Introduction
Real Estate investment is a smart choice in 2024. It’s all about making wise decisions, avoiding trends, and focusing on proven places. Western Investor’s list of the best places for real estate investment can help. Join us as we explore five towns with great opportunities.
1. Edmonton: Affordable and Stable
Edmonton is our top pick for 2024 because it’s known for being affordable and having a steady housing market, according to the Canadian Real Estate Association.
- Affordability: Renting a one-bedroom apartment costs $1,130, and the average home price in September was $374,100, which is 3.8% lower than last year but 57% below the national average.
- Multi-family Opportunities: Edmonton is great for investors, especially in multi-family properties. Apartment buildings sell for around $134,000 per unit. Record immigration has reduced vacancy rates, and multi-family properties have a healthy 5% return.
- Thriving Industrial Market: Edmonton’s industrial market has had 12 quarters of positive growth with no slowdown. There’s a 4.3% vacancy rate, 2 million square feet under construction, and affordable lease rates. Investors from Vancouver, Calgary, and Toronto are looking at Edmonton in 2024.
2. Terrace, B.C.: A Growing Opportunity
Terrace, a 30-minute drive from the $40 billion liquefied natural gas terminal in Kitimat, is a great opportunity for investors in 2024.
- Gateway to Development: Terrace is where people shop and live. The LNG terminal in Kitimat promises big changes.
- Population Growth: The population is expected to double in the next five years, therefore, there are opportunities for investors in a 21-unit detached house subdivision. Four-bedroom houses cost $675,000 and come with a guaranteed corporate rent for two years but at $6,000 per month.
- Price Growth: Terrace’s housing prices are going up, contrary to other northern areas. The average price is now $500,716.
3. South Delta, B.C.: A Hub of Investment
South Delta, which includes Tsawwassen and Ladner, is a hot spot for development in 2024.
- Major Projects: The $3.5 billion Roberts Bank terminal expansion and a new George Massey Tunnel are big projects. They promise more business opportunities.
- Success Factors: South Delta’s success comes from great schools and a century-old police force, therefore, making it a safe and thriving community.
4. Saskatoon, SK: Steady Demand and Affordability
Saskatoon makes our list for 2024 because of its steady demand, affordability, and potential for returns in real estate.
- Economic Growth: Saskatchewan is expected to have 2% GDP growth in 2024. The $7.5 billion BHP Jansen mine is starting north of Saskatoon, bringing jobs and boosting demand in the industrial sector.
- Industrial Opportunities: Saskatoon’s industrial sector has the third-lowest vacancy rate (1.6%) in Canada. New space could cost $15 per square foot in 2024.
- Affordability: Despite high incomes, Saskatoon has affordable housing. The average home price is $378,800, and one-bedroom rentals are $1,075.
5. Lethbridge, AB: Thriving Agri-Business
Lethbridge’s strength is its agri-business, as it lacks a major oil and gas industry.
- Affordable Housing: You can buy a home in Lethbridge for less than $340,000, and one-bedroom apartments rent for about $1,200.
- Retail Boom: The city is expected to have a retail boom in 2024 because of job growth, low housing costs, and a 5% population increase.
- Sustained Growth: Avison Young’s Lethbridge office reports that retail real estate has been growing since 2020 and shows no signs of slowing down.
Conclusion
In 2024, you have great real estate opportunities in these five towns. They offer affordability, stability, and exciting prospects. Make your investment decisions wisely and consider these towns for your next real estate venture.
Please contact Jared Gibbons, your local realtor, should you have any questions!