First-time buyers are finding more housing options in Canada, particularly in the form of new and upcoming cities which are transforming into residential hotspots. In spite of sustained price growth across major cities like Vancouver and Toronto and other parts of the GTA (Greater Toronto Area) on the back of spiraling demand and economic growth, there are still areas which offer plenty for the budget-conscious first-time consumer.
Here’s looking at some of the upcoming Canadian cities that could become major housing destinations in the near future.
Key emerging housing hotspots in Canada
- Windsor (Ontario)
Windsor is a fast-growing city in Ontario and did not have a flourishing real estate market in the past. However, things are steadily changing with the local administration’s efforts to boost infrastructure. The city is on a major rebuilding curve and is steadily becoming a preferred pick for first-time buyers due to its comparative affordability. As per reports, this is the best place to purchase property in the nation from the cheaper price standpoint. Windsor is also striving to draw more investments from businesses.
FCA Canada has already confirmed that it will be investing approximately $355 million for a new assembly plant in Windsor which could save several jobs while creating more employment opportunities. The city has also witnessed the lowest rate of unemployment in recent times while development proposals worth a staggering $100 million were given approval for community improvement initiatives in the downtown core area including a condo project spanning 120 units. Average home prices have reportedly gone up by approximately 20% on a year-on-year basis and touched $322,109 in February, 2019. Construction levels have also increased for new homes which is drawing more retirees from areas in the GTA.
- Mission B.C.
Mission B.C. has been ranked as one of the best places to stay in the Greater Vancouver zone which is quite affordable for homebuyers. Homes here are reportedly 70% cheaper as compared to prices of homes in Greater Vancouver. Prices hover around the $822,100 mark as per recent reports. The area offers a serene ambiance on the northern bank of the Fraser River with views of the lovely Abbotsford area. B.C. offers city facilities and an hour’s commute will offer access to Vancouver which is a major urban hotspot.
- Gatineau, QC
Gatineau is a great choice if buyers seek homes located in proximity to the capital of the nation. It is just across the river from the city of Ottawa where the average home is priced at approximately $400,800 while homes here are priced at an average threshold of only $269,447 in Gatineau. Sales figures have grown by more than 6% last year for homes here with 1,469 transactions recorded, making the locality the second-fastest growing market for housing in the Quebec region. Property values have also gone up by around 3% (year-on-year) in 2018. The commute to Ottawa is quite convenient and there is abundant social infrastructure nearby.
- Winnipeg (Manitoba)
Manitoba’s top pick is naturally Winnipeg which has seen average housing prices touch $302,777. Even though prices have increased considerably in recent years, they are still lower as compared to B.C. and Ontario. Winnipeg had an excellent Q3 2019 as per reports in terms of home sales and new records were set for sales figures throughout July, August and September this year. There is a healthy number of listings available in this region along with attractive rates of mortgages. Higher levels of inventory have also contributed towards keeping home pricing at more affordable levels.
These are the top upcoming Canadian cities which are more favourable for first-time homebuyers looking for quality, pocket-friendly housing units with reasonable commutes and decent infrastructure.