Surrey has been rated the hottest market for housing investment in the province by the Real Estate Investment Network (REIN).
REIN, a leadingn real estate research organization in Canada, has released it's latest report on the top cities and towns in B.C. for real estate investment.
Surrey took top spot.
The report titled Top British Columbia Investment Towns 2011, analyzes the current and future prospects for real estate investment opportunities across the province, and identifies the top regions that will outperform in the coming decade.
The findings are based on in-depth research, analysis of the latest statistics, economic and social trends, and on-the-ground reports from REINs research staff and members, along with reports and statistics from organizations such as Canadian Mortgage and Housing Corporation (CMHC), Statistics Canada, Multiple Listing Service (MLS), Canadian Home Builders Association, city and regional real estate boards, and local economic development offices.
Anita Huberman, CEO of the Surrey Board of Trade is unsurprised by Surrey's great performance.
"We're doing everything we can to make sure Surrey is a great place to invest," Huberman said Tuesday. "So, it does not come as a surprise."
That said, she believes now is no time for complacency.
"I don't think Surrey in its current economic climate has the ability or the time to rest on its laurels," she said. "I think more needs to be done."
The REIN report looks at such factors as:
Is the area's population growing faster than the provincial average?
• Are new infrastructures being built to handle that growth?
• Is the area creating new jobs and taking steps to maintain current employment levels?
• Will Surrey benefit from an economic or real estate ripple effect?
• Has political leadership created an economic growth atmosphere?
• Are there major transportation improvements in the works?
Don R. Campbell, president of REIN, states in the report, “As one of the fastest growing cities in the province, Surrey has spent recent years diversifying its economy and has experienced a tremendous population increase in the last decade. Currently recognized as the 12th largest city in Canada, Surrey is expected to overtake Vancouver’s title as the largest city in B.C. in the next decade.”
Campbell went on to say, “Surrey will reap the benefits from the Gateway and TranLink program. A number of projects are in various states of completion that will positively impact the commute for residents to and from Surrey and improve transportation logistics for businesses. In the next decade, the city will continue to see explosive population growth, one of the most important factors to consider when deciding where to invest.”
Founded in 1993, REIN has grown over the years to become Canada’s leading real estate research, investment and education organization. It serves more than 3,000 member clients who own more than 26,000 properties (valued at over $3.3 billion) across the country.
Members use the unbiased research and proven systems to invest in properties in economically strong regions across the country. 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.