British Columbia, together with much of Canada, has benefited from a strong housing industry. Similarly, condos throughout the state, but notably Metro Vancouver, have provided investors with a unparalleled chance to turn property to gains. As leasing property throughout British Columbia’s urban centers continues to drop, and leasing costs continue to climb, condos represent a fantastic way to raise money flow without the cost that’s ordinarily related to investing in a house or business property.
At the end of 2011, the leasing rate in the Greater Vancouver Regional District (GVRD) had dropped to approximately 1.4 percent, a substantial decrease from the 1.9 percent vacancy rate in the end of 2010. More to the point, leasing prices are hovering around 2.3 percent each year, which together with the fact that Statistics Canada recently noticed that BC population growth is outpacing Canada, and informed buyers can observe that condos and other residential properties create an exceptional long-term investment. Really, together with Vancouver, Port Moody, Surrey, the North Shore, Kelowna, as well as smaller communities such as Squamish and Chilliwack are visiting unprecedented population increase.
The advantages of condo investments in BC are many different. To begin with, condos are usually simple to lease as they provide cheap rental costs compared with bigger houses. In the same way, new property investors will more readily increase the funds necessary to buy condos, because their price tags are often a fraction of these detached homes. The interest in real estate around BC is just another advantage of condominium investment. The housing market throughout the state held up well throughout the economic recession and in a couple of months of the start of the downturn record housing costs were being attained again. Foreign investment and accelerated population growth guarantee that condominium investments will produce cash flow in the brief term and capital gains in the long run.
So where should you purchase BC condos; it’s a fairly large state, after all? Presently, a number of the greatest investments are present in Metro Vancouver. Surrey, Maple Ridge and Pitt Meadows, and Abbotsford along with the town proper are all appealing investment locales. Surrey is among the fastest growing cities in Canada and provides some very reasonably priced investment opportunities. Additionally, new condo developments are trivial across Surrey, a town which also provides excellent transport to downtown Vancouver together with a tall renter population.
Much like Surrey, Maple Ridge and Pitt Meadows are rising at a steady speed and these communities provide quick transit alternatives to Vancouver and surrounding communities. With exceptional organic environment, beautiful parks, and excellent schools, these communities are extremely popular with young families; furthermore, condo improvements are also rather common. Unsurprisingly, Abbotsford is a good place to get condos due to rapid population growth together with remarkable growth in business, business, and retailstores.
Without doubt, most important centers of British Columbia signify some fantastic chances for condominium investment. The state has a flourishing property market which practically guarantees increasing home costs, raising rental rates, and reduced rental vacancy.