Thinking about investing in real estate?
This blog on investing is courtesy of Danny Duong who is an excellent mortgage broker. Danny offers some thoughts on investing in real estate. Give Danny a call at 778-998-7142 for your mortgage needs. I would be happy to answer any or all your real estate questions in this regard.
Have you thought about building wealth and passive income through real estate? The following are factors that make purchasing a rental property an attractive investment now:
- Annual immigration numbers expected to be around 500K each of the next 3 years. Where will they all live? Most new immigrants tend to rent for the first several years before becoming homeowners. *
- Qualifying for a mortgage is getting increasingly more difficult (due to tighter policies and higher interest rates). This has put many prospective home buyers back on the sidelines and back into rental market for now.
- Strata by-laws recently changed to allow more flexibility if owners want/need to rent out their units
- Monthly rental rates continue to trend up
- Prices have trended down notably since the peak last Feb/March 2022.Experts predict prices to bottom out sometime in 2023.
How do you start and what information do you need to determine if acquiring a rental property is right for you now (or perhaps down the road)? For well qualified borrowers with sufficient verified income and funds for down payment (typically minimum 20%), it could be the right time to explore purchasing a rental property. Check out this comprehensive guide to Buying your First Rental Property produced by my trusted Mortgage Professional, Danny Duong, from Mortgage Architects.