Peace Region Expected to Outpace rest of BC in Growth
November 8, 2011 Andre da Costa, Astral Media
Northeastern BC continues to be among the top 10 in British Columbia for real estate investment, according to a recent study.
The report, by the Real Estate Investment Network, puts Fort St. John at #5 in BC in a list of top places to invest in real estate. Dawson Creek sits close behind in 6th.
Don Campbell, the President of the Real Estate Investment Network, says the oil and gas development in this area appears to be long term and less vulnerable to market fluctuations. That stability strengthens the outlook for the region, and it will drive costs as housing tries to keep up with demand.
"So as the jobs come in, there is an upward pressure on rents and an upward pressure on values, and a downward pressure on vacancy rates.", said Campbell. He adds that there is a more significant rental housing shortage, which will prompt more people to buy.
Campbell says the strong part of the outlook is that the industrial growth in the region, especially oil and gas resource development, is long term. The outlook is bolstered by the fact that long term investment means that it is less vulnerable to fluctuations in commodity prices, and that is expected to keep growth steady over at least the next five years.