Canadian cities top the world for the real estate markets that make the best bet for long-term investment, according to a study from U.K. property developer Grosvenor — but they may not be such a great investment in the short term.
Toronto, Vancouver and Calgary took the top three spots, respectively, on the survey that aims to measure which real estate markets are the most resilient, and therefore make the best long-term investment.
"Canada, as a whole, is doing exceptionally well in developing resiliency,” Richard Barkham, group research director at Grosvenor, said in a statement.
“The top three most-resilient cities in Grosvenor's Resiliency index are Toronto, Vancouver and Calgary. For investors in property and real estate, it makes Canada a very sound long-term investment."
Barkham singled out Toronto for praise, saying the city’s long-term commitment to developing and upgrading infrastructure placed it at the top of the rankings.
The three top-ranking cities were the only Canadian ones surveyed in the study. Chicago came in fourth place.
To determine a real estate market's long-term strength, the study looked at “environmental and social vulnerability and adaptive capacity,” covering areas such as infrastructure, environment and climate.