@Lineker Tomazeli Good question I don't know ...
Anyone have insights into Sherbrooke?
I'm interested in Quebec Multi family but the rental lease laws look so bad for investors, specifically the process to increase rent and the eviction process looks like a long process. How do you all deal with this?
Nothing like 1031 exchange from what I know actually. But if you refi a building, keep the money for real estate or the interests of your refi will be "contaminated"
For rental laws, we actually have to be creative. If you follow the laws, it's very bad for landlords. They allow us 0.5% increase every year. We don't know on which planet they live in, but it also take 40 years to get back your money on renovation you put in. So we have to actually negociate with the clients BEFORE putting money in or we never see it back. Evictions are also really tough, it can take up to 6 months unpaid before you can get them out. It's different but we can work around it.
Our government instance will need to change their mindset about landlords or we will all move to platforms like AirBNB, and they will create a big problem (lack of units). It's not a surprise that airbnb is not allowed pretty much everywhere in big cities.
@Kevin Labonte What do you mean by contaminated? That you'll have to pay taxes if you don't use it to acquire new property?
Also, I'm quite happy to see that there's still some action from Quebec BP members.
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