The Lower Mainland’s top 25 neighbourhoods for residential real estate investment are not in Vancouver, according to a new MoneySense ranking; instead, they are in the surrounding suburbs.
Vancouver’s top 25 neighbourhoods for investment were almost all located on the eastern side of the region, with six neighbourhoods each in New Westminster and Port Coquitlam on the list and four within Langley.
The top five neighbourhoods to invest in were uptown New Westminster, Birchland Manor in Port Coquitlam, Mission, Port Moody Centre and Mary Hill in Port Coquitlam.
The MoneySense ranking looks at the relative value of an area compared with areas nearby, not just the overall marketplace. It also gives points for sustained price appreciation, the number of sales compared with the number of new listings, an affordable ratio of average income to average housing prices and a healthy local employment market.
The Where to Buy Now annual ranking looks at the 35 best urban centres in Canada in which to invest in residential real estate by assessing relative value, price momentum and expert analysis. Four cities in B.C. made the list this year, with Victoria claiming the 3rd spot, Abbotsford (6th place), Vancouver (7) and Kelowna (10).
Despite an almost 30% year-over-year decrease in sales in the Greater Vancouver Area and worries of stricter regulations in the market, an average price increase of 16% in the region continues to attract potential investors.
Experts surveyed by MoneySense are split on what the future holds for Vancouver’s stratospheric real estate market. According to the survey, just under 50% of agents believe prices will continue to rise in the Vancouver Metro region, while 40% see them levelling off.
To read the full report, visit here.