In 2017 vacancies in the Okanagan Shuswap dropped to less than 1.5% and rents rose an average of 7.5% according to Canada Mortgage and Housing Corporation. This translates into a lot of different assumptions based on this data. First, obviously it is harder to find a rental to live in and you are going to pay more when you do. It increases our homeless problem slightly. It makes it more profitable for investors to buy an investment property and rent it out. It increases the demand for new housing on builders and developers. It also makes the prospect of buying something more appealing. If you are paying rent of $1500 per month that translates into a mortgage payment for a mortgage of approximately $355,000 at 3% over 30 years. As migration from Alberta and the coast continue to increase our economy will continue to grow and rental property will continue to tighten up.
The Concious Investor
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• An Investment Property Watch sent monthly. Hand selected properties with Pro Forma analysis.
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