For those looking for real estate in Canada, the first rule in navigating the country's real estate market is to know that the conditions are drastically different depending on where you want to look. While pricing and number of homes sold might be rising on one side of the country, it could be in serious decline in another. This article is to help those thinking of buying real estate in Canada, from those looking at Mississauga homes for sale to those wanting a cabin in the Rocky Mountains, to see the current market trends of today's Canadian cities.
Let's start with the good news. For those looking to settle down east, in St. John's Newfoundland especially, the real estate picture is very good. Housing prices are starting to rise and those who would rather the type of home you might find with charming Kingston Ontario waterfront properties rather than the colourful row houses that currently line the streets will be happy to hear that condo developments are on the rise. Housing prices have leaped up more than twenty percent in price over the last year. For those looking for something on the mainland, the picture is not as good but is not terrible. The number of homes being sold in St. John, New Brunswick and Halifax, Nova Scotia is decreasing but the housing prices are still slightly on the rise, increasing anywhere from one to two percent in the last year. Those working for the armed forces might have better luck selling a home in Kingston, Nova Scotia than those in Kingston, Ontario.
Ontario is experiencing some hard times in terms of real estate right now and Quebec is not far behind. Montreal held steady in the last year in terms of real estate prices but they are expected to drop in the coming year. Those looking for the help of real estate services to find their next home will be walking into a huge buyer's market. Housing prices are expected to drop as much as ten percent in the coming year before the recession has reached its bottom. The average resale home in Toronto is currently going for around $385,000, while homes in Ottawa are just under $300,000.
Moving to the prairies, the boom that residents of Saskatoon saw in the last couple of years seems to be coming to an end. The decline in home sales over the last year reached levels as high as twenty-eight percent. This is excellent for those home buyers looking for a good deal. While this area was looking at a seller's market a short time ago, favour has moved to the buyer. The same is true for real estate in Alberta, where prices have dipped as much as twenty percent. The average home price in Calgary is now around $370,000.
Vancouver is experiencing more of the same and so are Canada's territories, but at a slower rate. Those looking to purchase real estate in Canada for the first time are in luck in terms of the current prices. While sellers are being forced into some serious negotiations, those willing to work for a bargain can get themselves into that strata in Vancouver or cottage in Kitchener Waterloo real estate listings relatively cheaply. Those looking for a good investment should look to the east, all the way to the coast and beyond!
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