Surrey Best Real Estate Buy in BC
March 12, 2009, Kevin Diakiw, Surrey Leader
Surrey is the best place in B.C. to invest in a property, according to an independent real estate analyst.
The Real Estate Investment Network (REIN), released a report this week citing the top 10 places in B.C. to invest in property.
REIN is a consulting company which provides expert opinion on real estate and its future.
Released Thursday, the 120-page report titled Top B.C. Investment Towns is based on the analysis of key economic fundamentals for investors and homeowners across North America.
The study explores the current and future prospects for real estate investment opportunities in B.C. and identifies the top-performing cities and towns in the coming decade.
In particular, the report places North Surrey at the top of the good bets for real estate investment.
Part of the reason is due to the proximity to transit, Kwantlen Polytechnic University, Simon Fraser University's Surrey campus, and lower housing values, the report states.
"Centrally located, positioned to benefit from the existing and upcoming transportation projects, and benefitting from forward focused city leaders, this area is poised to shine."
Maple Ridge/Pitt Meadows is listed as the second best place to invest, mostly due a major change in transportation service.
Extremely poor accessibility has kept the price of real estate in the area somewhat low. With plans by TransLink and the province to improve that, real estate values will climb, the report states.
Overall, report author Don Campbell believes there are some great buying prospects out there, especially in the top cities.
"Despite today's continuing market turmoil, our research indicates that there are more buying opportunities now than in the last few years, meaning more investment options and better yields" said Campbell, who is also president of REIN.
"We've just come out of the Tiger Woods years of real estate investing, where you won no matter what you bought," Campbell said. "Now we get back to market reality where economic fundamentals, not speculation, will once again play the key role in whether a property increases in value or drops."
He notes that the downturn means new possibilities for home buyers.
"Today's market correction provides buying opportunities for home owners and investors, however only in select regions of the province," Campbell said. "The years of skyrocketing prices are finally over, however, over the long term the economic fundamentals of these key regions will help their property values dramatically outperform other regions of the province."
kdiakiw@surreyleader.com
The Top B.C. Investment Towns report list:
1) Surrey
2) Maple Ridge and Pitt Meadows
3) Abbotsford
4) Kamloops
5a) Dawson Creek
5b) Fort St. John
6) Kelowna
7) Comox Valley
8) Penticton
9) Vancouver
10) Prince George
11) Vernon
