Investing in Different Asset Classes
With the passing of Bill 44, there are officially no more rental restrictions for any strata building in British Columbia. Short-term rental bylaws that prohibit services like Airbnb are however still in effect. Only age restriction bylaws of 55+ are enforceable with a requirement to accommodate live-in caregivers. There is a lot of talk within the industry on how quickly such legislation came into effect without much consultation as to the unintended consequences. It could potentially open the gates to accessibility for investors and speculators across the province, ultimately worsening affordability.
Big changes are afoot in the rental space, as Airbnb aims to attract big landlords with a cut of its rental sales. They are launching a listing service for rental apartments, but it will only include units where short-term sublets are allowed. Landlords look at this ability as an opportunity to make money through sublets as more potential tenants are willing to accept rents they might otherwise find too high. It seems we are turning more and more into a renter nation.
Over the weekend I went on an investor tour of NationWide’s state-of-the-art Self Storage and Car Wash facilities opening later this year. They raised over $32 million for the 86,700 sq. ft. Net Zero project that utilizes solar panels, a rain catchment system, and is the only storage facility in Vancouver offering NOKĒ smart access control. This is one of the fastest-growing commercial real estate sectors, and an asset class consistently in high demand, with low turnover despite any economic environment. If you want to add private equity real estate to your financial portfolio, Integrated-Equities Inc. is the exclusive exempt market dealer that offers this opportunity. The minimum investment is $25,000 CAD and you can also invest using your RRSP and TFSA.