The IMF stated this month that the Canadian economy will beat average G7 economic growth patterns this year and next, with the nation’s pace of recovery expected to really pick up during 2011. This is exceptionally positive news for a country that has been struggling with relatively high unemployment levels and record household debt to income ratios of up to 140%...
Despite these negative aspects that have so far acted as a barrier to the nation recovering more quickly and more comprehensively, the IMF’s exert vote of confidence has acted as the cherry on the icing on the cake for Canada in terms of positive news released about the country so far in 2010…
Earlier this month it was revealed that Canada ended 2009 on a high in terms of its property market, with 72% gains recorded in terms of the amount of property sold specifically in December 2009 compared with December 2008. The nation is also of strong and strengthening appeal with Britons seeking a new life and a new home abroad – with the real estate portal property-abroad.com revealing that Canada has gone up a place in terms of its rankings on their site and is now the 5th most sought after nation with their readership. So, is Canada the only place in the world where property is a good buy?
Well, no! Obviously there are 4 nations above it on property-abroad.com’s scale – but that said, Canada is a market that we must not ignore. It has exceptionally strong and seemingly unshakeable foundations driving it steadily onwards, and because Canada still has an active, skills-based immigration policy and an affordable, high standard of living, Brits seeking an escape from our own debt-riddled nation find it a particularly positive choice.
Canada benefits from a regular and sustained drip feed of ‘new money’ each year as it welcomes new migrants to its shores. These migrants are, for the most part, relatively affluent individuals, couples and families who are moving to Canada for a new start and a new life. They bring with them a pot of wealth, and they arrive with strong earning capacity and slot right into life as contributors to society on all levels – particularly a fiscal one! These people provide the Canadian real estate market with a constant stream of demand and affordability as well.
What’s more, Canada hasn’t blighted its property market prospects by lending irresponsibly to the subprime sector – so it still has a mortgage market that this new annual demand can tap into. Canadians also have a desire to own their own homes – just as we Brits do – this makes owning a property in Canada a real dream that many people actively pursue. Again, this supports the market. Furthermore, property has remained a relatively stable commodity, not ‘suffering’ the peaks and now the troughs that our own market in Britain is having to cope with. This has kept real estate realistically priced, it has removed an element of damaging speculation from the market, and it has meant that the Canadian property landscape is a far more stable one than that in the UK.
It’s no wonder therefore, that the positive news that Canada’s economy is on track for positive advancement even in the face of its own domestic issues such as unemployment and debt levels, has served as a further feather in the nation’s cap - and one that will doubtless attract new levels of interest in not only Canadian property, but Canadian immigration too.
