I have a few places on Vancouver Island. The prices have gone up a lot over the last few years and vacancy rates are very low. I bought my places about 4 years ago as I plan to eventually retire there and I wanted a foot into the market there, so my house there would change with the local market. Plus buying early enough that I can pay them off and use the rental income in my retirement.
If you are not Canadian, you will want to look up where the place is located on the island and if additional taxes apply. BC has a property purchase tax for all buyers, but an additional tax for non-Canadians. This applies to a number of areas on Vancouver Island.
Jason Ridout, John Humphries and Kris Bucci (not sure how to tag people) are BP members who have more experience in central Vancouver Island (Nanaimo-Qualicum and Port Alberni), a bit further north (Comox Valley) and Victoria.
I have a few places on Vancouver Island. The prices have gone up a lot over the last few years and vacancy rates are very low. I bought my places about 4 years ago as I plan to eventually retire there and I wanted a foot into the market there, so my house there would change with the local market. Plus buying early enough that I can pay them off and use the rental income in my retirement.
If you are not Canadian, you will want to look up where the place is located on the island and if additional taxes apply. BC has a property purchase tax for all buyers, but an additional tax for non-Canadians. This applies to a number of areas on Vancouver Island.
Jason Ridout, John Humphries and Kris Bucci (not sure how to tag people) are BP members who have more experience in central Vancouver Island (Nanaimo-Qualicum and Port Alberni), a bit further north (Comox Valley) and Victoria.
Developer · Victoria, BC · Member since 2018 · 115 posts · 73 votes
7y
@Brian Erickson As Teresa mentioned there may be a tax implication depending on the buyers residence, but we would be happy to discuss options with them. If prospects in our area don’t make sense, we have contacts around BC we can forward them to. For back ground on us, they can check out our webpage through my profile www-uncoveredoasis-com or send us a PM
Rental Property Investor · parksville, bc · Member since 2017 · 153 posts · 148 votes
7y
Hey @Brian Erickson, I have investments around BC, including Vancouver Island. A @Theresa Harris mentioned, there are area of the island and the rest of BC that have a foreign buyers tax, which can be quite high, so it depends where the property is.
Do you have any specific questions about real estate on Vancouver Island?
Also, thanks for the mention Theresa, and to tag someone, just type @ and then their name and it should automatically tag them.
Specialist · Mortgage Broker Canada · Member since 2015 · 316 posts · 118 votes
7y
@Brian Erickson@Theresa Harris Foreign Nationals pay the additional property transfer tax if the residential property is located in these specified B.C. areas.