While soaring home prices across the board have driven the Canadian government to pass regulations to try to slow these overheated markets, the fact remains that there are cities in Canada where homes are still a great investment for potential buyers. The following are the five best cities to buy real estate in Canada.
While the detached and semi-detached market in Toronto is experiencing a huge surplus, the numbers are quite different for the condo market. The demand for condos is fast outgrowing the market and shows no signs of slowing down any time soon. And given that Toronto is one of the hottest markets in Canada, we don’t see the demand for premium condos slowing down either. Sites like PreCondo let you search the latest condos in pre-development and provide up to date information on existing condos so that you can find your new home.
Another great choice, Kelowna is a fast-growing city that offers a temperate climate, vineyards, ski resorts and a booming tech sector. New home-starts here were higher than any other city in British Columbia aside from Vancouver’s lower mainland. Don’t expect demand to slow down as people relocate here from Vancouver.
Prince Edward Island
Prince Edward Island has long been one of the cheaper housing markets in the country. However, it now counts as one of the best investments in the country. In 2017, the average home cost just over $200,000, up roughly 20% year over year. If you don’t want to relocate here just yet, you could consider buying the home and listing it as a vacation rental.
Saskatoon is seeing GDP growth above 2% a year. People are moving here for work and this is why Saskatoon is the third fastest growing population of any metro area. It rivals only Edmonton and Calgary in growth, yet homes remain relatively cheap; the average home value reduced by 2.1% this year. Development among the South Saskatchewan River will fuel further growth and keep supply high.
Anything in Reach of Vancouver
Vancouver homes averaged over a million dollars in 2017 and were still rising by double digits year over year, so we will see many people moving into any relatively cheaper housing market in the area.
The population pressure has caused homes on Vancouver Island to grow nearly 20% between 2016 and 2017, though homes here are half the price of Vancouver property. The same pressure is driving people into the Fraser Valley; homes in Chilliwack and other Fraser Valley towns averaged $755,000 at the end of 2017. While they are much more expensive than the national average of half a million dollars, the fact that they remain much cheaper than Vancouver will continue to fuel demand.
Canadian real estate makes the news for its booming real estate market and fantastic growth. And the market has everything to offer from luxury condos and developments to affordable locations in booming communities.
September 19, 2018