One of the main landlords in the nation’s west is planning a multi-million-dollar foray into the Sunshine province next year. The founder and CEO of Mainstreet Equity Corp. is planning a move into British Columbia, and his announcement is not only drawing attention in the real estate market but also in the Toronto Stock Exchange. The company’s shares are now valued at $65 each — up from $0.22 each in 2000. The company has 1,400 rental units and $2.1 billion in assets.
The CEO said Mainstreet Equity is all about providing housing that is affordable and is known for buying rental properties that aren’t performing well, renovating them and raising the rents. Materials used for renovations are outsourced from China, which he says saves about 30% rather than buying local. He calls his company a cash flow machine.
The Alberta-based Mainstreet Equity not only plans on further developments in the Surrey area of the province but also on Vancouver Island, and the Penticton, Kamloops, Abbotsford and Chilliwack areas. Plans are also in the works for securing properties in Metro Vancouver. The CEO is actually expecting a surge in the real estate market over the next few months.
Large real estate investments can be extremely complex. Knowing something about the legalities that accompany them is vital. Having a British Columbia lawyer on your side whether buying or selling any property is necessary since a lawyer who specializes in real estate will ensure proper procedures are followed during the transacting of property. A lawyer is also necessary to check important issues, such as deeds, property taxes, zoning and titles.