In part one of this special three-part series, readers learned about the criteria some of Canada’s top real estate experts consider when determining which cities are the best to invest in and why.
In part two, a partial list of the top 10 cities is outlined and in part three, the remaining portion of that top 10 list will be revealed.
In 10th spot for the 2018 list was Kelowna, B.C. As the province’s third most populous urban centre and dominant trading centre for the Okanagan Valley, Kelowna was once again highly regarded by investment analysts for its desirable climate, geographic location, recreational amenities and what analysts call “affordable housing.” In this year’s report that looks at last year’s data, Kelowna’s average home price was $890,583.
Next in line for this year’s list was London, Ontario where the city’s average house price for last year was $485,801, the average household income sits below $90,000 and the unemployment rate dipped from 7.7 per cent in 2016 to 6.6 per cent in 2017. Analysts continued to like London as a property investment option due to its low, city-wide vacancy rate of 3.7 per cent and its close proximity to both Toronto, ON and Hamilton, ON.
In eighth spot this year was Barrie, Ontario where the average household income is over $100,000, the unemployment rate sits at 5.4 per cent, a drop from 7.8 per cent in only one year’s time, and the average provincial GDP growth is 2.27 per cent for the period 2012 to 2017.
Vancouver, British Columbia came in at seventh spot on the list. Analysts saw the city’s unemployment rate dropped from seven per cent in 2016 to 5.6 per cent n 2017. They also noted the average household income was over $100,000 and the average provincial GDP growth for the five-year period ending in 2017 was 3.15 per cent. Vancouver stayed in the top 10 investment list also because of its geographic location.
Following Vancouver was Abbotsford, BC with an average household price of $972,360. Analysts reported the city’s average household income was $91,378.01 and the unemployment rate had dropped from 6.6 per cent in 2016 to 5.5 per cent last year. Analysts continued to like Abbotsford for what they refer to as a strong, long-term real estate market and community-focused development.
The list of best cities to invest in analyzes everything from desirability of neighborhoods to population growth and unemployment rates within the area. In 2018, Canadian experts researched over 2,200 neighborhoods across the country to come up with a top list of urban centres that stretch from coast to coast.
Make sure to check out the final part of this series that will profile the top five of Canada’s top 10 municipalities to invest in.
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