Many people consider a move to Canada due to cheap housing rates. In recent years the Canadian dollar has strengthened which means new advents has very low purchasing power. House prices in major cities of Canada are much higher than those in small towns and cities.
What do you need to know?
If you are looking for mildest weather in Canada, you may need to pay more than the others as the rates on the west coast are higher. However, if you cannot afford such high price, you can go to the places where the weather is relatively cold like in Manitoba. You can find more on the lowest and highest house prices in Canada here. Also check the average price for each and every city in Canada here.
Due to strict Canadian mortgage rules, house prices were modest in 2011 and 2012. Then in 2013-14, prices began to accelerate and in 2015-16, the house pricing market hit the heights. If you are looking for a cheap house in Canada, you may consider cities like Vancouver and Toronto.
For your convenience, you can check the top 10 most expensive and top 10 least expensive cities in Canada here.
Home is a vital part of everyone’s life and everyone tries to have the best one. Buying a home is an exciting phase but at the same time, it can be challenging as well. According to a survey of CMHC (Canada’s National Housing Agency), almost 250,000 people come to Canada each year and if you are one of those newcomers, there is a challenging task ahead for you.
Just follow these steps before buying a house in Canada:
Real cost of house
As a new buyer, you may not be aware of the actual price of the house. There are three types of prices for a house:
- Upfront cost
- Ongoing cost
- Major Repairs
You can learn more about types of house prices here.
Are you ready to buy a house?
Buying a house is not easy at all. So before making such a big decision, you need to ask following questions from yourself:
- Are you financially stable?
- Are you ready to give proper time for house maintenance?
- Do you have enough finance management skills?
- Do you have knowledge of all types of house prices?
How much can you pay?
Affordability is one of the major factors in buying a house in Canada. Have an estimate of how much you can afford. If you can afford well, plan to buy a house where the weather remains mild in Canada.
Affordable, what to do next?
Now you have figured out that you can afford a house in Canada, what to do next? Consult a counselor and manage your financial situation. Figure out where you can save money. And at last, save some money for larger down payments.
There are few places in Canada which offer affordable housing prices. You need to measure budget accordingly and then go for the house which is in your range. Another factor that you should keep in mind while buying a house in Canada, is the severe weather conditions. Places, where the weather remains mildest, are more expensive.
So if you are looking to buy a house in Canada, keep in mind the factors mentioned above and then proceed – make sure to also consult us for mortgage advice.