Canada’s largest landlord says manufactured home parks hold the solution to soaring rental and housing costs – and are also ripe for investors
In 2019, Canada Apartment Properties Real Estate Investment Trust purchased 68 manufactured home parks in B.C., Alberta and Ontario with more than 11,000 homes, which has expanded since to 77 such communities.
Not incidentally, CAPREIT, like other investors, have found that manufactured homes can be a profit spinner, offering low tenant turnovers and higher capitalization rates than conventional rentals. There are rural starter parks that attract nascent investors. Summers has a seven-pad, one-acre manufactured home park listed in the popular B.C. resort area of Salmon Arm priced at $475,000, or less than the price of a Vancouver condo.
This investment income is from the rental of a pad space. The park supply services to the underside of the home and tenants are responsible for their own utility costs and connections above the ground. Tenants also pay the taxes on the unit itself. The park owner is responsible for the land taxes and maintaining the common areas, roadways and services on the property, which include hydro, telephone, water, sewer or septic system, snow removal and garbage collection.
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