By Mike Archer. The annual Real Estate Investment Network (REIN) Top Investment Towns rankings are out and while Langley, Chilliwack and Surrey scored well, Abbotsford has slipped from 4th place to 6th. The influential real estate industry publication ranks cities on everything from real estate prices and sales to investment opportunities, employment and infrastructure.
Abbotsford has fallen from 4th place to 6th while both Langley and Chilliwack have joined the Top Ten grouping from their previous ‘Tier Two’ rankings.
Surrey retains its #1 Spot as REIN’s choice for best investment city in BC for the third year running.
While trying to find good news and reasons to invest in Abbotsford, the report nonetheless provides an honest assessment of the City as it slides from 4th place to 6th.
“The City of Abbotsford is notoriously known by investors and business owners as a tough place in which to do business,” and later: “It is well know that some businesses have decided to locate elsewhere due to crippling zoning bylaws and unyielding planning policies.”
The report also notes that Abbotsford’s top employers are public sector employers.
One particularly poignant observation the report makes: “In fact, one successful investor who has prevailed in the rental market in spite of the City has stated that the civic motto may be more accurate if it read: ‘We aren’t happy until you are unhappy.'”
According to the report, “The Real Estate Investment Network™ (REIN™) released the 2013 edition of its Top British Columbia Investment Towns report today. The 110-page report analyzes the current and future prospects for real estate investment in the province over the next decade and has ranked Surrey as the top investment community in BC. This marks the third consecutive time that Surrey has been named the top investment city in the province by REIN. The entire report is available for download free of charge at http://www.topbctowns.com. ”
“It is hard to think of a city that will benefit from its location and transportation improvements as much as Surrey,” said report author, Don R. Campbell. “Although some areas of Surrey, such as White Rock will not glean as much benefit from transportation infrastructure as others, Surrey on a whole is well served. The Gateway Program transportation improvements have increased the city’s accessibility and will not only entice people to move to Surrey, but as importantly, entice businesses to locate within the city. If the proposed light rail lines go ahead, they would serve to further increase the city’s real estate values” – added Melanie Reuter, Director of Research.
– See more here.
Report Highlights:
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[Excerpts]
The excerpts below are taken from the report which goes to a great deal more depth on each of the cities it evaluates. A free, password protected, downloadable copy of the report is available from REIN.
[Source]
Langley
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Chilliwack
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Abbotsford
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Download a free, password protected copy of the report here.