The Real Estate Investment Network (REIN) released the 2013 edition of its Top British Columbia Investment Towns report today. The in-depth research is based on the latest statistics, economic and social trends, and on-the-ground reports from REIN.
The Real Estate Investment Network (REIN) released the 2013 edition of its Top British Columbia Investment Towns report today. The 110-page report analyzes the current and future prospects for real estate investment in the province over the next decade. It identifies which areas will outperform in the coming decade and finds that the City of Surrey is the top region in British Columbia in which to invest in real estate
REIN is Canada's leading real estate research, education, and consulting organization for the last 20 years and its latest report is an analysis of key economic fundamentals for investors and home owners across North America. The in-depth research is based on the latest statistics, economic and social trends, and on-the-ground reports from REIN's research staff, members and industry professionals.
The top BC communities in REIN's 2013 rankings are:
2) Maple Ridge
3) Fort St. John
4) Dawson Creek
9) Prince George
Surrey Remains BC's Top Investment Town
Unsurprisingly, Surrey remains on the top of the list of BC Investment Towns for the fourth year in a row. The city's population has exploded in the last few years, recording a population increase of 18.6% between 2006 and 2011. The city's population is second in the province to Vancouver, but that is about to change. The city's population is expected to increase by a staggering 250,000 over the next three decades! Surrey will reap the benefits from the Gateway Program. A number of projects are in various states of completion that will positively impact the commute for residents to and from Surrey and improve transportation logistics for businesses.
Chilliwack makes its first appearance
Chilliwack makes its debut on the top investment list at number eight after debuting as a Tier Two City at last print. As the population continues to grow, increased demand and agricultural land restrictions will cause real estate prices to rise. Landlords in the region have already witnessed an increase in average rent as people turn towards renting as an affordable option. Rectifying Chilliwack's non-connectedness with public transit to other cities would be game-changing for Chilliwack.
Vancouver no longer a Top Investment Town
The cost of housing in Vancouver has become one of the most expensive in the world, with Demographia International ranking Vancouver as the second most unaffordable place to live in the Western world. Affordability and lack of cash flow will be the hindrances to the average investor. While other markets experienced a decrease in home values during the economic downturn, Vancouver's real estate market remains hot and as overpriced as ever. Investors are finding it hard to enter the market or create cash flow.
About the Top British Columbia Investment Towns report
The Top British Columbia Investment Towns report was first published in 2009 in response to growing demand from investors to know the province's best locations for cash flowing properties. The report is released every second year and provides investors with comprehensive information on which areas of the province will outperform over the next decade. The communities listed in REIN's report have been ranked according to their long-term investment potential, not short-term speculative market runs. Many sources are consulted in order to provide real estate investors with the most comprehensive information, including Canadian Mortgage and Housing Corporation, Multiple Listing Service (MLS), Statistics Canada, Regional Real Estate Boards, and local economic development offices. Additionally, real estate investors and REALTORS© who were well acquainted with particular cities and towns were consulted to provide 'real time' and 'on the street' experiences. The entire report is available for download free of charge at http://www.topbctowns.com/free-report/
For further information on REIN, visit www.reincanada.com.