Great information in this thread, thank you, everyone, for your thoughtful posts!
Does anyone have any opinions/thoughts on Langford near Victoria? It's been described to me as Surrey but for Vancouver Island with lots of growth in the area. For reference: my realtor sent me this pre-sale opportunity recently below:
I have only invested in condos to date so this is up my alley, however, I've never done a presale before. I know the risks involved in a presale but several things interest me including the low rental rate, the rental "pool" (as they call it) and the reasonable prices for some of the units. I'll be taking a drive out to the island in the next month to visit Langford but curious to get thoughts on anyone actually living out on the island!
@Alex Butz My wife and I currently live and invest in Langford and would be more than happy to share what we know and have learned. Currently we are focused on up and down duplexes as they make the most sense for us and the partners we worked with or are speaking with. If condos is your preferred investment method as you say, then I would highly recommended Cheri Crause and her team at The Greater Victoria Property Group. Her and her team are not only Realtors, but they are investors and developers focusing specifically on the langford area. They are an awesome group, that know all about pre-sales and will be able to advise you one what to look for and stay away from.
If you simply want to ask questions about the area or are open to other investment options, feel free to contact me directly. We can share contact information through a private message.
@Randy Molland is absolutely correct. You cant look at a rental market and say "gee, I should be able to get that much rent based on current conditions" you must look at the property and say "I need this much rent to make it work" and then go out and find a way for the market to meet your demands. There are so many deals to be had all over the island, but you wont find them by searching the MLS and even if one appears, it will be gone in a day to a ready and waiting investor who can spot a "deal" a mile away. We have to learn from our neighbors to the south and follow the lead of the real sharks!
Nice to see this thread going strong after 2 plus years. Not a lot of attention gets paid to the island, which is just the way we like it!
As a beginner looking to move to the island and start a business.. THIS THREAD has been more informative and beneficial than any other place on the web I've been. Many thanks to you all for sharing your insights and personal journeys. I've learned a lot from your insights, but it's just the tip of the iceberg as you are all certainly well aware. My family and I have modest goals as we look to expat later this year from Colorado to the Island.
- We would like to use our equity to find a property in Sooke or Langford that has a carriage house or additional property to begin our investment endeavors. We'll likely have 100k that will be set aside to use as a down payment. We've found it's becoming increasingly complex to navigate a purchase as a "permanent resident," but we're beginning to understand it all.. at least a little.
- The market has topped out here in Denver. Sales down about 20% since Thanksgiving. From what I've read, there is a similar easing occurring on the Island, and through friends of friends we've been in touch with a Realtor and Broker in Victoria who said they've seen that to be the case as well.
My questions are:
- Is Sooke viable for growth? It's essentially the only area in that part of the Island where we've found properties that are within our grasp. We'd love Langford, but the prices there don't dip into our range as frequently.
- Will new regulations and tougher financing laws make it unreasonable to begin investing in real estate? Our credit resets upon our move. Is it better to pocket our equity, rent awhile ourselves, and then look to purchase after we've established ourselves? My wife and I keep going back and forth on this..
Looking forward to getting in the mix. Thanks a ton!
Hi @Lanny Boyer , welcome to the thread and welcome to Canada! I actually moved up to Canada as a permanent resident from Fort Collins many years ago. I bought a duplex in Toronto when I first moved there and don't recall any restrictions or oddities due to my status, though now that I think about it, maybe we did it in my wife's name at that time as she was Canadian and I had just started residency paperwork.
For my Vancouver Island purchases, though, there was no issue with being a PR. I'm actually having more trouble buying in the US now! Looked into that a few times, but have not pulled the trigger yet due to all of the complications.
I'm not a Sooke expert, but my partner and I did look at some B&Bs there a few years ago and thought that the area could take off as Victoria got more and more out of reach for people.
As for waiting for potentially lower prices, I'm not sure that's the best strategy here. I've predicted a downturn for some time, but the more I look around and think about it, the less I see that as a possibility - here at least. Areas of the island are still priced below some of the mainland markets (even after huge run ups), and this is such a desirable place to live that I feel like demand will continue. There may be some small drops or leveling off, but I'm taking off my real estate "bear" hat for Vancouver Island.
Having said all of that, I've not been successful in finding a deal on the island in the last few years and have joint ventured elsewhere for my investing.
There are some very knowledgeable Victoria area members on this thread. I'm sure they will chime in with some great local info for you.
@Lanny Boyer send me a PM. We live in Langford and are active Investors in Sooke, as well my wife is a realtor specializing in investment properties. I’d be happy to help, and to answer your question yes Sooke is a growth market and depending on what you are looking for in an investment property I would highly recommend in investing in the area. Send me a PM with an email address and we can connect offline, where I can provide you much more assistance. And welcome to Canada!!!
@Lanny Boyer Hi Lanny, welcome to Canada! As a "permanent resident" in Canada, you can qualify for a mortgage under the New to Canada program.
"There may be some small drops or leveling off, but I'm taking off my real estate "bear" hat for Vancouver Island." I got a moose hat on my last trip to Calgary.. Guessing that's a different thing.
Thanks everyone. I'll look to reach out before the week is up.
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