5 hot housing markets, including some you've never heard of
Western Investor picks five hot housing markets for residential investors in 2014, including a couple of small-town sleepers that may hold the best potential in the West.
Langley Township
Langley Township's household growth is expanding by 1,125 per year, second only to Surrey as the fastest pace in B.C. The average detached house price is $447,000 and it posted the biggest increase, up 2 per cent, of any Fraser Valley community since 2012, reports Canada Mortgage and Housing Corp. The rental vacancy rate is a healthy 4.4 per cent.
In the first seven months of this year, total commercial building permits in the Township reached $24.6 million, well above the five-year annual pace of $21 million. But another number may be as important: new home construction year was more than $250 million as more than 650 new homes broke ground.
South Delta
South Delta could be the next hot housing destination, as witnessed by the sales success of the Tsawwassen Springs condo development and golf course, the beaches, the two pleasant towns ` Ladner and Tsawwassen ` that anchor it; its proximity to Vancouver; and its reasonable housing prices. Detached houses sell for about half the price of nearby Richmond.
Lately, South Delta realtor phones have started ringing a lot ` and they will likely keep ringing for years. The reasons are obvious: the new bridge to replace the aging Massey Tunnel with work to start in four years; the largest mall in B.C., Tsawwassen Mills, to be built near the B.C. Ferry terminal; the new billion-dollar South Perimeter Road freeway that opens in December; and the 950-home, 540-acre residential development being pushed forward by Century Group, all of which will generate jobs and a further population surge.
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