Kamloops in top four of best B.C. investment towns
By Robert Koopmans – Kamloops Daily News, March 12, 2009
Kamloops’ property market is poised to outperform the majority of other B.C. cities in the next five to seven years, predicts a leading Canadian real estate expert.
Don Campbell, president of the Real Estate Investment Network, released his company’s report today listing B.C.’s top investment towns. The 120-page report looks at economic fundamentals and concludes Kamloops is the fourth best place in B.C. for investors to put their money.
Surrey, Abbotsford and Maple Ridge will outperform Kamloops, but our city will do better than scores of others, including Dawson Creek, Fort St. John, Kelowna, Comox Valley, Penticton, Vancouver, Prince George and Vernon.
Campbell said Kamloops’ placement so high on the list came as a bit of a surprise to him and his staff. But a review of the facts shows the placement is well deserved — Kamloops has a solid economic foundation and will do well in the coming years, he said.
“This is the first time we have done a full analysis on the province of B.C. — congratulations to Kamloops,” he said, adding his company has produced similar reports in other provinces for almost 17 years.
Kamloops will outpace other centres for a variety of reasons, Campbell said. The city’s economy is well diversified, the market is realistically priced and local leadership is doing what needs to be done to ensure solid economic growth.
Kamloops will outperform Kelowna and Vancouver because those markets are already overly inflated. Prince George falls in the ranking because of its heavy reliance on the forest industry, he said. Other factors his team looked at include projected population growth, average incomes and job creation.
“Our job is to be the independent think-tank for real estate property markets. The facts and figures show (Kamloops) is No. 4.”
Campbell said his staff backs up the numbers with on-the-street research.
“Sometimes numbers can lie and we don’t believe numbers without going on the street,” he said. “Kamloops has a very good future ahead of it despite what seems to be going on in central B.C.”
Campbell said investors, planners, businesses and governments seek out the reports because of the comprehensive nature of the research.
“This will help people decide where to put their money,” he said. “A number of major businesses (use these reports) to decide where they are going to build their businesses as well.”
Campbell said his company updates the reports every 18 to 24 months, or if there is a dramatic change in market conditions.
“Those who are living in Kamloops right now, like the rest of the country, might be a little fearful of the market right now, but they should be proud to be living in Kamloops.
“They should be proud of where the city is going to go.”
Mayor Peter Milobar said such news is welcome. He added Kamloops’ high placement does not come as a big shock to him, as he has long believed what the report’s authors have just proclaimed.
The City will continue to do what it can to ensure Kamloops is recognized as a good place to invest, he said, by creating a sense of stability in uncertain times.
“Investors look for stability. If they see a local government being thoughtful and consistent in what it does, it makes a difference,” he said.