I have noticed that as a result of the current mortgage market many Victorians are considering investing in an income producing property. It is simply so affordable to borrow money that many people are finding it hard to ignore the current investment opportunities. The low interest rates in combination with depressed property prices is the perfect combination to attract new investors to the market.
I have viewed many 1 and 2 bedroom condos in and around Victoria that are in great condition and priced under $250,000. With a 20% down payment and 5 year fixed mortgage the monthly payments would be around $1000.00 (rbc.com). In addition, Victoria still has one of the lowest vacancy rates and highest rent costs in the country and there continues to be constant demand for rental properties. To get get a better sense of the rental market in Victoria check out Craigslist at http://victoria.en.craigslist.ca/apa/ and for a list of hot investment properties email or call me at 250-857-6045.
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