Vaughan ranks among the top cities and towns in the province for real estate investment, according to a report released Tuesday. The Real Estate Investment Network ranked the city seventh out of 11 communities, putting it ahead of Durham Region (Whitby, Pickering, and Ajax), Toronto, Milton and Orillia in its Top Ontario Investment Towns 2014 report.
In its last report, released in 2012, Vaughan was ranked 10th, just ahead of Brantford. This year’s report saw Kitchener and Cambridge tie for first place with Hamilton, Barrie, Waterloo, Brampton and Ottawa rounding out the list.
The 140-page report analyzes current and future prospects for real estate investment opportunities in the province over the next decade and identifies for investors the regions that are expected to outperform others during the next five years. The report cites Vaughan’s rapid population growth, low commercial and industrial taxes, and access to domestic and international markets as assets likely to attract business to the city.
It also notes that Vaughan has experienced consistent population increases, climbing house prices and a rise in construction value. The report singles out two major developments, the Vaughan Metropolitan Centre and the Toronto-York Spadina subway extension, which are expected to help decrease commute times and open up the area to new residents.
Several factors are considered in establishing the ranking, including rate of population growth compared to the provincial average, construction of new infrastructure to handle growth, job creation, whether or not political leaders are creating an atmosphere for economic growth and whether or not there are major transportation improvements in the works.
That information is gleaned from a number of sources including the Canadian Mortgage and Housing Corporation, Multiple Listing Service (MLS), Statistics Canada, regional real estate boards, local economic development offices as well as real estate investors and realtors.
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