The year 2023 brought much insecurity. Due to the global pandemic, the world stopped, and a lot of new things happened. All industries have suffered changes, and no one could predict the trends that would follow. That’s why people are interested in the current situation in real estate. Canada offers some very interesting locations, so if you’re looking for a place to move or invest in, we’ve got your back. This is the guide to the hottest real estate markets in Canada. Read everything about the best locations to buy a home, as well as some tips on smooth relocation to this beautiful country.
Are you buying a home in Canada? Watch for these trends!
Before we go to the hottest markets in the country, there are several factors to consider first. Due to the COVID -19 global pandemic, real estate trends in 2020 and 2021 have been very different from everything we witnessed in the past. Therefore, we wanted to share some information about the current trends that are actually shaping the housing markets all over the country. Here’s what you should know:
- locations away from city centers are in higher demand – during the lockdown, people started switching homes in the city center for ones closer to nature;
- the prices have gone up – the current real estate market shows a steady rise in housing prices – about 5.5% in this year;
- low mortgage rates – to make sure the real estate market becomes busy again, the mortgage rates will probably stay low to encourage home purchases;
- single-family homes are favorite among buyers – at the moment, detached homes are the most popular option among buyers, even though they are more expensive than condos;
- people are renovating again – remodeling or buying new construction is a common dilemma among buyers. After a short break during the lockdown, people are again investing in renovation more, making older homes a better place.
Where to invest – the hottest real estate markets in Canada
Now is time to share the most popular property investment locations in Canada, making it easier for those thinking about moving to the Great White North.
The city that is one of the favorites among investors is undoubtedly Ottawa. Ottawa has experienced the highest gain even though the pandemic is still going on, so it is surely one of the hottest real estate markets in Canada. Despite the high price increase, the competition is quite strong. This makes it a bit difficult for first-time buyers, as the demand for homes is much higher than the supply.
Even though it’s not the biggest city in Ontario, Hamilton is one of the hottest real estate markets as well. This port city is the leading steel producer, which is why it is called the Steel Capital of Canada. Plenty of jobs attract many new residents from other towns. Furthermore, Hamilton offers quality activities for families, so it’s no surprise why so many of them want to live in this city.
When speaking about Toronto, the city itself doesn’t make a hot real estate location. However, the greater Toronto area has reached high numbers in terms of demand and home prices. These suburbs are perfect for those running away from the city center and families looking to settle and raise their families.
Ontario – Niagara region
Apart from buying a family home, there’s an area of Ontario which is very popular among second-home buyers – the Niagara region. The area is full of second home properties that are perfect for a vacation home. And with the global pandemic going on, secluded places in nature are most wanted. So, if you decide to purchase another property, think about this part of the country and find yourself a peaceful retreat.
Even though the city had trouble with the pandemic, the number of houses sold was booming. The most popular property type is a detached house, perfect for larger families and people who need more space when working from home. If you’re looking for an exclusive property, you can find it in one of the most expensive neighborhoods, such as Saint Luc/L’Acadie, Duvernay, Saint-Laurent, etc. Furthermore, the increase in housing supply can be seen in Soulanges Sud, Sainte-Julie/Varennes, and Fabreville. Each of these is unique and very popular among buyers.
Buying a home in Canada – the main tips
If you’ve decided on the location of your dream home, it’s time to start searching for the perfect property. Here are some tips on buying a home in Canada:
- follow the real estate trends, and pick the right moment to purchase a property;
- be sure of your budget and know how much you can afford;
- get all the details about all mortgage options so you can pick the best one;
- hire a real estate agent – trusting a real estate professional will save you a lot of time when browsing homes. Local realtors know the best deals and will provide you with the most value for your money;
- browse homes online, and then visit them in person – be sure to see a couple of favorite houses and check the property’s actual condition.
Browsing and purchasing a home is not easy. It often takes time and energy, but it definitely pays off in the end. Finding a perfect home in one of the hottest real estate markets in Canada will prove to be very satisfying in the end. You can watch your family grow in such a positive environment. Thus, a bit of effort is nothing compared to the results – making new memories in your dream home.