Is it a good choice to buy my first rental property in Vancouver BC or should I look elsewhere?
@Gaganpreet Dubb You'll have to share what you are trying to do in order to get feedback. Vancouver is an expensive market with low rent to price ratio. Without massive down payments, you wont see cash flow. Rent control favours tenants as well.
@Chris Baxter sorry I should have made it more specific. Okay got your point so where can you recommend? I am willing to learn.
@Gaganpreet Dubb start by completing your profile and sharing your goals. What type of investing are you interested in? Why do you want to invest? How much are you prepared to invest? What experience do you have?
@Chris Baxter Thanks will do it.
@Chris Baxter I updated my profile.
The Island. Be quick though, price jumped 30% over the last year.
@Gaganpreet Dubb Vancouver Island is a great spot to invest. The real estate market (both commercial & residential) in Victoria really took off in 2015, with annual rates of appreciation around 20%, this has kind of leveled out now and become a difficult area for first-time investors trying to cash flow. In the past five years, as affordability has become more and more difficult at the south end of the island, buyers have been making their way up island towards Nanaimo, Comox Valley, and Campbell River. The Comox Valley has seen a 30% appreciation in just the last year. In terms of a first-time investor looking to cash-flow in a strategic market, Comox Valley or Campbell river is definitely one to consider. Still possible to find a "good deal", and with vacancy rates sitting at 0.9% (as of Fall 2020). Also different tax implications here than in Vancouver (ie. no Speculation and Vacancy tax).