As investors, one of the first things we should look into when choosing where to purchase income properties is the economic fundamentals of an area. Does the area have a strong population growth? How is the job growth in the region? Are vacancy rates high or low?
BC currently shows a strong population growth, job growth and low vacancy rate. Here are some excerpts from the CHMC Vancouver Housing Update and Urban Analytics Futurecast presentations which we can use to determine where to purchase next.
Surrey lead BC’s population growth, adding 4000 households, while Vancouver was second with 2836 new households.
BC had the highest job growth in Canada at 3.2%.
Most of BC has rental vacancies of less than 1%
This means that for every 100 properties that are rentals, only 1 or less than 1 is available to rent. This makes it easier for us to find and choose the best tenants.
The most affordable homes in 2016 were in Squamish, Abbotsford, Mission and North Delta
Here at Point B Real Estate Investments, we focus mostly in Abbotsford. We find a higher quality tenant profile living there due to the various industries located in Abbotsford, like the University of the Fraser Valley, cancer research facility and rehab centre, and the Abbotsford Airport.
These are just a few things to consider before buying your next income property.
To view the full Futurecast presentation, click here.
And as always, if you have any questions about real estate investing or need help choosing your next income property, please contact us.