Vancouver Island is a treasure located in British Columbia. The fact is, it is just 55 km away from the city of Vancouver and close to Victoria. It is home to some of the most beautiful natural elements. However, it is also a growing and diverse community that has become quite modern. If you are thinking about purchasing real estate here to use as a rental property, it helps to get to know the area's market well. In some neighbourhoods, rental property in Vancouver Island is the perfect investment for the right person.
Take a Look at Real Estate Trends
For those planning to purchase real estate on Vancouver Island, but are unsure which region to do so in, make your first step a consideration of the region's real estate trends. Vancouver Island's Nanaimo and Parksville areas are popular areas for families, but both areas also have a strong tourism focus. If you hope to rent to one of these two sectors, you are likely to find opportunities here. The more inward you go from the coastline, the more family-centric the area is. The Downtown waterfront communities, on the other hand, are quite heavily tourism-focused.
Home prices in these areas are on the rise. With the growing demand for single family homes in these areas, investing in an affordable, 2 or 3 bedroom home could be an ideal choice. Along the waterfront, condos overlooking the waterfront are growing in popularity. You will see home prices in this area are growing along with this demand. However, larger homes, including estates in areas of Nanaimo are also popular for those looking for second homes and luxury properties. These properties have helped to drive up the area's overall home prices.
To find the ideal property to purchase as a rental work closely with a Vancouver Island real estate agent. This allows you to consider all of the comps for the neighbourhoods you are considering buying into carefully.