“Location, location, location” is a phrase often repeated in the real estate business, meaning that where you end up buying property is where you end up making money. Lots of places in the United States are known for having high-end real estate that’s worth more and more as time goes on, yet not every market across the country is equal. Some can provide a suitable return on investment and others can make you a millionaire.
The San Francisco Bay Area has been a goldmine for real estate agents, particularly because of its tech-driven economic boom and limited housing supply, according to Tim Choate, the founder and CEO of RedAwning.
“The area’s combination of high demand and low inventory has consistently driven up property values,” Choate mentioned. “For instance, when I first ventured into property investments in the early 2000s, the market was just beginning to feel the impact of the tech sector’s explosive growth.”
Investing in properties near burgeoning homes for tech, such as Mountain View, Redwood City and Palo Alto paid off immensely for Choate, especially when companies like Google and Facebook expanded their campuses and workforces in those areas.
“I first saw the potential in Austin about ten years ago,” said Noah Guthart, COO and founder of Panacrypto.
Guthart observed that the capital city of Texas was growing rapidly with a new tech boom that attracted a whole new wave of young professionals looking to spend their high salaries.
“Good timing was everything — getting into the market just when some major tech companies were making their way into the city,” agreed Ben Johnson, a real estate agent and the CEO of Big Ben, who continued by saying this “brought an inflow of highly paying jobs and caused demand for housing.
“I was able to capitalize on huge appreciation by buying properties in up-and-coming neighborhoods before the tech boom,” Johnson said. “For example, properties bought for around $300,000 in the early 2010s now go for over $700,000. The flourishing job market, great culture, and absolute affordability compared to other tech havens were making Austin a hotspot for real estate investments.”
“I invested in several properties in the downtown area,” Guthart explained. “One property I bought for $300,000 in 2013 is now worth over $800,000. The combination of tech growth, a vibrant cultural scene, and a relatively low cost of living made Austin a perfect storm for real estate investment.
“I remember a client who was hesitant to buy a property in the emerging East Austin neighborhood,” Guthart said. “I encouraged them to take the leap, and within five years, their property value had doubled. This kind of return is what makes markets like Austin so lucrative.”
Charlotte, North Carolina
Seeing that Charlotte was blowing up as a new financial center, combined with a unique blend of political climates and local businesses, Johnson decided to invest in both residential and commercial properties. And it paid off big time.
“The city’s population continued to grow, and the cost of living was relatively affordable, offering pretty good options for buyers and renters,” Johnson said.
Johnson recounted one memorable deal involving “…a downtown condo bought for $250,000 and later sold three years down the road for $400,000, all because of the great increase in professionals moving to the region and corporations relocating there. This made Charlotte a good market due to the strategic location and ongoing urban development.”
Miami
“Miami has been another goldmine for me,” Guthart said, highlighting the city’s international appeal matched by a status as a hub of finance, culture and fun.
Guthart stated that Miami has consistently driven property values up.
“In particular, I’ve had great success with luxury condos in neighborhoods like Brickell and South Beach.
“I once sold a condo in Brickell for $1.2 million, which was bought just three years earlier for $700,000,” Guthart said. “The timing was perfect as Miami’s luxury market was booming due to an influx of foreign investors, particularly from Latin America. I believe Miami’s appeal will continue to grow, making it a long-term investment hotspot.
“One of my most memorable experiences was purchasing a beachfront property in Miami in 2015,” Guthart said. “I bought it for $2 million, and after some strategic renovations and marketing, I sold it for $3.5 million just two years later. The location, combined with Miami’s growing desirability, made this a highly profitable venture.”
Phoenix
It’s not just location, but timing that can truly add to the value of buying property in an area where it might look bust instead of boom. That was the case for Johnson in Phoenix.
“…my timing coincided with post-recession recovery in the early years of the decade. The market was recovering, and prices were therefore still low,” Johnson said.
“I bought; this had enabled me to invest in foreclosed properties and distressed sales at below-market prices,” Johnson said. “As the economy recovered and population grew, so did the value of the properties skyrocket.”
Johnson noted that a foreclosure home at $150,000 was sold at $300,000 within five years in Phoenix, a prime example of how the city is bouncing back as a real estate powerhouse.
“The warmer climate of Phoenix added to the attractiveness, with lower living expenses and an improved economic base,” Johnson added.
Nashville, Tennessee
Its music scene and southern charm are the city’s reputation to stand on, but Nashville has also experienced a real estate renaissance in recent years, in Choate’s professional opinion.
“I recall a period around 2015 when Nashville’s real estate market was just beginning to attract national attention,” Choate said. “We saw an opportunity in its downtown area, where historical homes and new developments were coexisting beautifully.
“By investing early in vacation rental properties there, RedAwning managed to ride the wave of Nashville’s tourism boom, leading to significant returns on investment,” Choate said. “The blend of cultural appeal and strategic urban development made Nashville a standout market for us.”
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
