Prince George - Any Thoughts?

[BDFI]

Hello,

Anyone out there invest in Prince George, BC? If so, would you care to share your thoughts on the overall outlook of what you are seeing there? Anyone have an idea of when we can expect REIN to update to the Top BC Investment Towns list?

It appears that you can find great cashflowing properties but I am not sure how the economy is performing/expected to perform (forestry, mining, gas, inland port).

Any input would be much appreciated.

Thanks

 

[AmandaO]

Hi BDFI,

I am looking at PG right now. I know they have a new program at the university for doctors, so we are looking at renting to students. Have you persued this any? I would love to hear your opinion.

Thanks

 

[Thomas Beyer]

QUOTE (BDFI @ Feb 14 2010, 04:40 PM) Any input would be much appreciated.People are leaving town. Schools are closing. An EX-migration town .. turn around only when forestry is growing again.

Clearly a bottom-10 BC town candidate !

Stay away, unless cash flow with 50% vacancy can be achieved .. or you live there yourself anyway, have a house free and clear, and can manage and steal tenants from other properties.

Value upside in real estate happens if people move TO a town .. not from a town !

Not an indepth researched study .. just my humble opinion based on some preliminary research.

 

[zoltanwise]

QUOTE (ThomasBeyer @ Jun 3 2010, 07:28 PM) People are leaving town. Schools are closing. An EX-migration town .. turn around only when forestry is growing again.
Clearly a bottom-10 BC town candidate !

Stay away, unless cash flow with 50% vacancy can be achieved .. or you live there yourself anyway, have a house free and clear, and can manage and steal tenants from other properties.

Value upside in real estate happens if people move TO a town .. not from a town !

Not an indepth researched study .. just my humble opinion based on some preliminary research.

 

[TheVancouverLife]

Unless the forestry sector turns around Prince George is a tough market.

Vacancy rates are very high compared to other BC towns.

I have a colleague who owns two rental properties and he can`t get them rented or sold.

Unless you are willing to buy and wait for a turn around I would invest elsewhere.

Just my opinion...

Alan

 

[REINteam]

QUOTE (BDFI @ Feb 14 2010, 03:40 PM) Hello,

Anyone out there invest in Prince George, BC? If so, would you care to share your thoughts on the overall outlook of what you are seeing there? Anyone have an idea of when we can expect REIN to update to the Top BC Investment Towns list?


The Top BC Investment Towns has been updated and the brand new edition is current as of June 2010! REIN™ Members are eligible for a free copy of the eBook (send a request HERE), and full colour versions can be purchased HERE

 

[wgraham]

Something I rarely admit....I grew up in Prince George

Left as soon as I could

No offence to those from PG but I knew I didn`t belong there.

From an investment point of view it is an interesting town. It survived the recession better than I would have anticipated. It has diversified over the past decade with the university. When I was back this summer visiting family there was a very different vibe than the one I was used to. People were running, the soccer fields were full and there was a more healthy feeling in the air.

There was a tone of product on the market. Unless you have a unique and highly desirable product I think you will sit on it for a while. Marketing would be key.

If I was to buy it would be around the university. You can really see the development happening at the top of ospika blvd and the revitalization on 15th and foothills blvd.

Personally I think this is a tough market unless you live there and could really be on top of it. Could you place your dollars in other markets with less risk and do better? Probably but it takes setting up remote teams which sometimes can be challenging.

 

[rebeccaworthington]

I have invested in Prince George and would caution people who are thinking of investing now in PG. The local unemployment rate is high and has just seen an increase. I too would be looking for cash-flow properties that consider at least a minimum 25% vacancy rate. I strive for double income professionals in my units and this year I am experiencing a very low supply of those types of renters with a high amount of low-income "unstable" renters. However, PG has also proven to be an incredibly resilient city in the past, and I do believe the long-term outlook for PG is good with diversification, investment in highways, in-land container facility, airport/runway expansions, cancer centre, etc. Prince George will always continue to grow as the hub of the north, so it`s presence and continued growth will not diminish. For myself, I will not stop investing in PG, it is more a matter of timing.

Rebecca Worthington

 

[BDFI]

QUOTE (rebeccaworthington @ Aug 12 2010, 02:41 PM) I have invested in Prince George and would caution people who are thinking of investing now in PG. The local unemployment rate is high and has just seen an increase. I too would be looking for cash-flow properties that consider at least a minimum 25% vacancy rate. I strive for double income professionals in my units and this year I am experiencing a very low supply of those types of renters with a high amount of low-income "unstable" renters. However, PG has also proven to be an incredibly resilient city in the past, and I do believe the long-term outlook for PG is good with diversification, investment in highways, in-land container facility, airport/runway expansions, cancer centre, etc. Prince George will always continue to grow as the hub of the north, so it`s presence and continued growth will not diminish. For myself, I will not stop investing in PG, it is more a matter of timing.

Rebecca Worthington


I agree with Rebecca that the long term outlook for PG is good. They are working hard at making it BC`s northern capital. I have a small duplex located near the hospital that has been doing well. I have not had an opportunity to read the new BC Top Ten list - how did PG do?

Thanks,
Bart

 

[AmandaO]

I purchased a 3 bedroom townhouse (lowest type vacancy in the city) and found a good property manager (Gwen with Li-Car). I found it hard to find cash flowing properties, but we had it rented out within 2 weeks and with a one year lease. Currently it seems they are getting a large in flow from the surrounding towns of people who have lost their jobs and are going to the university or college for retraining. I also feel positive about the future growth of the city. I am hoping it will be a slow steady growth.

Amanda

 

[ildong]

[quote user=AmandaO]I purchased a 3 bedroom townhouse (lowest type vacancy in the city) and found a good property manager (Gwen with Li-Car). I found it hard to find cash flowing properties, but we had it rented out within 2 weeks and with a one year lease. ...

Amanda




Hi Amanda,



Are you still with Li-Car? I have used several property managers to manage my 4-plex in Prince George; unfortunately none of them worked out very well, and need to find a good property manager asap!



Thank you,

Irene

 

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