In Vancouver’s thriving real estate market, buyers are finding innovative ways to purchase their dream home. One of them is investing in a property in a growing area, allowing the original buyer to either rent out the home or sell it at a premium as the neighbourhood becomes more popular.
“With a growing population and increasingly high demand for real estate, the reality of what’s affordable and the dream location don’t always match,” says Shaadi Faris, vice-president of Intergulf Development Group. “Purchasing an affordable investment property in an emerging area is a means for more first-time buyers to get a leg-up in the market and work towards buying their ideal home in a more desirable location sooner.”
He cites the growing boom in real estate opportunities in Burnaby’s Metrotown as an example of buyers choosing to purchase in a vibrant area close to transit and education that will get them a return on their investment when they choose to sell or rent out the property.
“Buyers are becoming very savvy,” he says. “They want to know the price per square foot, what the strata fees are. They want to know what the opportunities are to build their investment.”
However, Faris points out that the amenities and features of a home can’t be ignored.
“People have to actually want to live there,” he says.
Faris has seen a difference in the kind of buyer as well.
“It’s a more mature condo market now,” he says. “People are more sophisticated in understanding the lingo and the product, and it’s imperative that there’s no wasted space, because every cent counts. Buyers are looking with that level of detail now; it’s not always an emotional purchase. There’s too much on the line.”
Intergulf has seen an increase in just such an interested buyer at their Burnaby project The Park Metrotown, which is located right in the heart of the area and will have the easy access to transit and education at BCIT and SFU that buyers are looking for.
“People know that it’s a smart place to invest,” Faris says.