0If you are looking for an investment that will exploit Greater VictoriaB次元官网网址檚 absurd housing market, look no further than a listing in Esquimalt.

ItB次元官网网址檚 a real goldmine B次元官网网址� you just have to find a way to get rid of the tenants.

The listing has been on the market for more than 40 days at 860 Carrie St.

ItB次元官网网址檚 a 16-unit apartment building that is selling for $5,350,000.

The building has been B次元官网网址渆xtensively renovated and completely rebuiltB次元官网网址� for resale.

B次元官网网址淭his highly desirable apartment building is a superb opportunity for an investor to acquire a stable cash-flowing asset with below market financing in the amenity rich township of Esquimalt,B次元官网网址� reads the listing, adding that itB次元官网网址檚 got an B次元官网网址渁ssumable mortgage locked in at 3.2 per cent until 2029.B次元官网网址�

But hereB次元官网网址檚 the catch B次元官网网址� there is B次元官网网址渞ental upsideB次元官网网址� according to the listing, but only after B次元官网网址渢enant turnoverB次元官网网址� as the rents are currently below market.

The listing doesnB次元官网网址檛 say it, but the implication is that once you find a way to kick out the old tenants, then you can really cash in by hiking the rates.

To be clear, IB次元官网网址檓 not advocating that landlords do this - IB次元官网网址檓 simply pointing out whatB次元官网网址檚 happening in the rental market right now.

B.C. has frozen rent increases at two per cent and there are plenty of stories about landlords finding ways to get tenants to leave B次元官网网址� like claiming you are moving in family members B次元官网网址� so they can raise the rents as much as they like.

This is an unintended consequence of freezing rent hikes at a low amount - itB次元官网网址檚 happening, in some cases illegally. The other is that many landlords have stopped putting any money into maintenance to offset the loss in rental income.

B次元官网网址淧roperty is held in a bare trust, offering a purchaser the opportunity to save on the property transfer tax,B次元官网网址� the listing says about B次元官网网址渋nvestment highlights. B次元官网网址淓ntire building and all suites have undergone significant renovations. On-site parking and in-suite laundry for all tenants.B次元官网网址�

Sounds like a nice old building.

If you can afford it.

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Chris Campbell is an editor with Black Press Media in Victoria. You can follow him on Twitter @shinebox44.

Do you have a story tip? Email: chris.campbell@blackpress.ca.

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