Real Estate Investors’s Report – Triple Crown Meets 8 Essential Criteria
Real estate investors look for property that will have an excellent chance for both appreciate and good cash flow. As they search for such a property, they use these criteria: The quality of the build, the economic health of the community, the employment rate, the vacancy rate, local amenities, transit infrastructure, plans for development and monthly costs.
Triple Crown community performs very well in all eight of these criteria. Here’s why:
Those already living in the Triple Crown community have discovered the quality of the fit and finish. Some were so delighted they provided video testimonials of why they love where they live.
Building better ensures better quality of life for our customers. Our next build – Triple Crown’s Residence II – will feature high end appliances and stylish finishing such as quartz slab counter tops, better quality cabinets, Euro-laminate flooring and rich carpeting.
The City of Langford led the Capital Regional District in housing starts for years and continues to be one of BC’s fastest growing communities. The resulting solid commercial tax base fuels dynamic, innovative policies for live-work environments as detailed in the Official Community Plan2. Langford’s Council wisely invested in excellent amenities, mixed-use and multi-family residential developments, façade upgrades and beautification upgrades to enhance the city’s livability and economic vitality.
Our regional unemployment rate was 3.8 per cent in July 2019 according to Statistics Canada’s labour force survey; Victoria holding the second lowest unemployment rate for all Canadian cities. B.C. supported the lowest unemployment rate among the provinces for more than a decade and has the third-highest average hourly wage at $27.59. Employment prospects are good for our region’s work force.
The vacancy rate is the percentage of all available rental units that are vacant. Greater Victoria’s vacancy rate has been well under 1 per cent for years, finally tipping over 1 percent in late 2018 due to the uptick in purpose-built rental units. However, it’s still a long way from fulfilling the market’s demand for rentals, which means the vacancy rate will remain low for several more years.
When vacancy rates are low, there is more competition for available units which drives up rental prices. The rental website PadMapper3 reported the average cost to rent a one-bedroom apartment in Langford to be $1,475 – up nearly nine per cent since July 2018. The average cost of a two-bedroom unit in Langford is $2,450 per month – up 13.8 per cent from July 2018.
Amenities close at hand include Costco, Home Outfitters, Best Buy, Aldo, Pet Smart, and The Market on Millstream to name a few. The Millstream Village Shopping Centre has a selection of coffee shops, restaurants, groceries, a bakery, a wine shop, a pharmacy and more.
Outdoor amenities within a five-minute drive include Florence Lake, Thetis Lake Regional Park, the Westin Pacific Bear Mountain Golf Resort, Royal Colwood Golf Club and the Highland Pacific Golf.
There are plenty of businesses and services for every need and enjoyment.
Langford is committed to building excellent transit infrastructure. Since 2006 when the City of Langford and the Ministry of Transportation commissioned the West Shore Transportation Plan, it’s grown easier to get around safely by bus, car and bicycle.
Leigh Road’s final connection was completed early this year. It takes motorists directly from Langford Parkway to the Leigh Road overpass or up Skirt Mountain on Bear Mountain Parkway, which alleviated congestion on the Millstream Road overpass.
The City and Province continue to invest in needed transit. Recently, the BC Government announced joint federal and provincial funding for more improvements. Highway 1 between Leigh Road and Westshore Parkway will be widened from three lanes to four and a new median barrier to separate traffic will be added. A new northbound through lane will also be constructed at the Westshore Parkway intersection.4
Plans for Development
The Province recently announced their intention to build a secondary school adjacent to Costco, while a short distance north of our site an elementary campus has also been earmarked by the school district. Social infrastructure such as schools help make neighbourhoods more welcoming to new families and will have a profound impact on real-estate investments.5
Utilities cost less because we are installing efficient, ductless heat pumps which extract heat from the air instead of burning fuel. That translates into big savings. Tenants will appreciate that the strata fees include all heating and cooling, and their monthly utility costs are minimal with hot water on demand, gas stove, efficient appliances and LED lighting.
With the mandatory 20 per cent down payment needed for investment properties, the rent amount you can command can easily cover monthly expenses. That’s been proven by the rental amount tenants are paying landlords in Residence I. (We can’t include these details due to privacy constraints, but you can speak directly with Todd Mahovlich, who will share his situation. He purchased a unit for an investment and has successfully rented it out).
For these reasons, Triple Crown Residence II condos are shaping up to be an excellent investment for those interested in expanding their real estate investment portfolio. The location is excellent and will only continue to get better as more social infrastructure and amenities keep arriving on the north side of Highway.