One of the most rampant real estate industries is found in Canada. This explains why the real estate industry in Canada has attracted a considerable number of the foreign and local investors. The Canadian government recently came up with stringent mortgage rules that have sent shockwaves in the real estate industry.
With these strict mortgage rules, it is anticipated that the prices of the property are likely to decline within the first six months before starting to increase again. This is, therefore, an ideal time to buy a home in Canada. You will no doubt get the best deal when you buy a house during this period. This article looks at some of the places where you can purchase homes in Canada.
Prince Edward Island
Prince Edward Island is one of the best places to buy a home in Canada. In early 2018, the average price of a home in Prince Edward Island was $250,000 which is affordable.
The price has been on the increase because of various factors like the appreciation of land and inflation. If you want to relocate to another, place, you can easily rent out your home.
Greater Vancouver
The real estate in Vancouver is the most expensive in this beautiful country that is located in North America. The average price of a house in Vancouver stands at $1,500,000. However, the costs of the houses in Vancouver, just like the other parts of Canada or on the rise.
The prices of homes in Greater Vancouver typically rise by 10 percent every year. This means that this is a more significant investment opportunity, especially for the real estate companies. You can purchase property in this part of Canada and sell for a massive amount after five or ten years.
Victoria
The City of Victoria is located in the British Columbia state. The prices of homes in Victoria are costly as compared to areas like Prince Edward Island. The average cost of purchasing a home in Victoria stands at a whopping $700,000.
In the year 2017, the prices of houses in this city increased by 14 percent. This shows that it is equally a good area of purchasing property and later selling it when the prices have hit the ceiling.
Lethbridge
If you are operating on a fixed budget, then Lethbridge is the ideal place in Canada to purchase a home. The price of real estate in the Lethbridge which is located in the state of Alberta is lower than the national average.
The average prices of the houses in this part of Canada are approximately $300,000 which is much lower than the greater Vancouver. The rates of homes in Lethbridge usually increase by around 8 percent annually.
Greater Toronto
Last but not least, Greater Toronto is another area where you could consider buying property in Canada. The cost of buying a house in Greater Toronto is above the national average.
If you want to buy a house in Greater Toronto at the moment, you will need to have at least $800,000. The price of a home in Greater Toronto usually increases by 10 percent thereby making it a suitable area to invest.