estate investors with extra space, homes, apartments
condos or basement suites, people are realizing that they can
make a quick fat buck during the 2010 Winter Olympic Games by
renting out their homes and accommodation. The Vancouver Organizing
Committee Homestay Program is an invitation to North Shore residents
and homeowners in the Sea-to-Sky Corridor who want to rent their
house fully or in part to Vancouver 2010 Olympic Games volunteers.
As the Homestay Program by the 2010 Vancouver Organizing committee
takes off and the Winter Games approach, the Insurance Bureau
of Canada is reminding Vancouver homeowners renting their rent
2010 accommodation homes who plan to rent out that they should
verify they have full insurance coverage.
According to Linsday Olson, IBC vice president for B.C., Saskatchewan
and Manitoba, home owners need to talk with their insurance professional
or their account representative for home insurance and make sure
that the coverage is in place because the regular homeowner’s
policies are designed for just that and not for being rented out.
Vancouver homeowners should contact their insurers and Vancouver
2010 home insurance companies and explain the exact living arrangement
they plan on having during the 2010 Olympic Winter Games. You
will need to indicate if you are setting up a bed and breakfast
or if multiple tenants will be living in your rental Vancouver
2010 accommodation. There are so many different arrangements that
can be made with tenants and visitors during the Vancouver 2010
Games and with each of these situations, home insurance for homeowners
and insuring tenants can be quite different. You will need to
talk to your insurance rep and find out just how your home insurance
policy is going to respond in your particular case(s). Vancouver
Olympic 2010 homeowners need to make sure their insurance company
agrees to the intended living situation. They should also discuss
the issues of liability in their home and take precautions to
make sure the furnished 2010 renters are safe while they are living
in your home or suite. IBC also offers a free, downloadable inventory
software for any homeowner, not only those renting 2010 Vancouver
accommodations which serves to valuate possessions and keeps track
of belongings in case a claim needs to be filed at any time during
or after the Olympic 2010 tenant stay. The program is available
on the IBC website at .
Vancouver City Council Plans to Increase Rental
Property Stock Ahead of 2010 Olympics
According to 24 Hours Vancouver newspaper, the city council of
Vancouver is preparing to boost the city’s stock of rental
property with incentive laden plans that should spark the construction
of new rental housing. This plan to increase the Vancouver rental
stock of apartments for rent and new condos should be attractive
to developers who will get massive rebates and incentives to build
these rental Vancouver apartment buildings, that the city sorely
lacks and needs right now even ahead of the Vancouver 2010 Olympics
which has revealed the lack of adequate rental housing in the
city. But there are critics out there who ware worried that the
Vancouver real estate developers won’t pass on these builders
savings onto the end market, the tenants and renters looking for
more affordable housing and newer Vancouver rental apartments
which are non-existent at this time. The Short Term Incentives
for Rental program, which is also nicknamed STIR by City Council,
is meant to counter the Vancouver rental real estate market’s
long term downward trend in building rental housing and thereby
creating more stock and affordable apartments for rent in the
city of Vancouver. The short Term Incentives for Rental Program
plan would cut the costs of building Vancouver rental apartments
in the city by thousands of dollars per unit or rentable apartment
suite.
The Short Term Incentives for Rental program in Vancouver will
do this by reducing the parking requirements that are quite stringent
right now in addition to waiving rental building development cost
levies and other fees. In addition, the City of Vancouver will
allow for smaller lock-off suites as well which in the end will
increase the housing stock for the city. Without the incentives
in place by the Short Term Incentives for Rental Program, a typical
4 floor, 100 unit Vancouver rental condo building on a major transit
route would need rents of about two thousand dollars per month
for a one bedroom unit to cover it’s own costs, which is
not an attractive offer to developers and local builders. With
the incentives through the Vancouver Short Term Incentives for
Rental program, the same rental apartment building project would
be built with a target of about one thousand dollars per month,
a huge savings for the developer and also to the end client, the
tenants and renters for these new and more affordable Vancouver
rental housing units. However, some city councilors are worried
that the breaks on the rental Vancouver apartment building projects
for levies and fees that would normally go towards amenities like
affordable housing and childcare, would be lost. This loss is
measured at about seven thousand six hundred dollars of amenities
per unit. In addition, there are no guarantees that the final
rents for these so called more affordable Vancouver rental apartments
will be cheaper than before, allowing possibly the developers
to pocket the gain.
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