 Red Deer real estate a good bet - Nov. 20, 2003 Red Deer Express
Red Deer real estate a good bet
Nov. 20, 2003
Johnnie Bachusky
Business Reporter
Red Deer Express
Red Deer has once again placed in the top five best places in Alberta to invest in residential real estate, according to a province-wide study. It’s fifth-place ranking is a significant step up after placing seventh in 2002 and 2001. The recently released 37-page study by the Real Estate Investment Network (REIN) noted Red Deer has ranked among the top 10 cities or towns in Alberta for six consecutive years. However, Red Deer placed fourth three years in a row from 1998 to 2000 before slipping three places the following two years. The Central Alberta city’s fifth place ranking this year – tied with Okotoks – was among 31 cities and towns surveyed in the province. After the top 10 cities and towns, the report names a “Farm Team” of other good places across Alberta to invest. The nine-member “Farm Team” includes Rocky Mountain House as a town or city that will provide the real estate or business investor with “tremendous” opportunities. “Demand for residential real estate in the Red Deer region continues to be strong,” said REIN’s latest report. “Although we have recently seen a rise in (rental) vacancy rates, a lot of that can be attributed to Red Deer being in the midst of their first ‘boom-plateau’, coupled with the easing of zoning rules allowing more basement rental suites.” The survey added Red Deer is well positioned for a prosperous future by being in the heart of the Edmonton-Calgary corridor, which a recent TD Bank report revealed had the highest GDP of any region in North America. It also noted the City of Red Deer and Red Deer County have adopted a new model of development cooperation under the Inter-municipal Development Plan. Finishing ahead of Red Deer in this year’s REIN’s ranking were Edmonton in first place, Devon in second, Sylvan Lake in third and Calgary in fourth. Lacombe and High River tied for sixth. REIN is a Calgary-based, 762-member organization that provides training, education and networking opportunities to investors. The members are mostly from Alberta but REIN also claims to have others in British Columbia, Saskatchewan and Ontario. The organization further claims its members own more than 6,600 real estate properties across Canada with a total value of more than $576 million. REIN has been producing similar residential real estate studies since 1997. “Red Deer is a nice area for being in the proximity of many things, like Sylvan Lake and the mountains,” said Jeff Adams, the association’s communications adviser. “Prices are still reasonably low and there are lots of job opportunities.” Posted November 20, 2003 |
