Property experts say that the year 2016 is best for investing in the property market in Canada. Properties in Canada are very high in demand. Here are the top reasons why.
1. Low-interest rates
If you buy a home in Canada this year, you can get a mortgage at a low-interest rate. So, buying a house will become more affordable. It is expected that in British Columbia, the economy will grow by 1.5 percent and the next year 2.5%.
2. Positive trend in property buying and selling
The Toronto and Vancouver markets are expected to produce records sales. If you can buy in the lowrise category, then you will expect more growth in this area. In the Greater Vancouver, the average home price increased by 20.56 compared to the previous year.
3. Market activity improves in spring season
Spring is a very busy schedule for the real estate market in Canada. Warmer weather encourages more activity in the real estate market. It is a great time to put up the ‘For Sale’ sign on your property.
4. Improvement in the tourism sector
The number of tourists to Canada is increasing day by day and the Okanagan is no exception. As such, the demand for hotels and resorts are high. If you are looking forward to earning some money, then invest in a good commercial property to build a nice hotel or resort. Or you can even tap the growing AirB&B trend and purchase an income producing property.
A great choice for a professional realtor in Kelowna or the Okanagan would be Annette Denk of RE/MAX.
Property investment in Canada is on the rise. Soon, you will find large international investors are investing in the Canadian property market.