If you’ve been considering moving to one of the main cities in Canada, you may have been shocked by the price of real estate. Many experts are saying that property is overvalued, and that it is best to wait to purchase a property. However, there are some neighbourhoods in the big cities that have homes that are worth investing in, in areas that offer a great way of life. Keep reading to find out about some of these.
Photo by Stephen Downes
Whilst Vancouver’s real estate is amongst the most expensive in the country, the unemployment level is quite a bit lower than elsewhere in Canada, making it a good option for young people who want to get on the career ladder. East Mount Pleasant and West Mount Pleasant are two areas that are worth checking out. Both are in areas that are expected to see real estate price rises in the future, so could end up netting you a profit. They’re also conveniently located to the centre of Vancouver with SkyTrain links.
If you love the winter, Calgary is a fantastic option. The population here has been growing steadily, and many families are now choosing to make this city their home. Spruce Cliff is a great neighbourhood to check out, as many new condos and townhouses have been built here in the last decade. Alternatively, Varsity Village could be a good option, especially if you have a young family. It was voted the best community to live in by the Calgary media, and has plenty of green spaces that are ideal for young children.
Dubbed Canada’s sexiest city, Montreal offers something for everyone, as long as you can get a job. Whilst unemployment is higher here than elsewhere in Canada (currently 8%), town houses and condos in Montreal are a lot cheaper than in any of the other big cities. Rosemont/La Petite Patrie is a great place to check out. Located on the island, it’s a cheap place to live, yet is still close enough to the downtown area to be accessible. Another good choice is Saint Michel, where many new condos are currently being built, and purchase prices are up to $100,000 less than elsewhere in the region.
Whilst Toronto’s property is amongst the most expensive in the country, experts believe that house prices are set to continue rising, so it’s definitely a city that’s worth investing money in. Wychwood is one area that is worth looking for property in. Nestled between two of the city’s most expensive neighbourhoods, there is a lot of inexpensive housing on offer here. Transport links to downtown Toronto are numerous, as is green community space. The Yonge-St. Clair neighbourhood is another great option; the average house costs around $1.1 million, but prices are increasing so an investment will be worthwhile. Yonge-St. Clair is also home to many great restaurants, and excellent transport links.
Although property in Canada’s cities is more expensive than in the rural areas, the neighbourhoods mentioned above are worthwhile investments.