Property in Canada
A strong domestic property market and an ever-increasing expatriate community are combining to create a solidly growing housing market that should make for dependable long-term investment. And with Canada hosting the 2010 Winter Olympics, the next few years could see plenty of prospecting in Vancouver and Whistler, in particular.
Prices for Canada Property from £50,000
Key facts
- Population: 33,098,900
- Capital: Ottawa
- Approx. exchange rate: £1 = $1.97; €1 = $1.47
- Visas: Yes
- Time difference: -3.5 (Newfoundland) to -8 GMT (Vancouver)
- Flight time from UK: from 5 hours
- Major airports: Halifax, Montreal, Ottawa, Toronto, Vancouver
- Dialling code: 00 1
Property in Canada
The Market: Olimpics raises the bar
Over the last few years, while investors have been gunning for potential big returns in the emerging markets, Canada has been quietly going about its business of providing steady annual gains. “Canada’s property market has been ticking along like a well-tuned engine, posting average annual price increases of five to ten per cent over the past three years,” says Kate Pernacchio of Imoinvest. “In many respects, Canada is a model property market where demand and supply are in balance.”
With low interest rates, high employment and affordable prices fuelling a steady demand for property, Canada’s market looks pretty stable. And this stability, plus average house prices of only £92,000, makes it a tempting option for Brits looking to find solid gains rather than gamble on quick profits in emerging markets. “The types of property being sought by most Brits are houses and lots, followed by condos and farms,” says Pernacchio. “It’s an ideal hunting ground for those seeking a holiday home, particularly given how cheap it looks compared with the UK.”
But it isn’t just holiday homes that entice overseas buyers. The major cities offer tempting buy-to-let options. “In St-Laurent en Bas in Montreal flats go for around £110,000,” says Pernacchio. “Property bought as buy-to-let could bring in an estimated £1,862 in monthly rent in the summer months.”
"The 2010 Winter Olympics is sure to give a big boost to the buy-to-let theme, as Vancouver and Whistler come under the global spotlight. Major roads around and between the towns are being improved, while almost Canadian $2bn is being spent on a fast transit train line linking Vancouver airport with key Olympic sites. Those who invest in property today can expect a steady growth in rental income in the medium term; conducting thorough research now into which areas of Vancouver will benefit most from 2010 developments, and which parts of Whistler are most attractive for short-term tourism, could pay big dividends further down the road, slope or ski run!.
