Here’s a report you may have missed Tuesday as you had your eye on the American vote: According to the latest Emerging Trends in Real Estate report, Calgary and Edmonton have displaced Toronto and Vancouver as the top-ranked cities for overall real estate prospects.
The report, by PwC and the Urban Land Institute, said the Canadian real estate market is expected to remain steady with “modestly good” investment and development prospects across most property sectors for 2013, reflecting expectations of solid supply and demand.
And it is Alberta’s two largest cities that are leading the nation. In fact, if you take a look at the chart below, you’ll notice Calgary ranked first in investment and development prospects and second in homebuilding prospects.
“Growth characterizes Calgary’s future; it displaces Toronto as the top ranked city for 2013,” said the report. “This has made it challenging to acquire high quality real estate in Calgary, absorption of prime properties has reached record levels, and rents are being pushed due to limited supply. This trend will continue in 2013, especially in office and industrial employment space. Construction will increase in the housing and non-residential arenas, but nowhere near pre-crisis levels.”
PwC Canada’s Real Estate Leader Lori-Ann Beausole on how things look for Canada as a whole:
“The results of this year’s Emerging Trends report reflects the fact that the Canadian real estate community understands real estate fundamentals and knows how to react to fluctuations in monetary policy and capital markets. Canada’s real estate industry continues to operate well despite uncertainties in domestic and global economies.”
To read the entire report for yourself, follow this link to download the PDF.