Is It Still Worth Buying a House in Canada?
The homeownership rate in Canada is approximately 66%. Most Canadians who do not own a home rent a house, apartment or suite from a landlord or real estate agency.
In this post, we’ll look at the many reasons to buy property in Canada, from security and stability to the potential for a high return on investment, but there is bad news for foreigners. Continue reading…
Canada is one of the safest countries in the world. The political environment is calm, and violent crime and internal conflict are rare or non-existent in most cities.
Canada is safe and one of the most peaceful countries in the world. Toronto, Calgary and Quebec City are consistently ranked among the most livable cities in the world (according to the World Population Review).
Respect and admiration for each other’s diversity, not just tolerance, is at the heart of Canadian culture. And it sends a powerful message to other world leaders, immigrants and others that mutual respect and courtesy are paramount.
It’s not hard to find tranquil landscapes in Canada; every province and city has its own favourite spot, whether it’s a park, a campground or a historic site.
You don’t have to travel hundreds of kilometres to visit a beautiful lake, camp in the woods or climb mountains. In Canada, there are plenty of opportunities for recreation and relaxation.
High quality of life
Canada leads the way in terms of quality of life and social purpose. It is also considered to have a strong labour market, respect for human rights and a commitment to social justice. In addition, the country ranks first in the absence of corruption and protection of property rights.
Rising home values
The value of homes in Canada is rising rapidly, and it is now everyone’s ambition to own a home before prices soar. The housing market in Canada continues to grow due to various factors, including an improving economy, population growth and migration to larger cities. Owning property in Canada is always a wise investment, especially for those who want to sell in the future.
A sound investment
Everyone should consider buying a home as a long-term investment. The real estate market is one of the most lucrative investment opportunities in the world, especially for those who take risks. You can always be sure that you will be exposed to minimal danger and that your investment will quickly increase in value.
Bad news for foreigners!
A ban designed to combat the shortage of houses and apartments in the country. Foreigners can no longer buy homes in Canada as of January 1 and for the next two years. Exceptions are made for refugees or permanent residents, and the law applies only to city residences and not tourist structures, such as summer cottages.
Prime Minister Justin Trudeau proposed this measure during the 2021 election campaign. It was passed in the spring. His Liberal party had complained that foreign investors were driving up prices, making it more difficult for Canadians to own a home.
However, according to the national statistics agency, some experts doubt that the measure will be effective since foreigners represent less than 5% of homeowners in Canada. They believe it would be better to accelerate the construction of new housing.
Topic to follow in 2 years…