The reasons offered as to why you may wish to consider buying in Yaletown are as follows:
- CURRENTLY EXPERIENCING A BUYER'S MARKET
- GROWING POPULATION
- ECONOMIC FACTORS SUPPORTING RENTAL DEMAND
- GROWING IMMIGRATION POPULATION
- RENTAL VACANCY RATES ARE LOW
As we know, Vancouver is Canada's gateway to the Pacific and with one of the more mild climates in Canada, Vancouver is a great place for people to retire or invest in, given its strong relationship with immigrant communities and economic influences.
Right now, the Greater Vancouver market is a great place for investors with activity at a 10 year lull and sales at the lowest they've been in recent memory and the power in the marketplace has switched to the buyer. With new mortgage restrictions that affect first time buyers and plenty of inventory, a savvy investor might pick-up a good deal.
Westside real estate is always a great investment for obvious locational reasons. Yaletown has been deemed as one of the best neighbourhoods to invest in for capital growth and rental return. Yaletown was once the warehouse district of Central Vancouver, but has since been gentrified. Population growth, employment opportunities and the relative affordablity of rental accommodation compared to home ownership, are expected to support demand for rental housing, which is likely to keep investors interested.
Some key stats on the minimum income needed to buy in Yaletown:
- Average condo price in Yaletown: $795,400
- Average house type in Yaletown: Majority are apartments and some townhouses
- Average mortgage in Yaletown: $556,780
- Minimum salary needed to afford this: $113,000(mortgage of $556,780)
- Average monthly payments: $2707(mortgage of $556,780, 25 year amortization, average qualifying rate of 3.25%)
If you are looking for any assistance or guidance on a purchase or sale of your property, please feel free to contact us anytime. Karel at 604-329-1430 firstname.lastname@example.org or Darryl at 604-644-5920 email@example.com .
Source: Canadian Real Estate Wealth Magazine