Buying a home in Canada is beyond exciting. You get to own a piece of land and turn it into a fantastic home for yourself in one of the fastest-growing countries on Earth. But, unfortunately, many don’t know everything that’s happening in the Canadian housing market or what they should watch for.
These are the top things to consider before buying yourself a home in Canada!
What the Current Housing Market Is Like
Since the beginning of 2020, the housing market has grown by over two trillion dollars. Canada is firmly in a seller’s market, with far more people aching to buy homes than properties available.
This has skyrocketed the cost of homes, leading to a 16% rise in 2020 and an even higher rise so far in 2021. If you already own property here, that’s fantastic because it means you may have a profit on your hands. Otherwise, you may quickly realize that you’ll be dropping a lot more on a home in Canada than you’d expect.
Where You Want to Live
What type of weather do you want? In Canada, there’s a large range of different environments, from the warmer western coastline to the freezing central and eastern provinces.
Consider what weather and climate would make you the happiest. Almost all of Canada has mild summers, so you have to decide how much winter you can handle.
How Are the Homes Valued
Canada’s homes are some of the most overvalued in the G7, especially when it comes to renting. The house price to rent nation in 2020 was the highest of any G7 country, meaning that landlords are getting back far more than their property is worth. Read more about silver city Islamabad.
If you’re a landlord, this may sound like awesome news, but if you’re considering renting until you can afford to buy St. Albert real estate, this could set you back by years since you’ll have to put more money into your monthly expenses. Over time this may decrease again, but nothing currently shows any projected drops in cost.
Where Can You Get Paid the Most to Work
Many are working around the high price of properties by moving to areas where they’re guaranteed to be paid more. For example, Vancouver is the highest paying city in the country, with the minimum wage almost double the national minimum wage.
This is fantastic because although housing is pricey here, the disproportionately higher pay makes it far easier to afford. Unfortunately, most high-paying jobs are severely skill-oriented and need you to understand the technology and have an education in a tech background. You can still find good-paying jobs without this, but it’s the top-paying job market in the city.
How Much Space Do You Need
It’s no secret that more land means more money you have to spend. Think about how much land you need to keep yourself and your loved ones happy.
If you live alone and have no interest in having kids, a condo saves you from having to deal with a large property, while on the other hand, families are more likely to need a lawn.
