It's Cheaper To Live In A Hotel Than To Rent In Toronto

[00:00:00] Welcome to the Canadian Real Estate Investor, where host Daniel Foch and Nick Hill navigate

[00:00:06] the market and provide the tools and insights to build your real estate portfolio.

[00:00:13] Okay welcome back to the Canadian Real Estate Investor podcast my name is Daniel Foch and

[00:00:17] I'm joined here by Nick Hill who has an announcement for you.

[00:00:21] Wow just put me in the spot like that.

[00:00:22] Gonna do it.

[00:00:23] I'm pretty too.

[00:00:24] We got lots of announcements that we gotta burn through some time so no fancy announcements.

[00:00:29] We got announcements we got a great episode on deck as always but yeah we'll start things off

[00:00:33] the couple exciting things.

[00:00:35] The five day challenge everybody otherwise known as the hunt for the best investment property

[00:00:43] in the country which is pretty exciting more details on that in the show notes but very

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[00:00:59] to analyze deals and I hopefully find the best one in the country.

[00:01:04] Antestay Technology that was built for our listeners to analyze deals.

[00:01:08] To provide it is proprietary and exclusive and a bunch of other buzzwords and you can do

[00:01:13] that to become better at analyzing deals than anybody else in the market therefore becoming

[00:01:18] more competitive there for being more likely to get the best deal in your market so they

[00:01:22] are for you.

[00:01:23] Yeah it's a five day challenge we're gonna teach you how to

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[00:01:30] We also have meet ups and if you've been listening to the show for a while you know we've

[00:01:33] been doing these for over a year now and they're growing so our most notable recent additions

[00:01:38] to the meet ups were red deer I know red deer didn't have a great turn out there last

[00:01:43] meet up these can be a little bit volatile at the beginning but I think they have like

[00:01:46] the first one was awesome and then subsequent ones were a little bit slower so show red

[00:01:51] deer some love and let's help them grow their meet up.

[00:01:56] The next one is PI who I think they're on their second or third now.

[00:01:59] PI's group is awesome they again had a smaller one more intimate I think people like these

[00:02:04] ones when they're smaller and you like I always loved having small meet ups because it

[00:02:07] was you just have a really like tight conversation with a small group of people rather than trying

[00:02:11] to work like trying to meet everybody in the room.

[00:02:15] We also have on deck we have Vancouver Surrey hopefully Sunshine Coast Windsor all joining

[00:02:22] shortly Peter Brogius said their first meet up we have a Durham group started but I don't

[00:02:26] think they've done a meet up yet Ottawa is coming soon and we also have an event manager

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[00:02:51] the real estate space in your market so we're talking about now working a lot on the

[00:02:54] show go do it we've given you the tools yeah yeah can't play many one but yourself

[00:02:59] you're not doing it now time to get into the show Dan yeah I think so okay so this idea

[00:03:07] for this episode all started with an Instagram post the post is about a 90 second clip and

[00:03:15] has been viewed over three million times has about a hundred and fifty thousand likes

[00:03:21] over sixty five thousand shares and well over two thousand comments it's actually my most

[00:03:28] viral video ever and I've had a few ones that have done quite well on Instagram hitting

[00:03:34] a million or close to a million or in some cases over a million but this one blew

[00:03:38] him out of the water so I have two questions here the first one is did you pay for an

[00:03:44] ad spot to advertise your Instagram video on the show no take that as a no and what trending

[00:03:54] dance did you do to garner such views oh it was the triple twist back flip rate out of fortnight

[00:04:02] you probably actually know I've never done here just that I think that was the most boomer

[00:04:06] sentence I've ever heard you say well someone's gonna make dad jokes around here and

[00:04:12] as a father of none it shouldn't be me so what was the video explaining to me yes so I don't

[00:04:19] want to get too into it because we'll get we'll get into the details but it was a news clip that

[00:04:24] let's say shed light on the challenges of renting in the city of Toronto okay yeah I mean that

[00:04:32] uh that is one of those difficult things to do these days I think we just I think we just put

[00:04:37] another another clip that had the rent CPI beside population growth and it was the chart says

[00:04:45] at all right I mean people will tell you correlation does not equal causation but I think the bank of

[00:04:50] Canada even said that they were what did they what word did they use anyway there's obviously

[00:04:55] something going on there so anyway before we get into the actual clip and the amazing content

[00:04:59] produced by that content creator who didn't pay for an ad to advertise this content on the show

[00:05:05] by the way I'm up to hit him up with an invoice this is from the January 2024 rentals dot CA

[00:05:11] report so asking average asking rents for all residential property types in Canada ended the

[00:05:17] year at a record high of 2,178 in December 2023 increasing 8.6% from a year ago which was just

[00:05:28] over when we first broke in two thousand dollar average rents in Canada Alberta was the

[00:05:32] province of the fastest growing rents for purpose built rental and a condominium apartments in 2023

[00:05:37] recording a 15.6% annual increase in December to reach an average of $1691 that was following a 16

[00:05:47] percent increase in 2022 so pretty consistent growth in that market BC made its

[00:05:52] maintained its position as the most expensive province for apartment rents with the average asking

[00:05:57] rent at $2500 in December despite recording a decrease on a year over your basis then that was

[00:06:05] after an 18.5% increase in 2022 Nova Scotia saw rents surge 31.4% in 2022 and among cannes is not

[00:06:14] nuts yeah I mean that's all the Ontarians just moving there among cannes largest cities Calgary

[00:06:20] posted the fastest annual rent growth for apartments in December rising 14% from a year ago to an

[00:06:26] average of two thousand 71 dollars that was after 22.6% surge in Calgary rents in 2022 another big

[00:06:34] destination for Torontonians in search of affordability so I mean senator the universe is leaking I guess

[00:06:41] right what happens it's a black hole time to get the gorilla tape so the theme here is rents have

[00:06:49] been going up and fast faster than we have ever seen them and faster than people can keep up with

[00:06:58] we are seeing double digit percentage increases in rent but people are not making 10 plus percent more

[00:07:06] a year or 31.4% a year to see or to match the surge that Nova Scotia for instance has seen in rent

[00:07:13] then you throw inflation on top of that in the fact that everything is just more expensive than it

[00:07:19] was a few years ago and things start to look a little more grim and make it even worse so let's

[00:07:27] dive into the article then which is a news clip I guess you you shared the information from this

[00:07:33] news clip in your video and be honest with you haven't even watched the video and I'm just kidding

[00:07:38] I can see how sad you look right now is it cheaper to stay in a hotel in Toronto than rent

[00:07:44] some are offering $2,000 a month long packages so with average Toronto rent prices dipping slightly

[00:07:54] to $2,908 in October of last year amidst the affordability crisis living in the city has grown

[00:08:02] increasingly impossible for many so could hotels offer a solution well Toronto's

[00:08:10] dawn valley hotel is undercutting rent prices in the city by offering stays on a month long

[00:08:17] basis for $19,99 plus tax and that includes parking pool access Wi-Fi weekly cleaning utilities

[00:08:30] and more and that's all from the general manager who told the Toronto star about this

[00:08:37] and that price does not include a $500 refundable deposit still cheaper than first and last I suppose

[00:08:46] it is interesting I feel like this is just brilliant marketing perhaps but anyway

[00:08:50] Kevin Porter the hotel's general manager said the decision was initially meant as a temporary measure

[00:08:55] for people experiencing housing difficulties during the chaos of the early pandemic but given

[00:08:59] its popularity the offering is only grown since some tenants have now spent years renting the rooms

[00:09:04] he said we had a con we had condo projects were delayed housing sales that were delayed people

[00:09:09] that were moving adding the extended state project first began in October of 2020 and is since expanded

[00:09:14] to 80 rooms in the hotel so 80 housing units basically being created there was a huge need during

[00:09:20] COVID we saw more and more people coming and staying for long periods of time so we carved out a

[00:09:24] little piece of our inventory for them he said given the pandemic and the current market downturn those

[00:09:29] rooms were simply sitting empty anyway Porter continued adding that it was a win-win situation for

[00:09:34] the hotel so sitting at approximately 326 square feet the rooms are fully furnished with one king-sized

[00:09:44] bed a bathroom a TV address or a lounge chair a small table and several chairs every room even

[00:09:52] comes with a balcony he said now the rooms don't have a kitchen but were provided with a fridge and

[00:09:59] a microwave and tenants not hotel guests you see how he phrases that here tenants can opt to share

[00:10:06] their room with another person at no extra charge so now your house hacking your hotel room

[00:10:13] this is crazy so it's economical and it gives them everything they need this is the hotelier

[00:10:21] mr. Porter going on to say at the end of the day it's no different than living in a small condo

[00:10:26] it's true honestly i mean i know a lot of the units that are being created today are basically

[00:10:35] that size 326 square feet right like a lot of the students stuffing that students around some of

[00:10:39] the colleges and universities downtown it goes on to say that hotels are filling short-term

[00:10:47] gaps in Toronto's market according to William Murray an associate professor with the University of

[00:10:51] Guelph's School of Hospitality food and tourism management great school actually remember

[00:10:58] the half the half of kids when i was at the egg wealth switching to a monthly model may seem like

[00:11:04] an attractive option for hotels offering more economic rates which may be struggling to

[00:11:08] fill rooms especially during the winter slump they have a guaranteed revenue for a period of time

[00:11:12] and it allows them to maintain occupancy with controlled costs to explain that studies concern

[00:11:17] how stable such a model may be for the renter it operates on a month-to-month basis meaning

[00:11:22] a tenant may not be guaranteed to keep the room long term he also doesn't foresee such a model lasting

[00:11:27] once demand picks up and they can make more money on those units they're filling a short-term gap

[00:11:32] in the marketplace he said it is interesting right because you've heard of all a lot of these

[00:11:36] horror stories with like short-term rental owners where they're you know they're like

[00:11:42] their tenant just one day to or they're like their guest this one day decides that they're a tenant

[00:11:46] right you know what i mean yeah and and then they just stay forever and so i wonder if the same risk

[00:11:52] exists for these hotels i would say probably not because like it can't really be implied they're

[00:11:56] like oh i thought that this was like a house for me like oh you're looking at hotels sir

[00:12:01] it's just a while. Anyway as a counterpoint

[00:12:07] Porter noted that some of the tenants have lived in the rooms for years with his longest running

[00:12:11] customer staying within six years they were living in the hotel even before the month-long bundle

[00:12:17] was offered he said although they were offered a discounted rate as a long-term resident Porter said

[00:12:22] he doesn't foresee the program ending before 2025 crazy stuff

[00:12:27] the article then poses the question how cheap are other hotels in Toronto right i mean

[00:12:37] this is the dawn valley we're talking about you know i don't i haven't seen any month-long

[00:12:42] program stays at the Shangri-la den have you well they i guess they have the residents there right

[00:12:47] like right but i mean they have the residents little different i know but isn't like isn't it

[00:12:51] they they still get to use the hotel amenities right yeah so i mean i guess it is different but

[00:12:57] it's like similar so that i guess they don't have to do it because that's what that's sort of my

[00:13:01] implication right they don't have to do it because they have the the residents thing going for sure

[00:13:07] so going back to William Murray again who is the professor at at the university at Guelph by far

[00:13:14] the best university in Canada and possibly the world. Nick didn't mean that everyone please

[00:13:19] continue listening to our show if you went to another university then Guelph.

[00:13:22] Yes of course. Unfortunately when Nick and I were going there it was a safety school and so

[00:13:26] no I'm just kidding it was great all it is a great school but all great schools in Canada are great

[00:13:30] especially Queens which we gave a shout out to on the other on the list. Yes yes.

[00:13:34] Yes. They're they're gonna get through their financial issues we believe in them

[00:13:38] we don't necessarily love the old strip mall colleges but no yeah not them other than those

[00:13:42] yeah don't they're bad they're doing bad stuff. Anyways mr William Murray from our alma mater

[00:13:48] says that he can't see any other hotels adopting a monthly rent model simply because it's far more

[00:13:54] lucrative to operate on a daily basis this goes back to real estate 101 short term midterm versus

[00:14:00] long term ones more profitable ones more risky etc. For example a room with similar amenities at the

[00:14:07] dawn valley hotel goes for more than $150 a night according to booking sites that's $4,500

[00:14:14] for 30 days more than double the 1999 fee for the one month offered at the dawn valley.

[00:14:22] I can't see most hoteliers right now pivoting towards becoming landlords he said it's far

[00:14:28] smarter in terms of business for them to remain as hoteliers. The market is bouncing back

[00:14:34] rates are very strong and there's no indication that rates are going down significantly.

[00:14:39] That said some hotels appear to share a similar model the Palmerston hotel for example charges

[00:14:46] a daily rate of around $60 however it requires a minimum stay of 28 days according to its website

[00:14:54] totally in around $1,680 so again much cheaper than you're gonna find any kind of rental

[00:15:00] these nice hotels like I've never heard of them. Use your imagination fair.

[00:15:04] Meanwhile renting a room in a furnished house you know a house like a hotel like this one by Toronto

[00:15:15] furnished living goes for about $17 just over $1,700 for 30 days or about $57 per night and that's

[00:15:22] according to the booking website hostile world which I've actually used before to stay in places

[00:15:29] where you actually would want to stay in hostels like Nicaragua and Bali not necessarily in

[00:15:34] downtown Toronto. Article goes on to say that people are not looking to make commitments in a world

[00:15:39] that is just so unsure and uncertain people are pointing to high interest rates the high interest

[00:15:46] rates at the moment and people are looking for shorter term options until there seems to be some

[00:15:51] stability in the market. Now before we get into the comment section of the Instagram video which

[00:15:59] is just packed full of good suggestions funny comments valuable insights we should probably touch

[00:16:04] on a very relevant real estate topic and cruise ships. Yeah okay we can do that I also I was thinking

[00:16:13] of cruise ships it's really funny because I had to google this hotel in the Palmerston oh

[00:16:18] and they have bunk beds in the bedrooms yeah like two so there's four this is a four bed this

[00:16:24] is a four bedroom suite here for bed suite I don't know yeah two bunk beds so four bedrooms

[00:16:29] four beds it's in the fine print. Yeah they're like they're interesting too like they're not like

[00:16:36] full-size bunk beds it doesn't seem like they're small ladders anyway I was looking at this thinking

[00:16:43] this is a crew like this is the cruise ship of hotels which I'm an article theme yes I have

[00:16:48] nothing against that like it reminds me of when I stayed at this hotel concept in New York City

[00:16:53] called the yotel is it yotel I think that yeah they'd just come out and it was like a fully

[00:16:58] automated like Scandinavian chain it was made by the guy who invented those like arms that

[00:17:04] assemble stuff at manufacturing plants and so like this arm would come out and take your bags

[00:17:10] and stuff this is like 10 years ago too and this isn't yeah I was down there when I was at Cornell's

[00:17:15] international real estate case competition anyways it was Harold did as the cruise ship of hotels

[00:17:23] during that period of time and and so I guess the question is why are you talking about cruises

[00:17:28] because I was thinking about them when I saw these images and are we are we going on a cruise or

[00:17:33] something I wish I wish aside from your trip down memory lane not exactly but in line with how

[00:17:40] ridiculous living in a hotel versus apartment or a home might sound to a lot of people people have

[00:17:46] also been comparing living on a cruise ship to living in Canada and evaluating the economics

[00:17:54] of that option so this next part is an article from CTV late last year Dan start us off man

[00:18:03] you know what I had this like thought like couldn't it be cheaper to just live on a like really

[00:18:09] nice yot in the Toronto harbor actually no guy that does that right yeah like what that would make

[00:18:15] sense other than the like winter wouldn't be ideal but like you take it out of the water go down

[00:18:19] the Florida or take it down to Florida if you want if you're in that type of fellow

[00:18:25] but I guess it would be maybe just a bit of a different life and I guess that begs the question

[00:18:31] how does a cruise or living on a yacht perhaps compared to life as a landlubber I think is what they

[00:18:38] call it in the pirate life right is that what it is so it says a living on a cruise line is more

[00:18:44] costly than life on land I like how they say on land like it's like they're truly sailors

[00:18:51] for example a two-week cruise can cost $700 and $3,000 between 700 that $700 since and $3,000

[00:19:00] compared to the average rent of $2,000 in Canada hypothetically if you only book the cheapest

[00:19:07] tiniest cabin on a cruise ship you might pay less than the average Canadian rent however you'd

[00:19:11] be sacrificing a thousand square foot or larger apartment space potentially depending where in

[00:19:17] Canada you are for the equivalent of a tiny bedroom with a bunk bed so I mean basically you just

[00:19:24] said that's not the case though right I mean we just figured out that these rents are these rooms

[00:19:30] are like 350 square feet and they already have bunk beds so is it that different so I don't

[00:19:37] like cruise is all inclusive too so like you yeah be ducks and yeah so is it more affordable you tell me

[00:19:42] well it just depends on how much you eat and drink I guess so again the article here goes on to

[00:19:48] beg the question is it actually more affordable when I say I hear I'm not speaking about myself I'm

[00:19:56] just reading the article so the cheapest cruise I could find last for two weeks in cost $699

[00:20:03] US multiple in that you get about $1400 per month $16,776 per year equivalent to just over $22,000

[00:20:14] Canadian that being said it would be almost impossible to book ultra cheap cheap tickets like this back

[00:20:20] to back looking at a cruise ship booking site many tickets are booked out mus and advance also prices

[00:20:27] fluctuate heavily depending on the season and how far in advance you book the ticket so if you plan

[00:20:32] on vacating your land and your home which is on land you better be booking this stuff far in advance

[00:20:40] you could also book get this a three year Gemini cruise mentioned in the article for the cost

[00:20:48] for around $40,000 which is quite reasonable the only reason I can see it being more affordable

[00:20:54] is if their existing home or apartment had a high rental rate which is the case for a lot of Canadians

[00:21:00] and if the individual in question is paying between $2,500 and $3,000 a month per rent which we

[00:21:07] just discussed the average rent in Canada is almost $3,000 again which is higher than the national rent

[00:21:14] in that case living on a cruise ship could be slightly cheaper so now we've got some options you

[00:21:21] can live in a hotel or you can live on a cruise however this of course excludes the money spent

[00:21:26] on plane tickets and short term lodges between cruises and if you got a gambling habit down on

[00:21:31] like that's included on the cruise ship so there's uh there's money to be spent there but retiring

[00:21:38] on a cruise ship could be a somewhat reasonable retirement plan for some the gambling piece I

[00:21:46] feel like most like men in our generations think that they can make income from the gambling

[00:21:52] what's going on like the casino in Winnipeg when I was there and turned 40 bucks into 200 at the

[00:21:57] roulette table maybe that's living the American dream but what's going on with that like I feel

[00:22:02] it is crazy eh um like you never saw this was it was illegal until like sports betting was like

[00:22:08] illegal for like until like a couple of years ago right and then now it's like the only ads you see

[00:22:14] I think I I I'm not really a betting man myself uh I bet on myself okay there we go make

[00:22:23] it original I would not put you in my fantasy football draft don't do that don't do that uh yeah

[00:22:28] honestly I we're probably alien ourselves right now because I bet you most people listen to the show

[00:22:33] probably online gambling I know most of my brothers and really it's that big of a thing yeah

[00:22:38] I was gonna drop some quotes that probably in hindsight would be insulting towards like

[00:22:43] like fooling his money and stuff like that but you know what they say fooling his money go the

[00:22:48] distance together yeah gonna be living on a cruise ship one day more with more gambling than they

[00:22:53] could ever uh their hearts to fulfill their hearts desire so there you go but it is fascinating

[00:22:58] me like it just came it came out of nowhere I felt like nobody was doing sports gambling and then

[00:23:02] now everyone's doing it that the super bowl reveal this to me man now everyone's the best for me

[00:23:07] that's what it is yeah you can't gamble on real estate anymore because it's interest rates are too

[00:23:11] high so you gotta go gamble on sports smaller and next business idea we create some kind of gambling

[00:23:17] for duplexes no absolutely not absolutely not I think it's actually letting Canada's history okay

[00:23:25] so so it may not be cheaper I think we've resolved it may not be cheaper to live on a cruise ship

[00:23:29] which does sound fun but also nauseating I don't like you get seasick on shit if you're living

[00:23:34] on a full time maybe yet we get develop what like a sea legs right yeah I mean you you you'd

[00:23:39] you definitely need to develop sea legs yeah but let's get back to living in the hotel maybe

[00:23:47] instead of renting an apartment and or living in a cruise ship or a yacht in the Toronto harbor

[00:23:52] I like to y'all that's a good one or the best or any honestly there's like a there's a sweet

[00:23:55] Airbnb in Montreal that's like a houseboat yeah yeah that's like the bachelor car we went

[00:24:01] to tour to houseboat uh yeah we did yeah it's carboat bluffs yeah there's like a whole community

[00:24:06] of houseboats in the central glass anyways so yes you definitely need sea legs if you plan to do

[00:24:10] the cruise ship route but in other ridiculous news which sheds even more light on the housing crisis

[00:24:17] forget living on a hotel forget the cruise ship what if you just lived in a cheaper area of the

[00:24:25] country and commuted to that more expensive area that you need to be this next article takes things

[00:24:31] do a whole other level Dan hit me with the title of this article from the Daily High Vancouver

[00:24:39] so I'll also mention that this Instagram video got way more views than your Instagram

[00:24:45] video why would you have to say that I feel like Kanye is getting up on stage like Taylor I'm

[00:24:49] gonna get it but this video anyway it did I got 12.4 million views so in Vancouver it is

[00:24:57] especially difficult UBC on student who flies to class instead of renting yes you heard that

[00:25:04] crackly and it's not like lights are cheap in Canada either like you know it's not like

[00:25:09] it's in Europe they have like Ryanair in the US like you know you get 35 bucks hop on your off

[00:25:14] in 25 minutes in a different state or province or country and we're in the petitioning for standing

[00:25:19] room in planes I think they were I'm not standing on a plane in Canada I mean Canadian landlords like

[00:25:27] some of these hotels might be a petitioning for standing room sleeping probably based on what I'm

[00:25:32] seeing but and some some landlords doing the same stuff anyway they you don't do that by the way

[00:25:37] don't that's that's not the last not the right way to do a housing crisis no the University of

[00:25:42] British Columbia is acknowledging how difficult it is for students to afford rented Vancouver after

[00:25:47] one of its attendees revealed he flies to class from Calgary instead of paying for an apartment near

[00:25:52] campus absolute genius those guys just right he's like air Canada whatever the highest uh you

[00:25:59] spend a late if he's spending time in the lounge that's not about life student Tim Chen self described

[00:26:05] super commuter made headlines this week for saying his twice weekly round trip flights from Alberta are

[00:26:13] cheaper than renting in Vancouver there you go that's okay this is Canada welcome Canadian dream

[00:26:21] a super commuter delay I just I almost said super computer because it's like it might be maybe what

[00:26:29] a time to be alive wow so the article goes on to say that UBC's associate vice president of student

[00:26:37] housing and community services Andrew par said he feels for students facing the housing crunch

[00:26:44] adding that it is the driving force for the school constructing below market housing

[00:26:52] now pause for a second there why the hell would he use the phrase driving force

[00:26:58] this guy's literally flying and he has to throw in the word the driving force I mean come on

[00:27:06] just come on Andrew par do better with the guys just throwing jabs in there yeah I'm not sure

[00:27:10] about the flying force I don't know if that would be much it sounds like a superhero maybe but super

[00:27:15] computer super computer yeah good point I mean so the article goes on to say uh we recognize that

[00:27:22] finding affordable rental accommodation in Vancouver and Colona is a challenge for some of our

[00:27:27] students as it is for others renting in those communities in Vancouver it's especially difficult

[00:27:34] the Vancouver campus has 13505 beds for students living in residence which is often slightly

[00:27:41] cheaper than renting a room off campus the university is also looking to add more including

[00:27:46] potential new housing in the community for graduate students but those aren't immune to costly rent

[00:27:55] increases this semester some UBC students in student housing receive an email that they're rent

[00:28:01] would increase five to six percent that's higher than the provincially allowed 3.5% for regular rents

[00:28:11] so the notification had many students voicing their frustrations as I imagine they would

[00:28:18] when the province is only a let with actual landlords are only allowed to charge 3.5% in UBC or

[00:28:23] whoever it is I guess comes and says now we're doing six we know you're paying crazy amounts of

[00:28:30] money to be here but it's not enough and if you want better living situations go move to win a

[00:28:35] peg and you can fly in twice a week I will say that last part I will say that uh Mr. Par has far

[00:28:42] better PR training than some of the college presidents in Ontario I don't know if anybody's been

[00:28:49] following the news there but Conestoga as president got in a little bit of a media storm for

[00:28:56] calling Sue college is president a certain expletive that we're not going to mention on the show

[00:29:01] and and then you know if we're going to go back to another example Ontario college when

[00:29:08] nor so north bay so there's a bunch of a bunch of colleges in Ontario that saw like increases

[00:29:14] in their international students by like what's like fourth at we did it in one of the most recent

[00:29:18] student episode that that you'll see in the catalog there which you should go listen to

[00:29:23] just talked about student housing financing and student housing real estate investment but what

[00:29:27] is that episode 167 yeah is student rental investment dead but uh so canador had these students living

[00:29:34] in tents in north bay which you know like north bay during the school year like school year

[00:29:38] September to April like you don't want to be in a tent in north bay during that period of time now

[00:29:43] and the guys like no they're lying it's a PR stunt and all this stuff so anyway Mr. Par of

[00:29:50] ebc good job not are handling it much better than said other three examples and if you want to get

[00:29:58] even more info on how crazy the student housing and student rentals have become go check out that

[00:30:04] recent episode that I mentioned episode 167 is student rental investment dead and we talk about

[00:30:08] so the future of student rental investing whether or not the sun is setting on it with some of these

[00:30:12] new programs coming and some of these new uh legislatures that are being introduced and we'll try

[00:30:17] not to offend anybody because we get a negative review for slightly sympathizing with the

[00:30:23] the like or I guess being understanding of why the Airbnb ban might exist apparently we're

[00:30:28] we're calm enough now yeah I heard this is the first time I've ever been called a liberal but uh

[00:30:33] never yeah I guess this is great we you know eventually we plan to offend everyone equally as

[00:30:39] folks um but anyway it'll be interesting to see how how things are recoil and result to some of

[00:30:46] those stats that we shared on how much student enrollment has gone up at some of those colleges who

[00:30:52] had worse PR teams and worse PR training than ubc and even worse than us yeah we didn't even have a

[00:30:58] PR team just the shots yeah we're doing good actually so far I think other than the Airbnb thing

[00:31:03] that got that one bad reviews is just right that person was very upset and let's not forget so

[00:31:08] one one bad Airbnb one bad review for sympathizing with Airbnb legislation and then another bad

[00:31:15] review for saying the Pacific Northwest can't forget it right right right so it's all people

[00:31:19] out of BC two bad reviews you guys gonna get together over there yeah yeah okay anyways so

[00:31:25] live in an hotels could you imagine being so offended by somebody saying Pacific Northwest

[00:31:31] calling Vancouver the Pacific Northwest I do you think that that person is emailed Wikipedia

[00:31:35] because Wikipedia has an article calling it I just wonder if they're still listening now and

[00:31:38] they're like no they told that they said they weren't going to anymore they'd and the no take

[00:31:42] backsies they're not allowed I'm also hoping that by discussing it now even further on the show

[00:31:47] that we're still not offended anybody because we don't like to offend people on purpose no just

[00:31:51] two guys that like talking about real estate and try to provide value and try to have fun doing it so

[00:31:56] with all that being said live in hotels living in cruise ship or province community

[00:32:01] all three real estate options that I hadn't really thought of before to be honest you know

[00:32:06] there you could provincially commute from left bridge Saskatchewan to left bridge Alberta because

[00:32:11] the same city that's provincial commuting too technically did our super commuter know about that

[00:32:17] all right so I actually did I just did an article for Zolo best buyers markets in in Canada and

[00:32:22] that was on the list and so I learned a lot about left bridge very fascinating town like it's kind

[00:32:27] of like as it can's a city in the states where it's on the border yeah we have one of those in Canada

[00:32:31] sick love it so anyway talk to me about what was it living in hotels we're gonna move on from

[00:32:37] that and we're gonna get to the fun part of the show is this a fun part of the show you're telling

[00:32:41] me you haven't been having fun this whole time I yeah no this actually been a pretty fun episode

[00:32:46] I thought we this is our third record episode recording today so we kind of just have to have fun

[00:32:51] by the time we're said and done the first ones are very serious but this part is just funny so as

[00:32:56] content creators when we post stuff the real goal is that from reddit it's like the real joke is

[00:33:01] always in the comments the real goal happens in the comments so let's go through a bunch of comments

[00:33:05] on nicks on nicks post here and what I want to do is I want to go through some of the comments on

[00:33:10] the video and where there's like there's thousands of comments so we're not gonna go through all of them

[00:33:15] but we're just gonna read yeah I don't know I pulled like 15 or 20 here we'll just kind of go

[00:33:20] one for one here and and we can talk about them or we can just move on quickly just some of them

[00:33:24] are fascinating some of them are just funny so one user wrote I once had to live in a hotel with my

[00:33:30] husband due to unforeseen circumstances about six to eight months we had a small kitchen a stove a

[00:33:36] sink a microwave in a living room a comfy king bed and comfy isn't capital so you know that bed is

[00:33:42] comfy a gym weekly housekeeping a pool breakfast buffet every day and honestly it was the life a

[00:33:49] way and way cheaper than rent I'd probably do it again in a heartbeat boom so there you go you

[00:33:54] got to ask that person to leave a review of the podcast that was a great that was a good

[00:33:58] comment say hey could you leave me a review on our podcast I got a lot of I got two thousand people

[00:34:02] to write after this and ask them all to go listen to the podcast might review yeah I noticed you

[00:34:08] like typing stuff for pointless points on the internet because you can you some of that we like

[00:34:13] points too one user wrote in Atlanta these extended stay hotels are basically apartment complexes

[00:34:19] the school buses have stops in the areas for the kids there you go and America just

[00:34:25] hitting different there's a lot of we'll get to a lot of America stuff in here it's like

[00:34:29] where it wasn't a conclusion like a lot of people were like yeah it's like this everywhere like

[00:34:33] welcome to the real world like yeah a lot of ways to say that right well I think there's a few more

[00:34:37] in here but like just as a high level like there was people this the craziest thing about this was

[00:34:42] man there was people commenting from like Poland yeah and Italy and Spain and New Jersey and Atlanta

[00:34:50] and Central America like your global influencer now I should have just put like my face right

[00:34:55] in the middle of it just jump up and they're like hey follow me did you say you should go back

[00:34:59] and comment all of them are you looking to buy yourself real estate always a good time to buy

[00:35:03] and sell baby I'm I'm one of the guy that just stands right next to it the urinal and that's

[00:35:06] where I do my image yeah another comment this one has 745 likes this comment reads but outside

[00:35:16] food would cost an extra $800 so it would come up to the same amount but 330 people responded to

[00:35:22] that comment with their own ideas on how to make food and trust me air friars ninjas micro waves

[00:35:30] you name it every like cooktops everyone had like apparently there's a lot of solutions for

[00:35:35] this and actually if you start thinking about it unless you're cooking like a really nice

[00:35:39] steak or I guess an elaborate meal you can make most meals very simply at least I got I mean like

[00:35:46] I was a bachelor for for a while and let me tell you we I ate some some pretty basic stuff back then

[00:35:53] this next one's hilarious yeah so one of the most like comments with over 42 000 likes on it

[00:36:01] cheese you are an influencer it says dude just made the most credible argument I've ever heard

[00:36:06] for living in a hotel room although it's due just made yeah it is funny yeah I guess you're

[00:36:13] dude I the is a TikTok where they call everyone bro but bro I mean it is a credible argument

[00:36:18] they that's actually not that profound of a comment but no but hey 42 000 people like to

[00:36:23] the truth this goes to the next comment when there's again there's several these I just want to

[00:36:28] pull some of the ones I thought were funny this one fits this is why people end up living on

[00:36:32] cruise ships there's also a few hundred comments referencing the sweet life of Zach and Cody now

[00:36:41] that is sweet not w or sorry s w e et that is su it as in hotel sweet well I must have missed it but

[00:36:52] it was a series back on the Disney channel that ran from 2005 to 2008 about Zach and Cody Martin

[00:36:59] 12 year old twin brothers who live in the luxurious tip-tomp hotel in Boston where their mother

[00:37:05] sings and performs in the hotel lounge little bit different than the hotel in the video I wouldn't

[00:37:12] describe it as a luxurious hotel but hey there was probably a few hundred comments being like

[00:37:18] these people really live in the sweet life where Zach and Cody are back kind of thing so

[00:37:22] there you go the next one's a funny one two days let's keep going it says it's the year 2030

[00:37:27] and the only way to obtain a house is by doing a mr beast challenge true that's true that's

[00:37:32] again uh just bring your own bedding and you're good that's very I mean that's actually reasonable

[00:37:38] what the actual exploitive is happening with rents all around the world oh this isn't uh

[00:37:46] this isn't just a candor problem yeah that's that's what a lot of people say and then

[00:37:49] that this next one the next one's a bit of a jab this is a side chick hotel

[00:37:57] I there was a lot more that went deeper on that subject I decided to leave those out of this

[00:38:01] I mean when you do like that's kind of the first place your brain goes when you hear about people

[00:38:06] like we're not my brain but I guess it's like that short term super short term like by the hour

[00:38:11] hotel that would be your thing right but this is the opposite actually this I'm trying to stay here

[00:38:15] for a month right yeah that's like motels and stuff too I guess I don't know interesting anyway

[00:38:20] I mean this is just truly I guess we're we're truly at that point in the housing crisis right

[00:38:27] so it's as pro this is a great deal in the current landscape con this is a great deal in the

[00:38:32] current landscape it's a good one the next comment here remember when an 18 year old dude

[00:38:38] straight out of high school on a minimum wage job could afford a house yeah good times dystopian

[00:38:45] ASF what does that mean I don't know what that means as expletive yes no utility no water bills this

[00:38:53] is a win and I used to be an assistant GM at a place just like this people could do weekly or

[00:38:59] monthly and those rooms are on the second floor the nightly guests stayed on the first floor

[00:39:04] I'm just gonna rifle off these last few here this is like this this next line is like becoming

[00:39:11] our use you take this one then Canada is not a real place there was a lot of that I believe it

[00:39:19] was a lot of and it's just like that came out of nowhere but it's like the most common thing right now

[00:39:24] a few other ones here my ex and I got priced out of the San Francisco area wound up at an extended

[00:39:29] state for almost a year and it was actually a lot better than our previous apartment another one

[00:39:34] living in motels with bad credit is nothing new guys laughing face slash crying face all of the hotels

[00:39:41] in Vermont do this except the state pays for it but that's the great old us of a dot dot dot not

[00:39:48] Canada tons and tons of these lots and lots of variations on this comment you'll own nothing and be happy

[00:39:54] about it clown face w e f world economic forum another one meanwhile back home in the gorgeous

[00:40:01] woods of Vermont I have a two-story cabin with a huge wrap around deck for $650,000 American just

[00:40:09] coming in and just being savage on everyone couple more here Dan you want to you want to fire

[00:40:15] these last few off and then we'll wrap it up and get out here if you guys want to read more of the

[00:40:19] comments by the way and your board one night says how does uh you're you're back to promoting your

[00:40:26] your in supposed to get you coming off you're not allowing me to promote my Instagram yeah go

[00:40:30] everyone go check out next Instagram it's a good it's a good Instagram it is actually I will I

[00:40:34] will I will admit that and you just broke 11,000 followers had to make them a cake um we actually

[00:40:40] got a million views on the podcast dude did you mention hey yeah no there you go today one million

[00:40:45] views February 20th 18 months in the starting this podcast we'll do a full episode on the million

[00:40:51] views where we talk more about us and the podcast and maybe the journey and podcasting in general

[00:40:56] and stuff yeah it makes sense I like that I like that idea yeah how does a country with only 45

[00:41:01] million people have a housing crisis or they call it a house crisis which is the same fun here

[00:41:06] it's a that's actually more fitting yeah okay finish the read this last one here and then uh back

[00:41:12] when I was a kid I watched movies of people who lived in hotels and those are the richest people I

[00:41:16] ever did see now the hotel living life is for the poorest of the poor how times change

[00:41:20] bang yeah then there's a bunch of other ones in all caps that we cannot read so you do have to go

[00:41:26] to Nick's uh profile because they're funny they're entertaining like if you're just looking for

[00:41:29] something to do go there it's it's cool next comment section any viral videos comments yeah

[00:41:35] I was gonna say damn dance comment section has provided uh endless entertainment as well so anyways

[00:41:40] we had a lot of fun with this episode guys hope you guys got some value or at least had a

[00:41:45] had a chuckle listening remember to go check out all the events if you're interested in starting an

[00:41:50] event or getting involved in a capacity reach out to us and we will connect with you and our new

[00:41:57] events manager and stay tuned for more stuff like we got the five day challenge coming up the hunt

[00:42:02] for the best investment property in the country thanks so much we'll talk to you soon the Canadian real

[00:42:09] estate investor podcast is for entertainment purposes only and it is not financial advice

[00:42:15] Nick Hill is a mortgage agent with premier mortgage center and a partner in the GNH mortgage group

[00:42:22] license number 10317 agent license m21004037

[00:42:30] Daniel Fosha's a real estate broker licensed with rare real estate a member of the Canadian

[00:42:37] Real Estate Association the Toronto Real Estate Board and the Ontario Real Estate Association