UPDATE: Vaughan's billions in construction activity helps it land top investment city in new report

YorkRegion.com
June 5, 2014
By Adam Martin-Robbins

Vaughan ranks among the top cities and towns in the province for real estate investment, according to a report released Tuesday.

The Real Estate Investment Network ranked the city seventh out of 11 communities, putting it ahead of Durham Region (Whitby, Pickering, and Ajax), Toronto, Milton and Orillia in its Top Ontario Investment Towns 2014 report.

Kitchener and Cambridge tied for first place with Hamilton, Barrie, Waterloo, Brampton and Ottawa rounding out the list.

In a previous report, released in 2012, Vaughan was ranked 10th, just ahead of Brantford.

“As long as you are moving up, I guess it’s good news for the city. Having said that, with or without rankings, I know our city is headed in the right direction,” Mayor Maurizio Bevilacqua wrote in an email.

He noted Vaughan is now home to more than 10,000 businesses and that, in 2013, the annual value of construction activity surpassed the $1 billion mark for the ninth time in 12 years, among other things.

The 140-page report analyzes current and future prospects for real estate investment opportunities in the province over the next decade and identifies for investors the regions that are expected to outperform others during the next five years.

The report cites Vaughan’s rapid population growth, low commercial and industrial taxes, and access to domestic and international markets as assets likely to attract business to the city.

Coincidentally, the report was released just a week after Bevilacqua, along with a couple of city councillors and Vaughan staffers met with United States Consul General Jim Dickmeyer, as well as U.S. commercial service staff in a bid to increase exports and foster business and trade relationships between American markets and Vaughan businesses.

The Real Estate Investment Network’s report also notes that Vaughan has experienced consistent population increases, climbing house prices and a rise in construction value.

It singles out two major developments, the Vaughan Metropolitan Centre and the Toronto-York Spadina subway extension, which are expected to help decrease commute times and open up the area to new residents.

Several factors are considered in establishing the ranking including rate of population growth compared to the provincial average, construction of new infrastructure to handle growth, job creation, whether or not political leaders are creating an atmosphere for economic growth and whether or not there are major transportation improvements in the works.

That information is gleaned from a number of sources including the Canadian Mortgage and Housing Corporation, Multiple Listing Service (MLS), Statistics Canada, regional real estate boards, local economic development offices as well as real estate investors and realtors.