If you own a home in Burnaby, Coquitlam, Port Coquitlam, or Port Moody, you are living in some of the most established and beautiful communities in the Lower Mainland. Many of these homes, particularly those built between the 1920s and 1970s, were originally heated by oil stored in underground storage tanks (USTs).

While most houses switched to natural gas decades ago, some of those old steel tanks were left behind. Here is what you need to know about managing them responsibly in 2026.

1. Know the Local Rules

Regulations for removing an abandoned oil tank vary depending on where you live.

Burnaby

: You must obtain a permit from the city before removing a tank. As of 2026, the permit fee is approximately $54.00 per tank for residential properties. A final report including photos and disposal receipts must be submitted to the City to close the permit.

Coquitlam

: While the city provides guidelines for removal, they generally do not require a separate permit for residential UST removal. However, you must notify Coquitlam Fire/Rescue in writing and provide a site plan before work begins.

Port Moody & Port Coquitlam: These cities typically do not require a municipal permit for removal, but homeowners must still comply with the BC Fire Code, which mandates that any tank out of service for more than two years be removed.

2. Telltale Signs of a Hidden Tank

If you aren't sure if your property has one, look for these visual clues around your yard and foundation:

• Filler Pipes: Small metal caps (about 3 inches wide) sticking out of the ground.

• Vent Pipes: Narrow pipes (about 2 inches wide) often attached to the side of the house with a "mushroom" cap.

• Feeder Lines: Small copper tubes in the basement or utility room that look pinched off or "crimped".

• Unusual Depressions: Sinking patches in the lawn could indicate a deteriorating tank beneath the surface.

3. Why Take Action?

Dealing with a tank is much more affordable than dealing with a leak.

• Real Estate & Insurance: Most insurance companies in 2026 will not renew a policy if an underground tank is present. Similarly, buyers and banks often require a "clean" scan before a sale can proceed.

• Environmental Protection: Removing a dry tank is a routine job. If a tank begins to leak, it can contaminate soil and even migrate to a neighbor's property, which significantly increases remediation costs.

• Peace of Mind: For about $3,000 to $5,000, most standard residential tanks can be professionally removed and the site certified clean, adding permanent value to your home.

4. Next Steps for Homeowners

If you suspect you have a tank, the best first step is a non-invasive scan. Professional companies use Ground Penetrating Radar (GPR) to find tanks without any digging.

• Consult the Experts: Find a licensed contractor familiar with your specific city’s requirements.

• Check City Websites: For more details, use the City of Burnaby's Permit Portal or Coquitlam’s Fire Prevention Services.

The real estate markets in the Fraser Valley and Vancouver are diverging, presenting distinct opportunities for investors in 2026. While Vancouver offers long-term stability and a potential buyer's market with price corrections, the Fraser Valley is poised for a stronger sales rebound and modest price growth, driven by relative affordability and infrastructure projects like the Surrey-Langley SkyTrain expansion.

For those aiming to purchase their first investment property, 2026 is shaping up to be an opportune year, provided one enters the market with careful financial preparation and a clear strategy. The key lies in leveraging current buyer-friendly conditions and having a long-term investment horizon, as detailed in our guide on Why Timing and Preparation Matter in Real Estate.

Regional Outlook: Vancouver vs. Fraser Valley

Preparation for Your First Investment Property Purchase

Purchasing a non-owner-occupied investment property in Canada requires specific preparation that differs from buying a primary residence.

• Secure Financing Early: Get a mortgage pre-approval 6-12 months in advance. Investment properties require a higher minimum down payment of 20% or more, and mortgage rates may be higher than those for a principal residence. Explore our Financing Tips for Investors.

• Build Capital and Reserves: Save diligently for the larger down payment and budget for closing costs, which typically run 2–5% of the purchase price. Additionally, maintain a separate emergency fund covering 3–6 months of expenses and potential maintenance costs (budget around 1% of the property's value annually).

• Understand Legal & Tax Implications: Be aware of landlord-tenant laws in BC. Consult with a professional to understand eligible deductions like mortgage interest (on the rental portion only), property taxes, and maintenance costs. Our blog post on Tax Implications for Rental Properties offers a starting point.

• Do Your Due Diligence: The current buyer's market conditions mean you have more time to inspect properties carefully. Review strata documents, get a professional home inspection, and ensure the property's value is supported by an appraisal.

Conclusion: Strategy Meets Execution

Ultimately, the decision to invest in 2026 is less about timing the market bottom and more about your personal financial readiness and long-term investment strategy. By understanding the two-speed market and diligently preparing your finances, you can confidently enter the dynamic Fraser Valley and Vancouver real estate landscape. Strategy meets execution to build lasting wealth.

For expert guidance on navigating the 2026 market and securing financing, you can contact a local professional through the BCREA Find a Realtor tool, or reach out to us directly for a personalized consultation at hiroshikubota.com.

The real estate landscape in Coquitlam has reached a unique tipping point. While the condo and townhouse segments remain relatively balanced, the detached home market is firmly in buyer territory. If you have been waiting to trade your strata property for more space and land, the current conditions offer a powerful financial advantage. 

1. The Power of the Mortgage Helper

One of the strongest arguments for moving into a detached home right now is the rental income potential. In Coquitlam, a 2-bedroom basement suite currently rents for approximately $2,300 to $2,700 per month. 

• Mortgage Coverage: At a $2,300 rental rate, this income can effectively cover roughly $450,000 in mortgage principal (depending on current interest rates).

• Strata Savings: By moving out of a condo or townhouse, you immediately eliminate monthly strata fees, which can range from $300 to $600+ depending on the building. These savings can be redirected toward your increased property taxes and insurance (for a guide to all associated costs, see this article on the true cost of homeownership). 

2. Market Conditions: Buyers Hold the Leverage

As of December 2025, detached home inventory has increased significantly.

• Price Adjustments: Benchmark prices for detached homes in several Coquitlam neighborhoods have seen annual decreases of 3% to 5%. For a detailed breakdown of local market stats, check the latest Greater Vancouver Market Report Infographics.

• Negotiating Power: With properties sitting on the market for an average of 30 to 33 days, buyers have more room to negotiate price, subjects, and closing dates than they have in years. 

3. Calculating the Total Cost of Ownership

While the mortgage-helper suite and strata savings are huge wins, it is important to factor in the change in carrying costs:

• Property Taxes: Detached homes typically face higher annual property taxes than condos. Coquitlam's 2025 tax rates saw an average municipal increase of roughly 6.83%.

• Insurance: Unlike a strata where your fees cover the building's exterior, as a detached homeowner, you are responsible for the entire property's insurance, which has seen upward pressure due to rising construction costs.

The Bottom Line

The "buy low" opportunity for detached houses is here. By leveraging the high rental demand in Coquitlam and the current lull in house prices, you can secure a long-term asset that pays for a significant portion of its own costs.

If you are interested in exploring specific listings that fit this profile, you can search all active listings on my website here. 

"The moment I saw the numbers, my investing thesis changed forever. In Vancouver and the Fraser Valley, my home area, securing a modest, older detached house means facing a benchmark price that often hovers around $1.2 million to $2 million. With local rents, that purchase translates to zero, or even negative cash flow. I was investing purely on the hope of appreciation. That's why when I saw Moncton, New Brunswick's average home price sitting below $400,000, I knew I had found the solution. I could buy three properties in the Maritimes for the price of one teardown in BC. This is the story of how I stopped hoping for appreciation and started buying for positive cash flow by trading my familiar BC streets for a corner lot nearly a whole country away."

🔎 The Research: Following the MoneySense Map

Like many Canadian real estate investors, I live by the annual pilgrimage to the MoneySense "Where to Buy Real Estate in Canada" list. It’s how I chose my previous investment cities, like London, ON, and even closer to home in Chilliwack, BC. But with prices exploding everywhere, the goal shifted from finding a good market to finding a cash-flowing market.

Moncton, NB, kept popping up, and a deeper dive confirmed the attraction:

• Affordability: The barrier to entry was low, which meant I could leverage my down payment for a much higher rate of return on invested capital.

• Strong Demand: Moncton is one of Canada's fastest-growing cities, thanks to its growing economy, bilingual workforce, and influx of interprovincial migrants seeking affordability. This population boom has kept the rental vacancy rate incredibly low (often under 2%), ensuring tenant stability.

• The Taxes: The only initial sticker shock was the higher property tax rate for non-owner-occupied homes in NB, but the lower purchase price still made the overall picture work.

Once the research was complete, I secured a pre-approval from a mortgage broker and was referred to a great local realtor—my core team was in place.

🏡 The Purchase: A 4,000 km Showing

Buying a home sight-unseen (by me, anyway) is a leap of faith. The logistics were a challenge, so my sister flew to Moncton. She spent one whirlwind trip seeing about a dozen homes in Moncton and Saint John, giving her a crash course in Atlantic Canadian real estate.

The winner was an old home on a nice corner lot. Older homes are where the real cash flow potential is, but they always come with deferred maintenance risk. That risk became very real after the inspection.

The Reality Check: Unexpected Capital Expenses

The inspection revealed the house had been lived in for a very long time and was due for some major life-safety and structural upgrades. The two biggest were a full electrical rewiring and drain tile replacement.

Combined, these critical repairs ate up $20,000 of my initial contingency budget before a single tenant moved in.

The first year was truly a "school of hard knocks":

• We had a broken washing machine that needed replacement.

• We had to purchase an extra fridge to accommodate the room rental strategy.

• There were countless small repairs that chipped away at the income.

My initial cash flow projections were thrown right out the window for the first twelve months as we poured money into making the old house safe and functional.

The Key to Cash Flow: Renting by the Room

The financial strategy that makes this whole venture work came from the rental manager my realtor referred us to. Instead of renting the entire home to one family for a set price, they suggested we rent the rooms separately.

This is the key to maximizing income, but it flips the expense model:

By absorbing the utility costs and paying higher management fees, the rent per room is higher, attracting working professionals and students, and generating a much higher total net operating income than a single-lease strategy ever could.

Looking Ahead: A Positive Second Year

It’s easy to get discouraged when you have to spend $20,000 on major fixes in your first year. But the essential truth remains: I own a cash-flowing asset in a rapidly growing city, something that was an absolute impossibility in my home province of BC.

Now that the major capital expenses (wiring and drain tile) are complete, the foundation for the long-term success of this Moncton investment is set. I am highly optimistic that with only routine maintenance, the second year will finally allow the property to hit the projected numbers to turn a small profit.

It’s a long game, but sometimes you have to look 4,000 kilometers away to find a real estate market where the fundamentals of income and affordability still work.

Are you also a long-distance investor, or has BC priced you out? I'd love to hear about your experience in the comments below!