News Release
Fredericton Among Canada's Top Places To Buy Real Estate
July 3, 2008
Fredericton Among Canada's Top Places To Buy Real Estate
Fredericton (June 26, 2008) - Fredericton has been named the fourth best place in Canada to invest in real estate.
In a survey of 35 major markets across Canada published in the May 2008 edition of MoneySense magazine, Fredericton was one of only seven Canadian cities to share an A-minus rating, the highest awarded.
"In terms of more bang for your buck, Fredericton is once again recognized as a smart city, a great place to invest your money and an even better place to live," said Councillor Dan Keenan, Chair of the City's Development Committee. "Any time you get third-party validation for what you are doing right, it helps attract investment and that contributes to our already enviable balanced lifestyle."
Fredericton was given an overall score of 80 points based on its score in three separate categories - value, momentum and economic strength.
Regina finished first overall with 84 points while Saskatoon and Winnipeg tied for second with 81 points each.
MoneySense Magazine said Fredericton "has a lot to offer bargain hunters, especially as the province's economy shows signs of life."
To determine value, average rents were compared to average home prices using statistics from the Canadian Mortgage and Housing Corporation - the higher the rent, the higher the value of a home. Also considered in assigning a grade for value was the number of years of average household income that it would take to purchase a typical local home. Cities where residents could afford to buy homes easily also earned higher marks.
To gauge momentum, or how hot each market is, MoneySense compared home sales to new real estate listings and looked at the increase in home prices over the past year and past four years. It also measured how much rents have gone up over the past four years, an indicator of pent-up demand for housing.
Economic strength ratings were assigned on the basis of how fast each community grew between 2001 and 2006, unemployment rate and employment outlook as well as discretionary income levels.
Earlier this year, Fredericton was named the third best place to live in Canada by Money Sense magazine and was recognized as the second best walking city in Canada by the Canadian Federation of Podiatric Medicine. The City was also named to the 2008 Top Seven list of the world's Most Intelligent Communities by the Intelligent Community Forum.
- 30 -
Media Contact: John White, Communications, City of Fredericton, 506-460-2227.