Watch Casey’s full episode on Renfrew now.
Welcome to Renfrew.
Renfrew is what Casey likes to call “the final frontier of Vancouver”. It serves as the easternmost part before entering Burnaby. Casey describes it as being part of Vancouver "proper" while being more affordable compared to downtown and other pricier areas.
For aspiring homeowners seeking detached homes, Casey suggests exploring Renfrew as an opportunity to enter the market. In April 2022, the average entry-level price for a detached home was around $1.6 million.
One of Renfrew's major selling points is its natural scenery. The area is adorned with majestic trees that have stood tall for decades, creating a strong connection to the natural beauty of British Columbia. This is something that is not available to those who live in higher-density areas like downtown or Mount Pleasant.
While Renfrew offers scenic beauty and more affordable housing options, it’s also a transportation hub. You've got the Kootenay Loop on E Hastings, making it a breeze to hop onto public transport, and if you're a road warrior, the major highways are just a quick drive away.
Renfrew is the kind of neighbourhood that ticks all the boxes — accessible, cool coffee joints, and plenty of family-friendly hangouts. It's got that laid-back charm and all the perks you need for an amazing living experience.
Our adventure begins in the charming neighbourhood of Grandview-Woodland in East Vancouver. From there, we head east, cruising our way towards Boundary Road. But before we reach our next destination, Casey's shares a favourite hidden gem with us: In the Moment Coffee.
As we continue west down E Hastings, we can't miss a quick stop at Slidey Slides Park. This place holds a special meaning for Casey, and we’re sure you'll feel the nostalgia too. After soaking up the good vibes, it's time for the grand finale of our tour: a spacious and functional listing in the beautiful East Vancouver.
So buckle up and get ready for an incredible ride filled with amazing sights and memorable experiences.
Let's shift our mindset and unlock the immense possibilities that lie within our homes.
Before we delve into his real estate philosophy, let's rewind a bit to where it all began. Picture this: Casey, working at Cactus Club in Nanaimo, catching a glimpse of the bustling world of real estate every Friday at 4pm. That's when realtors from across central Vancouver Island gathered at their favourite watering hole, painting a vivid picture of the life of a realtor. It was in those moments that Casey felt the allure of the industry, and people started recognizing his innate talent for it.
Casey discovered he had real estate in his blood, and the rest, as they say, is history. Those intervening years of success have shaped Casey’s view of the real estate landscape into a powerful insight: the importance of embracing the untapped potential within our homes.
By recognizing your home as more than just a place to live, you can make substantial progress in paying off your mortgage, a monumental victory for families navigating today's challenging economy.
The Listing: 3702 Slocan Street, Vancouver
Casey takes us to a beautiful listing in East Vancouver that not only serves as a primary residence, but also offers some serious investment potential. This listing presents the opportunity to rent out both the basement suite, and the laneway home, providing extra financial support and helping reduce the monthly mortgage payments.
An added advantage of this particular corner unit is its favourable parking situation, as it offers two streets for tenant parking. In a neighbourhood where vehicle ownership is common, having the luxury of extra parking spaces is a major win.
What we learned along the way.
Casey tells us that owning a property that serves as both a primary residence and a rental property offers homeowners the opportunity to generate additional income by renting out parts of the property.
While being a landlord may not be everyone's cup of tea, it presents a valuable avenue to supplement income while working towards mortgage repayment.
To maximize the property's appeal and potential resale value, it’s crucial to maintain high-quality materials and appliances throughout the home, ensuring consistency in standard. This not only attracts potential buyers if you choose to sell your home in the future, but also enables you to command higher monthly rental income.
In the case of properties with legal basement suites, it’s essential to uphold the same quality as the rest of the home to capitalize on the investment's long-term worth.
If you live in your principal residence, you are exempt from capital gains, meaning that you do not need to pay tax on the capital gains you earn from selling your home to upgrade to a new residence (as long as it remains your primary residence). This is one of the biggest tax savings that British Columbian homeowners can access.
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