Joannah Connolly
REW
Six of the top 10 cities are in the Lower Mainland, according to annual rankings
The rapidly growing city of Surrey is once again ranked as the best bet to invest your buck in real estate, according to an annual ranking by the Real Estate Investment Network (REIN).
The 2017 survey identifies the top 10 cities in the province for real estate investment, based on REIN’s research. REIN’s methodology includes “all economic and demographic fundamental key drivers combined with the current influencers impacting specific markets,” according to the report.
The top 10 cities for this year’s rankings are:
1. Surrey
2. Abbotsford
3. New Westminster
4. Victoria
5. Kamloops
6. Kelowna
7. Chilliwack
8. Tri-Cities
9. Burnaby
10. Vancouver
The report said of its top-ranked city, “The main conclusion for strategic investors from these key drivers is that Surrey is a unique combination of a youthful, growing city with a diverse economy that is relatively affordable compared to the rest of the Metro Vancouver region.” It also cited increasing home sales, decreasing inventory and low rental vacancy rates as major factors in Surrey’s housing market.
Each city is identified as sitting somewhere on REIN’s boom-bust-recovery cycle, which sets out nine stages of the market. Surrey is said to be in the “beginning of a boom” stage.
The report also advises investors on the best investment tactic, based on the particular market stage each city is in. Being in the beginning of a boom, REIN advises investors in Surrey that the fix-and-flip approach will net the best return.
Vancouver squeaked into the top 10, despite being described by REIN as at the “end of a boom.” The report authors said that even though this is the market’s current status, having seen rapid home-price rises over recent years, “prices, especially in the condo market, are not expected to drop dramatically from this peak.”
© 2017 REW.ca