Yesterday I dd something interesting as I attended a strata council meeting for a person as he was currently away on vacation. Therefore, even though I don’t live in the building I basically got to hear all of the concerns and proposal for the building. The biggest issue appeared to be how the building currently didn’t allow owners to rent out their suite. As a result, there were debates on how this has stopped so many people from wanting to purchase a suite there and hence it decreased the value of the property.
What was interesting to me were the wild numbers thrown up such as how one real estate agent was saying just with the simple notion of allowing owners to rent out suites it could increase the value of the place by about 0.5% while another said 1%. That seemed to be the only thing everyone was focused on too. I would assume normally even things like whether or not the property allowed children would be a good factor too.
Inserting point too where if you knew there was a property where the current owners are probably close to in favor of allowing the property to be rented out then you could buy the place for a lot lower and then see it rise up pretty immediately once that is in place. Not a bad thing to think about from an investment point of view.