In part one and two of this special three-part series, readers learned about the criteria some of Canada’s top real estate experts consider when determining which cities are the best to invest in and why.
In this final part of the series, the remaining portion of Canada’s top 10 cities to invest in this year is revealed.
In fifth spot for the 2018 list was Kingston, Ontario where, in 2017, the average home price was reported to be $416,028, the average income was $94,654.73 and the unemployment rate dipped from seven per cent in 2016 to 5.9 per cent in 2017. Kingston was also reported to be a desirable option for millennials who ranked among the highest for interest in home buying within the next five years.
A close runner-up was nearby municipality Guelph, Ontario where the city’s average house price for last year was $718,898 the average household income was $103,898.50, and the unemployment rate dipped from 6.2 per cent in 2016 to five per cent in 2017. Analysts also liked Guelph for its rental vacancy rate that continues to sit below two per cent as well as the city’s property value appreciation average that has reportedly continued to increase at an average of almost six per cent for almost two decades.
In third place this year was British Columbia’s capital city Victoria where the average price of a single-detached home in 2017 was reported to be $975,838, the average income was $94,980.62 and the unemployment rate dipped from 5.4 per cent in 2016 to 4.7 per cent in 2017. Analysts also continue to like Victoria as an attractive Canadian investment option due to what is considered to be easily accessible health care and plentiful selection of both cultural and recreational activities.
Peterborough, Ontario made second spot for 2017 where the average price of a home was $413,394, the average household income was reported to be $86,864.85 and the unemployment rate went from seven per cent in 2016 to 5.4 per cent in 2017. The city has been climbing in the attractive investment ranks for the past two years, sitting at ninth place in 2017 and as low as 24th the year before that. The geographical location of Peterborough, which is part of the Greater Golden Horseshoe (GGH) region in Ontario – one of North America’s fastest growing regions – is said to be one of its most attractive investment features about it. Analysts call the GGH region as very livable due to its diversity, the economic opportunities it offers and overall prosperity.
Finally, in first place was Brantford, Ontario with an average home price of $506,016, a drop in unemployment from six per cent in 2016 to 4.9 per cent last year and an average household income of $86,092.87. Brantford was said to score high in this year’s rankings due to its claims to fame such as Nutella, Canada’s beloved chocolate hazelnut spread is made there, not to mention Tic Tacs and Ferrero Rocher chocolates.
The list of best cities to invest in analyzes everything from desirability of neighborhoods to population growth and unemployment rates within the area. In 2018, Canadian experts researched over 2,200 neighborhoods across the country to come up with a top list of urban centres that stretch from coast to coast.