Student Housing Investment REITS – Investment Companies and Opportunities

Solving the Student Housing Crunch at a Different Level

If you went to college 10 to 30 years ago, you might be a little envious of the luxury accommodations today’s generations might enjoy — if they can afford it.

The college dorms of the past are aging,  and post secondary instituions don’t necessarily see a profitable future for themselves in dorm management. Traditionally, dorms were built and maintained solely to house those in their freshman year.

Today, huge student housing communities are being built to accommodate hundreds of thousands of students regardless of when they’ll graduate. That’s market expansion.

The header graphic above is from American College Campus’s U Club on Woodward in Tallahasse Florida. Kind of jolts your understanding of student poverty and housing desperation.

Under Pressure: Students Left out in the Cold

2nd, 3rd and 4th year students were pushed off campus to find accommodation as they may. Yet, there are few cities in the US, UK, and Canada where housing availability isn’t an issue. Housing scarcity is the new plague of governments, local and national and not many solutions are appearing.

However, large housing communities might ease it and provide investors with a great housing investment  opportunity. The issue with off campus housing need is that it’s tough to resolve with small multi-tenant buildings and large houses. And while investment companies and REITS are coming to help with the general student housing challenge, it is the luxury student housing market that’s drawing the most attention.

What are Student Housing REITS and Why Invest in Them?

Graphic courtesy of

Student housing REITs (real estate investment trusts) build, own, and manage student housing facilities. Most housing units are either on-campus or within close proximity to campus. REIT investments offer a good ROI while ensuring the investor doesn’t have to be involved in housing management and administration.

Those who invest in rental income properties know about the effort, time, and risk associated with managing individual properties to students.

These firms may have substantial financial resources and expertise in this field and are in a position to leverage the student housing markets in cities even further.

REITs have become a preferred developers for private-public partnerships, due to their reliability and innovative financing structures which match up with the interests of the universities and colleges.

The artists rendering on the right is of CIBT’s new GEC community project in Surrey BC, a suburb of Vancouver, costing $27 million. Visit for more info on that project.

High Quality Student Housing Communities

A better solution is in building new built for purpose condominium projects where hundreds of students can live with convenience and safety so they can focus on their studies. And then there’s the luxury market.

Demand has been high for this type of modern student living, yet the recent housing crisis has racheted it up considerably. And foreign students now invading the best cities in North America, particularly Vancouver Canada , is pushing demand over the top. Definitely the cream of the crop for investors.

High Demand + Low Availability + High Income = Record Profits

With demand high, rental prices skyrocketing, and wealthy foreign families looking to give their kids a good North American education, real estate investment professionals are looking at a high yield investment opportunity. What was once considered a risky investment is now the apple of investor’s eye.

Since these project involve big money, big planning, and huge logistics with materials, people and services, investment firms have moved into the space. These are private investments and educational housing REITS that are worth having a look at.

Student Housing Investment Funds are Hot

Investment funds in the billions are pouring into this space and that should further reinforce investment opportunities, if you choose well. But for the risk-averse, student housing investment is considered high yield at present and recession proof.

Photo Courtesy of

Some of these large investment firms or REITS target only large scale projects — schools with huge student populations or locations adjacent to many colleges and universities. CIBT in Vancouver BC Canada is one such company.

Their student housing projects focus on wealthy foreign students and they’ve positioned their properties and developments in key areas of Richmond and Vancouver in BC. There are at least 9 colleges and universities including the UBC, SFU, and Langara College nearby which positions them for maximum continuous demand.

CIBT has bought and converted properties such as former hotels however their focus is really on building new large scale communities.

That’s about as good as it gets in the student housing investment market.

Other REITS or niche investment firms you may investigate:

Education Realty Trust Inc. (EDR)  whose portfolio consists of interest in over 70 communities with over 40,000 beds. Forecasts are positive for EDR whose stock is climbing of recent.

American Campus Communities –  American Campus Communities (ACC) is the nation’s largest developer, owner and manager of high-quality student housing communities. The company’s senior management have partiicipted in the development, acquisition or management of more than 350 student housing communities consisting of more than 222,000 beds.


APTS Preferred Apartment Communities, Inc. is a real estate investment trust externally managed by Preferred Apartment Advisors, LLC. The firm invests in real estate markets of the United States. It primarily acquires and operates multifamily apartment properties.

CIBT in Vancouver  – CIBT Education Group Inc. is one of the largest education and student housing investment companies in Canada with a total student enrollment of 15,000. Its focus is the global education market, launched in 1994. The company is listed on the Toronto Stock Exchange and U.S OTCQX International. CIBT owns recruitment centres and corporate offices in 45 locations in and outside Canada.

There are rumors of 9% returns in some cases, but let’s not carried away with the hype. Overall, for an investor, and for those parents who are concerned about adequate, functional accommodation for their kids heading to college, these companies are solving a problem.

Take a further look at investment in student housing in the Vancouver area which has a situation more intense than most US cities. The lack of available land in Vancouver and high immigration levels has create a zero availability crisis.


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Vancouver Condo Market Still Booming – Condominium Prices Rise – Burnaby Richmond Surrey

Vancouver Condo Market Still Booming

Last September’s market report for the greater Vancouver region confirmed that the Vancouver real estate market is still smoking hot. Residents and condo investors are hunting for bargain properties as are students studying at UBC, Langara College and SFU. Demand is high.

The new sales and price numbers below from Royal Lepage, CREA, and REBGV may depress you a bit if your ambition is to own a new or resale condo in the city or even to rent one.

Money Has Moved to the Condo Market

Sales of detached million dollar homes have abated, yet it’s just a switch to a focus in condomiums in Vancouver. This switch has also happened in the Toronto condo market. The challenge for condo buyers is finding on at any price level they can afford. I’m sure you’re finding the rental housing and condo buying situation very difficult and you may find Surrey, Richmond, and Langley your best bets.

Prices of condos have jumped as much as 35% in some areas, and overall prices of apartment condos in Vancouver have jumped an incredible 21.7% from last September. In September CREA reported condo apartment sales growth of 19% in greater Vancouver above that of September 2016. Will that continue in 2018?

Housing Crash in Vancouver? Not Likely

There’s been a lot of talk about housing market crashes in 2018, but wishful thinking might what’s behind it.  At this point (October 2017) experts forecasted that housing markets across North America would be in a crash or deep decline, but it hasn’t happened. It probably own’t here or in US housing markets.  Demand is high and the economy may get stronger.

Condo Sales September 2017 in Vancouver

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,821 in September 2017, a 25.2% increase from the 2,253 sales recorded in September 2016, and a 7.3% decrease compared to August 2017 when 3,043 homes were sold — from CREA October report.

There were a total of 1491 apartment condos sold in September with an average HPI benchmark price of $635,800. the price growth over the last year is astonishing with North Vancouver and New Westminster leading.

Vancouver Community Price Growth Over Last 12 months Average Price September 2017
Listings in September 2017
Greater Vancouver 16% $751,861 823
North Vancouver 25.2% $614,173 175
Burnaby 24.6% $561,558 262
Coquitlam 23.8% $482,300 78
Surrey 18.5% $304,779
Langley 17.8% $337,782
Victoria 28% $471,682
West Vancouver 2.2% $1,112,334 42
Richmond 15.6 $510,476 294
Kelowna 20.2 $399,783
New Westminster 26.5% $488,600 167

The numbers above suggest Richmond, Surrey and Burnaby are where you’ll find an affordable condo. Surrey and Langley may be the future. You’ll find a lot of student housing new construction projects in this area too close to the skytrain and the major schools. Unfortunately, you will be competing with the families of wealthy students for the units who are searching off campus.

Vancouver Condo Prices and Sales Stats Screenshot courtesy of the Real Estate Board of Greater Vancouver

How Do the Forecasts Look?

With the economy faring better, most forecasters may even upgrade their 2018 forecast for Toronto housing and the Toronto Condo market forecast, along with the Vancouver region forecast which are the only housing markets doing well.  The rest of the country is hanging on with spillover from the big cities.

When the foreign buyers tax was implemented in BC and Toronto, I suggested that instead, incentives should be provided to property investors and builders to build in areas outside of Vancouver and Toronto. Unrealistic? Long term, it benefits everyone.  These housing shortages are significant economic and personal issues. It could end in a crash.

Still the spillover has helped Kelowna, Calgary, London, Waterloo, and Ottawa.

Crisis for Condo Renters in Vancouver

The situation for many renters is definitely a crisis. There is an exaggerated need for rental properties and housing for students.  One estimate is there are more than 24,o00 families in need of housing in Vancouver and many of them may involve students studying in colleges in Richmond.

Recently 300 buyers showed up to apply for a few coop units up for sale.  If new builds decline because of a fear of rent controls and then Canadian interest rates rise, this could make the forecast gloomy.  Vancouver residents need to get more active and encourage local politicians to adopt a new attitude toward the crisis.

A new socialist driven research project called Cambie Corridor is being conducted to see if a restriction on development to force lower rents will work. In a few years, we’ll have data, but in the meantime, why would the condominium builders not just stop building in Vancouver?  Builders need incentives, where that is just a money losing proposition. They can’t create $850 apartments in Vancouver’s pricey atmosphere.

There’s a lot of belief in magic in some government quarters but the current crisis shows how badly mismanaged housing in Vancouver is.

The city awash in beautiful condo buildings however the units are out of reach of most buyers. One could ask who the builders are building for if few are able to finance them?  New government housing projects could create coop affordable units, but would they turn into another LA styled Watts neighbourhood, with crime and malaise?

Now we understand the wish for a Vancouver housing market crash.

Failing Governments in BC and Ontario Need Ideas

The previous BC government failed badly in using old school tactics to solve an International level challenge.  Rightfully, they were ousted, and now we’ll see if the NDP can actually deliver on their promise to lower income buyers and renters. Supply must be increased in Vancouver as the city just gets more popular.

And for most homebuyers in the Vancouver area, detached houses aren’t even a thought since the average price has hit  $1,617,300 which is up almost 3% since last year.  Condo hunters will have to be more persistent, patient and creative to land a condo to call home.

A solution that may support increasing availability is to open up land for development outside of Vancouver up the coast and out on Vancouver Island, or into the interior. With Federal and BC government incentives and tax support for this (take it from the foreign buyers levy — $billlions of dollar tax grab for what purpose?.   This could be used to draw businesses out into new outlying communities.

Many businesses don’t actually need to be in Vancouver. If they had an opportunity to move somewhere cheaper, they’d do it. They’d get away from the congestion too. People want to live near the jobs, thus moving  the jobs outward will take the pressure off and open up amazing new cities across BC.  Places like the Comox Valley and Sunshine Coast and Nanaimo would welcome the growth.

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Student Housing Attracting Investment in the Billions | Real Estate Investment News

Record Investment in Student Housing in 2018?

2016 was a record year for student housing in the US. $10 billion was poured into investment grade student housing projects in the US. It was a 64% increase over 2015 investment numbers.

One report suggest 2017 totals will equal 2016’s torrid levels. Is there more gas in the tank for the student housing investment sector in 2018?

According to ARA Newmark Student Housing Group’s 2016 overview, $9.33 Billion of the 2016 total was directed toward the acquisition of investment-grade student housing assets priced above $10 million. This means the total market is much bigger.

Add to that the even more impressive numbers in cities like Vancouver and you have a huge and growing investment pool serving the student housing market in Vancouver Canada. The Canadian Economic Forecast is very positive too for 2017 and 2018 and that will make investors more eager to get into condo construction and the rental market.  Yet the Vancouver condo market has many pressures on it.

No more Animal House – This is a Worthy Investment Asset

“More institutional investors are looking at student housing as a viable investment thanks to rising demand that continues to outweigh the current supply” — report from Forbes Magazine

Why the Boom in Student Housing in the US, UK, and Canada?

Why the big interest in student housing investment? It’s a global phenomena and the underlying demographics appear to be fueling demand. That’s drawing money from top investment funds.

  1. Echo boomers in particular are the key age group pushing the numbers. Enrollment is up to 20 million students in degree granting institutions alone.
  2. US state governments are withdrawing funding for higher education
  3. US housing and Canadian housing is at record low availability, and a private investment driven housing solution was needed.
  4. Investors are liking the ROI are ready to sink their money into student housing in 2017 and beyond.
  5. Low interest rates
  6. Student housing is less vulnerable to economic swings and recessions
  7. Institutional funds are moving in because they’re less interested in traditional asset classes

Interest in student housing has been growing steadily, as more investors look towards less traditional asset classes within commercial real estate. Much more institutional capital has entered the student housing space as of late,” — from a report in

Add low interest rates and willingness for big investment firms to participate, and you have record growth for student housing investment. Big foreign investment fund managers want in too. Recently, the Canada Pension Plan and a Singapore Investment group purchased $1.6 billion of properties in the US.

Anxious times for UBC Students Under Pressure

And the trend isn’t isolated to the US and Canada. Knight Frank reports  that purpose-built student housing projects are peaking in the UK too.

Investor demand for student accommodation blocks is so strong that some potential buyers were forced to stand during presentations at a student housing investment conference in a ballroom in Covent Garden, central London this week – from a report in the Guardian .

In terms of risk, this student housing investment sector is less sensitive. Unlike apartment rentals, renters have the financial means and are not deterred by employment fluctuations.

Rental growth in the sector has proven to be less volatile than that of conventional apartments — partially as a result of the sector being less economically sensitive. Results for some of the largest players in the market show rental growth volatility, as indicated by the standard deviation, was lower than conventional apartments, and capital expenditures are in line with those of conventional apartments,” said Tom Park, senior director, strategy and research, in a statement from article .

Foreign students are driving part of the demand too. They’re hungry for college and university degrees and their parents are willing to pony up the high price for a North American degree. These students emanate from China, Japan, Vietnam, Malaysia, Dubai, United Emirates, Brazil, Columbia, Mexico, and India.

Why is Vancouver so Popular in the Purpose Built Student Housing Market?

One notable one might be the preference of the lucrative foreign student market for the city of Vancouver. Anti-foreign policies by President Trump, high cost of living, and anti-immigration sentiments in the US are deterring foreign applicants. Vancouver is well known to Pacific Rim countries, offers a friendly atmosphere to foreign students, particularly from Asia, and Canada allows many foreign students to work and immigrate to Canada.

Add to that the lifestyle in Vancouver with its mountainous seaside communities and recreation opportunities, and the draw for wealthy foreign student’s families is complete.

Colleges and Universities in Vancouver

The Vancouver area is home to at least 12 colleges and universities serving a densely populated in the region. The institutions include Capilano University, Emily Carr University, Fairleigh Dickinson University, Kwantlen Polytechnic University, New York Institute of Technology, Trinity Western University, Langara College, OMNI College, Simon Fraser University and The University of British Columbia (UBC).

Viva Hotel Tower purchased by CIBT and converted to luxury student accommodation. Photo courtesy of

Student housing communities can serve many schools simultaneously which makes them more attractive to investors. The cities of Richmond, Surrey, Burnaby and downtown Vancouver are central to these colleges and universities and are close to Vancouver’s major transit line.

Vancouver is in the midst of a severe housing shortage with near zero vacancy rates. That has perked housing investor’s attention. And it would explain why property investment firms such as CIBT have grown so fast. CIBT picks up the equation even further by bringing commercial services in as part of the money making scenario.

For investors, the student housing investment climate is a very attractive and potentially lucrative one. It might one to add to your investment portfolio for 2018.

The 2018 US housing market is looking a little flat, while the Vancouver housing market continues to show strong growth activity. Something to think about.

*This post is not intended as professional investment advice. Prospective investors should speak with a licensed investment advisor and review closely the prospectus of any student housing investment fund.

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It’s a fast growing investment opportunity.   To learn more contact Joyce Soo of Sutton Seafair Realty in Vancouver BC (604) 273-3155.

Investing in Student Housing – Off Campus New Builds

Investing in Student Housing is Hot!

A few months ago, the Canada Pension Plan’s Investment Board bought $2.1 Billion worth of student housing properties in the United States. The joint venture, with partners in Singapore and Chicago now owns 48 student housing communities with a total of nearly 32,200 beds.

Image Courtesy of

That mega-investment gives you a heads up on the one of the best real estate investment opportunities going – Student housing investment.  According to one report, student housing investment in 2017 is expected to equal the torrid rate of 2016.

Student housing portfolios might outperform everything especially in cities such as San Francisco, Vancouver, and Toronto. With housing very rare and rental prices exceeding $1400 a month per student, the revenue numbers begin to look promising.

You might be skeptical about risks and management costs, yet the off campus student housing investment opportunity can include hiring property management companies. New purpose-built student housing communities offer a superb investment potential whether you invest in the investment firm, like a REIT, or if you buy a unit yourself and rent it out.  Rumours of 10% to 14% ROI make it worthwhile to investigate.

In the US, land use agreements are growing and student housing projects grew $3 Billion in just half a year during the first part of 2016 according to a report from

CIBT Group Inc. Vancouver

I’ll introduce you to CIBT Group in Vancouver whose holding company manages $600 million in properties, communities, education services, and other services related to foreign student housing in Canada.

Bruce Campbell of Stone Castle Investment Discusses CIBT on BNN

These on campus and off campus communities are very attractive to foreign students since they attract other students from their native countries.  Students feel more comfortable and their parents prefer to rent or buy these condos because they feel their son or daughter is more likely to succeed when they have comfortable living arrangements. It all makes good sense. The new purpose-built condo projects in cities like Vancouver are on their wishlist.

The shortage of condos in Vancouver and rising prices ensures demand for these properties/investments will stay strong. You may have to be invited to the investment education meetings first.  Here’s an example of an invitation to the recent Viva Tower open house.

Vancouver and Richmond BC have a large number of colleges and universities in close proximity. This means the condos can house students from multiple post secondary institutions. UBC, Kwantlen Polytecnic, Langara College, OMNI college, and others are located in the city of Vancouver. And as we know, Vancouver real estate is in big demand and the focus has changed to the condo market.

New Builds and Pre-Construction Student Housing

Most built projects are fully bought and there’s little opportunity to purchase now. New preconstruction projects are where you can get in on this booming investment in student housing. CIBT Education is the leader in this field in Vancouver. They have a large portfolio of projects which you can invest in shares. This gives you the opportunity to capitalize on this booming market without owning individual properties and being responsible for upkeep and rental management.

If investment is a more attractive option for you rather than buying condo units outright, you can learn more about availability and ROI etc, from Joyce Soo of Sutton Group Seafair Realty in Richmond, British Columbia. She can be contacted at (604) 273-3155.

This post is not intended as professional investment advice. Prospective investors should speak with a licensed investment advisor and review closely the prospectus of any student housing investment fund.

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Student Housing Investment Canada – CIBT Global Education Vancouver

CIBT Education Group Inc.

There aren’t many organizations that focus on the student housing investment market. CIBT is one of the best and biggest, and they have assets and opportunities in Vancouver.

CIBT Education Group Inc. is one of the largest education and student housing investment companies in Canada.  It’s growth has been impressive over the last 6 years. They’ve been focused on the global education market since 1994, and own and operate several International schools that offer a variety of training and education services. They currently serve 15,000 students annually. CIBT is listed on the Toronto Stock Exchange.

GEC has developed a network of serviced apartments and hotels throughout the Metro Vancouver area, each at a centralized location and within approximately five minutes walking distance from a Skytrain station.

Viva Student Residences Vancouver
Screenshot courtesy of Global Education City, and
17 Storey Viva Tower is located conveniently in Downtown Vancouver BC near Stanley Park, with views of mountains and marinas.

CIBT’s property investments amount to over CAD $600 million and are owned by Global Education City Holdings, which is an investment holding company. CIBT is known for many services, however its business goal is the creation rentable student housing, and this is measured in beds not rooms or units, nor condos. CIBT’s goal is to reach 10,000 rentable beds in its vast portfolio of properties.

The Viva Luxury hotel tower has been renovated and converted into a student housing community and is an impressive image to attract foreign students.

What makes the city of Vancouver a focal point is its proximity to the Asian student market.

CIBT attracts students from across the globe, but the larger demand for International student education is from Asia (China, Hong Kong, Indonesia) and they prefer Vancouver due to cultural, safety, cost, and climate and lifestyle preferences. It’s hard to argue against Vancouver’s attractiveness to foreign students. It’s rated as one of the most beautiful cities in the world, and has endless recreation and shopping venues.

CIBT has wisely positioned itself as the premier business in student housing investment in Vancouver. They have extensive marketing reach in the Asian countries.

You’ll notice in this video that the accommodations are a far cut above the usual student dorms and off campus living situations.

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This post is not intended as professional investment advice. Prospective investors should speak with a licensed investment advisor and review closely the prospectus of any student housing investment fund.

If you’re curious about student housing investing, please contact Joyce Soo of Seafair Realty in Vancouver at 604 273-3155.

Student Housing in Booming Vancouver

Student Housing Investment Opportunities in 2018

Education is big business in Canada, to the tune of $2 Billion each year. Tens of thousands of foreign students arrive to study in places such as Vancouver and Toronto annually. With this influx comes a corresponding demand for student housing which puts pressure are on an already undersupplied market.

A big problem? Not for smart real estate investors, many of whom are the parents of these students who value a Canadian education.  Canadian colleges and universities hold a lot of prestige.

This yearly migration which will continue in 2018 and beyond, is now growing partly due to President Trump’s immigration policies in the US. Those who looked at the US first are choosing Canada instead.

The reason foreign students prefer Canada is many — cheaper tuition, cheaper accommodation, less crime, and a more inviting environment compared to the US. Canadian cities are more ethnically diverse and appear more welcoming. And students can stay and work in Canada for 3 years after graduation which gives them valuable work experience and income. In the US, they may get booted out right away.

One year of education plus accommodations at a US university might carry a price tag upwards of $70,000.  So the preference for Toronto and Vancouver is growing. Since cost is the number one issue for most foreign students, Canada is very inviting. But cities such as Vancouver or Toronto have a persistent problem — a lack of affordable condo apartments for foreign students. That persistence spells sustainable investment ROI.

Foreign Students in Canada

There are already 353,000 international students in Canada and the plan is to attract 450,000 by 2022. That’s 25,000 more per year for the next 4 years. These foreign students now make up 1% of Canada’s population. And some of the students are now adults who are arriving here with their young families.

The BC government says it has attracted 130,000 foreign students and claimed that they inject $2 billion each year into the economy, creating 29,000 jobs.

Let’s Not Forget the Canadian Students

And with hundreds of thousands of Canadian students pursuing a post secondary education as well, you can see how the demand for student housing would go unfulfilled. With regular Canadians unable to find homes, the situation for foreign students is even tougher. Condo prices and rental leases in Vancouver are unaffordable.

A typical scenario for these Canadian and foreign students is a 6 person condo where each student pays $500 to $800 per month which translates to $3000 to $5000 in monthly revenue. In Vancouver, that number is typically higher.

Interest in that type of student housing solution is strong, however the type of living arrangement is not conducive to study or living. Foreign students rarely feel they will fit into what they may see as a “frat house” situation.

New Condo Developments for Foreign Students

One notable form of housing for foreign students is new condo buildings built specifically with their needs in mind. And many of whom are from wealthy families and can afford the more exclusive units. Prospective buyers from China, South Korea, Dubai, Russia, United Emarates, Brazil, India, Turkey, Columbia, Mexico, Germany, and Japan value a Canadian post secondary education very highly.

So highly, in fact, they’re willing to buy an appropriate condo to ensure their sons or daughters have a comfortable optimal situation in what is to them, a strange and scary foreign location. They’re spending a lot of money and want to ensure this once in a lifetime opportunity is successful.

Some of the sponsoring parents look to buy a home here in Canada. In fact, the rising demand from Chinese buyers is well known. They’re even blamed by the provincial governments as the source of housing crisis in Vancouver. They want to be with their kids and experience living in the world’s best city – Vancouver. Who can blame them, and since Canadian education services are a potential international trade strength, it makes sense to develop the foreign education market.

While the foreign buyer’s tax was applied in Vancouver and has slowed sales of units, the interest from investors has returned somewhat.

Those who bought into student housing condos 4 to 6 years ago, have realized an extra bonus on their property. After their children are educated, they have sold their units for a phenomenal capital gain. But the rental income here is perhaps still some of the best rental income opportunities in North America.

We all know the average price of a condo in Vancouver is around $660,000 and those in Richmond are right smack in the vicinity of so many colleges and university campuses. And given the $1 million average home price (with no availability) the interest in condominiums is strong and expected to perhaps grow.

The city of Vancouver is committed to high rise development and urban intensification and apparently approve of the new wave of foreign students. If they aren unable to support these students needs, then the free market is stepping up to fill the void.

It’s a lucrative market you need to investigate. If you’re interested, contact Joyce Soo of Sutton Seafair Realty in Vancouver BC (604) 273-3155.

This post is not intended as professional investment advice. Prospective investors should speak with a licensed investment advisor and review closely the prospectus of any student housing investment fund.

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