The COVID-19 pandemic surely did have a lot of impact on our daily lives. Moreover, it also had a lot to do with our future plans. In the past couple of years, the real estate market has been experiencing steady growth. As many people decide to leave the hustle and bustle of cities, many surrounding areas and towns experience both the population influx, as well as the real estate market rise. Canada currently has one of the hottest and most expensive housing markets in the world. However, this does not stop both residential and commercial real estate investments to occur. Today, we discuss the best Canadian cities to invest in real estate and what you should expect. If you will need to move items to your new home, consider hiring Number 1 Van Lines to help you do it right.
Canadian cities to invest in real estate in – The deep dive into the core of it
Canada is a North American country that extends between the Pacific, Atlantic, and Arctic oceans. With its 9.98 million square kilometers of territory, Canada is the second-largest country by mass in the world. The Canadian-American border represents the longest bi-national land border. The capital of the country is Ottawa. The three largest metropolitan areas are Toronto, Montreal, and Vancouver. With an advanced economy, being 9th in the world, Canada heavily relies on abundant natural resources, as well as their trade routes. In addition, Canada is also known for its inclusivity, diversity, and acceptance. Because of that, it is one of the most immigrant-friendly countries in the world. If you were to move to Canada after you purchase a home there, you can move using freight and cargo services in Canada. By doing so, you can ensure an international relocation with the maximum amount of safety.
The Canadian real estate market
The Canadian home market is one of the most expensive markets in the world. However, this does not prevent a large majority of people from moving into the country. The main statistic that can show you the magnitude of the market prices is the fact that, from January 2021, until January 2022, the increase in the real estate prices went up by 20%.
Moreover, as of January 2022, the median home value in Canada was around $748.500. This increase of 20% is the largest increase the Canadian real estate market has seen. As far as mortgage rates go, they have been increasing lately, but they still remain somewhat stable. Moving to the country of Canada will require proper planning. Especially if you plan on investing in real estate. Know the area you want to move to before making decisions.
Median home prices in different Canadian provinces
To be able to narrow your choice down, you have to understand the market better. One of the better ways you can start choosing with the process of elimination is to learn the median home prices of each of the Canadian provinces. That way, you can be sure that you do a deep dive into the market of the country before hiring British Columbia movers in vein, for example.
These are the median home values and their changes in all 10 Canadian provinces.
- British Columbia: $1.041.000 (23.3% increase since 2021)
- Alberta: $443.400 (10% increase since 2021)
- Saskatchewan: $285.700 (7.0% increase since 2021)
- Manitoba: $339.999 (11.2% increase since 2021)
- Ontario: $998.800 (25.6% increase since 2021)
- Quebec: $475.000 (16.4% increase since 2021)
- New Brunswick: $275.000 (32% increase since 2021)
- Newfoundland and Labrador: $325.000 (11.9% increase since 2021)
- Northwest Territories: $296.000 (17.7% decrease since 2021)
- Yukon: $391.400 (13.4 decrease since 2021)
Before we discuss Canadian cities to invest in real estate: Communities outside of cities are the most popular
If you are looking for the best place to invest in real estate, then you should look on the outskirts of cities and towns. For example, Ontario has the highest population in the country of Canada. Therefore, it is no surprise that it is a hot spot for real estate. Due to high price growth rates in the past couple of years, many people choose to move outside of big cities.
For instance, because Toronto real estate is skyrocketing in prices, many of its residents get in touch with Ontario movers and choose to move to outskirts or suburban areas. Because of this, Ontario now has a much more widespread growth of population. Toronto has one of the most expensive real estate markets in the province, but it is also one of the central hubs of Ontario. So, Toronto will always be a place that people would want to move or migrate to.
Should you consider a country home for investment?
The COVID-19 pandemic has made a big change in how people view their lives. More importantly, many people realize that living in the bustling metropolis does not bring that many advantages. Rather, it creates more stress and consumes both time and money. Hence, many people choose to move to more tranquil, and in-tune areas.
So, if you were to look for the best Canadian cities to invest in real estate, you should take smaller cities or towns into consideration. The cottage country lifestyle is becoming more popular. Especially with millennials and younger generations. Due to the big shift and impact, remote work had in the past couple of years, many younger people decide to leave the city. In addition, people now look for “local tourism” so many people do not leave the country for vacations. This is a perfect opportunity to cash in on a little bit of tourism.
Will now be a good time to invest?
If we look at the real estate trends and changes in the past couple of years, we can see that the prices keep rising. In fact, from January 2021 until January 2022, Canadian real estate experienced one of the largest increases in the history of the country. But, does that mean that you should avoid investing at such high prices? According to recent studies of the Canadian real estate market, there is a forecast that the average prices could go up by around 16.5% more. Therefore, waiting for the right time to invest is not an option. Given that the prices will keep on increasing, this might be a good time to invest. Although not an ideal situation, recognizing the opportunity is important. So, whether you are moving from Calgary to your new home, or just want to invest in real estate, now is the best time to do so.
What are the best Canadian cities to invest in real estate?
The good news currently is that the Canadian economy seems to slowly turn back around. By stabilizing the economy, the Canadian real estate market seems a little more reachable. So much so that, there is an estimate that there will be around 702.000 properties on the market this year. Unlike the last year, where there were around 551.000. Needless to say, the COVID-19 pandemic had a huge saying in the housing market, as well as the economy of the country. Although many people forecast things or even hope for certain changes in the field of real estate, only time can tell where the changes will lead. However, this should not mean that you should not invest in real estate, you just have to find the right location. Household moving Canada services will help you relocate your items. You just have to find the right property to invest in.
Hamilton, Ontario
Smaller towns that are adjacent to larger ones represent the perfect choices for those that want to have the opportunities of a big city, but cannot afford to live in it. Well, not so much cannot afford, but this type of decision can help you save more money. Namely, Hamilton is a city that is 69 kilometers away from Toronto. With a car drive of just around 45 minutes, you can purchase a property in Hamilton, while working in Toronto, for example.
With the median home value of $1.015.000 for all home types, Hamilton represents a slightly cheaper version of Toronto. So if you are looking for an investment that will pay off, purchasing a home in Hamilton will surely do the job. The average condo price in the city is $607.000. Hiring Hamilton movers can ensure the item’s safety after you invest in a real estate property.
Vancouver, British Columbia
This is probably one of the best Canadian cities to invest in real estate mostly due to its popularity. Moreover, the city has a jaw-dropping mountain view on top of its renowned seafood. Furthermore, one of the biggest Vancouver advantages is the vast abundance of space that serves as a nature getaway for all the big city residents.
The median home in Vancouver is around $1.315.000. Moreover, the average condo price in the city is $807.900. The average townhouse in the city would cost around $1.100.000. The natural amenities and the amazing commuting system make Vancouver one of the most wanted real estate cities in Canada. If you do decide to invest in real estate here, make sure you contact Vancouver movers as well. They will ensure the safety of your items, while you deal with the real estate.
Windsor, Ontario
We are back in Ontario. This time, we are talking about the city of Windsor. Namely, Windsor real estate is one of the more affordable types of real estate investments. With an average family home value of $548.000; a Townhouse value of $417.500, and an apartment value of $343.500, Windsor is a very affordable option if you are looking to invest.
Shockingly enough, the price experienced a record-breaking increase of 44.7% in just one year. So, why invest in Windsor real estate? One of the main reasons is that it is much more affordable than other cities. The second important reason is that a lot of professionals are expecting the Windsor real estate market to start booming soon. Contacting Windsor movers means moving to a mid-sized city, with 250.000 people living in it. However, Windsor is the third fastest-growing city in Canada.
Canadian cities to invest in real estate that is worth the mention
Unfortunately, we cannot talk about all of the Canadian cities to invest in real estate. The three major ones we did discuss should give you a good idea of the state of the housing market in the country. Moreover, as you could see, the price varies vastly depending on the province you are looking to purchase. Essentially, this might be the most important thing you should consider. Knowing the province you want to invest in can help you do this much better. By eliminating the provinces or cities that will not return the investment, you can narrow down the choice you have. Whether you are in need of specialized moving services, or just regular moving, hiring a professional moving company will help you relocate properly. Once that is settled, you can work on your new property.