Whether you’re thinking about resale value down the road, a quick reno-and-flip job, or for long-term rentability as a landlord, location is the golden rule of real estate. “Your home is not an isolated island,” says Gerry Footz, RE/MAX Elite in Edmonton, Alberta. “For investment purposes down the road, it might be tougher to sell a nice house in an unappealing community.” Homes near public transit lines typically sell faster and for a higher price.
Vancouver-based real estate research and consulting firm Cutting Edge Research Inc. identified these factors for a solid investment property. Is the area experience population, income and employment growth? Will the area benefit from an economic or real estate ripple effect? Can the local infrastructure support the expected growth? Are there any major transportation improvements in the works? Is the area attractive to Baby Boomers’ lifestyle? Is there a short-term problem occurring that is likely to disappear in the future?