Real estate is a rapidly growing industry all across the world, and the scenario in Canada is no different. In fact, Canada has also often been referred to as the land of ‘Real Estate Opportunity’ by analysts, going by the latest real estate investment trends.
In case you are looking to invest in a residential real estate in Canada, here are some of the most affordable places to do so.
Affordable destinations to buy a house in Canada
Listed below are five of the most affordable destinations to purchase a house in Canada this year. However, this list is only suggestive of the choices available and is not exhaustive in any way.
- Salmon Arm: Located at around 18,000 east of Kamloops, this quaint town is the perfect place to buy a house for yourself for spending some nice and private time with your loved ones. The town of Salmon Arm is well known for the scenic beauty that it has to offer. It has many spots for tourists (such as the Three Valley Gap and the Shuswap Lake), and is excellently endowed when it comes to social and public amenities. The average property prices in this area range approximately around $428,500 and the most commonly purchased property includes small to medium-sized residential facilities for families. Voted in multiple surveys as one of the best places to reside in Canada, Salmon Arm certainly has its own charms which make it a very lucrative option when it comes to buying real estate in. Similarly, since the demand for property in high in Salmon Arm, so are the rates of return on the investment. In fact, the annual yields on real estate investments have been increasing over the past few years, which makes this town ideal for investing in.
- Russell: The township of Russell is located in eastern Ontario, which lies towards the south-west of Ottawa. Ranked as the ‘3rd best place to live in Canada’ in a recently conducted survey, Russell is a moderately sized town (199 sq. km approximately) and has much to offer when it comes to housing opportunities. The average property prices in this area are mostly around $ 419,900. The town enjoys good connectivity by road with the rest of the country and performs decently well it comes to the availability of social infrastructure and amenities- especially as it is only a 25-minutes’ drive from Ottawa. The town is also well-known for its safety and had ranked among the top 25% among all cities when it comes to the same.
- Tecumseh: Located in Essex County in the south-western part of Ontario (quite close to the Detroit border), Tecumseh is a small Canadian township. The average property prices in this area are around $ 426,500. The approximate population of this town is around 23, 00, and it is one of the most affordable places to settle down in when it comes to social security services, healthcare facilities, and connectivity to other nearby locations. Returns on investment are pretty high when it comes to Tecumseh, as property in and around this town has seen a rise in demand in the recent past.
- Weyburn: One of the most affordable and cost-efficient options for real estate investments in Canada would most certainly be Weyburn. Weyburn is located in the Saskatchewan region and is one of the larger cities on the list. It is a thriving city in terms of employment opportunities as well as tourism and therefore has seen a considerable amount of infrastructural development over the years. The average property prices in this region are quite low when compared to most of the other options mentioned above, and are around $ 258,000. Weyburn is connected to nearby areas via roadways as well as the train. This city was recently voted as the 5th best place to stay in Canada.
- Terrace: With a population of only about 11,500 people, Terrace is a city located in the vicinity of the Skeena River in Canada (situated along the north coast area). This town is an upcoming hub for business and different commercial services and has therefore been in high demand, especially when it comes to real estate options. The average property prices in this area are somewhere around $ 287,600, and the property available include both commercial and residential ones. Living in Terrace comes with its perks, which include smooth connectivity options, an excellent system of public amenities, and a moderate and windy climate all-round the year.
In case you are considering a home purchase in Canada, the above points will give you a brief overview of arguably the best locations you can check out before making a purchase.
When looking out for the same, make sure to check out the location, connectivity options, and social infrastructure available to better gauge how cost-effective your investment is likely to be.