Rarely does a multiplex come on the market that looks like it belongs in the pages of House & Home Magazine.
But 121 Sorauren Ave. was recently listed for $3,175,000 and if wasn’t already fully tenanted we’d be moving in.
The four-unit semi-detached house is a dream – both aesthetically and financially.
The lobby.
Firstly, it’s actually a legal four-plex. Shocker, we know. Second, it was completely renovated and built to code with fire rated plumbing, HVAC, walls, etc. Something that’s almost completely unheard of!
The kitchen in the main floor unit.
The listing also boasts an excellent capitalization rate of 4.5 per cent, which for the uninitiated is essentially how much return on the property you can expect it to make year over year.
One of the bedrooms in the main floor unit with a brick fireplace.
Additionally, it’s worth noting that the average rent in the neighbourhood in 2023 is around $2,393 a month but when the main unit was last rented out in 2020 it was $3,200 a month.
A kitchen in another unit with an exposed brick wall.
It was also recently back up for rent at $4,975 a month, although it didn’t find a tenant. However, if successfully rented out at that rate it would bring in almost $60,000 gross income a year from the main unit alone.
Another kitchen.
And it’s easy to see why the rental asking price can be so high for the units.
The main floor unit open concept kitchen and living area.
The main floor unit is a whopping 1,100 square feet with two bedrooms, two bathrooms and it has an additional 1,000-square-foot private backyard, deck and parking.
A bedroom on the third floor.
The wide plank flooring and exposed brick, combined with the modern finishes, are the perfect mix of old charm and functionality.
Another bedroom with a walk-out to the backyard.
The main floor also comes fully furnished, so its more like an executive suite than your typical rental.
The basement unit.
The other units are equally stunning, even the basement unit doesn’t look soul destroying.
One of five bathrooms.
The other units in the building are currently rented at $3,500 a month and $2,600 a month.
The living space in one of the upstairs units with a walk-out to a balcony.
As far as location goes for a rental property, it couldn’t be better. It’s right in the heart of Roncesvalles, close to transit, the Gardiner, parks and shopping.
One of five bedrooms in the house.
And this latest asking price is significantly lower than what the owners were originally after.
The backyard and patio.
When they first put the multiplex on the market they listed it for $3,595,000 – so $420,000 less is not bad for a professionally designed investment 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.
