Real estate market did not drop or dip during the pandamic in Canada, surprisingly. Yes, the condo market prices dropped a bit and since everyone started moving from downtown to more away from the city, rental prices staggered too. However, the house prices keep rising and rising. Now a normal average 4,000 sq ft house cost 1.5 million dollars. What are your thoughts on that?
It is ridiculous for anyone to afford a hosue, a basic looking one if I may add, even far away from the city. In case you didn’t know, you need to bring home $175, 230 income per year to afford a million dollar house in Canada. Even in Ajax, Whitby, Oshawa which is just approximately away from Toronto, the detached houses are no longer less than a million dollars. Also, you would find very very less houses in the market right now, making a sellers market. Quite different from the condo market at this stage, which is currently a buyers market.
If you have money to invest then and you want to get into real estate investing then, I would defintely suggest looking into downtown condos right now. Ontario is looking at getting everyone vaccinated by September of 2021. This would mean, many people will go back to work, making the downtown condo prices to go up again. Take advantage of the low mortgage rate and lockdown a investment property right now. In addition, Canada has a 3 year plan of getting 400,000 immigrants.
This will mean people would need to rent. This is why you should be looking into real estate right now.
Let me know your thoughts!