Rental Property Investor · kelowna, bc · Member since 2016 · 48 posts · 22 votes
Looking for some info or to connect with investors that are up to date with the mid/upper vancouver island. Specifically looking for Comox, Courtenay, Campbell River but also Nanaimo area.
Looking for:
average rents (mainly suited homes or house/carriage house)
Short term rental market
Rental housing demand/vacancy
Currently based in the okanagan/Shuswap and looking at other areas to diversify in BC.
Hey @Chris Muller, mid island has about the same numbers as @Justin Crawford posted. Nanaimo, Duncan, Parksville, Ladysmith etc are in the $1,800-$2,100 range for 3 bed upper units for something decent (less for outdated/rougher units) $1,200-$1,500 for 2 bed basements depending how nice they are.
Vacancy was below 2% last time I checked and other investors I talk to are having no problems placing tenants right now.
Rents in the Port Alberni area are lower by probably 15% but properties are about 25-30% cheaper than Nanaimo. Vacancy in Port is super low. I'm guessing around 1%.
Just a turn key comp example in Nanaimo I helped a client buy last week: 4 year old house with legal 2 bed suite (3 bed up) 2 meters etc. Bringing in $2,900 in rent (basement is under rented at $1,100) for $595,000. With 20% down and very conservative capital expenses including 8% vacancy, it cashflows about $200/M. That's turn key. You can get better returns if you are willing to do some work/rehab.
Vancouver Island is a solid place to invest money. Market is strong due to retirees from elsewhere in Canada wanting to have warmer winters.
I am an investor and a realtor that works in the Courtenay/Comox area.
Average rent for a 3 bed upper suite - $1800, downstairs 2 bedroom - $1500
Short term rental market is still good. Although the zoning at least in Courtenay requires a commercial zoning (many people are doing it on the sly though).
Rental demand is high. Less that 2% vacancy rate was the last stat I saw. Personally I have never had trouble renting a suite out.
Hey @Chris Muller, mid island has about the same numbers as @Justin Crawford posted. Nanaimo, Duncan, Parksville, Ladysmith etc are in the $1,800-$2,100 range for 3 bed upper units for something decent (less for outdated/rougher units) $1,200-$1,500 for 2 bed basements depending how nice they are.
Vacancy was below 2% last time I checked and other investors I talk to are having no problems placing tenants right now.
Rents in the Port Alberni area are lower by probably 15% but properties are about 25-30% cheaper than Nanaimo. Vacancy in Port is super low. I'm guessing around 1%.
Just a turn key comp example in Nanaimo I helped a client buy last week: 4 year old house with legal 2 bed suite (3 bed up) 2 meters etc. Bringing in $2,900 in rent (basement is under rented at $1,100) for $595,000. With 20% down and very conservative capital expenses including 8% vacancy, it cashflows about $200/M. That's turn key. You can get better returns if you are willing to do some work/rehab.
Vancouver Island is a solid place to invest money. Market is strong due to retirees from elsewhere in Canada wanting to have warmer winters.