Looking for a Canadian city in which to put some money?
Red Deer should rank high on your list, says a Calgary-based organization that researches property investment opportunities.
The Real Estate Investment Network (REIN) has included the Central Alberta city on a list of 11 places it said deserve consideration by prospective property buyers. The others are Calgary, Edmonton and St. Albert; Surrey and Maple Ridge, B.C.; Saskatoon, Sask.; Winnipeg; and Kitchener-Waterloo-Cambridge, Hamilton and Simcoe Shores (Barrie-Orillia), Ont.
A report issued by REIN said Red Deer’s appeal is helped by its location on the bustling Calgary-Edmonton corridor. It added that the city and Red Deer County have experienced “tremendous economic growth” in the past seven years and the impact of the recent economic downturn was less prevalent there.
The report added that an influx of people to the region has helped support a strong rental and real estate market, and it credits municipal leaders for creating “a vision of renewal, revitalization and economic stability.”
It also acknowledged that Red Deer will suffer some growing pains as it diversifies, and urged investors to review plans for the city to identify opportunities.
Written by REIN president Don Campbell — who has published several books about investing in Canadian real estate — as well as REIN researchers Melanie Reuter and Allyssa Epp, the report said markets should be analyzed by looking at a number of factors. These include income, population and job growth relative to the provincial average, economic diversity, political leadership, infrastructure development and appeal to baby boomers, among others.
Extract of the Red Deer Advocate