Is renting a mansion an affordable housing option for students?

VANCOUVER (NEWS 1130) — Five-thousand square feet, 12 bedrooms, eight bathrooms and a massive pool, all for just $1,000 a month per person.

As Vancouver’s housing market cools, some students are able to find luxury housing for an affordable price.

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Moving from Toronto to Vancouver, Sehrish Qureshi was worried about finding a place to live in the city.

“Vancouver is notorious for that,” she says. “Prices were not only out of my budget, but I found them not worth it at all.”

That’s when she took her search to an online agency, and she secured a spot at a multi-million dollar mansion in the West Side. The house has a pool, sauna and other amenities.

With 13 others living at the home, Qureshi says this is the perfect solution for students who are trying to save some money on housing.

“You’re getting this huge space, and even though your room may not be the biggest, you have access to the whole house,” she says.

These homes, which once sat empty, are now opening up to the market thanks to the city’s empty home tax and the province’s speculation tax.

Empty homes tax making an impact: expert

Meantime, this cooling of the rental market is expected to last, at least for this year.

Tom Davidoff, a housing expert with the UBC Sauder School of Business says the empty homes tax and speculation tax are making an impact.

“It’s clear there’s been an impact in the single family homes sector, because we are seeing a surge in these listings, and they certainly seem like candidates for the speculation tax,” he says.

The two taxes are making it more expensive for these luxury home owners to do anything other than rent the homes out or live in them, he says.

He says even more spaces could open up across Metro Vancouver if different municipalities adopt an empty homes tax of their own.