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Bidding Wars in Kitimat are Great for Vancouver, BC, Investors
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(Posted on Nov 10, 2018 at 08:37PM by Danielle Smyth)
In Kitimat, bidding wars on commercial real estate are creating soaring rents. This is all a result of the fact that the LNG Canada project was recently approved. The $40 billion liquefied natural gas pipeline is going to make a huge impact on the market throughout the area.Since the October 1 approval of the pipeline, rents and prices in home sales have soared. For instance, the average house price in the area has jumped to $256,500, up from $214,800 a year ago. Virtually no housing has been built in the area in recent years, and a whopping 42% of apartment units are vacant. This is good news for real estate investors, though, since rents could now be set at much higher levels in those properties.
Investors in the Kitimat area are being cautioned to move quickly if they want to get in on these fabulous opportunities, because homes and units are selling so fast. Don’t miss out on this wonderful chance! If you’re interested in learning more about opportunities for investment while there’s still time, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide additional information.
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