Canadian cities – and Toronto in particular – are exceptionally good real estate destinations in the long term, according to a new report from a London-based real estate firm. TORONTO STAR/FILE PHOTO
All 3 tops for ‘resilience’ and growth potential, says U.K. report
Toronto, Vancouver and Calgary have been ranked as the three best places out of 50 cities around the world in terms of where best to invest in real estate for the long term, according to a centuries-old London real estate firm.
Their star ranking doesn’t come so much from short-term metrics like return on investment, but their longer term “resilience” — a stellar combination of “low vulnerability and high adaptive capacity,” says the unusual report, more than three years in the making, by the U.K.-based Grosvenor Group.
Adding to that ability to rise above the cyclical ups and downs of the real estate market is the fact all three Canadian cities have a “high level of resource availability” and “are well governed and well planned.”
In fact, they beat out London, New York and even Chicago, ranked as No. 4, for their strong investment potential over the coming decades.
“These Canadian cities have a great deal of economic dynamism,” said group research director and economist Richard Barkham, in a telephone interview from Vancouver where he’ll be discussing the research findings later this week at an Urban Land Institute conference.
“A lot of people just look at real estate investments in terms of short-term risk and return on investment. But we believe you need to look beyond that — to look at cities holistically in terms of their ability to adapt and improve.