New research forecasts which cities will outperform the rest of the province's markets, despite recent dramatic value increases
A new report released today shows Surrey, the second largest city in B.C. and the fastest growing, has the diversity and strength required to lead the province in real estate investment potential. The Top 10 Towns and Cities – British Columbia report helps home-buyers and sellers decide whether now is a good time to buy, or sell, a property.
The Real Estate Investment Network (REIN) is an independent research and analysis firm that has been producing reports on housing markets across Canada for 25 years and has earned its reputation as a dependable source in providing unbiased research and analysis.
Studying 36 economic and market factors, REIN identifies B.C. real estate markets that are poised to outperform over the coming five year period. The detailed report provides additional analysis that concludes where each market is in the real estate cycle and what to expect as the cycle continues.
- New Westminster
- The Tri-Cities of Coquitlam, Port Coquitlam and Port Moody
Receiving honorable mentions, in no particular order, are:
- Fort St. John
- Dawson Creek
- The Township of Langley
- Mission, and
- Maple Ridge
"British Columbia's is entering a new era of real estate opportunities and challenges. While most think the Lower Mainland's housing market is priced 'out of this world' – limited supply and increasing demand continue to drive this market. Affordability is creating challenging hurdles for many buyers to overcome. This report identifies where relative affordability exists and regions which will continue to see upward growth despite current high values," says REIN's Senior Analyst Don R. Campbell. "While most think these cities are in the "boom" phase of the cycle, many possibilities exist in areas where the upside of rising markets remain. These areas provide opportunity for those who know the right investment strategies and tactics to use at the right time."
For the first time, the report looks beyond the economic fundamentals and market influencers, digging deeper to reveal:
- Where each city sits in the technical phase of REIN's real estate cycle.
- For investors: Given each city's phase in REIN's real estate cycle, the report shares which investment strategies and tactics will be the most, or least, effective.
- For homebuyers: The report provides answers to the key question on whether now is good time to sell, given a city's position in the cycle, or whether waiting is a better option.
For those who pay close attention there are a number of possibilities and opportunities when employing the appropriate investing strategies and related tactics:
- Buy and Hold
- Lease to Own
- Fix and Flip (Renovate to rent)