Hello all. Just wondering what people think about investing in Kitimat B.C. Or the whole Northwest for that matter.
I live in Prince Rupert, BC and was born in Terrace, so I've spent my whole life in the area. Both Terrace and Kitimat's market prices have exploded in the past 2-3 years and Rupert's are headed the same way, although aren't quite as high yet. Rents have followed the same way in Terrace/Kitimat, but haven't quite caught up in Rupert.
If you're looking for something speculative, Rupert is probably a good way to go right now as there is still room for prices to increase if the industrial projects planned in the area move forward, the risk being they will crash back down to earth if LNG doesn't live up to the hype. I think Kitimat/Terrace are right at the peak.
Lots of investment money has been flowing in to all 3 communities and if you can find good deal in Terrace/Kitimat, you can charge good rent. I'm looking more to buy in Rupert because there is more lower-priced stock to choose from and prices don't have as far to fall as in Terrace/Kitimat. Kitimat in paticular is a boom/bust town, as major pulp mill shut down 4 years ago and prices plummented. Now, prices are probably $200k more than that time, so there is potential for big gains, but huge losses as well.
I'd be interested in talking more about working together on investing in Rupert (or one of the other towns). I think fix and flip has big potential in Rupert as there is a lot of old/outdated stock and MAJOR demand for "move-in ready" family homes. I could also help facilitate a rental purchase as well as rents are poised continue to increase as industrial activity increases.
Thanks for your input. I'm also originally from Terrace. I've been living and working in Alberta but I'm hoping that real estate can be my way to get back home. I've been thinking the exact same thing about Rupert. If the projects in Kitimat don't go through the economy is going to be dead there again but Rupert still has the potential.
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