Based on a short interview a few weeks ago they happened to mention Thomas Beyer, President of Prestigious Properties in this article that you find a good read. https://www.theglobeandmail.com/life/article-if-being-a-landlord-is-part-of-your-retirement-plan-read-this-first ” … Going big made all the difference for Thomas Beyer, who bought his first rental condo for $80,000 in Calgary in 1997 and quit his […]
PrestProp buys largest apartment building in Kimberley, BC
Prestigious Properties is proud to announce the acquisition of the largest apartment building in Kimberley, BC on May 27, 2021 for a true 6% CAP rate for $4.5M – with significant rental and value upside. The asset is a 57 suite, three storey building, with a concrete parkade, with an elevator and with predominately 2 […]
Achtung: Inexpensive energy is critical for economic growth !
Humans require energy. Humans in an industrialized and growing / affluent society require more energy than tribal groups with low living standards. Developing nations, be they in S-America, Asia or Africa require far more energy than before. One of my interests always has been energy, the price of energy, renewable energy, nuclear energy, energy conservation […]
The Quest for Yield – How to Evaluate a MIC ?
Many investors are looking for a decent yield beyond the sub 1% available in the government or the 2-3% in the corporate bond market. After some research they usually stumble upon MICs. Wow, they say, some yield 6% or even 9%. Let’s buy some. Not so fast I’d say. How do you evaluate a Mortgage […]
Two ideas for more affordable BC Housing – Rather than a new Tax
There is much debate these days about the new so called “speculation tax” in BC which levies 1% onto Canadians and 2% on foreigners who own houses or condos in BC that are not rented 6+ months. It also levies a 20% foreign buyer tax and expands the taxable region from MetroVancouver to 4 others […]
PRESTIGIOUS PROPERTIES ANNOUNCES $6.3 MILLION MOBILE HOME PARK ACQUISITION IN CENTRAL ALBERTA
Canmore, Calgary, Vancouver, July 6, 2017 – Prestigious Properties Group (“Prestigious”) (www.prestprop.com) is pleased to announce the acquisition of three mobile home parks with over 160 pads in Central Alberta for $6.3M, well below appraised value. Prestigious Properties acquires and manages undervalued apartment buildings and mobile home parks in Western Canada. “In Western Canada, investment […]
New mortgage rules: landlords rejoice and would-be buyers weep
The government of Canada over the last week announced a number of changes, incl. reporting requirements for SFH (single family homes) and tighter mortgage lending requirements. Because the Bank of Canada will very likely not raise interest rates – as it will make the currency artificially high, negatively impact stock market values and curb investment […]
Creating more affordable housing – by modifying building code
Much has been said the last few weeks about Vancouver’s and Toronto’s house prices and the possible impact of the 15% tax levied on foreigners on affordable housing. This “BC brand fee” or “BC monetization fee” will indeed have a downward impact on demand, and thus, house prices albeit a modest one. However it is […]
Sell or Refinance ? The Agony and the Ecstasy !
“The Agony and the Ecstasy” is a very worthwhile book about the painter and sculptor Michelangelo. Like a beautiful sculpture, say the Statue of David, or a masterful painting, say on the ceiling of the Sistine Chapel, it takes agony, i.e. huge amount of planning and painful masterful execution over months and years to arrive […]
Prestigious Properties – New Acquisition!
Prestigious Properties is pleased to announce that it’s most recent LP, Kings Castle LP, bought a 67 pad + duplex Mobile Home Park (MHP) in Cranbrook, BC for $2.7M after a lengthy search for MHPs in various locations of BC. Many MHPs are priced on re-development land value and often trade for well above $60,000 to $90,000 per pad. This represents […]