Canada’s real estate market is divided into two sides. On the one hand are Vancouver and Toronto markets which have seen steep growth over the past few years. The rest of country is on the other side of the Canadian real estate market story which is facing challenges unique to every region. The Toronto and Vancouver markets have been growing at an unprecedented pace owing to the strong economies, increased migration and foreign investments. High demand for housing combined with a lack of adequate supply has led to affordability concerns in these markets. Despite these concerns, the Canadian real estate market offers excellent opportunities for savvy investors and developers.
The Market Sentiment
Many buyers are actively seeking investment opportunities in the Eastern Canadian market. Cities like Toronto, Quebec, and Montreal seems to be the primary beneficiaries of this shift. Calgary is still trying to come out of the adverse impact of the downturn in the oil sector. The real estate market in While Edmonton has softened as the downtown redevelopment and different infrastructure projects has mitigated the risk generated from the oil sector. Halifax is witnessing a sharp increase in demand for condos for sale. Investors in Vancouver are waiting to see the long term impact of 15 percent property transfer tax on foreign buyers levied by British Columbia’s government. Many experts believe that after an initial slow down the market will soon return to the normalcy. Others suggest that the savvy investors and developers will focus more on Toronto’s market.
The Affordability Factor
Due to a sharp rise in urban populations, the demand for mixed-use developments that combine more than retail and residential has increased significantly. Therefore, the developers are getting into strategic partnerships to develop integrated townships to give the feel of the better neighborhood to its customers. Since the cities are investing more in transit infrastructure, the demand for such properties will continue to grow.
Currently, housing affordability is a major concern for many Canadians. Therefore, many prefer to rent rather than buy a house despite having the capacity to make a purchase. In fact, many retirees also prefer to rent a luxury residence than buying a home. This has led to the unprecedented development of purposely-built rental houses by developers.
The Technology Factor
Technology has played a crucial role in the transformation of real estate industry. It has resulted in a change in buyers’ preferences which are seeking for higher energy efficiency and green and sustainable products for their homes. The major stakeholders such as end users, developers, investors, and owners are quite confident that the real estate market in Canada will be stable in next few months and offers significant opportunities to savvy buyers. There might be a temporary pause in Vancouver and Toronto housing market. However, overall Canadian real estate market will continue to prosper in the foreseeable future.
It is right time to enter the market
If you are an investor or end user who are looking to buy affordable houses in Canada, then it is the right time to enter the market. A quick search on Google will give you a random idea of pricing and recent trends. For instance, type queries like ‘get me some house for sale‘ or ‘condo for sale,’ and check out a few results from authentic sources. It is advisable to visit a few properties to check out the amenities and neighborhood before making up the mind for a particular location.