Buying a house is a great deal. It affects everyone in your family and is usually a great and happy time in your life. Obtaining new property has always been pleasant, however, there are some places where it’s better to own real estate and somewhere it’s not so good. Check out the best places in Canada to buy a second home, and get ready to go home shopping.
Before you buy a second home
As we said, buying property is expensive and you want to make sure you got what you paid for. But there are some things you should consider before you run down to the bank for that loan.
1. Where do you want your second house?
it’s easy to say, right? “Somewhere on the coast, where I can swim” or “Somewhere in the mountain where I can sky”. Well, the location of your second house is crucial. It will tell you whether or not it’s worth it to invest in another real estate. Consider the best places in Canada to buy a second home.
2. How often will you go there?
It sounds nice to have a home in the Canadian Rockies, however, if you only go there for a week every year, the house will fall apart and succumb to the weather. Make sure you know how often you’ll go to your second home and hire someone to take care of it if you can’t.
3. What about the legal implications?
If you are from Canada, nothing to worry about. Just make sure you understand the tax implications of owning two homes. If you are an expat in Canada buying a house, you might want to check the laws. You should know if you need to pay an additional tax on the foreign property and what will happen to it once you die. What are your options for selling it later?
If you are coming from Europe or the US and need international movers in Canada, check what documentation you might need to purchase property in Canada.
4. Will it be worth your while?
Even though having a second home sounds lovely, it can turn into a nightmare pretty quickly. If you don’t pay attention to the taxes or maintaining your house, your dream home can turn into a bottomless pit and devour all your savings.
What are the best places in Canada to buy a second home?
A good place for a second home should meet some requirements.
- it should be safe – low crime rates
- it should have a higher or average median income
- best places in Canada to buy a second home have a low property tax
- it should suit your preferences and tastes
Now, this last one is crucial, and unfortunately, it means that the choice is subjective. If you do not agree with some of our selections, try to consider what a place needs to have to be perfect for you. It can meet our requirements or completely ignore them, however, it needs to suit you and your preferences and tastes. After you’ve decided you’ll need good and reliable movers Canda to help you out.
With low real estate prices and high job opportunities, this is a place where you’d want to have a second home. Property value has increased and vacancy has dropped since 2014. Seems like everyone wants to live here, so if Brampton isn’t to your taste you can always rent it out. But if it is, call your moving services Ontario straight away!
Prince Edward Island
Home prices on the island have gone up about 20% in the last two years. If this is not incentive enough to invest in a new home here, then consider the natural beauty of an island on the East Coast of Canada. If you like secluded areas and could use some time away from the chaos of the city, then call the long distance movers Ontario right now!
A bit opposite from the Prince Edward Island, Vancouver is a calm, low crime rate city with excellent suburbs where you can get a second house. One of the drawbacks, however, is that Vancouver has his property prices (maybe the highest in the country). In spite of this, this city is still one of the best places in Canada to buy a second home, since the property prices are going up. So, if you have a bit of buyer’s remorse a couple of years later, you can sell it back, and even make some money.
With a population of around 80 thousand and constantly growing, this city is one of the best in Canada for buying property. The prices are going nowhere but up, and the demand for living space is constant. Even though this may not be the best place to buy a vacation home and enjoy your pension in peace and quiet, this is a city where you can probably flip your second property and earn some money.
Known for tulips beautiful enough to match those in The Netherlands, this growing community has excellent opportunities for buying real estate. One of its drawbacks is the high cost of living. Unfortunately, houses for sale here are more expensive than the national average. However, its proximity to the mountains and the Fraser River makes it worth the cost. It’s one of the most beautiful and breathtaking panoramas you’ll ever see. Apart from all this, you can enjoy a multitude of water sports or other outdoor activities.
So, whether you’re buying a vacation home or trying to flip a property, it’s clear that Canada is full of wonderful places and good opportunities. These were our picks for the best places in Canada to buy a second home, but in the end, it’s only up to you. Decide what you like in a home and find an ideal environment for yourself.