The increase in population count in Canada has brought about some drastic transformations in the realty market. The construction of homes is not catering to the demands of people for housing in the country. With more and more people migrating to the country from across the globe, there is an increase in the population count and subsequent demand for housing.
Low mortgage rates and higher employment figures have driven housing growth in Canada. The reason behind lower supply of housing units is because of skyrocketing demand which far exceeds supply. There is thus a prevalent need to cater to the new migrants to Canada in terms of quality housing. The sheer demand can be gauged from the fact that Canada has witnessed the lowest number of homes listed for sale in 12 years.
Key market trends worth noting
The lack of supply and a low number of homes on sale has eventually led to market values rising. Lower supply levels have inevitably increased demand which has led to higher prices of land, home and properties. Thus, Canadians looking for a home will comparatively have to pay a bigger sum than before. The urgent need in the Canadian housing market is greater supply of housing units and communities.
If you are interested in investing in land or property in Canada then it can be said that now is the prime time to do so. Since supply cannot meet demand at this point of time, your investment can be a major facilitator of a realty boost while there are major profits to be made in the market for investors at the moment. The Canadian Government is warmly inviting people from other countries to move to Canada and is also offering exclusive advantages for immigration. If you are planning to invest in a start-up then the realty segment is one of the best fields to invest in.
There are more to the immigration process and owning a start-up in the Canadian market. However, there are no hard and fast rules that only immigrants can come up with this idea of a start-up in the real estate market. If you are a Canadian by birth or a resident here, you could also start up with a real estate firm. Even if you cannot meet the entire supply crisis spread throughout the nation, you could at least play a vital role in vanquishing it in some parts of the land.
What else should you know?
The sellers of properties and land are definitely going to gain good values in several areas at the moment where prices have gone up considerably over the years. Cities like Ottawa, Halifax, Montreal, Toronto and Vancouver are receiving high demand for more condo and housing complexes. Thus, the sellers here are in a good position. Being the prime centers of the country, these cities witness a huge number of immigrants shifting here every year. Thus, the demand for housing continues to remain at higher levels here.
As mentioned earlier, depending on a future economic vision, the Canadian Government has taken measures by inviting people from other countries to initiate their businesses here. Of course, the government will definitely gain from the same in terms of an economic boost and higher employment. The economists of the country are taking a great deal of interest in the fluctuating market conditions of Canada in the realty segment. The question is whether the upcoming years will witness inflation or recession in terms of market demand and supply. It will be interesting to note in which direction the shaft will turn this time.
However, the Government will naturally look to come up with more housing projects in a bid to increase affordability and increase supply at the same time. The market is more tilted towards sellers at the moment who are looking to cash in on the higher value of their properties. The sheer demand in the market can be gauged from the fact that the listed homes for sale in Canada are at their lowest levels in a whopping 12 years.