Imagine being the leaseholder for one of the newest Starbucks buildings in Chilliwack.
Usually, to get into that kind of real estate would take some know-how, and plenty of cash flow. But a new way of investing is coming online, and it’s giving a new type of investor the chance to join the market.
The company is called addy, and they’re ready to launch a small investor project in Chilliwack — and yes, it is a Starbucks building. The startup real estate investment platform is open to people who want to invest anywhere from $1 to $1,500 in the building.
Stephen Jagger, co-founder of addy, spoke to The Progress about his company and how it works for investors.
“Addy is a real estate investment platform that enables everyone to invest in real estate,” he says. “Most people are pretty locked out of it, pricing is through the roof and it’s very difficult for your average person.”
He says his company is eliminating barriers to investing, which is normally a transaction “between one wealthy individual to another wealthy individual.”
The Chilliwack Starbucks location they’re investing in is at Airport and Young Road, which has a drive-thru and is a key corner lot for the new Midtown development and the soon-to-be-built Imagine High. It’s prime real estate in a growing neighbourhood, with a dream tenant.
Those who invest will have online access to an account, known as a wallet, where they can see their investment in action. They’ll see the lease money coming in, and the costs coming out, such as property tax. And there will be distributions from the property, Jagger said.
“There is the potential for a little cashflow there,” he said.
In addition to becoming leaseholders for a major building in town, investors will also gain knowledge they can use for bigger investments in the future. And for Jagger, that’s a great bonus of the platform for those interested.
“There’s no better way to learn,” Jagger said. And addy does the ‘landlording’ for the group of investors, making it even easier than traditional investing.
The company is currently looking for investors, and are launching the project on August 11. They’ve laid out the details on their website, www.addyinvest.com, and he says there are no fees involved. In addition, it’s a very real, local experience for those who are interested in starting out in real estate, or investing in general.
“You can drive by the property. It makes it so much more real for an investor,” he said. “And it’s a gem of a property. The building is brand new. And the fact it has a drive thru, obviously the drive through has become invaluable during this pandemic.”
The is the second property addy has invested in. The first was in East Van and had 305 investors. They’ve used that project as a learning experience as well, and have keyed into what worked to build on their success.
For those who are naysayers, he says “just because it’s different doesn’t mean it’s a scam,” and adds that several CEOs from big organizations are involved at the board level. They aren’t brokers, but also co-owners of the property.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
