Canada's Top Cities for Real Estate Investment
Written by Tami Jones
Real estate investments in Canada are just as lucrative today as they were before the worldwide financial crisis, in fact, arguably even more so. Due to Canada’s diverse regional economies, the Canadian real estate market is now better analyzed on an individual provincial basis.
As usual, the most vibrant real estate jewels are hiding in the small to mid-sized towns, where relatively low housing prices combined with surging local economies make for a more predictable and stable market.
Looking at a town’s future, rather than the success of its past, is the best way to scout out an investment property in Canada. With its arresting beauty, vast territories, and flourishing national prosperity, Canadian real estate investments remain a worthy venture.
Business Review Canada takes a look at some of Canada’s strongest real estate investment cities.
The City of Barrie, Ontario
Located only an hour’s drive from lively Toronto, Barrie is one of the fastest growing cities in Canada. Barrie is a charming and vibrant community that offers a laid-back lifestyle for people who prefer a slower pace with the convenience of a multi-cultural city only a short distance away.
Barrie is surrounded by the scenic wilderness that has captivated visitors from around the world for centuries. The city also has numerous winter recreation activities and facilities, ample parkland, and a breathtaking waterfront. The historic downtown boasts a variety of local fashion boutiques, music and arts scene, and a multitude of pubs and restaurants. In recent years, Barrie has managed to bloom from a picturesque vacation destination to a year round thriving economy.
The economy is multi-faceted and includes a full range of businesses from high-tech, industrial, and agricultural. The city has remained strong during the economic crisis due to new development, continuous improvements in public transportation, steady job growth, and economic diversification.
Maple Ridge & Pitt Meadows, B.C.
Maple Ridge is currently transforming their historically poor transportation infrastructure with the Translink/Gateway Project, which will address growing congestion and reduce travel times. The region will see tremendous benefit from the project with not only increased accessibility to other areas, but with greater opportunity as businesses move into the area.
The transportation and infrastructure investments have catapulted land value and building prospects for the area. While both commercial and residential properties remain at below-average prices, they are expected to skyrocket in value down the road. As the transportation improvements start to take hold, the city has predicted that an additional 400 businesses will call the area home.
Maple Ridge and Pitt Meadows is a perfect distance away from the Metro Vancouver area giving residents the luxury of living in a tranquil town while still having access to a big city.
City of Surrey, B.C.
With its cultural diversity and international flavor, Surrey is an emerging metropolis with a dynamic local economy. With over 6,000 acres of parkland and green spaces, and an array of bike lanes and trails sprinkled throughout the city, Surrey offers residents an arrestingly beautiful landscape with all of the amenities of a bustling city.
Surry attracts over 1,000 new residents every month and is currently the second largest city behind Vancouver in the province. However, it is expected to become the largest city, surpassing Vancouver in the next ten years. With two border crossings to the United States, and a $15 billion a year in trade with its neighbor, Surrey is in a prime location for local, national, and international business.
As business opportunities in Surrey increase, and the population continues its steady climb, the city’s tremendous growth looks to continue for many years to come.
Red Deer, Alberta
At the heart of the strongest economy in Canada, the Red Deer corridor invites those looking for strong investment opportunities. This perfect blend of country and city life makes our list for its revitalization efforts, economic stability, and its location as the main commercial and retail center for all of Central Alberta. As a halfway point between Edmonton and Calgary, Red Deer is perfectly situated to become Canada’s best location for real estate investments.
Businesses in the Red Deer region benefit from several competitive advantages: low operating costs, the lowest combined tax and utility rates in Canada, and access to key markets. It’s a vibrant and culturally diverse place to work and live supported by a young, industrious, and educated population.
Red Deer offers a lifestyle with all of the advantages of the city, but without the traffic. Boasting a booming rental and real estate market, as well as localized job growth, Red Deer will continue to attract people from across the province.