Prince George moves up on list of British Columbia’s Top Investment TownsJuly 25, 2013
July 25th Langley, BC - 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 opportunities in the province over the next decade and has once again ranked Prince George as a top investment community. The city’s ranking has improved this year, from tenth place the 2011 edition of the report to ninth place in the most recent edition.
The junction for several major road, rail, and air routes, and the geographical centre of the province, Prince George functions as a major trade and transportation hub for British Columbia. The city is the service and supply hub for the more than $35 billion worth of major projects currently planned or underway in Northern BC over the next decade. Prince George’s inland port connection to the Port of Prince Rupert has opened trade possibilities with Asia while major rail lines connect the city with the United States market. A recent runway extension at the Prince George International Airport has only increased its lucrative position as a trade centre.
The negative effects of the forestry industry have resulted in a shift in the Prince George economy towards other industries which in the long-term will provide eventual economic stability to the city. “The downturn in the forestry industry has caused Prince George to go through an economic rebirth,” said Don R. Campbell, one of the report’s authors and Senior Analyst at the Real Estate Investment Network. “The good news is that the economy was not 100% reliant on forestry as other central BC towns were, and therefore has weathered the economic storm better. That being said, economic transitions are never an overnight phenomenon. Investors in this region will battle with tenant turn-over, selecting the right part of town in which to own, and the inevitable cycles that an economic transition brings over the coming years. “
Prince George also benefits from a strong university presence, generating new jobs, creating new housing, and increasing in-migration to the city. The presence of the University of Northern BC and the College of New Caledonia will ensure a continuous flow of students moving into the community looking for housing accommodations. University-provided student housing is very limited in Prince George, providing an opportunity for investors.
REIN believes Prince George is a city that should see major growth in the next few decades. As this diversity begins to occur, Prince George could become one of the stars in BC’s economy. The recent announcement that Prince George will be the official host city of the 2015 Canada Winter Games will also have a significant impact on the community for the years leading up to the events and beyond.
The top BC communities in REIN’s 2013 rankings are:
2) Maple Ridge
3) Fort St. John
4) Dawson Creek
9) Prince George
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 www.topbctowns.com.
About The Real Estate Investment Network Ltd.
Founded in 1993, The Real Estate Investment Network Ltd. (REIN) has grown over the years to become Canada’s leading real estate research and education organization for investors and homeowners across North America. REIN does not sell or market real estate to its members or the general public, but instead conducts objective and unbiased research, analysis and investor education. For further information on REIN, visit www.reincanada.com.
For an interview with one of the report’s authors, please contact Melanie Reuter: