Looking for accommodation in Canada
Economic growth in recent years, coupled with interest rates at historic lows has helped the real estate market in Canada experienced a growth in the demand and supply dramatically.
At the same time, the rental market has increased its availability rates to about 5% of an average of the last 15 years regularly hovered around 3.3%. In conclusion right now is a favorable market for buyers as well as for those wanting to rent.
The real estate market in Canada today can be described as very favorable to those seeking rental properties and those due to low interest rates want to buy a property. Historically low mortgage interest rates to stimulate many to stop living in “rental apartments” and go to live in their own home or apartment. As a direct consequence, the supply of properties for rent increases which makes home or “landlords” lower their prices or offer special incentives, especially in big cities like Toronto, Montreal, Vancouver, etc. As a particular data in Canada about 33% of properties are rented.
According to the statistical office in Canada (Statistics Canada) 56% of immigrants choose to Ontario as the province where they wish to settle. Most of these new residents choose to metropolitan Toronto, better known in English as “Greater Toronto Area” (GTA).
Some features of the real estate market in Canada depend on the city and / or province.