C algary and Edmonton have displaced Toronto and Vancouver as top ranked Canadian real estate markets in PwC Canada's Emerging Trends in Real Estate report, released Nov. 6.
The research organization provided a snapshot of Canada's top five markets, ranked by survey respondents and their outlook for each of the markets in investment, development and home building. Calgary topped the survey, followed by Edmonton, Toronto, Vancouver and Ottawa.
"Vancouver's government red tape continues to make it more difficult to develop real estate every year," the report noted. "Home building prospects also do not look as strong year-over-year."
The investment prospect value for Vancouver fell enough to push the city down from second place in last year's survey to fourth place in the 2012 report.
Development prospects were even worse for Vancouver. Vancouver ranked No. 1 in Canada in that area in 2011, and is now in fifth place.
"The results of this year's Emerging Trends report reflects the fact that the Canadian real estate community understands real estate fundamentals and knows how to react to fluctuations in monetary policy and capital markets," said PwC spokesperson Lori-Ann Beausoleil in a release. "Canada's real estate industry continues to operate well despite uncertainties in domestic and global economies." firstname.lastname@example.org