Real estate in Canada has been taking a bit of a hit lately, with the mortgage and housing mess down south. Recently MoneySense put out a list of good places to buy in Canada based on affordability, strength of local economy, and momentum.
To help us gain an even better sense of a city's Value, we looked at local wages and figured out the number of years of average household income that it would take to purchase the typical local home. We downgraded communities where local residents couldn't afford to buy homes easily; we gave highest marks to cities where they could. Our reasoning was that places where homes are affordable are places where real estate prices are solidly rooted in economic fundamentals and are therefore unlikely to plunge. The differences between communities can be huge. In Regina, a typical family needs two-and-a-half years of income to buy a home; in Vancouver, a typical family needs nearly eight years of income. Talking strictly in terms of bang for buck, Regina is a much better place to buy. Full Article.
Some of the top performers were: Regina, Saskatoon, Winnipeg, Edmonton and Vancouver.
Tuesday, June 24, 2008
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2 comments:
With over 90% of homeowners now looking to buy and sell online, this seems a good place to start! Try working with online estate agents for the best possible deal!
A very nice and informative article. Especially the ratings are very good. The amount of research and different fields make it look very realistic and trustworthy. It definitely shows the real estate market development in Canada. I as a Vancouver realtor am very pleased to see that Vancouver is standing up high in the rating list :). This should have been published a long time ago and made more public. It helps everyone who looks to buy or sell real estate.
Jay
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