Intersted in what the Vacancy Rates are for Vernon and Kelowna and what the average rental rates are for Apartments and Townhomes? Click here to view the following report:
Fall 2011 CMHC Rental Market Report for British Columbia (Next Report - June, 2012)
Based on some recent news articles, Vernon, like many cities, is facing a lack of affordable housing which has contributed to an increase in Vacancy Rates since some people are moving away or not moving to Vernon. According to CMHC's Fall 2011 report, the Vacancy Rate for 3+ bedroom condos at 5% is less than one and two bedroom townhomes at 9.9% and 8.9% respectfully. Due to low interest rates, some renters have become home-owners, which also has had an impact on Vacancy Rates.
The Western Investor Residential Outlook for 2012 wrote "CMHC regional economist Carol Frketich notes that B.C. will post 2.7 per cent economic growth next year, one of the best in Canada, and mortgage rates will remain near historic lows. This, she said, is evidence that the residential market will be "balanced" in 2012, with a chance for an upturn in northern markets such as Prince George."
The Vernon market continues to be in recovery and while we've seen more residential sales so far in 2012 over 2011 it continues to be a buyer's market and continues to be a good time to invest.
If you've not yet bought property in British Columbia, you need to know that there is a provincial tax called the Property Transfer Tax. It is charged on all property sales, payable by the buyer at a rate of 1% on the first $200,000 and 2% on the balance, with a few exceptions such as for a first time home buyer.
If you're looking to invest in the North Okanagan, please give me a call at 250-308-2928. My strength in working with investors is that I understand business, with having successfully partnered in building an 11 unit waterfront strata and in owning other income producing real estate over the years. I am also excellent at researching information to provide my clients with what they need in order to make informed, profitable decisions. These skills together with my abiltiy to successfully negotiate sales contracts results in satisifed clients!
I look forward to talking with you with,
Paige Gregson 250-308-29287