Chilliwack among top 10 B.C. towns for investors
The City of Chilliwack is among the top investment communities in the province, according to a new report.
The Real Estate Investment Network's (REIN) Top British Columbia Investment Towns report issued Thursday puts Chilliwack eighth in the province.
This is the first time Chilliwack has made the list since the report started in 2009.
Chilliwacks lower property values compared to the Fraser Valley and Lower Mainland have always been appealing, but rents had not crept up for properties to make sense here, said Don R. Campbell, senior analyst for REIN. Investors who know the city and do some digging can certainly find cash flowing properties here.
Previously Chilliwack had appeared among the list of "must watch" cities but never on the top 10 list.
While Chilliwack's inclusion on the list has to be considered good news, it is third out of the four Fraser Valley cities. Surrey came in number one on the REIN list. Abbotsford was two spots ahead of Chilliwack in sixth and Langley was 10th.
The REIN report pointed to a number of development's in Chilliwack as a reason for inclusion on the list. Expansion of commercial and industrial lands along Highway 1 and the Evans Road corridor is one. Another is affordable house pricing, lower property taxes, access to points east west and south, and the work done at Canada Education Park.
"Chilliwack is also poised to become home to numerous post-secondary institutions, which will provide investors with a continuous supply of student renters," a press release said. "The 200-acre Canada Education Park currently under construction in the city will showcase several major institutional facilities upon completion. The city expects to see an annual enrolment of 5,000 students at the new UFV campus alone."
REIN's top 10 B.C. investment communities:
2. Maple Ridge
3. Fort St. John
4. Dawson Creek
9. Prince George