The economic growth of recent years, in addition to rates interests with a low historical, has contributed to the fact that the real estate market in Canada has suffered a growth in demand and supply in an extraordinary manner.
At the same time, the rental market has increased their rates of availability to approximately 5 per cent of an average of the past 15 years regularly around the 3.3%. As conclusion in these moments is a favorable market as much as for buyers, as for those who wish to live rented. For more information visit properties for sale on https://goo.gl/5KZRKG
The real estate market in Canada today can be described as very favorable to those looking for properties for rent and for those wishing to buy a property because the low interests rates. Historically low mortgage interests rates stimulate many to stop living at “rental apartments” and go to live in their own home or apartment. As a direct consequence, the offer on rental properties increases what makes the “landlord” offers lower prices or special incentives, especially in the large cities as Toronto, Montreal, Vancouver, etc.
In Canada, approximately 33% of properties are rented. According to the Bureau of statistics in Canada (Statistics Canada) 56% of immigrants chooses Ontario as the province where they want to settle. Most of these new residents choose the Metropolitan Toronto or better known in English as “Greater Toronto Area” (GTA).
Some characteristics of the real estate market in Canada depend on the city and/or province. Then here is the average price of a single-family house of one floor/level) according to the Royal Bank of Canada, RBC – quarterly report Q1-2005 Economics:
- Canada: $238,000
- Toronto: $372,000
- Ottawa: $238,000
- Vancouver: $427,000
- Montréal: $208,000
- Calgary: $238,000
The different types of housing available for live in the large cities include:
- Condos: Apartments of ownership in multi-family buildings.
- Apartment: Apartments for rent in houses or buildings of different sizes.
- House: Houses property.
- Single room rentals: rooms / bedrooms in family homes.
- Hostel / Guest House: youth residential quarters.
- Homestay accommodation: rooms in family houses.
- College or University campus residence: room or apartment within the University campus.
- Shared Accomodation: shared hosting – the most students looking for this type of accommodation that offers live at discounted rates with a social life that is acceptable and even desirable for many.
- Government-subsidized housing: apartments subsidized for low-income people (usually requires a long waiting period)
In terms of costs of rentals, the most expensive cities are Vancouver and Toronto. Naturally, while closer you are to the center of the city, the prices will be higher. The average prices of rentals in Toronto are:
• Approximately $850 per month for a one bedroom apartment with a range between $500 and $1,500 depending on the location and the amenities included in the unit.
• Approximately $1,100 per month for a two bedroom apartment with a range between $900 and $2,000 depending on the location and amenities included in the unit.
There is a range of luxury homes and apartments whose costs may exceed the $5,000 per month. In search engines as https://goo.gl/5KZRKG, you can get more information about the offer real estate current.