The price increase in real estate investing in Canada market in the past two years can be described as staggering. Canadian Real Estate Association (CREA) shows that the average home price increased from $504,350 to $795,952 between January 2020 and March 2022. For example, home prices in Ottawa have increased on average 6.3% annually over the last 70 years.
The result? Most people are reconsidering where to live. Amid the unprecedented growth, some cities in Canada stand out as the places where one should invest in the real estate market.
Popular Canadian Cities for Real Estate Investing in 2022
If you plan to move or buy property in Canada, you need to find the best places for real estate investment. Some of the cities you should consider are:
Hamilton is the neighboring city of Ontario and has an excellent job market and various amenities. Residents and tourists enjoy a lavish lifestyle while loving the atmosphere of the Canadian city. Indeed, property values have gone up in the past years, but it is estimated that in five or ten years, Hamilton will be one of the hottest growing markets to invest in or buy in the country. As of April 2022, the average home price in Hamilton was $949,149.
Ottawa is the capital city of Canada, with a population of 1 million people. The city’s economy is strong, offering high income to its residents, with many new jobs created in the technology sector. Residential housing contractor has also been relatively robust in the past few years, as people who worked remotely in expensive regions like Toronto have decided to move to Ottawa. Current Ottawa listings indicate that the average housing price is $813,567.
#3.Vancouver, British Columbia
For years, Vancouver has been the top market to watch and invest in real estate. Investors and developers alike have always been optimistic, given the city’s solid economic outlook, jaw-dropping views, natural amenities, and excellent transportation network.
According to BCREA, the benchmark price of a home in Vancouver, BC, was $1,261,100 in May 2022. The truth is that Vancouver has always been this expensive and has long been considered one of the best places to invest. The pandemic has only amplified that. Other expensive yet safe bets to invest in are Montreal, Toronto, and Calgary.
#4. Edmonton, Alberta
Edmonton has recently become an ideal option for real instate investors due to its diverse economy, solid employment figures, and strong real estate economic cycle. The city is home to more than one million people, and it’s estimated that its population will increase to two million in the next 20 years.
Regarding housing prices, Edmonton is on the hottest real estate markets list. For a condo, you may need to spend around $200,000, a duplex $368,000, and a detached home $475,000. If you want to invest in the real estate market, you can get a great deal in Edmonton.
Since the 1960s, the city has been among the country’s top real estate markets. Thanks to its convenient location in the middle of Canada, Winnipeg is a vital shipping hub in North America. The city also has a new addition – a 40-story residential apartment tower that is the tallest building between Calgary and Toronto.
If you want to move to an affordable city, Winnipeg might be just what you need. The town has experienced a slow housing price growth compared to other major Canadian cities. Prices increased by 14% annually to $440k for a detached home and by 11% to $349k for an attached home.
Picking the Right Region to Invest In
While at the moment, Toronto and Vancouver continue to lead the country in terms of development and investment, every Canadian region is unique, with its own opportunities, benefits, and challenges. There are endless options when you decide to buy a property in Canada. Whether you are looking for condos, single-family houses, or duplexes, investing in Canada’s real estate market has always been a safe bet. It’s vital to find a place where you can build your career or have the best amenities to spend your vacations.
The housing prices are expected to moderate in 2023, so it would be best to keep an eye on the hottest Canadian real estate markets to ensure that your investment will be worth the money.