Have you been considering investing in real estate? Now is a great time to take that plunge. While all investments carry risks, 2019 is a good year to invest in Canadian real estate. Here are a few reasons why investors are turning to Canada.
Selling Prices Are Down
Canadian home prices have been climbing at a rapid rate over the course of several years, but it looks like the market is finally adjusting itself. The average selling price has decreased by 5.5% over the last year, and additional declines are expected to occur before prices start going up again. In 2019, rates are expected to keep up with inflation by increasing by 2.7% overall. That means if you buy a piece of property now, it could be worth more by the end of the year. At the same time, you can acquire property for much less than you could in 2018.
The Economy Is Hot
A hot economy is always good for real estate, and it’s certainly hot in Canada right now. Canada ranks as the 10th largest economy in the world, and the demand for jobs continues to grow. People are moving to some of the biggest cities in the country to fill jobs, increasing the need for homes. If you own rental property, you can lease it out to make even more of a profit.
Multi-unit Properties Continue to Make Sound Investments
Canada is an ideal place to invest in multi-unit properties. The rising cost of housing has caused many people to rent, and that’s an investor’s dream. Multi-unit properties typically have better stability and give investors the perfect opportunity to put their foot in the door.
You don’t have to worry about the demand for rentals dropping, either. There is currently a rental shortage, and an influx in immigration patterns mean the demand will likely increase. If you can get your hands on this type of property, you’ll be laughing all the way to the bank.
What’s Your Reason for Investing?
There are so many reasons to invest in the Canadian real estate market. You might pick one of these reasons, or you might have a personal motive for getting started. Whatever the case may be, conduct an ample amount of research before investing so you will be ready to take on the challenges that come your way.