In recent years, Canada has been seeing an influx of immigrants, on both a permanent and temporary basis. Jock Finlayson, Executive VP of the Business Council of British Columbia, expresses several key immigration statistics in a piece published by The Province:
“Globally, Canada ranks near the top in the number of immigrants admitted, measured relative to the size of the existing population. In an average year, Canada welcomes 240,000 to 260,000 permanent newcomers. On top of this are sizable inflows of foreign temporary workers and students.
According to the 2011 census, foreign-born residents comprise 26 per cent of British Columbia’s population; in the Lower Mainland, the proportion is much higher 41 per cent. By the time of the 2021 census, half of all Greater Vancouver residents likely will have been born outside of Canada.
As immigration continues to drive demographic growth, the province’s population is destined to become ever more diverse.”
As noted, many of the immigrants flock to Vancouver because of its status as a vital Canadian economic hub. With more and more people looking to reside in the area, current residents can benefit from buying condos for sale in Vancouver and renting these out to immigrants.
Renting out condominiums is a well-known venture that results in a profitable return on investment. As such, those who are looking for alternative income to supplement their main source of funds should definitely look into purchasing condos for sale in Vancouver, BC. However, investors shouldn’t purchase a condo blindly.
As with any types of real estate, condominiums are all about location. Choosing a condo near nightlife hot spots, malls, universities or public transportation can drastically raise its rent value, as well as its resale value. On a side note, try to find a condo near places that would interest the type of person that you want to rent out the unit to (e.g. choose a condo near a university if you want to rent your condo out to a student).
People looking for condominiums in prime locations may want to take a look at the condos offered by reputable real estate agencies like Vancouver Canada Homes. These companies offer a variety of condos (one bedroom, two bedroom, studio, etc.) in great locations at reasonable prices.
(Article Excerpt and Image from Immigrants are driving growth in Metro Vancouver, Fox 2 News, September 11, 2013)