What Are The Best Places To Buy Property In Canada?
Blog by Ray Smiley | January 17th, 2015
There are many districts and cities in Canada that are expecting their real estate prices to continue to rise in the years ahead. Regardless of short term cycles where prices fluctuate, there are those neighborhoods where the demand for property will continue to outstrip supply in the long term. This is based on factors such as number of job opportunities in the area, access to excellent public health care services and of course, proximity to top performing public education schools.
The state of the market
What are the prospects for making a good purchased in Canada today? In recent years, the opinion of international economist that has been widely reported the prospects are not good as corrective housing pricing crashes take their toll of the property market. Local analysts often sway from positive to negative opinions sometimes talking about gloom-and-doom and then describe the likelihood of soft landings. What is the prospective home buyer to do with these contrary reports? One positive feature is that in the past 18 months, the Canadian market is stabilizing and moving towards recovery.
Smart buying techniques
The first piece of advice is to not rush into the property market and take time to do your research. Don’t forget to consult with professional real estate agents to take advantage of their in depth view of the market. Some of the important information that will help you find home at an excellent price is not in the public domain or you are going to have to dig deep to find it. Take time to view the local real estate boards to get familiar with districts and locations this will also let you get with the prices for real estate that are being asked for in general.
Best value neighborhoods
Yes, they are out there you just have to find them. Start by identifying neighborhoods where home prices appear cheap compared with other nearby areas and the city in general. Now ask your real estate agent about momentum, this is the price change that has happened and what is expected to take place. A good real estate agent should be able to have access to one year and three year price valuation statistics that in some cases was not previously available. Pretty soon, you will be able to build up a detailed picture of which city districts that are reporting the fastest rising home prices.
Just because prices have been rising doesn’t mean that they will continue to do so. For this reason it is important to get back to your real estate agent to understand what factors in these districts will keep prices rising in future years or may check them back.
Plans and developments
There are many intangible factors that may be driving up prices in certain districts, as an example schools in the area could be reporting improving results that are making being in their catchment area more attractive to parents, or businesses are being opened locally that are looking for staff. Then there are the bigger factors such as the opening of an extension to transit lines arriving in the district allowing for shorter journey times to other parts of the city.
The construction of a sports arena and sporting facilities will improve the value in a district, a university that has decided to build a new campus will not only benefit parents who are looking for options for their older children to continue their higher education. University developments are particularly interesting as not only do they increase the facilities for existing residents but they also bring a steady flow of students looking for accommodation to either rent or buy.
Just by viewing a property, you will only get a snap shot of it and the district it is in. There is far more that you should try to find out that could be summed up as the districts mood. Clearly the local crime rates in the district are important and such aspects as burglary, car theft and street crime should be taken into account. But there are other factors, for example how strong is the local community? Other questions to ask include:
• Are there clubs and associations that you can join?
• How good are the libraries and public sport and recreation facilities?
• How good are the local services provided by local government?
• What value will you get in return for the payment of your local taxes?
Caution is required
As any well experienced real estate agent will point out, no investment in property is a cast iron guarantee that real estate prices will guarantee to continue rising steadily. For example, a planned large scale development that has driven prices up could be cancelled having a negative effect. However, by being able to list a number of positive features in a district can allow you to build a tapestry of positive marks that means that if one or two no longer count in the future, the district will still be seen as attractive to potential buyers that makes your property very desirable.