Real Estate Investment
West Coast Prices Sky High
October 24, 2007 by Benjamin Bach · 1 Comment
This year I’ve been dealing with an increasing number of clients from British Columbia. They love the west coast weather and lifestyle, but don’t like the prices of local investment real estate. In contrast to the $120,000 condominiums and $250,000 new single detached family homes available in Kitchener Waterloo, Ontario, prices in Vancouver are sky high. How high is sky high? Let’s ask the New York Times:
One of the guests was Annu Gill. With her fiancé, Rick Gill, who coincidentally has the same last name, she bought a 1,200-square-foot condominium at the Sheraton Wall Centre, a 42-story hotel with 74 units in downtown Vancouver. The condo cost one million Canadian dollars, currently worth about $1.03 million.
“When I try to explain to friends in the States how much it costs here, they don’t believe me,” Ms. Gill, 29, who is a real estate broker, said of the city’s high prices. “They say, ‘You’re lying.’”
But $840 a square foot — which is how much the couple paid for their condo — is not unusual these days.
Downtown Vancouver is the most expensive housing market in Canada, according to a survey of 21 cities worldwide released last April by Century 21. The average sales price for a condo in Vancouver was around $419,750 in 2007, up 14.6 percent from last year, according to Royal Le Page Real Estate Services.
The number of homes in Vancouver selling for more than $2 million also rose this year, by 48 percent.
Yikes! I always tell my clients ‘Live where you like, but invest where the numbers make sense.”
If you live in an expensive market (Vancouver, Calgary, Toronto etc.) you would be well advised to consider investing your hard earned equity into real estate investment property in a value priced region like the Kitchener Waterloo area. Call me at 519 570 4447 for a free consultation on how Real Estate investing can help you retire rich, and earlier than you thought!
Benjamin Bach wants to show you how Real Estate Investing can make you wealthy. He works with investors from across Ontario and Canada, helping them build wealth through smart real estate investments.
Call or email Kitchener Waterloo’s Favourite Real Estate Agent (Gold Award, Kitchener Waterloo Record Readers Select Awards 2007 - 2008) today to learn how you can start your Real Estate Investment portfolio.
Benjamin is a Sales Representative with Keller Williams Golden Triangle Realty in Kitchener Waterloo and would love to answer any questions about buying or selling a rental, income or investment property.
You can reach Benjamin at Benjamin(AT)BenjaminBach.com or call him at 519 570 4447
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It is true, ‘investing into real estate’ can be a good business opportunity. But if you put it in other words, ‘buying a house’ is a good choice, too. Some of us want profit, some just a home for their families.