Why Start a Blog??
Who am I to share my passion and my thoughts? Why would people want to hear from me? These are the questions that have kept me from doing this sooner. The answer I came up with was “Why Not!!” Sari and I have found a new passion and a new outlook on life… The better question should be, “Why wouldn’t I want to share it.” So here I am… A blog geared towards Real Estate Investing, Financial Freedom and living life for today!! Am I an expert Real Estate Investor? Do I have Financial Freedom? No not yet, but these are the goals we are striving for… these are the dreams we’ve created… and this blog will show the steps we are taking, the lessons we are learning to make those dreams a reality!! So sit back enjoy.. and please feel free to share you experiences.
Why invest here in Victoria? I have heard many ask that question, many say you can’t make money here because it’s too expensive. Well, we are trying to prove these people wrong, and I think we are doing it.
Is it more expensive to buy here than most of Canada? Sure, the homes we purchase are close to 600K for a 3 bedroom up and 2 bedroom duplex.
But, are rents higher here than most of Canada? Yes, we are getting an average of $1500 for a 2-bedroom basement suite and $2400+ for a 3-bedroom duplex.
Is there a severe shortage of rentals here than most of Canada? Yes, the average vacancy rate for rental unit is 1%, with 2 and 3 bedrooms well below that level.
Are we growing? Sooke continues double digit growth rates, while Langford continues to lead the province at over a 20% growth rate. So yes, people keep moving here.
Is there a shortage of land? Have a look at a map and check out Victoria B.C. There’s only one way to grow and that’s up.. what’s north of Victoria? Colwood, Langford and Sooke… among some other feeder communities like Duncan.
Purchase Price: $585K
Gross Rent: $4100
Property Taxes: $314 per month (Well below national avg)
Budget for Insurance, repairs vacancy rate: $438 per month
Monthly Mortgage Payment: $1730
Monthly Cash Flow: $1618
That’s over a 10% Cash on Cash Return.
These are real numbers on a property we purchased in the Victoria area… Two doors, $1600+ in cash flow per month. How many cheaper units in other parts of the country would it take to make $1600. Remember more units equals more tenants equals more headaches.
All this to say is, the outlining communities of Victoria are a great place to invest. Not to mention, Victoria is one of the most amazing places in the world to live!!!