Look to Toronto, Calgary, and Vancouver for Long-Term Real Estate Investment!
By Penny on Apr 14, 2014
View from 365 Church by Menkes
We’ve said it all along, but now Canada is gaining international attention for its booming valuable real estate market. U.K. real estate firm, Grosvenor Group has ranked Toronto, Vancouver and Calgary the best places for long-term real estate investments out of 50 worldwide cities.
According to the experts at Grosvenor Group, who’ve earned their trusted reputation through generations of practise (dating back to 1677!), our great Canadian cities are of particular value to investors for their resilient character. In the report published by the firm, these cities were rated higher than other cities around the world because of their unique combination of “low vulnerability and high adaptive capacity,” increased by the “high level of resource availability.”
Coming in before world class cities like Amsterdam, Los Angeles and Madrid, Grosvenor Group predicts that these Canadian cities will only increase in value in the coming decades. Having spent about three to four years researching what makes cities successful, the team of researchers considered 10 factors: climate, governance, planning, technology/learning, funding and community, access to affordable housing, education, health care, religious and cultural freedom, and honest government and “reasonably crime-free living conditions.”
Toronto was given particular attention as a prime real estate location in the long term, despite what some local critics might have to say about our transit system, current mayor and escalating housing costs. Familiar with Toronto’s present challenges, researchers still said “We’re taking a longer term view of cities. You can clearly get local issues and characters that can create problems in a very short term sense.” Specifying that these aspects are not detrimental to the city’s continued development, the group’s research director and economist, Richard Barkham told the Star that “A lot of people just look at real estate investments in terms of short-term risk and return on investment. But we believe you need to look beyond that — to look at cities holistically in terms of their ability to adapt and improve.”
Way ahead of New York, which was ranked 14th and London (16th), the Grosvenor Group came down hard on cities who showed signs of social inequality, environmental degradation and climate vulnerability. While commending New York for its capacity to recover from the tragic events of 9/11 and Hurricane Sandy, Canadian cities were deemed to have greater protection against extreme weather and “social exclusion.”
Overall, the experts at Newinhomes.com agree with the great things the report has to say about our cities, but now that the secret is out, what do you predict will happen in the real estate market?
