Posted 1.22.13 @ 12:0
Going by the CREA reports some markets are a lot better to do business in than others, but which ones? Here we’re going to go over the top five markets and the bottom five markets so you know where to put your money. Before investing in property or buying one as a home make sure you do your research – real estate (luxury homes for sale or otherwise) can be a tricky business and if you don’t know what you’re doing you could wind up in a world of trouble.
How Were These Markets Determined?
They were averaged out by dollar amounts; if an area (Halifax for example) had strong sales the year before but dropped by over 1/3rd this past year, it may not be smart to sing money into that market in the near future. If a market, like Toronto, has had prices go up year over year with no end in sight, which is an excellent indicator that this is a better place to invest. Remember, always do your research before you invest any amount of money into the real estate market.
Bottom 5 Housing Markets for 2012-2013
In 2012 the following markets saw a steep drop over the year with no recovery in sight for this year.
Fraser Valley British Columbia is down 24%, making it one of the worst places to buy this year. If you’re looking for a deal you may find one, but depressed market conditions may interfere with a job search.
St. Catharines, Ontario is down 26%, leaving it one of the cheapest places to live in booming Ontario. A good buy for buyers, a bad time for people trying to sell their home.
Sherbrooke, Quebec is down 28%, making it third on our list of worst places to sell.
Vancouver, BC is down by almost 1/3rd at 31%. The condo market has remained strong, but traditional detached housing is expensive.
Halifax, Nova Scotia is the worst place to buy with prices down 36%. If you’re looking for a cheap deal it’s a good place to buy, but if you need to sell you’ll need some luck.
Top 5 Housing Markets for 2012-2013
Winnepeg, Manitoba had a price jump for real estate of almost 7%
Saskatoon, Saskatchewan is up 11%, making it a great time to sell if you’re an owner or investor.
Windsor, Ontario is up 15%, making it a good time to sell but not the best time to buy if you’re looking for a home.
Calgary, Alberta had an amazing jump of 17.5% in the last year and is expected to keep climbing through 2013.
Saint John, New Brunswick had the highest jump with 18% - if you live here or have property here, it’s a good time to sell.
Buy low and sell when things are high, that way you’ll be able to get the most out of your investment (luxury home or typical residential real estate)