(Posted on Nov 7, 2018 at 08:32PM by Michelle Bogle)
According to a report by Western Investor, Kitimat, British Columbia, is the number one pick of western Canadian cities for real estate investors. It is also home to the biggest private investment in our country's history. In October, LNG Canada confirmed it would move ahead with the $40 billion liquefied natural gas (LNG) terminus and pipeline network that is slated to change Kitimat forever. Real estate investors will benefit as well – especially ones who can strike while the iron is hot.
Â
Kitimat will see an estimated 6,000 work camps spring up to house construction workers who will be servicing the area. But, according to Western Investor, the tangible real estate play in Kitimat is residential rentals. A lot of management types, consultants, government officials and other professionals will be seeking two-to-three-year rentals in the area.
Â
Â
Alas, with the spotlight shining brightly on Kitimat, the time to make any investment moves is now, especially since the area is growing in popularity with international investors. This is largely due to the fact of Royal Dutch Shell PLC being a lead partner in LNG Canada with a 40 percent stake, along with Petronas of Malaysia with a 25 percent stake, PetroChina and Japan-based Mitsubishi, each holding 15 percent, and Korea Gas Corporation with 5 percent.
Â
To learn more about investment opportunities in Kitimat and surrounding regions, please contact our team of experienced commercial real estate professionals at our Marcus & Millichap Vancouver office.
