British Columbia continues to have one of the strongest real estate markets in Canada, despite the pandemic making it an excellent location to invest in property. The province has a wide range of cities each with its own markets, so how do you decide what the best real estate investments in BC are?
We break down the cities to invest in and why you should consider them.
The Best Real Estate Investments in BC: Kelowna
Even though the coronavirus has made some aspects of life more challenging, it hasn’t stopped the growth in real estate, especially in Kelowna. In fact, there has been notable commercial growth in the downtown core with many new skyscraper proposals submitted to the city.
Lake Country, Upper & Lower Mission and Rutland neighbourhoods were some of the top sellers in 2020. The Lake Country market especially is one to keep an eye on as people spread outward looking for single-family homes.
Overall, Kelowna is one of the fastest-growing cities in the province and easily makes it one of the best cities to invest in real estate.
Rural Property: Best for Novices
BC’s rural properties can’t be overlooked for investment opportunities though. Although getting right into owning a skyscraper is the dream of many investors, newbies would benefit from starting in homes or properties in more rural locations in any city.
This is especially true as rising home costs in downtown cores push more people outward and make rural homes a worthy investment option for beginner investors.
Investing in Real Estate in Vancouver
As the most populous city in British Columbia it makes sense that it’s also a good place to invest in real estate. Here, emerging neighbourhoods are coined as “energy hubs.” These energy hubs skew to a younger demographic where nearby nightlife is often a priority.
Energy hubs to consider investing in include Mount Pleasant and False Creek. Both are excellent up-and-coming neighbourhoods that offer a plethora of investing options.
Vancouver Island: A Fantastic Location for Vacation Rentals
As one of the most popular vacation locations in BC, Vancouver Island is a natural choice for vacation rental properties. The landscape is awash with beauty and is perfect for those who love the ocean and the forests. Hiking, sailing, and surfing opportunities are plentiful on the island and the amount of culture on display makes it one of the most popular vacationing spots in BC.
Because vacation rentals are the most lucrative on the island, it would make sense to look for investment opportunities closer to tourist attractions or near popular tourist destinations.
A Booming Agricultural and Tech City: Terrace
At first glance, you’d be forgiven for overlooking Terrace as a good investment opportunity. As the only northern option on our list and with a population of around 12,000 it might seem like a weaker choice for real estate, but you’d be wrong.
Terrace continues to transform into a bustling hive of agricultural and technological growth. Here, commercial real estate investment is the most lucrative opportunity. There are major developments planned for the industrial park and in just the last few years building permits for commercial dwellings have jumped more than 300 percent.
While the above cities are booming, each city in BC has its own unique real estate investments that can provide substantial profits, both residentially and commercially. Overall, British Columbia is no slouch when it comes to the real estate market and offers a wide selection of opportunities to invest in.