All Forum Posts by: Conor Kelly

@Yuri Shamsin Welcome Yuri. Sounds like you're doing great, 2 properties in our backyard is amazing and you definitely got in at a great time!

I currently own 3 doors myself but only 1 of them is here, my principal residence in Abbotsford. I'm also looking to pickup a 4th property sometime in the next year.

Best of luck my friend!

@Rohit Bhagat Hi Rohit, my apologies for the late reply. Glad to hear you already own two properties in our market, that's amazing.

You definitely won't find 1% or 2% rule properties out here but there are cashflow neutral or slight negative options out towards the valley (Chilliwack/mission/abbotsford).

1. Most real estate investors in our market are either flipping luxury real estate or developers. (there are people who flip condo's but the margins are very small). For the most part, people here acquire quality real estate and hold for 5-10 years.

2. I'm sorry to say but the BRRRR option isn't really feasible in our market as its next to impossible to get the margins needed to pull out equity in the refinance. I'm sure its do-able but dam well next to impossible.

3. If you want to speed up the process, unless you want to try and be a builder or you have the capital to flip luxury real estate, you'd either have to try and BRRRR/flip remotely in other markets like Calgary, Winnipeg, Nova Scotia, etc etc. OR, scale your IT business with your wife and just try to acquire as many buy and hold properties as possible. ..Thats just my opinion, maybe someone in our market could prove me wrong, I don't know.

Have a good one Rohit!

@Daniel Melyukov Hey Daniel. Yeah, unfortunately, the bank doesn't like it when you hold a car note and that will affect the size of the mortgage you will be able to get approved for. As for investing here, there are still cashflow positive/neutral/slightly negative options here if you look out towards the valley. Investing out of province isn't a bad idea either, there are cashflow markets in New Brunswick, Nova Scotia, Ontario and even Calgary is pretty good value right now.

Feel free to reach out, always down to talk some real estate.

Chris Chopik says "yes." The Toronto real estate agent for a climate risk assessment to be added to real estate listings in Canada the same way that data is readily available on the ease of walking from any address. He said these conversations need to become commonplace and factored into a property's value.

"For sure, I would say consumers should consider where they're buying, and what they're buying, in the context of climate risk," he told CBC News.

https://www.cbc.ca/news/busine...

Credit: Emma Paling, CBC News

@Kevin Keresztes I definitely wouldn't mind seeing that calculator Kevin!!

Hey @Michael Johnson, Im a bit late to this reply but thought id give my input anyways. Its my personal thought that its usually better to get into your principal residence before buying rental property. The reason why that is, is because you will be paying down a mortgage instead of renting. That portion of the mortgage that goes towards the principal is almost like cashflow because if you weren't paying down a mortgage you'd be paying rent and losing that same amount of money. Not only that, but you need a place to live anyways, you're riding the market up (hopefully) as you are advancing in your career, paying down the mortgage and then when you eventually want to sell its TAX FREE!

Anyways, that's just my take on it. I'm sure there are situations where it'd make more sense to own a rental property and rent the place you live in but I'd always suggest getting into your principal residence as soon as you can.

Hey @Kai-Yu Gary Tsai. There are plenty of investing options in BC. You can look to invest up north, on the island or even buy a apartment locally in places like Mission/Abbotsford/Chilliwack. 

Investing remotely is always an option as well. There are places in New Brunswick/Nova Scotia/Ontario where you can buy single family homes for under 200k.

Always down to chat about it Kai. Have a good day my friend.

Remote investing in Canada is very do-able. I own one property in Windsor Ontario (oddly enough) and I bought it site unseen in 2019. Still haven't seen that property and its done amazing for me. 

Biggerpockets helped me with finding all my connections in the area. PM/Realtor/Lawyers/Contractors etc etc. Very do-able.

Housing starts in Canada declined 3.2% over a month earlier to 272,176 units in July of 2021, compared to market expectations of 275,000 units, according to Canada Mortgage and Housing Corporation (CMHC). It was the lowest reading since last December. Urban starts fell by 0.7% to 251,190 units, as multiple urban starts decreased by 3.1% to 184,759 units in July, while single-detached urban starts increased by 7.1% to 64,242 units. Rural starts were estimated at a seasonally adjusted annual rate of 23,175 units.

Source: Canada Mortgage and Housing Corporation

Link⬇️⬇️

https://tradingeconomics.com/c... 

Here is a great chart of Canada housing starts. If you click “max” on the chart you can see we are historic highs in terms of building. This would suggest that we will see some price relief once these projects begin completing and more inventory is introduced to the market.

A living trend that was most popular in the 1940s is making a comeback in real estate markets across Canada: multigenerational living.

“Engel & Völkers is noticing a rise in families coming together and pooling money to purchase luxury properties in the city and its peripheral areas,” Anita Springate-Renaud, a license partner with Engel & Völkers Toronto Central, told Daily Hive. “With the pandemic forcing families to be apart, multigenerational living picked up momentum as a way to one, pool resources and purchase luxury real estate and two, stay connected with family.”

Credit: Laura Hanrahan

https://dailyhive.com/vancouve...

A great way to build wealth if you have the opportunity to do this or can stomach living with family LOL. Its basically a form of house hacking!