If you’re an investor looking to get into the real estate game, you may be torn about whether now is a good time to buy a property and whether you’ll be able to get it at a good price. It’s no surprise this is a when you keep hearing media reports about the price of housing going up.
To help with your decision, MoneySense magazine came up with its Best Deals in Real Estate 2015 rankings, which could help you decide where you should buy.
The rankings look at a couple factors including the property’s value, housing price momentum, rental income potential and the city’s local economy. It also took into account the opinions of local realtors within neighbourhoods and their thoughts on neighbourhoods they’re familiar with.
Based on this different criteria, find out where real estate investors could find the best deals in real estate:
5. Edmonton, Alta.
During the past few years, Alberta’s booming economy encouraged the growth of its housing market. Edmonton’s residents boasted discretionary income levels of $49,369 in 2014, but the results could be very different with this year with the drop in oil prices. In 2014, the average price of a home in Edmonton was $362,244 with prices appreciating by 3.6 per cent over five years. Investors will like the average five-year rent increase of 21 per cent and the low rental vacancy rate of 1.7 per cent.
4. Brantford, Ont.
With Hamilton’s housing market booming thanks to its close proximity to Toronto, investors might consider buying property in Brantford, which is slightly southwest of Hamilton. The city boasted an inexpensive average housing price of $275,622 in 2014 with five per cent price appreciation within five years. The average rent has gone up by 14 per cent within five years and the city has a low rental vacancy rate of 2.3 per cent.
3. Barrie, Ont.
Some people who find it too expensive to buy a home in Toronto might consider buying property in Barrie. With an average housing price of $338,624 in 2014 with a five-year appreciation rate of 5.7 per cent, properties in the city may be a good place to park your savings. The city also has a low rental vacancy of 1.7 per cent and the rent has gone up by 16 per cent within the last five years.
2. Calgary, Alta.
While Cowtown boasted a higher average home price compared to the other cities of $459,980 in 2014, the city’s residents also enjoyed higher salaries. Properties in Calgary climbed in value by 4.6 per cent within five years. The city’s properties also have good rental income potential with vacancy rates of 1.4 per cent and an average five-year rent increase of 22 per cent.
1. Thunder Bay, Ont.
It may come as a surprise to some people that Thunder Bay is considered the city with the best real estate deals in the country. With an average home price of $208,705 in 2014 and property that has seen a whopping appreciation of 8.5 per cent, the property is affordable and its value has quickly grown within the last half decade. The average five-year rent has also gone up by 21 per cent thanks to an influx of more medical professionals coming to work in the city and more students studying in Thunder Bay.
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