Buying Property in Canada Still Offers Growth Potential

America used to be the land of opportunity across the pond for Brit and Irish investors but now all eyes have turned to its neighbour to the north.  As the property market in Canada continues to soar, many foreign investors are wondering if they too can find their fortunes in Canada.  Whilst a lot of factors must come into play to make dreams of riches become reality, the signs are strong that buying property in Canada is a hot investment at present.

In this article we’ll look at the Canadian property market and why it is so appealing at present because buying property in Canada still offers growth potential.  Indeed, there are plenty of good reasons why British investors in particular are finding the Canadian market so intriguing.

As America’s property prices decline and its market slumps, its neighbour to the north is experiencing incredible growth.  Many have wondered if it would start to show signs of a slow down, but this doesn’t seem to be coming any time soon.  The Canadian Real Estate Association has reported another record month for the country.  October’s figures are the highest ever for that month, with sales up 8% over the previous year.  Every province in the country is showing major growth in sales activity except for Alberta.

Price growth potential here still remains quite strong as well.  The average pricing in October was at a beefy CAD 313,000, which shows a rather impressive 11.1% climb over the month prior.

What does all of this mean to British investors in particular?  One word – potential!

The Canadian property market is very appealing to British buyers for a number of reasons.  Some are economic reasons, but many are sentimental in nature.  The draws for Brits looking at buying real estate in Canada include: -

The exchange rate – whilst the Canadian dollar is just ahead of the American dollar by a smidge, the pound still outweighs it nearly two to one.  That means the high CAD 313,000 average prices only equate to just over GBP 150,000.  Considering the property prices in Great Britain, this is quite a steal for buyers backed by pounds!

The familiarity – Canada is a commonwealth country with most of its population speaking English.  This makes it a favourite destination for investors who want a sense of familiarity in the country they choose to buy in.

Tourism – Canadian tourism figures are very impressive.  The country has a strong draw for travellers, which makes it very appealing to investors seeking to cater to the holidaymaking market.  From its big cities to its rustic ski areas, Canadian tourism is growing by nearly 4% per annum and the country already holds an impressive 2.9% share of the worldwide tourism demand.

Investors seeking strong and growing markets that offer a familiar flavour will be hard-pressed to top Canada for potential at the moment.  The country’s real estate market is strong and is showing no signs of faltering at present.