“Right now, there are a couple things going on with the market shifting with new government and rules,” Ben Hurlbutt, a real estate advisor with Engel and Völkers, told Canadian Real Estate Wealth. “I think the biggest thing always with real estate is properties that are unique will always retain value and they also are solid assets.”
Indeed, the market has seen some fluctuations as a result of various policy changes; it’s also expected to experience further volatility as rates react to the latest American presidential election.
And Hurlbutt argues “unique” real estate options are better insulated from the fluctuations that naturally occur with real estate prices over time.
“Some of those more traditional staples are what I look at and question why you would invest and hold onto a property that would have more fluctuation in value than something that is one-of-a-kind,” he said. “It’s simple stuff, but time and time again it’s true with real estate.”
Unique properties can be a loft-type unit in a major market – which are known to experience steadier price growth than cookie-cutter condo units – or properties that are truly one-of-a-kind.
“One of the ones we’re working on right now is a recreational destination type property on a lake. Inside a provincial park; it’s also freehold where most of the land around it is leased,” Hurlbutt said. “It’s a unique offering with boat slips and each home on this development has views of the water and mountains surround them.
“There are tons of things to buy in urban areas. Some of those, we’d look at some new projects down by Olympic village in Vancouver,” he continued. “A lot of that part of town is new product; it’s not like the west-end where it’s a mix of old and new.”
And while Hurlbutt focuses primarily on the West-coast market, every major market offers some diamond in the rough opportunities.
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One real estate advisor is suggesting investors focus on out-of-the-ordinary properties to help ensure long-term price growth.