Vancouver 2010 FAQS

Q. How will my insurance be affected if I'm renting my place out during the Olympics?

The #1 thing to know is that you MUST advise your insurance broker. If you rent your home out and do not advise your insurance company you could be in breach of your contract and therefore VOID your policy, which means you have no coverage.

So far most insurance companies are adding a special endorsement onto client's policy and not charging an additional premium. This special endorsement will be good from February 1 to March 31,2010, and will offer the same protection as the original insurance policy.

However, it's important to keep in mind that MOST insurance companies do not cover loss or damage caused by tenants, tenants employees and members of the tenant's household, so it's important to be very careful who you rent to.

It is also important to protect your valuables and sensitive personal information. We would highly recommend removing or securing all bank statements, personal documents, etc. in a place where tenants do not have access to them.

Remember to work with your insurance broker, since their job is to ensure you always have the proper coverage for all your insurance needs.

If you have any issues or concerns with this matter, please do not hesitate to contact Wanda Woods or Paul Simmons at Archibald Clarke & Defieux Insurance wwoods@acdinsurance.com 604-985-0581.

Q. If I choose to renovate, how can I take advantage of
the tax credits?

To stimulate the economy, the Federal government recently introduced a temporary Home Renovation Tax Credit.  Expenditures after Jan 27, 2009 and before Feb 1, 2010 will be eligible for the credit.  Individuals will be able to claim a 15% non-refundable tax credit for eligible expenditures.  The tax credit will apply to expenditures in excess of $1,000, but not more than $10,000, resulting in maximum tax savings of $1,350.

For more information contact Mark Waslen, CFA, CA Berris Mangan Chartered Accountants 604.676.5926, mwaslen@berrismangan.com, www.berrismangan.com

Q. Is there a website where people are posting their rental units and properties?

As we move closer to February 2010, countless websites are popping up offering property-listing services. Some list properties free of charge, while others charge a small fee. While Fresh Start does not endorse any particular site, and strongly advises you to fully research your options, here are just a few Vancouver 2010 rental sites:

VanAccom - www.vanaccom.com
Local residents specializing in rentals located close to Olympic venues in Vancouver, Whistler and Squamish. Prospective renters are encouraged to contact VanAccom with rental preferences as properties are not listed on the site.

Golden City Rentals - www.goldencityrentals.com
List ‘verified' rental properties that have been personally checked by staff to ensure accurate representation in property descriptions, ownership details and photos.

Rent 2010 - www.rent2010.net
Detailed property listings in Vancouver, Whistler, Squamish and surrounding areas. Renters contact property owners directly. List your property for a one-time fee of $25.00.

Rent At The Games - www.rentatthegames.com
Self proclaimed ‘first rental site for the Beijing Olympics', offering searchable property listings for Vancouver 2010 and London 2012. List your property for free.

Van 2010 Rentals - www.van2010rentals.com
Local Vancouver company with ‘15 years experience in the Hospitality and Security industries' offering property listings in Vancouver and surrounding areas. List your property for a one-time fee of $15.99.

Q. Where can I find tips on choosing a good renovator?

Choosing the right professional for the job may be the most important decision in your entire renovation process. Click here for tips from the Greater Vancouver Home Builders Association for tips on choosing a great renovator for your project.

Q. What is a good price to charge to rent my place?

Rental rates will vary according to location and type of unit or property. The best way to decide what to charge for your place is to research what others are charging. This article from www.vancouver.com has some great information regarding what others are charging. View Website >>

Q. Should I rent out my whole house or operate as a Bed and Breakfast?

Whether you choose to rent out your whole home, or just individual rooms, all depends on your preferences. Obviously, you will benefit more financially by renting your whole home (provided you have another place to stay), but there is an element of trust involved when renting to strangers. Operating your home as a Bed and Breakfast, however, is much like operating a hotel and comes with duties such as cooking and cleaning for your guests on a daily basis. When deciding the best way to rent your property you may want to ask yourself questions such as:

•  Do I feel comfortable leaving my home in the hands of a stranger?
•  Do I feel comfortable living with strangers if I decide to stay?
•  Am I comfortable cooking for my guests, taking into consideration
   dietary restrictions and associated costs?
•  Am I comfortable cleaning up after a guest on a daily basis?

Running a Bed and Breakfast involves more work than meets the eye, so you may want to do some research before making your decision. Consider picking up a book on the topic, such as Running a Bed and Breakfast for Dummies (not that you're a dummy!)

Q. What are property owners doing to entice renters?

Rental unit owners know that there are many options available to those wishing to rent during the 2010 Olympics. Some owners are willing to entertain offers and negotiate on their rental rates. Others boast use of building amenities such as fitness centers, pools and saunas. Some are even throwing in perks like free Olympic closing ceremony tickets! Whether or not to offer incentives is up to each individual owner, and is certainly not mandatory.

Q. Where can I get tourist information?

www.tourismvancouver.com - Detailed tourist information on accommodations, attractions, restaurants, and the 2010 Olympics.
www.vancouver.ca - The official website of the City of Vancouver
olympichostcity.vancouver.ca - The official Vancouver Olympic Host City website
www.tourismrichmond.com - Detailed tourist information on the City of Richmond, home of the Olympic Speed Skating Oval
www.tourismwhistler.com - Detailed tourist information on Whistler
www.whistler.com - Tourist information and reservations in Whistler

Q. Road Closures

Driving in the City of Vancouver during the 2010 Olympics will be a challenge with increased traffic and little or no parking expected to be available near Olympic venues. Use of public transit is highly recommended. Detailed and official road closure information will be posted at olympichostcity.vancouver.ca as the City finalizes it.

Q. British Columbia Road Rules

Road rules differ between provinces across Canada as well as internationally. For example, did you know that:
•  It is legal in British Columbia to turn right on a red, but not in Quebec or Spain
•  It's also legal to turn left on a red from a two way street onto a one way street
•  If a pedestrian controlled light is mid-block, after the cross walk is clear,
   the red light may be treated like a stop sign

More of British Columbia's rules of the road can be found in this document courtesy of ICBC: www.icbc.com

Q. As a business owner, should I consider giving employees time off during the Olympics?

According to the Business Council of British Columbia (www.bcbc.com), some employers are choosing to allow staff time off to volunteer at the Olympics, while others cannot, such as public transit operators, due to the necessity of their services during that time. Other businesses may opt to close completely during the Olympics due to the difficulty of operating in the midst of this massive event.

VANOC's CEO, John Furlong, suggests shifting work hours to reduce traffic, or encouraging staff to consider working from home or taking their vacation time during the Olympics. Whatever you choose must be conducive to your particular business. Many businesses stand to benefit greatly by remaining open, while closing may be more realistic for some.

 

These frequently asked questions are being provided for information only. While care has been taken in compiling these questions and answers, they are provided "as is" with no warranty of any kind. Readers are strongly urged to carry out further research and to not make any significant decisions based on this information alone.