Real Estate Investors Taking Note of Triple Crown
Real estate investors look for property that will perform well in equity appreciation and also have a good cash flow when they rent it out. As they search for such a property, they use these eight criteria: The quality of the build. The economic health of the community. A good employment rate. A low vacancy rate. Excellent local amenities. A well-developed transit infrastructure. Future plans for development. And finally, low monthly costs.
Triple Crown community performs very well in all of these criteria.
Top Quality Build & Amenities
Those already living in the Triple Crown community have discovered the quality of the fit and finish and have testified to that fact in reviews and in video. They love where they live.
This is important because better builds ensure better quality of life for real estate investor’s tenants. That equates to higher satisfaction and longer rental durations.
Our next and final phase – Residence IV and III feature high end appliances and stylish finishing such as quartz slab counter tops, better quality cabinets, Euro-laminate flooring, rich carpeting and more. We worked with Spaciz, one of Victoria’s best interior design teams to ensure top quality in function and aesthetic.
The two buildings will also feature roof top patios, indoor amenity rooms and a gymnasium. Each building will have a quick elevator (350 feet per minute), plenty of parking, storage and bike lock up.
Good Economic Health
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 Plan. 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.
Victoria now has the lowest unemployment rate in the country. It dropped from 5.4 per cent in June 2021 to 4.2 per cent in August according to Statistics Canada as reported in a September 10 Times Colonist article.
B.C. is the only province with pre-pandemic employment levels for the second consecutive month, according to Statistics Canada’s July 2021 Labour Force Survey. B.C.’s minimum wage rose from $11.35 per hour to $15.20 per hour on June 1st. Our province now has the second highest minimum wage following Nunavut. Employment prospects are good for our region’s work force.
B.C.’s current average hourly income for a full-time employee is $29.34.
Low Vacancy Rate
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. In 2020 the Canada Mortgage and Housing Corporation (CHMC) pegged Victoria’s apartment vacancy rate at 2.2%, due to progress being made to overcome the south island’s chronic lack of housing supply. That supply was picked up quickly and the vacancy rate has fallen substantially.
When vacancy rates are low, there is more competition for available units which can drive up rental prices. Currently, one of the lowest prices to rent a one-bedroom apartment in Langford is $1,350. A two-bedroom unit in Langford currently rents between $1,824 and $2,350 per month.
Excellent Local Amenities
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 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.
Future Plans for Development
A new commercial development and a middle or high school along McCallum Road opposite Costco will deliver City Gate Boulevard, spanning between McCallum Road and Treanor Avenue. Social infrastructure such as schools help make neighbourhoods more welcoming to new families and will have a profound impact on real-estate investments.
Low Monthly Costs
Efficient, ductless heat pumps are being installed which extract heat from the air instead of burning fuel. That translates into big savings. Your tenants will appreciate a lower strata fees which includes all heating and cooling. Include hot water on demand, gas stove, efficient appliances and LED lighting for an even lower monthly amount.
The rent amount you can command can easily cover monthly expenses. The rental amount tenants are paying Landlords in Residence I and Residence II provide good case studies. We cannot share details in this article, but our Realtors® have details.
A ninth, and most important reason to invest is equity growth. Here are the straight numbers as reported by the Victoria Real Estate Board (VREB). “The MLS® HPI benchmark value for a condominium in the Victoria Core in August 2020 was $483,400, while the benchmark value for the same condominium in August 2021 was $540,600, an 11.8 per cent increase.”
For these reasons, condominiums in Triple Crown Residence IV and III are excellent investment for real estate investors. If you want to expand your real estate portfolio, this location is excellent and will only continue to improve. Check out all these details and more. Contact Todd Mahovlich or Justine Connor to set up a private tour.