Any investors even bother to look in Vancouver now?

[seven3]

Just a general question, are there any investors in this forum that even bother to look for properties in Vancouver right now?

Seems that with the current cap rates, it makes it basically impossible to find anything of great value.

 

[MonteDobson]

Simple answer...NOPE, too expensive right now!!

 

[Thomas Beyer]

QUOTE (C2Ventures @ Apr 20 2009, 07:14 PM) Simple answer...NOPE, too expensive right now!!
we just bought a 108 suiter in Abbotsford @ 79/door or $8.5M .. so "Vancouver" is OK if "Vancouver" means: Lower Mainland !

 

[greg12]

Falling lower mainland prices+mortgage rates are starting to cause some properties to drop into the cash flow zone. The market today is vastly different from last year`s. If you "bother to look" you`ll be surprised at the type of deals that are out there.

 

[jkcomm]

I agree with Thomas!

With myself living in Pitt Meadows (#2 on REIN`s Top 10 BC Towns), I would look at properties east of Coquitlam (i.e. Fraser Valley) and there are definitely deals out there.

James

 

[MonteDobson]

QUOTE (thomasbeyer2000 @ Apr 20 2009, 07:41 PM) we just bought a 108 suiter in Abbotsford @ 79/door or $8.5M .. so "Vancouver" is OK if "Vancouver" means: Lower Mainland !

Sorry for the "Vancouver" generalization. Yes there are areas that are starting to look more attractive, but multi-family buildings is a completely different asset class than the average investor looking for a single family property that cashflows.

IMO, there are areas of greater potential right now (ie. AB, SK), but I would love to see some potential deals out there to prove me wrong!!

 

[invst4profit]

Single family are difficult to cash flow at the best of times. High initial cost to rent ratio.
Investors are better off targeting multi family buildings (2, 3, 4 plexes).