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Budget Friendly Housing Markets in Canada

April30
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Spring is here and it is time to take account of mortgage rates that won’t put a dent on your budget. If you have a large family chances are that you are looking for a property that has a large backyard and a third bedroom. You can hardly get your hands on such a home in cities where the mortgage rate is through the roof. In other words location has an impact on the type of home you can afford when it comes to the Canadian housing market.

The Canadian market has experienced a vast improvement since the latter half of 2012. This was mostly due to declining prices and low mortgage rates in certain regions. However both residents and non residents have trouble figuring out the affordability factor since a direction towards the trend is absent.

Vancouver

The nearer a property is to the Pacific the pricier will it be. This is why the city of Vancouver is considered to have the least affordable housing market in the country. Toronto and Montreal do not fare any better. It is predicted that things could look up if interest rates rise in 2014. However ownership is still possible because of low mortgage rates.

Budget Friendly Housing Markets

Your best chance of acquiring an affordable home in Canada would be in Alberta. The prairie province boasts of an attractive housing market which is apparent after buyer demand increased in 2012. Of course affordability isn’t the only factor that the province’s housing market has going for it. 

Mortgage prices in Calgary also aren’t cheap. However, residents who can afford to live there can carry on their mortgages especially since their incomes also happen to be one of the highest in the country. A growing population and strong economy have played a major role in this aspect. Currently the city of Calgary also happens to be the only Canadian housing market where long term averages are greater than affordability measures.

Buyer demands in Saskatchewan were influenced by a steady growth of immigrants over the past few decades. Housing affordability decreased for the province in the latter part of 2012 due to rising property values. However the measures for two story homes in Ontario rose by 0.1 points after a decline in the third quarter.

Montreal

Owning a home at the current market prices has become harder in the city of Montreal especially for properties that are two storey or larger. However, even though the homes are known to be too expensive there seems to be some improvement.

What are the provinces that will help accommodate your family according to your income? Affordability does not only involve the price of homes in each area. Factors like utilities, average income, property taxes and the like also pay a major role in the type of real estate you decide to invest in when it comes to accessing mortgage rates in the country. Just make sure that you compare the numbers the next time you research the Canadian housing market.

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