The housing industry in Canada, especially in areas like Vancouver, has seen its ups and downs in recent years. This year, though, things have started to look up—so far—as data points to an increase in the number of units sold and average cost of homes and condos. The surge is attributed by experts to the growing number of overseas investors, particularly Asians, who are buying houses and condos for sale in Vancouver, as well as in other key cities in the country:
“In January, 41 homes and condos worth more than CAN$1million were sold in Calgary through the Multiple Listings System, 21% up on last year and five at more than $2million. The previous record of 36 sales was set in 2007.
Average property prices rose by 5.09% annually to CAN$462,167, with average house prices up 4.9% year-on-year to CAN$520,686 and average condo prices up even more, rising 14.4% year-on-year to CAN$339,857, according to data from the Calgary Real Estate Board.
William MacDonald, Project Manager with luxury Calgary developer, Heritage Pointe Properties, says international migration and foreign investment is contributing to the strength of Alberta’s economy and the housing sector.”
The rise in prices is caused by revitalized consumer confidence, rising stock markets, and shortage of availability, which poses a problem for local investors. With the competition getting stiffer, prospective home and condo buyers need some assistance from experienced and reliable realtors who are knowledgeable when it comes to the ins and outs of different cities in Canada.
These professionals also use MLS listings to provide a more specific search for prospective investors. Moreover, they take time to sit down with their clients to get a feel of what the latter are looking for in houses and condos.
Another advantage of having dependable realtors by your side is receiving their guidance when it comes to calculating mortgage and preparing for it. Realtors like Jean Séguin of Vancouver Canada Homes also provide mortgage payment calculators to give clients an idea of how much they are going to pay for the houses and condos for sale in Vancouver, BC they wish to purchase.
No matter how tough the search may get, with the right people who offer the best real estate tools and methods, finding a home in Canada is bound to get easier.
(Source: Record Canadian Prime Property Sales Boosted by Foreigners, OPP Connect, February 3, 2014)
