Countless millionaires built their fortunes from a single property, and you can too. But when choosing a state, remember that location is everything.
“Investing in real estate has long been considered a reliable avenue for building wealth,” said Mike Qiu, owner of Good as Sold Homebuyers in Seattle. “While the real estate market can be unpredictable, certain states have consistently demonstrated promising potential for real estate investment. In the next five years, several states are expected to offer lucrative opportunities due to factors such as population growth, economic prosperity and favorable policies.”
If you’re looking for a place to start your journey to real estate wealth, the following five states should be at the top of your list.
Texas
Mark Severino, owner of Best Texas House Buyers, makes no secret about his favoritism for his home state — but he backs it up with facts.
“Clearly, I am biased to promoting building wealth in Texas,” said Severino, who offered three reasons “why Texas is the best state to buy a property in and build wealth over the next five years.”
First is rising property values.
“The median existing single-family home price in Texas has been on a steady incline since at least the year 2000,” said Severino. “When the national price goes down, the dip in Texas lasts for only a short time and then regains value. This allows for tremendous appreciation for property owners with the right investments.”
Second is perpetual population growth.
“More than half a million people move to Texas every year,” said Severino. “The number of people who leave is significantly less, making the net population growth in Texas through domestic migration positive every year in the hundreds of thousands. This funds the need for housing as well as locks in value as demand remains steady.”
Finally, the Lone Star State is known for its favorable landlord laws.
“Compared to other states, Texas has greater property protection rights, a faster eviction process, and laws that generally favor landlords when a dispute with a tenant arises. This is important to property owners as it allows a level of assurance that their investment is provided greater protection than in other states. This also makes it easier to manage and profit from the property portfolio.”
Washington
Like Severino, Qiu is partial to his home turf, which in his case is in the Pacific Northwest.
“With its dynamic tech industry and thriving economy, Washington State has become a magnet for real estate investment,” said Qiu. “The Seattle metropolitan area, in particular, has witnessed significant growth and offers a wide range of investment opportunities, including residential and commercial properties. The presence of major tech companies further contributes to the region’s real estate appeal.”
North Carolina
North Carolina has been adding residents at a feverish pace for years, and in 2022, its population grew faster than all but two other states.
“The Tar Heel State has garnered attention for its steady population growth, affordable housing options, and diverse economy,” said Qiu. “Cities like Charlotte, Raleigh, and Durham boast strong real estate markets fueled by factors such as job growth, low cost of living, and high quality of life. These factors, combined with North Carolina’s business-friendly environment, make it a favorable state for real estate investment and wealth accumulation.”
Qiu will get no argument from Ryan Fitzgerald, an experienced North Carolina Realtor and the owner of Homes Raleigh.
“On my home turf in Raleigh, North Carolina, the rapid growth is nothing short of impressive,” said Fitzgerald, who was named a 30 under 30 Realtor by Realtor Magazine. “A family I assisted in buying a home five years ago has seen their investment nearly double thanks to affordable properties, high quality of life, and strong job growth in tech and health care sectors.”
Tennessee
The absence of Florida on this list might feel like a glaring omission considering it’s been the country’s relocation destination of choice since the pandemic. But GOBankingRates spoke with several experts who feel that the market in the Sunshine State is saturated, overpriced and due for a correction — and that the next big thing might be a standout Mid-South state.
“Tennessee has recently emerged as a sought-after destination for real estate investment,” said Qiu. “Cities like Nashville and Memphis are experiencing rapid growth, driven by factors such as affordable housing, a favorable tax environment and a thriving music and entertainment industry. These factors position Tennessee as an attractive state for investors seeking to capitalize on its upward trajectory.”
“Tennessee has gained attention in recent years as a state with a favorable business environment and a low cost of living,” said May. “Nashville, in particular, has seen remarkable growth, fueled by its vibrant music and entertainment industry. With no state income tax and a steady influx of young professionals, the real estate market in Tennessee holds promise for the future.”
Colorado
The Centennial State offers a unique blend of snow-capped mountains, arid desert, booming cities — and excellent opportunities for making money in real estate.
“Colorado’s breathtaking landscapes and recreational opportunities have propelled its real estate market to new heights,” said Qiu. “With cities like Denver, Boulder and Colorado Springs witnessing a surge in population growth, the state presents an attractive investment environment. Furthermore, Colorado’s flourishing tech industry and robust job market contribute to its real estate appeal. Investors seeking to capitalize on this growth can explore various residential and commercial opportunities.”
May cited many of the same factors as Qiu when naming Colorado as a winning market, including population growth and a strong economy. He also touts the state’s unique brand of blended lifestyles.
“Cities such as Denver and Boulder offer a mix of urban amenities and natural beauty, making them desirable for both residents and investors,” said May. “Additionally, the state’s commitment to sustainability and renewable energy adds to its long-term prospects.”
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.
