Invest in brand new, positive cash flow condominiums in one of Canada's strongest rental markets. With prices starting at $269,900 and complete turn-key rental management options, this is an excellent opportunity for astute investors.
Top Reasons To Like Langford
Fastest Growing Municipality in British Columbia
Langford, in Greater Victoria, is British Columbia's fastest growing municipality with population growth of 30% from 2011-2016. Population is projected to increase 123% from 2001-2026: a leap of 18,840 (2001) to an estimated 42,100 (2026) (Source: City of Langford, 2017).
High Median Household Income
Median household income in Langford was $79,185 in 2011 compared to the Victoria Capital Region's median of $58,648. (Source: Statistics Canada NHS 2011). High household income and a growing young population make this the ideal community to capitalize on a large number of tenants.
Low Vacancy Rate
According to CMHC Rental Market Survey dated October 2017, the vacancy rate for 1 bedroom was 2.5%; and 1% for 2 bedrooms, with an average 1.5% vacancy rate.
Strong Real Estate Market
Condo apartment prices are up 10.91% from July 2017. Condominium units spent the least amount of time on the market before selling in the price range of $275K-$350K during the second quarter. The median number of days was 14 in Q2 2018 up from 12 days in Q2 2017. Months of inventory of condominium units were 1.9 at the end of the second quarter of 2018. This was up from the 0.9 months recorded at the same time a year earlier. (Source: Canadian Real Estate Assoc, Market Conditions, June 2018)
Strong Rental Demand
The West Shore apartments represent only 4% of the total private rental apartments across the Victoria CMA.
When this market is compared to other similar markets in BC, the lack of purpose built rental housing relative to the overall size of the housing stock is quite noticeable. As an example, the cities of Kamloops and Nanaimo, both have similar population sizes to the West Shore but each have approximately four times as many rental apartments.
Other markets such as Campbell River, Courtenay, Comox, Penticton and Vernon also show substantially higher levels of rental apartments per capita than the West Shore. (Source: Colliers International “West Shore and Greater Victoria Rental Apartment Analysis, September 7, 2017”)
SAMPLE FLOOR PLAN
- One Bedrooms start at $269,900
- Two Bedrooms start at $345,900
Estimated completion: February 1, 2020
|$5,000 upon signing of the Offer to Purchase|
10% of purchase price less initial deposit within 7 days.
10% of the purchase price payable May 31st, 2019.
20% of the purchase price.