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.
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)
I'm from Halifax, been investing in the Halifax, Dartmouth, and just outside the city for about 6 years now. There are a couple of groups locally to maybe get more of a detailed answer on your question. Land isn't something I buy and sit on. Feel free to reach out to me if there are other questions.
New to Real Estate · Member since 2020 · 5 posts · 2 votes
5y
Hi everyone,
I'm a first time buyer and interested in investing in Halifax. I'm based in Toronto at the moment but hoping to eventually move to N.S. for better quality of life, and more affordable real estate (even though it's heating up rapidly there too). Would anyone mind sharing tips re what areas are good to invest in, any real estate agent recommendations. Any information you're willing to share is appreciated.
Selling buying and renting In all of Canada. Here if you can find a multi unit great! Multiple bedrooms is a plus. Or renovate a home to create a multiplex
I am investing in Halifax now in the Hammond's Plain area, yet most all areas in the Halifax Regional Area should work out very well. I would Recommend Benjamin May from Keller Williams Realty in Halifax. He is my Realtor. DM me if you want his details. He is my Realtor in Halifax area.
Real Estate Agent · Halifax, Nova Scotia · Member since 2020 · 22 posts · 6 votes
5y
Hi Himanshu, I am a local realtor that works with both local and out of province investors. I would be happy to discuss investing opportunities here in Nova Scotia as I am born and raised a Nova Scotia:) Look forward to chatting soon.