WHAT COULD THE “NEW NORMAL” LOOK LIKE?
While we are actively playing a strong defensive game during COVID-19, we are also creating, exploring possibilities, and starting to strategize for the new world. Eventually, we will all come out of our cocoons—has anyone else felt encouraged to see things slowly coming back to life in China? So today’s post is positively focused on the futuristic, post-COVID Calgary for investors.
Did you catch the good news this week? On Monday, we were thrilled to hear that the Secondary Suite registration program has been extended in Calgary—all the way to December of 2021! Calgary is also now allowing an expedited permit process to provide legal suites in semi-detached properties: that means investors can now essentially turn a duplex into 4 separate LEGAL units. We love this idea even more: safety for the tenants, AND positive cashflow for the investors—everyone gets what they need. Another bonus for investors is that legal suites generally offer a competitive advantage in a rental market where tenants have choices. Less vacancy means more cashflow!
We think suited properties are going to become even more valuable to tenants and investors alike in the post-COVID world. We are already receiving calls from people who are leaving their rental unit or house to share accommodation with family members. Basements are hastily being converted so that 2 families (of any shape or size) can cut their expenses and live under the same roof for a while. Grandparents are taking in adult kids & grandkids, some adults are taking in their adult siblings—and their fur-babies, singles are taking in roommates or small families, ….
And many of our investor colleagues who own suited properties are still either comfortable with their expenses, or still receiving positive cashflow. Two units under one roof typically allows investors a better profit margin. Now that’s peace of mind during this pandemic!
So we dug out the picture of our first suited property. Nothing dramatic here: 2 bedrooms up, 2 bedrooms down. Even in 2016 we had positive cashflow! Will we buy today or tomorrow?—only if a great deal comes along. But we are excited about creating great opportunities for more legal suites in the next 18 months. Connect with us at any time to learn more, or just have a conversation about the possibilities. @mtnedgedevelops @mtnedgerenovate
