OFFPLAN NEWS

(05.07.2007 )
Canadian properties Canadian Market: Solid as a rock

Over the last few years, while investors have been gunning for potential big returns in the emerging markets, rentals property in Canada has been quietly going about its business of providing stead annual gains. “Canada’s property market has been ticking along like a well-tuned engine, posting average annual price increases of five to 10 per cent for the past three years,” says Kate Pernacchio of Imoinvest. “In many respects, Canada is a model property market where demand and supply are in balance.”

With low interest rates, high employment and affordable prices fuelling a steady demand for property, Canada’s market looks pretty stable. And this stability, plus average house prices of only £92,000, makes it a tempting option for Brits looking to find solid gains rather than gamble on quick profits in emerging markets. “The types of property being sought by most Brits are houses and lots, followed by condos and farms,” says Pernacchio. “It’s an ideal hunting ground for those seeking a holiday home, particularly given how cheap it looks compared with the UK.” But it isn’t just holiday homes that entice overseas buyers. The major cities offer tempting buy-to-let options. “In St-Laurent en Bas in Montreal flats go for around £110,000,” says Pernacchio. “Property bought as buy-to-let could bring in an estimated £1,862 in monthly rent in the summer months.”

Immigration too is creating hotspots in its own right. “The majority of expatriates who immigrate to Canada live in southern provinces where the climate is better and job opportunities are prevalent. Another popular province is Nova Scotia, which even by Canadian standards is cheap,” says Pernacchio.

“Calgary and Alberta are also areas to watch with strong expat communities.” Canada’s immigration process is quite complicated, but increased demand in recent years has brought some progress. “With so many foreigners relocating to Canada, the immigration process has become more reasonable. Once you buy you can stay for good!” says Pernacchio.

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