Eager investors might want to take a closer look at Surrey, Abbotsford and New Westminster, according to a report released Wednesday by the Langley-based Real Estate Investment Network.
The report looks at when cities are in a boom, slump and recovery phases, then recommends the best investment strategy: buy and hold, rent to own, and fix to flip. Investors should buy and hold when a city is recovering or nearing the end of its slump; rent to own when a city is beginning to recover, beginning of its boom phase and at the end of its slump; and fix and flip when a city is ending its recovery or starting its boom phase.
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Surrey’s proximity to major transportation and trade routes, as well as a six-per-cent growth in businesses last year, pushed it to the top of the list, with the report recommending to fix and flip or rent to own.
Second is Abbotsford’s real estate market, which is still in the end stages of recovery. The report recommends buying and holding or fixing and flipping, over renting to own.
Third on the list is New Westminster, which is in the middle stages of recovery. The report recommended renting to own as optimal, but said buying and holding and fixing and flipping were still good options.
Outside of the Lower Mainland, Victoria and Kelowna both sit in the recovery stage, with the report recommending renting to own and buying and holding.
Here is the top 10 list:
- Surrey
- Abbotsford
- New Westminster
- Victoria
- Kamloops
- Kelowna
- Chilliwack
- Tri-Cities (Coquitlam, Port Coquitlam and Port Moody)
- Burnaby
- Vancouver
