Best Place to Invest in Real Estate in B.C. 2023 - Top 5

Best Place to Invest in Real Estate in B.C. 2023 – Top 5 Markets:

1. Calgary, Alberta
2. East Vancouver, British Columbia
3. Bamfield, British Columbia
4. Penticton, British Columbia
5. Nanaimo, British Columbia

Where to buy real estate in BC in 2023?

#5 Nanaimo, British Columbia

Number five is Nanaimo. We have spoken about Nanaimo’s potential for real estate investing in the past, including having Mayor Leonard Krog on the show.

Land is selling there for $3 million per acre. So many people from across Canada are moving to Nanaimo; it’s a hot real estate market. Retail is big in Nanaimo too. They have recession-resistant employers like the government, hospitals and universities. Those employees are well paid and they aren’t going anywhere.

The industrial real estate in Nanaimo is expanding as people get priced out of Victoria. Nanaimo has quite a bit of land available and there’s lots of activity happening, including a $1 million expansion in their container port. It helps take the pressure off of Vancouver’s port.

For the reasons, Nanaimo is a solid real estate investment in British Columbia.

#4 Penticton, British Columbia

Penticton and the South Okanagan are #4 on the list.

Greed is killing Kelowna – there is no reason older homes should be over $1 million in Kelowna. So prices will likely come down eventually but it’s still expensive to build there. You can get permits quickly but there are so many fees involved. It will always be a challenging market for supply.

Compared to Kelowna, the prices in Penticton are a lot lower, it’s closer to Vancouver and there are two lakes, instead of one. Waterfront homes are big in the South Okanagan – there’s great supply and it’s a wonderful recreational market. There is a lot of waterfront acreage and prices are down 13% from last year.

This is not the first time a guest have been bullish on Penticton.

#3 Bamfield, British Columbia

Number three is Bamfield on Vancouver Island. There’s now a paved road from Bamfield to Port Alberni; it will be officially complete in early 2023. The land is freehold, there are beautiful beaches and it’s still cheap.

Land and home prices have shot up 70% and people are calling Bamfield the next Tofino. It’s the last ground floor, oceanfront opportunity in BC; it’s going to be huge. You have to get in now.

#2 East Vancouver, British Columbia

The second best city to invest in for 2023 is East Vancouver. East Vancouver is the future. 

The new Skytrain line is under construction, giving a boost to new presale condo developments around Commercial Drive and other areas of East Van. You also have the new St. Paul’s Hospital coming up with a 17 acre, state of the art medical campus. The False Creek Flats area is also coming up and selling fast.

Detached houses in East Vancouver are half the price that they are on the West Side. It’s cheaper to buy in East Vancouver than it is to buy on the Northshore, Burnaby and Richmond. There’s no reason for that.

The new density rules along the Broadway corridor will increase investment opportunities in East Van. If an investor can’t make money in East Vancouver, they should find a new job.

What is the best city to invest in for Western Canada in 2023?

#1 Calgary, Alberta

Calgary is the number one city to invest in for 2023! Calgary is eating Vancouver’s lunch. A large manufacturing plant is being built there and is hiring 2600 people. Even with a 30% vacancy rate in office space, Calgary has more office space leased than Vancouver. A big high tech company came into Calgary recently and will be hiring 1000 people.

There are no rent controls in Alberta but you can buy a condo for just $165,000. There are lots of downtown condos for less than $200,000 but the rental rates are similar to Vancouver. The average price on the west side of Vancouver is $900,000 for a condo.

People are still shy about Calgary, which is great for investors. Get in now!