When to sell? Questioning impact of new housing complex on same street

CanadianIce

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Hello All,

I own a couple units on a street in Victoria a ten or fifteen minute walk from the core. 100 meters down on the opposite side of the street from my units, the city is putting in a building complex of relatively "low cost" housing to off set the housing shortage.

I am considering selling. Should I delay and wait until this project is finished? I am told by the realtor that the new housing might "help" but not much, by which I assume he meant the project will increase value of my property, just a little bit.

But how much is a "little bit"? The new housing will modernize the street and neighbourhood (this is an "up and coming neighbourhood already). But would it increase value by 1%, 5%?, 10%?

Of course no one can predict even if it was possible to observe the neighbourhood. But I'd love to hear any experiences, data, anecdotes, or viewpoints.

It's such a big decision. Currently I'm leaning to not selling and waiting, but of course, we could also go into a recession as well since we are over due for that, which might reduce real estate prices. This project looks to be done within 12 months at latest but probably much sooner.
 

Advantage

www.bwpconstructionedmonton.com
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I think it largely depends on the property and your current financial situation. Is the property cash flowing? Do you have a good tenant with a long term lease? Is it easy to manage or is it a constant headache with high turnover? Do you have a fair bit of equity tied up in the property that can be better utilized elsewhere? Time is money, so if you can sell, make some $ and use it in another investment with a better return, then I say the sooner the better. May also be worth talking to an accountant and see about tax implications. You may be better off selling one property this year and one next year?
 
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