All Forum Posts by: Conor Kelly

@Ben Sauer Hey Ben, good for you, you're already way ahead of the game. I wish I had your mentality when I was your age, you're going to do great things.

I'm a local investor and real estate agent myself. I lived in Surrey nearly all my life, Langley for 2 years and now Abbotsford for the last 5 years. I currently have 3 doors working on getting the 4th by the end of the year. I'm always down to talk about real estate with anyone. Feel free to shoot me message anytime Ben.

Good luck my friend.

@Account Closed Hope you ended up pulling the trigger Jason LOL. You would've obviously done very well on that movie. Anyways, I'm a local agent and investor myself. Always open to chat about it my friend. I own property here and out of province.

@Gian Cunanan Hey Gian, welcome to BP. I'm also from Surrey, grew up there but moved out to Abbotsford nearly 5 years ago. Even though the market has gone ridiculous in the last year I still believe where we live is a great place to own property. It just a different ideology than what's taught on BP. You won't be finding property that cashflows $300-500 a month and definitely nothing close to the 1% rule. However, the market would suggest that we will continue to see appreciation here and you can find property with a slight cashflow, cashflow neutral or slightly negative and just hold while rents increase, property values increase, and let inflation do its thing. 

Investing out of area is always an option as well. Calgary appears to be great value right now, there are cities in Ontario that provide a nice positive cashflow and of course places like New Brunswick and Nova Scotia are a decent option as well. Anyways, I'm always down to talk about it Gian. Good luck my friend!

Anyone have a realtor in Halifax? I got a client out here looking to possibly make a move.

Thanks BP!

@nino Novak but to add to that first comment. If you're stuck on investing out here you're definitely buying for appreciation. Vancouver market is like a growth stock. You're buying $1 for $3 and hoping it goes to $5. Its worked out very well for everyone that owns property and the market would suggest that $3 will go to $5 (if you get what I mean) but you will likely be holding a property that's either Cashflow negative, neutral or very slightly positive depending on what city you want to buy in.

Morning Nino I actually did the opposite as well. I live in Vancouver and own property in Windsor, Ontario. That is a good market you may want to look into. A lot more expensive now than when I bought in 2019 but still cash flows well.

@Andrew Richardson Hey Andrew. Here's a pre-emptive "welcome!" to you. I strongly advise you do the course with GOBC. Basically, you sign up through UBC but GOBC is a third party who compiles the course, removes all the fluff and provides you video sessions of each section of the course. This course is super difficult and time consuming without GOBC in my opinion. I pretty much don't know any realtors who did the course withot GOBC. Its definitely do able but for an extra $1000 GOBC is well worth it. If you have any questions don't hesitate to reach out.

ps. My dad is from Belfast, he came over here when he was about your age.

Extremely low inventory pushing Chilliwack housing crunch

Local builder’s remedy to low supply? Build more quality, affordable homes!

One of the metrics used to gauge the real estate market is Months of Inventory — the number of months it would take to sell current inventories at the current rate of sales. Having 5 or 6 months of supply is historically average — at the end of July 2021, Chilliwack’s months of inventory was just 1.9.

Large numbers of residents are moving out to Chilliwack from closer to the Vancouver core, especially as work-from-home options remain in place by many employers. This only adds to the housing shortage for current residents.

https://www.theprogress.com/ma...

Credit: Impress

734-unit apartment-and-townhouse project proposed near Highstreet in Abbotsford

Development planned for Mt. Lehman Road and Cardinal Avenue

A large multi-family development proposed north of Highstreet shopping centre includes seven mid-rise apartment buildings and 22 townhouse buildings, comprising 734 units.

The planned project is located at the southeast corner of the intersection of Cardinal Avenue and Mt. Lehman Road – the current location of Fraser Valley Steel and Wire.

https://www.abbynews.com/news/...

Credit: Vikki Hopes

Hi guys, I just wanted to start this thread to keep the Vancouverites on this website updated with what's going on in Abbotsford (my backyard). I've been on BiggerPockets for 4 years now and I know finding information about investing in Canadian cities is very difficult. Most of the information/discussions are typically based on US cities. 

Anyways, I plan to post news articles and events that will have affect on real estate prices in abbotsford/Fraser Valley and encourage any discussion on the topic! 

I realize Abbotsford isn't a glorious a 1% or cash-flow heavy city which is the principals BiggerPockets was built on but investing out of state/province isn't for everyone. I personally own 2 properties out of area and although they've done very well for me I do plan to buy my next rental out here.