Where to Buy a House in Canada Right Now
The standard quip when buying real estate, is usually about three things: location, location and location. Few would argue that it’s wrong, but clearly there’s more to it.
Affordability is one factor, but price alone doesn’t dictate good value. Sustained price gains in recent years can be another guide, which realtors can help with.
If you want a property in a neighbourhood, that offers great value, a promising return potential, as well as the traits, that translate clusters of houses, into a tight knit community, then you need to factor in all three of these particular factors, besides location: value, momentum and expert insight.
The Canadian real estate market, is as varied as the lovely country itself, with areas around cities like Toronto, showing a rise in property prices while in others, such as British Columbia, an average of the property prices, are expected to drop by 7.8% during 2017, according to the Canadian Real Estate Association.
You potential property seekers, looking to invest in real estate this year, should- alongwith potential price range- look at: potential rental income, meaning that, university and hospital hubs are good choices. Most importantly, you should remember, only to buy- if you can afford it.
Whether you’re purchasing a home for yourself or a rental property for income; based on housing value, price momentum, economic strength and rental income potential, in no particular order- here’s where to look:
- Home to Durham College, the University of Ontario Institute of Technology and Trent University Durham.
- Oshawa offers great potential rental income, from students.
- Average home prices in the past three, four years- increased almost double.
- Average rents in five years- increased above 20%.
- Unemployment stands at about 7.5%.
- Property appreciation is about 4% in five years.
- Homes cost on 4.3 times the average income.
- Southern Ontario city, one of the fastest growing cities in Canada.
Abbotsford-Mission, British Columbia.
- Vancouver has greater increases, in average house prices and rents. But,
- Properties there, cost a whopping 9.8 times the average income, of a Canadian.
- Better option? The nearby Abbotsford–Mission area.
- House prices increased more than 5%.
- Average five year rents have increased more than 14%.
- The annual return on investment has also increased more than 6%.
- Unemployment stands at about 6%.
- The average home, costs about more than 7 times, the average income.
Thunder Bay, Ontario.
- Largest city in Northwestern Ontario.
- A city of just over 108,000.
- Thunder Bay, a centre for healthcare, commercial and education services.
- Has been quietly and actively rebuilding after,
- Losing its prominence as an important stop on the trade route from western Canada to the eastern provinces.
- Effort to rebuild, paid off.
- Average house prices appreciated here by 8.5%.
- Average five year rents increased by more than 22%.
- Unemployment here rests at less than 5%.
- Even with average homes costing 2.7 times the average income, it’s still affordable.
- The Northern Ontario School of Medicine, has attracted young students.
- One of the best cities to buy in is, of all places, Thunder City.
- More than 25% of Toronto’s working community often resides in this city and so commutes to and fro- and vice versa as well.
- Average house prices appreciated by around 6%.
- Average five year rents increased by more than 20%.
- The five year return on investment, is as high as at an estimated 9%.
- Unemployment here stands at about 7%.
- A home in Barrie costs more than 4.5 times the average income.
- One of Canada’s lowest unemployment and crime rates, Guelph- one of fastest growing cities as well.
- One of the most attractive real estate locations, for buyers in Canada.
- Home to advanced manufacturing companies, green tech firms, while also supporting several high paying government and education jobs.
- Average house prices -which keep rising- increased by an estimated 6%.
- Rents for the five year period increased as high as 20%- while vacancy remains almost non-existent.
- Unemployment rests here as low as 4%, while,
- A home in Guelph, costs more than four times the average income.
- Winnipeggers, no strangers to quickly appreciating housing prices.
- Average house prices in Winnipeg appreciated by more than 4.5%.
- While average rents increased by more than 29%- the highest increase in the country.
- Unemployment rate rests at about 6% here.
- A house here, costs on average 3.3 times, the average income.
- Winnipeg, a good choice if you want to invest in a first or even, especially a second property.
- Calgary’s mention here, is based on its performance.
- But, oil prices and Canada’s overall economy, will have a strong impact, on the city’s growth in the future.
- Average house prices here, increased by only 3 to 4%. But,
- Rents increased by about 24%.
- Unemployment here is around 6%.
- Calgary’s return on investment is below 3%. However,
- The Canadian Real Estate Association, predicts an increase in home sales in Alberta, which will likely cause an increase in prices.
St. John’s, Newfoundland and Labrador.
- St. John’s, showing strong economic growth; is expected to continue- thanks to the oil and tourism industries.
- Average house prices, have remained relatively stable at around 2 to 3%.
- While average rents, increased by an estimated 27%.
- Unemployment is at about 6%.
- A home in St. John’s, costs at about 3 times, the average income.
- Edmonton, considered to be, a fairly affordable place to buy a home.
- Edmonton can give you a better deal than Calgary, where houses are more expensive- if you don’t wish to buy there.
- Edmonton saw an increase of more than 3% in average house prices.
- With rents increasing by about 23%.
- Unemployment rests at about just a little more than 5%.
- The average house costs around just more than 3 times the average income.
- Oil, mining, manufacturing and agriculture are major employers in Regina.
- The city also has a diversified economy.
- Average price of homes here, increased by about 4%.
- Average rents have however, increased to around 30%
- Unemployment is just about 3%.
- This is Canada’s southernmost city.
- An increase of about 5% in average house prices exists here.
- Windsor’s average rents increased by more than 12%.
- The annual return on investment in the five-year period slot is as high as 6%
- While unemployment is more than 9%.
- However, homes here are still very affordable, at just more than 2 times the average income.
Charlottetown, Prince Edward Island.
- Prince Edward Island had a strong selling season in 2016, so this year sales and house prices are expected to drop a little.
- Average house prices in Charlottetown are, among the lowest in the country.
- But the average rent did increase by more than 20%.
- Unemployment is more than 10%. However,
- If you want to tap into the market for vacation rentals, buying in Charlottetown can be a great investment. As,
- The five years’ return on investment with more than 3%- pays off.
Halifax, Nova Scotia.
- Even though home sales in Nova Scotia, might show a slight decline this year, Halifax’s economy is showing strong growth.
- On an average, homes cost just about more than 3% than the income.
- Unemployment is also just about 6%.
- The average rent in Halifax increased by about 18%. Therefore,
- Making Halifax a good option, if you want to invest in property for rental income.
- The city’s economic growth, has been quite stable in recent years.
- Home sales, are expected to increase by more than 1.2% in Quebec.
- Of Canada’s cities, Trois-Rivières, has some of the cheapest homes.
- Houses are just about twice the incomes.
- Average rents rest at just more than 9%.
- Unemployment is also just around 6%.
- Its location, within easy commuting distance, from both Montreal and Quebec City, may make it a good long-term investment.
- Like elsewhere in Saskatchewan, house prices in Saskatoon, have been quite stable.
- However, they may show a slight decline in this year.
- Homes cost about just more than thrice than the average income.
- The average rent in the city increased by 19%.
- Unemployment is as low as an estimated 5%.