YES! If you know what you are doing...
Over the last decade Rental Properties in Vancouver have been highly sought after by many investor. Even novice investors entered the rental market due to continues annual price increases in the Real Estate Market.
With many economist predicting a slow down in the Vancouver Real Estate Market and an expected interest rate hike, many inexperienced rental investors are stepping back and are much more reluctant.
Experienced investors see it a lot different and are searching more frantically to snatch up good rental opportunities while the time is ripe. Veteran rental investors believe this would be the perfect time to purchase a property if you are willing to hold on for the long haul.
Interest rates are an all time low. A lot of experienced rental investors are currently going towards long term mortgage rates, between 5 to 7 years. If mortgage rates go up over that time span (which they are expected to do) there monthly fees and bottom line will not be affeted at all.
According to the BCREA (B.C. Real Estate Association) the benchmark for condos has risen 10.8% in the last five years. That is including the fall in 2008. Over the last 10 years the Greater Vancouver benchmark for condos has risen over 60%. Although experienced rental investors do not expect to repeat the ten year benchmark they are expecting a healthy return. AND THAT IS JUST PRICE INCREASE NOT INCLUDING ANY POPTENTIAL RENTAL PROFITS.
Vancouver vacancy rental vacancy is highly in demand and can be a great investment. West End/Stanley Park area on ly has an average of 0.8% vacancy available (1 in 120 homes is available to rent). English Bay and Downtown Vancouver areas have an average of 1.3% vacancy available ( 1 in 80 homes is available).
It is a good time to purchase a rental investment. Here are some tips...
-Make sure you are purchasing the right product, purchase with your head and wallet, not with your heart.
-Purchase a condo in a stable, well kept, warranty covered home this will help your return sales value and have less maintenance issues over the long haul.
-Go long term on a mortgage rate, watch all others run around when interest rates go up.
-Make sure to budget and cover your expenses for a long period of time.
-Location, Location, Location
With a balanced budget and a long term plan rental investment should be at the top of your investment list.
GET EXPERIENCE AND KNOW HOW ON YOUR SIDE. FOR MORE STATISTICS AND INFORMATION ON YOUR SPECIFIC RENTAL AREA AND MANY POTENTIAL RENTAL INVESTMENT PROPERTIES CONTACT ...