Why you should Invest In Chilliwack British Columbia In 2020

Solomon: (00:00)

Hey guys, this is Solomon from the BC elite real estate group and today I'm in the beautiful city of Chilliwack where I'm going to tell you guys why it's one of the best places to invest in 2020

Speaker 2: (00:12)

Solomon: (00:12)

Now if this is your first time here on my channel, I just wanted to let you know our team does service everywhere from Vancouver all the way to Chilliwack, Fraser Valley, so don't hesitate to reach out to us if you wanted to know all about the market out here in Chilliwack, if you wanted all the listings, all the rental properties, and I like to definitely make this video all about how Chilliwack is one of the best places to be investing in 2020 now I've been investing in Chilliwack since 2016 I've owned several properties out here and I'm always looking for some good deals for my clients. So I'm here most of the time and I've had some really good success here with finding renters as the vacancy rates are quite low out here, you're getting a good quality of tenants. Chilliwack is definitely booming right now and if for 2020, it's got some really affordable investment properties that you could look at buying.

Solomon: (00:59)

There's some good deals on townhouses here, brand new ones like the ones behind me. This is the Midtown complex out here on Midtown and Yale. We do also have access to a lot of homes with upper and lower suites that you could buy at potentially having a duplex style, a rental property. I own several of those myself and as well as Chilliwack has some really good future opportunity for job growth, population growth. They do have the Molson Coors brewery that just opened up. Now Molson's is attracting a lot of investors out this way. It has allowed 400 new jobs to be created out this way. Chilliwack is also really great for somebody that's looking to sell their property in Vancouver and wanted to relocate out to Chilliwack There's some really good affordable housing out here is there's also Sardis.

Solomon: (01:51)

Sardis has just South of Chilliwack as you exit off highway one. It's really right in the middle of the freeway. Very easy to get to. Chilliwack is an amazing spot. A lot of investors have started to come up this way and now the prices have come down slightly and this is a good opportunity for investors to eye Chilliwack as you can get a house, an average house here, you could probably get for about $550,000 a apartments are going for about $300,000 and townhouses. You can get a brand new townhouse for about $450,000 up to $500,000 and Sardis you can get houses ranging between $650,000 all the way up to 1 million. It is a bit of a more high demand neighborhood. Sardis has definitely more appeal. Higher rents now rents in Chilliwack are fairly good as well. You can get a one bedroom for about $800 a month. A two bedroom suite goes for about 1200 and then if you get a three bedroom upper level on a home, you can rent that out for around 16 to 1700 a month. So that's some really good cash flow out here. Some really good rental rates and vacancy rates are quite low. I believe there are about one to 2% vacancy rates.

Speaker 3: (03:05)

Yeah, that's the railway. So anything below here I consider really good. Anything on the West side of Yale road. I like, this is the downtown core, a lot of redevelopment happening. If you [inaudible] buy something old, period, it's good for a holding property for multifamily in the future. There is a lot of apartments, townhouses being built on Spadina for example, right over here. There's also the VIBE building, which is right about here, the vibe. And that one has a, that's known to be notorious for some lawsuits and litigation is pending, but they're rarely really cheap. So it's a risk to jump on that one. So be careful. And up here you got Fairfield Island, a beautiful location, and also some, some good deals can be had here. If you keep looking about five 50 to 600,000 is good here and can higher rents, much more desirable.

Speaker 3: (04:58)

Yeah. And here you can get something about 500,000 to five and buying a 50,000 would be a decent purchase price out here. Mmm. And then you also got this mall Cottonwood are going to read the development. You've got the Walmart center here, you've got a, also the university of Fraser Valley is right here. Chilliwack Campus and then you've got Garrison crossing down here as well as Cultus Lake. So i will zoom back out. So yeah. Oh and not, can't forget Promintory Heights up here. Definitely some high end exclusive homes. Very Hilly as well. So there's not a lot of bus service going up that way. So yeah. So there's a couple of areas that you consider as well as Keith Wilson just down here. Peach rd, there's a bunch of townhouses you can jump into. So yeah, let me know. I'd love to share all the listings I can find out here. If you're in the market to move out this way or just looking for an investment property.

Solomon: (06:01)

One of the challenges of owning a rental property in Chilliwack is the distance. Now what I would suggest you do is hire a property management company and there are several in town that would be able to manage your rental investment out here. And there are costs for having a property management team watch your property is about 8% to 10% per month of the rental income. It's definitely worth it. And you don't have to worry about dealing with the tenants, dealing with the broken items in the house in the middle of the night sewer backup or any kind of claim and highly recommend you do get home insurance to protect you for liability when you do have a tenant living in that house. Now let's share with you how I first heard about Chilliwack. Now I had a buyer that I met online. They sign up to on our website and they wanted to look at some properties out in here in Chilliwack and I didn't know much about it, but I was up to the challenge of learning all about it and what I did was I took that person out to show several homes.

Solomon: (06:52)

They were looking at homes with an upper and a lower so they can rent the top part and the bottom part and have two incomes coming in. The good thing about that is if one tenant leaves there, you're still getting income from the upstairs or vice versa, but with the low vacancy rates in Chilliwack it's definitely always rented out. Now, what happened was we saw several properties in 2016 that were upper and lower, and I did some research located some homes out here. And I was surprised that they half the price of homes out here in the lower mainland Vancouver, one of the homes that I showed him, he passed on, but I kinda liked it. However, he ended up buying something a bit better in a different price bracket. So that one that I liked, in fact, they'd have an offer on it and we skipped it anyway.

Solomon: (07:40)

But a couple of days later the realtor called me and said, Hey, this property that you saw is back on the market. Are you interested? I had to tell him, no, sorry, my buyer bought something else, but I might be interested. As I looked into a deeper the price was pretty good. It was cash flowing, it was renovated. You know, these are the things that I look for that it's already done up. I don't have to spend much money and time on it. And basically I talked to my wife and we ended up buying it. And it was definitely a good investment because the prices went up. It's rent also went up due to the demand out this way. So it was a good investment. Ended up buying something myself roughly four years ago. And not only that, but I've, I've helped a lot of investors look at properties out this way and that was not my last one.

Solomon: (08:24)

I ended up looking at a few more properties that we put under contract that we purchased. So I do have a lot of experience in the Chilliwack market and if you again needed some help on that, definitely this is what we're here for. We can definitely show you all the hotspots, the good locations and as well as refer you to some good property management to maintain and manage the home. Now down here in Cultus Lake that we're in right now is a great community for coming in the summertime. It is also a great place for Airbnb properties. We have a couple of listings right, that we could refer you to that are Airbnb and that they're getting some good bookings throughout the year. This is also a great place for recreation. You've got fishing out here, you got boating. Great lifestyle. So overall Chilliwack , Sardis, the whole section out here is really good for the lifestyle, the affordability, there's jobs out this way.

Solomon: (09:16)

You're close to the highway and you've got shops, amenities, so people that are moving out this way, love the affordability. And for investors, this is where you want to be. This where you want your money invested. So I would definitely recommend you take a good look at it. Now, one of the other reasons why investors should look at Chilliwack in 2020 is that their property taxes are very low in Chilliwack. So it's very good. It'll cash flow really well. There's a lot of properties that are being built as well for townhouses, brand new homes. And yeah, the market's heading out this way. So don't miss the boat on, on Chilliwack. Western Investor has considered Chilliwack as the number three spot in 2020 for investors to buy it. Now, if you want it to know the rest of the list, just shoot me a message.

Solomon: (10:01)

You can text me and I can definitely give that to you and share it with you. So there you have it, the city of Chilliwack as well as Sardis which is a great place for 2020 to be investing in if you're a real estate investor. Now again, if you're in the market to relocate this way or you want it to get some investment properties, some information, some listings, don't hesitate to reach out to our team. Again, my number is (778) 655-7999 or you can visit our website at searchbcrealestate.com and we do make videos like this, across lower mainland Fraser Valley, Chilliwack. Don't forget to subscribe and be notified. Ring the bell and like and share, thanks very much. Take care.