NEIGHBOURHOODS IN HALIFAX AND PARADISE RANK AMONG CANADA’S TOP 100 LIST
- VERICO mortgage experts say Bank of Canada unlikely to announce change to overnight rate; attractive mortgage rates will remain for time being
- Low mortgage rates keep investors in the market in spite of tougher mortgage rule
- Investors face potentially complicated process and should seek advice from mortgage brokers
Vancouver, BC, Oct. 19th, 2012--A special report by Canada Real Estate Wealth Magazine has uncovered the top 100 investment neighbourhoods in this country – communities most likely to swerve a coming correction.
Seven neighbourhoods in Nova Scotia, Newfoundland and New Brunswick have outshone recent housing trend predications and ranked in the Top 100 list including Fairview in Halifax and Downtown Paradise.
“Halifax is always amongst the ranks as one of the best places to live as it has a tremendous quality of life, friendly people, low cost of housing, solid employment growth, and a great east coast maritime culture,” says Don MacVicar, President of VERICO Premiere Mortgage Centre.
Although the Bank of Canada is scheduled to make their overnight rate announcement on Tuesday, Claude Sullivan, Owner of VERICO East Coast Mortgage Brokers, says that he does not foresee any increases in the rate for the immediate future and that investors will continue to be attracted to the market based on today’s low rates.
“There are no indicators that pressure is being placed on the Bank of Canada to increase their overnight rate, and I expect to see the rate remain as it is, for the next two quarters at least,” says Sullivan.
“The opportunity for growth in real estate, coupled with today`s low mortgage rates, make this a very attractive alternative to other investment opportunities such as equity markets. The mortgage rule changes to the home equity credit line limits has indeed made financing more complicated for potential investors and limits the amount of equity that can be accessed easily. However, the investor market in Paradise will remain strong,” says Sullivan.
“Paradise is one of the fastest growing towns in Canada and is certainly the fastest growing town in Atlantic Canada. We have the youngest average aged population and is experiencing a housing boom like no other in the province. Paradise’s average home prices increased 9.1% in 2011 as compared to the area average of 7.9% and new starts increasing steadily year over year. So this is a great city to invest in!” Sullivan adds.
To navigate the new mortgage rules, MacVicar adds that investors should seek the advice of mortgage professionals. “The rule changes in July have definitely affected the availability of financing, but opportunities are out there with the right mortgage product.”
Other Atlantic region neighbourhoods that ranked in the Top 100 list include:
| City/Town | Neighbourhood | Average home price* | Capital Growth* | Average Rent* | Vacancy Rate* |
| NEW BRUNSWICK | |||||
| Fredericton | Golf Club/Woodstock Road | $170,563 | 2.90% | $746 | 3.80% |
| Moncton | Riverview | $150,640 | -5.00% | $721 | 5.40% |
| Saint John | Milledgeville | $180,000 | -2.0 | $1,500 | 8.00% |
| NEWFOUNDLAND | |||||
| Paradise | Downtown centre | $327,774 | 4.50% | n/a | 1.20% |
| St. John's | Mount Pearl | $280,000 | 4.00% | $808 | 3.30% |
| NOVA SCOTIA | |||||
| Cape Breton | Baddeck | $212,500 | 2.40% | $694 | 4.50% |
| Halifax | Fairview | $406,900 | 3.77% | $926 | 3.20% |
*source: Canadian Real Estate Wealth Magazine Top 100 Report
Extensive industry analysis and statistics were used in this report including population, average home price, capital growth and vacancy rate.
The most comprehensive list of its kind, the Top 100 Neighbourhoods to Invest report was compiled by Canada’s leading real estate magazine, Canadian Real Estate Wealth with the support of Verico Financial Group, Canada’s #1 Mortgage Broker Network and Re/Max Real Estate.
The results – set to hit newsstands on Oct. 22 – identify the exact locations investors should focus on as a hedge against short- or long-term corrections.
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Media Contacts:
For a list of media contacts for each city and neighbourhood, please visit www.verico.ca/newsroom
Or
Pin Luk
Communications Manager
VERICO Canada
e: pin.luk@verico.ca
p: 604.681.6155 ext 230
About Verico Financial Group Inc.
Verico Financial Group is Canada’s largest network of independent mortgage brokers comprising of over 190 offices with over 2300 brokers who originate over 12 billion dollars in annual loan volume. Our brokers collectively originate approximately over 45,000+ mortgage transactions per year.
VERICO is comprised of the top professional and influential mortgage companies and originators in the country. Our members are among the ranks of provincial and national mortgage associations, many of whom are regularly interviewed by the media for expert opinions.
The VERICO Mortgage Broker Network prides itself on our core pillars of excellence, professionalism and ethical standards; as a result, we have earned a reputation that is coveted in the industry.
For mortgage help, contact a VERICO mortgage broker near you.
About Canadian Real Estate Wealth
Canadian Real Estate Wealth magazine is Canada's only monthly publication dedicated to Canadian real estate investors. http://www.canadianrealestatemagazine.ca/
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