Comox Valley Real Estate News
More ozzie | Apr 15th, 2011 |
The Lure Of Living In B.C.
Real estate adviser Ozzie Jurock describes his passion for this province - and the reasons why he will always buy B.C. real estate.
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By Ozzie Jurock |
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Real estate expert Ozzie Jurock will host a Real Estate Action Weekend April 29-30 in Vancouver.
First off, I just love B.C. B.C.'ers have learned to become a "black belt in life" - that truly balanced life.
Our environment is majestic (I am awed every time I ski), the climate is outstanding, and the views spectacular. There is a very special flavour here. Call it the crisp mountain air, the sweeping, wide-open spaces, the fresh ocean spray, balmy sunsets, golf in February and wine in September. This is the best place in the world to be, where you can enjoy that truly balanced life.
People come here from all parts of the world (inward migration is at a high), bringing their individuality, their experiences and their business know-how.
To work here is a privilege. To live here is a true blessing. To study here is a benefit. To worship here is a natural. In the whole world there is no place like it. It is paradise.
So no great surprise, therefore, I am still buying B.C. real estate and here is why I think this province will continue to be a great real estate investment.
1. Values grow where people go. When employment rises, occupancy of apartments, houses and offices rises - and employment in B.C. will continue to rise.
2. We live in the world's most unreported inflation, which has driven real estate prices in Vancouver from $16,500 in 1965 to more than $1 million today.
I believe that inflation will return worldwide and all hard assets - including real estate - will continue to rise, not necessarily in a straight line, but they will rise.
3. The world is discovering us. As cash (printed out of thin air) swirls around the world, it is more and more look- ing for a safe haven and B.C offers just that. Add to that Vancouver's 400,000-strong Asian population and downtown Vancouver and other prime areas will continue to be hot.
4. I believe that timing (cycles) and trend identification remains vitally important. Your entry point in any real estate - or any market - is very important. Don't fight the trend.
5. A worldwide expectation that our dollar will continue to rise (my predic- tions are coming true) means a built-in return on investment. We have large capital inflows into bonds but also into real estate markets.
6. We are one of the few truly international cities where you can talk to Europe and Asia on the same day - during business hours.
7. Social stability, excellent health services, low crime rates, lowest provincial personal income tax in Canada. No general corporation capital tax, no employer payroll taxes, no franchise tax and no machinery sales tax. We have Canada's highest overall education levels and highest life expectancy.
8. An innovative and skilled workforce, world-leading universities, rich abundant natural resources.
9. Vancouver is the most livable city in the world, according to the 2010 Livability ranking survey of 140 cities by the Economist Intelligence Unit. B.C. is home to other vibrant cities and welcoming communities with booming tech sectors, such as Victoria, Kelowna, Prince George - each with its own distinctive characteristics, charm and beauty.
I do not believe the Lower Mainland is in a bubble and that bubble has to pop, but I do believe that some areas are overbuilt and that some resorts have been hard-hit.
No doubt 2011 will see higher interest rates (lock in these lifetime lows) and a "sideways market," but there are also a lot of opportunities - such as:
- Rental properties in a number of small towns that cash flow - e.g. Kamloops and Prince George, Nanaimo and Comox. (Price per property is so low that the owner's mortgage is paid by the tenant.)
- Some areas in the Lower Mainland where condos are overbuilt (such as Surrey) are great value.
- I would buy (make an offer) on any waterfront, anywhere: river, lakes, ocean.
- Any business owner (or professional) should buy his or her own building. Most buildings make sense at today's low interest rates. Lock in the rates on all commercial buildings for 10 years.
- Small apartment buildings are not as sweet as earlier last year, but deals can be still found in the Fraser Valley, in New West and on the Island.
Consider:
- Neighbourhood shopping centres.
- Mini-storage and trailer parks.
- Land (particularly farmland).
- Small investment/industrial market- type properties that have good returns.
- Recreational resort property.
- Okanagan if the deal is right, but particularly the undiscovered South.
- Vancouver Island - coastal areas.
My major point is that certain principles remain: No matter where or what you buy, you make the most money in real estate on the day you buy. Nevertheless, buy cautiously - don't fall in love with the deal, because when investing - any investing - there is a new train (as in gravy) every 10 minutes. But with B.C. on your side, you can't go wrong.
Ozzie Jurock is a senior real estate adviser and author of the Real Estate Action Book: www.realestateactionbook. com. Ozzie Jurock can be reached by e-mail at oz@jurock.com or www.jurock.com.
Published in West Coast Homes and Design, Feb. 2011
Edmonton on verge of a boom | Apr 4th, 2011 |
Real estate analyst says Edmonton on the verge of a boom
Robust growth in the region’s gross domestic product and labour market will set off a chain of events over the next few months that will heat up housing again, said Campbell, president of Real Estate Investment Network and the author of the best-selling 97 Tips for Canadian Real Estate Investors. (He donates his royalties to Habitat for Humanity.)
Photograph by: Bruce Edwards, edmontonjournal.com
EDMONTON - Edmonton is on the verge of another real estate boom, says real estate expert Don Campbell.
Robust growth in the region’s gross domestic product and labour market will set off a chain of events over the next few months that will heat up housing again, said Campbell, president of Real Estate Investment Network and the author of the best-selling 97 Tips for Canadian Real Estate Investors. (He donates his royalties to Habitat for Humanity.)
“Alberta is uniquely positioned in the world to be a stable, consistent and growing source of the four things that the world is going to need over the next decade — food, fuel, fertilizer and forestry,” Campbell said during a stop Monday in Edmonton.
Jobs will attract more people to Edmonton from across Canada. That will push vacancies down and drive rents up.
In turn, more people will buy homes.
“The jobs are already starting and the in-migration is already beginning,” Campbell said.
“Eighteen to 24 months from now we’re going to see multiple offers. We’re going to see vacancy rates down as low as 2007, we’re going to see rental increases and we’re going to see the market turn back into a seller’s market.
“I’ve studied this for 19 years and I have not seen this strong of a perfect storm before.”
Campbell didn’t want to forecast prices or rents, saying it would be a guess, but “you can easily see 10- to 12 per cent increases in rents. Rents will go up first and values will go up second.”
His tip for homebuyers: “I suggest that you don’t wait until the frenzy is here because then you’ll be frustrated, putting in multiple offers. Right now you can see it happen and if you know you’re going to be buying in the next year or year-and-a-half, and the interest rates are so low right now, now is a wonderful time to start looking and identify the right neighbourhood.”
Campbell says neighbourhoods within walking distance — 50 to 800 metres — from LRT stations and areas to be serviced by the regional ring road such as Castle Downs, St. Albert and northeast Edmonton — which he says will eventually resemble southwest Edmonton — are good areas to buy or invest.
Premier Ed Stelmach said in March the northeast quadrant of the Anthony Henday Drive ring road has been given the green light and is expected to be completed by fall 2016.
If the arena district goes ahead, interest will also pick up in the surrounding, older areas in the inner-city, Campbell said.
“As a homeowner, you think like an investor: Where’s going to be a spot that’s going to do well that I’m also happy to live in?”
For homesellers: “If you have the chance to wait, you might want to hold off a little bit. If you think you want to maximize your dollar, now might be a little early.”
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