Aldergrove on list of "investment property" best buys

Aldergrove on list of “investment property” best buys

A property brokerage firm lists the area as profitable for would-be landlords.

  • Jul. 9, 2018 12:00 a.m.

Aldergrove is one of the top neighbourhoods in B.C. for investors buying a home to rent out, according to a report from a real estate brokerage.

Zolo compared average townhome prices to rentals for neighbourhoods around the province, and found that Aldergrove is the fourth-best investment for people renting out a property.

The price-to-rent ratio in Aldergrove was 17.4, with the average townhouse priced at $382,940 and the average rent at $1,834.

Aldergrove was also in fourth place for those buying and renting out a condo, with the average condo going for $242,965, with condo rent averaging $1,408 a month.

Mission, Salt Spring Island, and a pricey West Vancouver neighbourhood were ahead of Aldergrove for townhouse rentals, while in condos, Mission and two Richmond neighbourhoods were the most profitable for renting out condos.

Real estate in Aldergrove has long been cheaper than in most other neighbourhoods of Langley, for houses, condos, and townhouses.

Langley Advance