Just looking for some advice or thoughts on investing in multi residential properties in St John New Brunswick. I currently have enough saved to buy a property there but just wanted to hear if anyone else has had success in that part of Canada. Property prices are very low relative to Ontario and am curious if this would be a good first entry level market to invest in with the hopes of high cash-flow and a long term hold strategy. Let me know any thoughts its greatly appreciated.
Rental Property Investor · Saint John, New Brunswick · Member since 2016 · 19 posts · 8 votes
6y
All kinds of potential in SJ, just invest in the right building in the right areas. Property taxes are high in NB, but there is still money to be made.
Property prices may be low in comparison to parts of Ontario, but they are up considerably from 18-months ago ... a fair amount of "money from away" has been flowing into the City. Rents are also lower than Ontario, the building stock is older and much of it has been unloved for some time.
As Joel alluded above, in Saint John, it is essential to know the areas of the City before you start writing cheques. In some parts of Uptown a good deal and a headache are separated by a block or two.
I live and own property 30 minutes east of Toronto, ON. I'm considering relocating to NB as part of my semi-retirement plan. I'm seeking to maximize my current home equity, by reinvesting in 1 or 2 multi-dwelling properties (duplexes). I'm researching multi-dwelling properties in all three cities: Saint John, Moncton and Fredricton. I have 'boots on the ground', with a local agent who is sending me multi-dwelling properties for Moncton and Saint John. Based on my research Moncton seems a good place to invest with respect to current property values, and for long-term appreciation. Any thoughts? My plan is drive out this spring for 'on the ground' exploring.
I live and own property 30 minutes east of Toronto, ON. I'm considering relocating to NB as part of my semi-retirement plan. I'm seeking to maximize my current home equity, by reinvesting in 1 or 2 multi-dwelling properties (duplexes). I'm researching multi-dwelling properties in all three cities: Saint John, Moncton and Fredricton. I have 'boots on the ground', with a local agent who is sending me multi-dwelling properties for Moncton and Saint John. Based on my research Moncton seems a good place to invest with respect to current property values, and for long-term appreciation. Any thoughts? My plan is drive out this spring for 'on the ground' exploring.
I'm wondering how far east of TO one gets in 30 minutes these days ... Bowmanville, Port Hope ... or are they considered to be part of "Toronto" now?
In New Brunswick, Fredericton is the most expensive city at the moment ... both vacancies and inventory are low; making prices high. You can still find acceptable deals depending upon your intended use of the property and how unloved of a property you are willing to purchase ... but they are further and further apart. Fredericton is a University and government City with a small, but vibrant technology sector; making for a relatively stable local economy.
Saint John has many available properties which look like deals to those unfamiliar with the City. Some of them are good deals (despite a strong increase in prices in the past couple of years), but there are many which are simply cheap. Boots on the ground with a good knowledge of the City is essential. Saint John has the most cyclical local economy of the three cities.
Moncton has a little bit of everything: established insurance companies; retail supply hubs; universté, vibrant biotech and IT sectors, some government, etc. IMHO of the three cities, it has the best long-term prospects. Moncton is a bit more sprawling than Saint John or Fredericton and you will want to spend time getting to know the various neighbourhoods before you start shopping.
Rental Property Investor · Port Coquitlam, BC · Member since 2017 · 520 posts · 527 votes
6y
@Valerie Mason good on you for planning to get your own boots on the ground. I second @Roy N. on Moncton's potential. I have a few MF buildings there. You might want to look at 6-plexes instead of 2 duplexes. More efficient way to invest as there is one roof, one drive to clear, etc.
All kinds of potential in SJ, just invest in the right building in the right areas. Property taxes are high in NB, but there is still money to be made.
Hey ROY, love this advice that you gave here. I'm Harry from Saint John. I am a wholesaler here, and I'm networking with people who are invested/investing here. I would love to connect and discuss how can we collaborate and grow. Please let me know.
Property Manager · Saint John N.B · Member since 2020 · 36 posts · 10 votes
2y
Hi Roy,
I am a property manager in New Brunswick and we manage and operate a number of properties all over the province if you ever want to chat let me know I would be happy to help in anyway I can.