Anyone from Halifax NS?

Canadian Real Estate
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Anyone from Halifax NS?

Jasmine May
Member since 2019 · 17 posts · 5 votes

Hello everyone, I'm new to BiggerPockets. New to investing in Canada too!  We are moving to Halifax NS next year. We had a small portfolio here in the UK, its all now sold and I have about CAD 500k to invest. 

Anyone from Halifax NS here? 

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Paul Chehade
Member since 2019 · 6 posts · 5 votes
7y

Hi Jasmine.

I am located in Halifax NS. I currently have a few multiunit properties that are on the peninsula. 

I would say Halifax is still a great market to invest compared to the rest of Canada.However, real estate market is hot which does not exactly help buyers but there are still some deals out there depending what you are looking for.

As you mentioned a 500k investment you need to consider a downpayment of 20-25%. We have a small 6 unit (6x 1 bedroom) property which we purchased over 10 years ago at 85k/door @cap rate of 5%

And closer to downtown we have another larger 6 unit (3x1 BDRM + 3x2 bdrom) we purchased for 190k/door.  @cap rate of 5.25%.  Mind you this is in a hotter area as it sits on a university campus.

Keeping in mind properties will eventually require renovations (to put aside for capital improvements)

Out of peninsula property costs will decrease but availability of multiunit is less (again depending on what you are looking for). 

Single home 300k -500k 

Duplex or triplex (400-600)

multiplex 4+ units (starting at 600k)

Or in higher end (for reference) a 35 unit going for 6 million (which still needed many upgrades)

In any case check out www.viewpoint.ca for pricing and details (I have no affiliation with this website, they just did a remarkable job with it)

hope that helps!

P

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  • Paul Chehade
    Member since 2019 · 6 posts · 5 votes
    7y

    Hi Jasmine.

    I am located in Halifax NS. I currently have a few multiunit properties that are on the peninsula. 

    I would say Halifax is still a great market to invest compared to the rest of Canada.However, real estate market is hot which does not exactly help buyers but there are still some deals out there depending what you are looking for.

    As you mentioned a 500k investment you need to consider a downpayment of 20-25%. We have a small 6 unit (6x 1 bedroom) property which we purchased over 10 years ago at 85k/door @cap rate of 5%

    And closer to downtown we have another larger 6 unit (3x1 BDRM + 3x2 bdrom) we purchased for 190k/door.  @cap rate of 5.25%.  Mind you this is in a hotter area as it sits on a university campus.

    Keeping in mind properties will eventually require renovations (to put aside for capital improvements)

    Out of peninsula property costs will decrease but availability of multiunit is less (again depending on what you are looking for). 

    Single home 300k -500k 

    Duplex or triplex (400-600)

    multiplex 4+ units (starting at 600k)

    Or in higher end (for reference) a 35 unit going for 6 million (which still needed many upgrades)

    In any case check out www.viewpoint.ca for pricing and details (I have no affiliation with this website, they just did a remarkable job with it)

    hope that helps!

    P

    3Reply
  • Chris Habets
    Investor · Ottawa, Ontario · Member since 2017 · 145 posts · 52 votes
    7y

    I'm not from Halifax - I'm from Ottawa - but I'm investing in Cape Breton. I haven't seen a lot of Nova Scotia investors on here but I'm sure there are few!

    2Reply
  • Trevor Gaal
    Rental Property Investor · Halifax, NS · Member since 2018 · 55 posts · 103 votes
    7y

    Hi Jasmin,

    The good news for you is that you'll be able to do multiple deals with your capital here in Halifax. Prices definitely started creeping up in the last 2 years, but so have the rental rates with an all-time low vacancies. There's lots of opportunities in Halifax, and also a lot of competition right now because the market is so hot, but if you have a local A-team you can get your hands on some great deals. Check out my profile and you'll get an idea about my investing style, if you're looking at similar properties and strategies I'd be happy to share my experiences and contacts to help you get rolling here in Halifax.

    Cheers,

    Trevor :)

    1Reply
  • Matt Goddard
    Rental Property Investor · Ottawa, ON · Member since 2019 · 24 posts · 6 votes
    7y

    @Chris Habets

    Hey Chris, 

    How has Cape Breton been for you?

    I'm from Ottawa as well and just recently started investing on the island. 

    Cheers

    0Reply
  • Chris Habets
    Investor · Ottawa, Ontario · Member since 2017 · 145 posts · 52 votes
    7y
    Originally posted by @Matt Goddard:

    I actually just started - bought a triplex that is undergoing a major renovation - the gut is finishing today, actually. And you?

    0Reply
  • Matt Goddard
    Rental Property Investor · Ottawa, ON · Member since 2019 · 24 posts · 6 votes
    7y

    @Chris Habets

    That sounds exciting, are you gutting the whole triplex?

    I just purchased a SFH near one of the NSCC campuses. I was down last week doing maintenance and it's up and going with its first renter.

    0Reply
  • Matt Goddard
    Rental Property Investor · Ottawa, ON · Member since 2019 · 24 posts · 6 votes
    7y

    @Paul Chehade

    @Chris Habets

    @Trevor Gaal

    How did you guys all fair with Dorian?

    0Reply
  • Paul Chehade
    Member since 2019 · 6 posts · 5 votes
    7y

    Thankfully it was only a few broken branches on my end. Well one tenant had his car stuck for a couple days but  importantly no harm to anyone. Luckily it was not as bad as it could have been. 

    0Reply
  • Trevor Gaal
    Rental Property Investor · Halifax, NS · Member since 2018 · 55 posts · 103 votes
    7y

    @Matt Goddard Just some smaller branches, but nothing major. I went around to my properties a few days beforehand and did some branch trimming to help take some stress off the trees. The only tree I lost was at our home! A 4-plex I'm closing on next week lost about 15 shingles. Other than that, we were very lucky. Like @Paul Chehade said it could have been a lot worse. 

    0Reply
  • Melody P.
    Halifax, NS · Member since 2018 · 4 posts · 2 votes
    7y

    I am! But I’m so new to the game that no my money is still in my bank. I do however know that you can buy a few properties with the cash you have.

    1Reply
  • Jasmine May
    OP
    Member since 2019 · 17 posts · 5 votes
    7y

    Thanks all :) I’ve been reading a lot here on BP. I’m keen on learning about NS and Canada specific operating rules and responsibilities for landlords. Is there any guidance document for this anywhere? 

    1Reply
  • Matt Goddard
    Rental Property Investor · Ottawa, ON · Member since 2019 · 24 posts · 6 votes
    7y

    Same could have been worse but wasn't. Glad everyone made it through.

    1Reply
  • Chris Habets
    Investor · Ottawa, Ontario · Member since 2017 · 145 posts · 52 votes
    7y
    Originally posted by @Matt Goddard:


    How did you guys all fair with Dorian?

     I lost a whole tree branch! No real damage. Got lucky on this one. 

    "are you gutting the whole triplex?"

    Oh ya, right to the studs and then some. We found some structural issues too (not shocking). Getting permits this week and quotes on electric and HVAC yesterday and today. 

    How's the SFH going? We're looking at CBU student rentals next, likely.


    0Reply
  • Matt Goddard
    Rental Property Investor · Ottawa, ON · Member since 2019 · 24 posts · 6 votes
    7y

    @Chris Habets

    @Chris Habets

    Big project, sounds like a blast.

    The SFH is good. It's a charming century home on an acre across from the campus. I got a good deal on it too.

    I'm looking into a NSCC student rental deal same street. Just looking for funding. 8 rooms (separated on 2 floors 4+4), a bachelor unit and a garage/loft rental.

    0Reply
  • Yuan He
    Rental Property Investor · Halifax, NS · Member since 2019 · 41 posts · 33 votes
    7y

    Just moved here two months ago, also looking to buy a rental ;)

    1Reply
  • James Smyth
    Vancouver, Canada · Member since 2019 · 13 posts · 1 vote
    6y

    I'm also in a similar position with a little less money. is there any areas that you would recommend to stay away from in and around Halifax? 

    0Reply
  • Danny Godbout
    Wholesaler · Pictou County, NS · Member since 2019 · 30 posts · 8 votes
    6y

    I'm from New Glasgow in NS. Lots of small deals in my area.

    1Reply
  • Danny Godbout
    Wholesaler · Pictou County, NS · Member since 2019 · 30 posts · 8 votes
    6y

    @Jasmine May  Reach out if you still need help. I may also have something of interest for you in my area.

    0Reply
  • Fabio Alonso
    Halifax, NS · Member since 2019 · 2 posts · 0 votes
    6y

    Hi Jasmine,

    Welcome to Halifax! I moved recently as well and looking to start my portfolio in the city.

    Best of luck!

    Fabio Alonso

    0Reply
  • Danny Godbout
    Wholesaler · Pictou County, NS · Member since 2019 · 30 posts · 8 votes
    6y

    Welcome, Fabio!  I am just 90 minutes northeast from you in New Glasgow.

    0Reply
  • Fabio Alonso
    Halifax, NS · Member since 2019 · 2 posts · 0 votes
    6y

    Hi Danny, thanks for welcoming me!

    I haven't been to Pictou County yet. I will definitely make a visit some weekend to check the city, as I read that you mentioned there are some opportunities around. 

    0Reply
  • Danny Godbout
    Wholesaler · Pictou County, NS · Member since 2019 · 30 posts · 8 votes
    6y

    Yes. there are deals every week. Working on a few as we speak.

    0Reply
  • Jasmine May
    OP
    Member since 2019 · 17 posts · 5 votes
    6y

    Hello everyone! Been out of action for a while. Busy with preparing for our big move! 

    Thanks Danny. I'll get in touch soon :) 

    0Reply
  • Jasmine May
    OP
    Member since 2019 · 17 posts · 5 votes
    6y

    I've been looking at investment options around Halifax area lately. Whats your take on investing in vacant lots in family friendly suburbs like Sackville or Fall River? 

    I have this thing for land, perhaps because its so valuable here in the UK ! 

    0Reply
  • Trevor Gaal
    Rental Property Investor · Halifax, NS · Member since 2018 · 55 posts · 103 votes
    6y

    Hi @Jasmine May,

    Nothing wrong with land. Those areas are certainly close enough to the city that you could see a significant value increase in your lifetime. Personally it doesn't fit my portfolio and investment style right now. It's generally too speculative and I prefer something that provides a passive income stream so positive cash flow is an absolute must for all my properties. 

    I hope you have a smooth transition to Halifax. Good luck with the big move!

    Trevor :)

    2Reply
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