Whalley has been named one of the top investment neighbourhoods in Canada by a realty firm and mortgage brokers.
On Thursday, Canadian Real Estate Wealth Magazine released its list of the top 100 neighbourhoods for investment in Canada.
Eight of those neighbourhoods are in B.C.
Extensive industry analysis and statistics were used in the report, including population, average home price, capital growth and vacancy rate.
Among the list of best B.C. neighbourhoods was Whalley, which experienced a boom in residential home prices last year – almost 14 per cent. The average home price in 2012 in Whalley was $300,760, a figure that climbed to $342,230 this year.
Other B.C. communities that made the list (with no rankings given) were Castlegar, Fort St. John, Victoria, Lynn Valley, Kitimat, Terrace and the Grandview-Woodland area of Vancouver.
Across the country, while some traditionally booming markets in larger towns made the list, analysis uncovered several unexpected spots.
Smaller towns also made the list, from downtown St. John’s, Nfld. and Bedford, Halifax, to Cold Lake, Alta.
The results are supported by the VERICO Network of Mortgage Brokers and RE/MAX of Western Canada
“As this report clearly shows, investment opportunities abound across Canada, both in bigger cities and smaller towns,” said Elton Ash, Regional executive vice-president, RE/MAX of Western Canada.
“No longer are the big cities dominating the real estate investment landscape.”
In addition to finding the right location for a real estate investment, finding the right financing is also essential to ensuring a good return on investment as it has a direct effect on profits.
John Kelly, chief operating officer of Verico Financial Group, noted mortgage financing is also key to getting ahead on housing investments.
“Investors should seek local expertise to navigate the mortgage funding process. Familiarity with the real estate and mortgage financing markets is the key to a sound investment strategy in these markets,” said Kelly.