Real estate prices across Canada in the past few years have been wild – with cities like Vancouver and Toronto seeing prices increase by 20-30% each year! As prices keep inching higher, many millennials and young couples feel like they will never be able to own a home. Some stats say that at current wage prices, in Vancouver, BC, it would take a millenial 150 years of saving to be able to purchase a home!
That leaves many young people with the question – what’s the best way to get into the real estate market in Canada? Since housing prices are out of reach for so many, they start looking at other real estate investment options in Canada, only to find out that minimum buy-ins are $50,000 or more.
In My Backyard (IMBY) started up in December 2017 during one of the months of fastest rising housing prices on record.IMBY allows someone to invest as little as $1, but typical investments are in the $100 to $200 range.
It’s a low-risk way to be a landlord, splitting costs and profits across multiple people. Plus, it allows a person to be invested in multiple properties to lower risk – if one of the properties isn’t rented, then lost income is only on that portion of their invesment.
As of Summer 2018, IMBY said there are over 1000 users on the platform.
I haven’t tried it out, but if you have, let me know how your experience was in the comments below!Learn More: Here