Thinking about investing in Canadian real estate? Thanks to new municipal legislation, property investors are setting their sights on the residential market in Kelowna, British Columbia.<\/p>\n
A new piece of proposed legislation will permit the halving of existing duplex homes and allow Kelowna property owners to make properties as large as fourplexes.<\/p>\n
But there\u2019s a catch: \u201climited inventory,\u201d says A.J Hazzi, founder and managing broker of Vantage West Realty Inc<\/a>. Hazzi says that his savvy investor clients have already taken note, but there are still good properties available for the taking.<\/p>\n \u201cThere are 40 half-duplexes and 13 full duplexes on the Kelowna market right now,\u201d Hazzi told CREW. \u201cIf you\u2019re looking to get your foot on the local property ladder<\/a>, you can find multi-family investment properties that pay all of your mortgage interest and then some.\u201d<\/p>\n He added that even current renters who are frustrated by inflation – but have some money put away \u2013 can service their mortgage payments and still turn a monthly profit by investing in multi-family real estate<\/a>.<\/p>\n \u201cOver the last few years, prices have gone up significantly, and rents have as well, but not enough to keep step with interest rate increases and rising purchase prices. As a consequence, most properties aren\u2019t cash flow positive right now.\u201d Hazzi said.\u00a0
\n\u201cThis happens to be one of the last property segments you can buy that – even with a property manager – still yields positive cash flows.\u201d<\/p>\n