Buying real estate is almost always a good idea. The only real “issue” is which city to buy property in. There are some which have better conditions than others and some which are perfect for such an endeavor. So, before you call your reputable movers in Canada, make sure you check out our list of the best cities in Canada to invest in real estate.
What should be considered
When making a list of the best places to invest in real estate, we took into account several factors:
- home costs – the foremost, but not the most important factor. We want the cheapest possible property rates. This doesn’t mean that a place with very expensive homes is bad. The most important factor is the ratio of the costs, taxes, and profitability.
- home taxes – once again, high home taxes don’t necessarily mean that a place is bad for investing in real estate. Likewise, low taxes don’t equal a place good for homes.
- profitability – to put it simply: can your property make it worth your while. If you’re moving in there, how soon until you relocate or have to renovate. Also, if you’re planning to resell or rent out, how much can you charge, and what is the renting potential.
- stability – not the most relevant of factors in today’s time, but if you’re planning to keep your property for a long time, you should choose a stable and secure environment. We’re not only talking about the financial stability of the city, but also the region. It’s good to have a stable place when you invest in real estate.
We should mention that apart from these factors we also included some of our own personal preferences. Even though they may not completely suit you, there are a number of cities on the list which will be perfect for anyone and to everyone’s liking. And, finally, if you don’t like our top choices, there should definitely be some locations to your liking on our honorable mentions list. Keep in mind that before you decide to buy any property in Canada you should familiarize yourself with the property tax in Canada.
The best cities in Canada to invest in real estate
1. Prince Edward Island
The low real estate prices make this an excellent place invest in real estate. However, you should do it soon, since, unlike the rest of the nation, the property costs are going up on this island. Even though the prices are rising the average home price here is around 205 thousand dollars. This makes your island home very affordable. Apart from this, you can report the property as a vacation home and reduce the taxes. Unless you want to move in and spend the rest of your days on a beautiful island. In that case, call one of the long distance moving companies Canada and schedule your relocation today!
This city in British Columbia is often referred to as the Canadian capital of youth. Young adults come from all over the country and the entire world to live here. So, this makes Vancouver one of the best cities to buy property in. If you are a young adult and want to move here to find job opportunities, you’re going to make the right choice. The prices are low and the tax is ok compared to median income. On the other hand, if you’re buying a property to rent, this city offers an endless supply of tenants which is bound to increase your income!
The real estate in this city offers excellent investment opportunities. The average property cost has risen by 20.6% in the last 2 years which means that investment here is bound to come back. Even if you’re from another country, you can call the best international movers Canada and have them help you relocate to Peterborough.
4. St. Catharines, Niagara
Even though the average house costs are not the lowest in the country, average home income is on the rise by almost 5% each year. This place is obviously expanding and prospering at a good rate. Apart from this, it’s close to Niagara Falls, which means that any property here is very rentable.
5. Toronto is an amazing city to invest in real estate
Probably the best city for buying or investing in property. Every property here is very rentable which will return your investment sooner or later. Also, this city is a great place for relocation. Even though the home prices are a bit on the high side (around 700 thousand), the average income is also big. This generally evens out the playing field. Also, this is a very stable and secure environment. Apart from the financial stability, this city also has a very low crime rate for a city of its size.
6. Bonus city: Sudbury
The city of Greater Sudbury deserves the bonus place on our list because of its affordability, stability and the fact that it’s been thriving for the past decade. If you want to check out this city call your moving and storage Ontario companies and ask for relocation to Sudbury.
Finally, we come to our honorable mention. Please remember that some of these cities may be perfect for you, even though they are not on our main list.
- Durham Region
These cities also have a lot in common with the ones on our list. They have a good ratio between average income and average home costs. Apart from this, they provide awesome opportunities for renting and reselling. Also, if you invest in real estate in any of these cities you won’t regret it! Finally, we wish you luck with buying your new home in Canada.