Owning a home can be quite thrilling, yet it is not always the best decision for everyone. Before you decide to buy a home in Canada, ensure you have carefully considered the cost estimation and read through the paper works.
Canada ranks top among the sought-after countries when it comes to real estate. Canada’s real estate industry attracts several local and foreign investors. A budget and proximity are important when trying to procure a house. Also, you might want to consider job prospects, populations, and amenities, among other things when hunting for a house.
According to Canada Mortgage and Housing Corporation (CMHC), before you can procure a home, your monthly housing costs like mortgage payments and the bill should not be over 30% of your gross monthly income. Also, your gross monthly debt load like your mortgage payments and all other debts should not be over 40% of your gross monthly income.
With the new mortgage rule established by the Canadian government, it is projected that the prices of properties might decline within the first six months before commencing to surge again. If you are thinking of procuring a home in Canada, it is time to give it a shot. Below are the lists of the best places to buy a house in Canada in 2020.
Toronto is the action hub of Ontario, although the city is the priciest place to procure a house due to its proximity to major cities, quality amenities, job opportunities and increasing value of the land. The cost of procuring a house in Toronto is above the national average. The average price of a house in Toronto is $828,200. Note that prices depend on the size, amenities, location, state of the house and if it a townhouse, apartment or a detached building.
Before finally deciding to buy a house in Toronto, it is advisable to weigh in your options. If you are rarely around it is best you rent a space rather than buy a house. Toronto is relatively expensive to live in, and you do not want to pill up bills while you were away. On the other hand, once you procure a house, it is yours for life except you decide to sell if you choose to relocate. Then, it is even more profitable as houses in Toronto appreciate.
With a strong economy and growing population, Vancouver remains an exceptional place to buy a house. Acquiring a home in Vancouver is a decision that should be thought through; there are many factors to be considered while searching for a good house that ticks your boxes. So far, West Vancouver and North Vancouver are still the most expensive cities in Vancouver. An average house price across all housing types is at $2,311,102 and $1,264,530, respectively.
Meanwhile, Surrey and Langley are still the most affordable cities in the lower mainland of Vancouver. In Surrey, an average home price is $741,197; a condo goes as low as $387,352. While in Langley, the average home price is $752,016. Overall, the average price of a house in Vancouver is $1,008,700.
Looking at the housing market in Vancouver, the long term trends remain bullish.
Ottawa is a safe, quiet and accommodating city in Canada, it has strong economic growth and an active housing market. Migration from other cities from people looking for a more affordable housing rate has helped Ottawa’s population. With so many activities ongoing in the city, job availability remains a major problem. So if you are thinking of relocating and buying a house in Ottawa, consider getting a job first.
Notable, some developers are building townhouses instead of the conventional detached house, townhouses are a bit pricey. Before deciding to buy a house in Ottawa, consider the kind of house you want. Depending on your location in Ottawa, renting an apartment is about $700 to $1400 monthly or higher. The cost of living in Ottawa is above average, groceries and eating out are a bit more expensive in Ottawa. The average price of a house in Ottawa is $447,000.
Halifax is a tranquil and safe city to live in. Due to the growing populations, the demand for homes is on the rise, especially purpose-built rental and single-family housing. Halifax is affordable to reside in; an average monthly expense for a single person without rent is $861.43. The average price of a house in Halifax is $331,098.The city’s economy has been on a steady upward move, this is good news as it has paved ways for more job opportunities.
Montreal has a variety of housing options available to people looking at buying a house. Montreal is an active city, filled with culture, history, picturesque landmarks, and accommodating people. The city is quite affordable to live in with an average single person’s monthly cost of $1,006.30 excluding rent. The best time to buy a house in Montreal is when you are ready and pre-approved.
There are a variety of options to choose from during the spring market; also have in mind that moving is less stressful during summer. Home prices are affordable with an average home price of around $383,800. The condo market in Montreal is the most sought-after apartment because is it less expensive and attractive to young people.
Lethbridge is a beautiful city, relatively affordable and safe. It is an ideal location to buy a house if you are on a strict budget. Lethbridge is a thriving city with several job prospects and amenities. The city has two post-secondary institutions, over 70 parks, and several walking trails. Lethbridge ranks as one of the safest cities with the lowest cost of living ranging from $40,000 to $150,000.
It is the commercial, financial, transportation and industrial hub of southern Alberta. The city’s economy is booming steadily, offering residents a good and affordable life. Houses are cheap in Lethbridge; it is lower than the national average. The average price of a house in Lethbridge is around $300,000.