Canada Real Estate

Canada Real Estate - Politics, Business, Civil, History - Posted: 30th May, 2007 - 7:18pm

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Canada Discussion about real estate in different provinces
Post Date: 22nd Feb, 2007 - 12:51am / Post ID: #


Pandora
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Canada Real Estate

Canada Real Estate

I was looking at some prices of Real Estate in Canada and I was shocked at the affordable prices in some areas like Nova Scotia. I am pretty sure people buy these places for vacation purposes.

Anyhow, I would love to know in which provinces houses are the cheapest and in good neighborhoods without living so isolated (I do not like that).

Let me put this house as an example. It's a 5 bedroom house in Manitoba (I have no idea how it is in Canada but looks like the country side). The house costs 40,000. Whether is in the country side or not, I cannot buy a house with that money here in Trinidad.

https://www.cheaphomes.net/man/swanriver.html


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Post Date: 22nd Feb, 2007 - 2:33pm / Post ID: #


krakyn
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Estate Real Canada

My sister lived in a town just south of Winnipeg for 10 years they paid 10,000 for it in 1995. Land in that area is very cheap but many issues can cause this. In that area often one is not allowed to drill their own well are the mineral rights are owned by large oil firms. So land with out water is of little value. She actually had a water tank that they took to town every so often and filled it. Rain water was collecting a cistern for washing cloths, gardening and the tank water was kept for consumption. Also keep in mind that area gets severe winters -40 F plus wind chills are not uncommon. and yes it is very remote area Winnipeg is the nearest city and it is not a huge city at that. So you best like snowmobiling hunting and ice fishing or winters are long and hard.

In the eastern areas the prices are rising slowly but the unemployment rates are very high. Many depended on the sea for their lively hood and now the oceans are depleted and many regulation and catch quotas have made that living harder or impossible. Thus the land value drops. Prince Edward Island is one of the exceptions to that as far as I know due to limited land space and being more farm based.

In major metro areas the prices increase very quickly to the 300 to 400,000 range. Please keep in mind wages average factory workers make 10 to 15/ hour. So the prices are still high enough though low compared to a lot of the world. A good house price or should I say affordable I read in a news article should be no more then 2 or 3 times your yearly income.

That same house in Burlington where I live on a lot that is 60 by 80 would sell at 350,000. An empty acre lot is now valued at near 500,000 for residential use and if commercial close to 1.5 million. These price ramp quickly as you enter the Toronto area.

BC price vary greatly depending on remoteness. The Hong Kong jet setters have greatly influenced the market with out of country monies. High level execs fly from Hong Kong to Vancouver play a round of golf and return! They also bought much land for vacationing and paid higher then market prices as to them the cost seemed very low for what they bought.

In Ontario we have seen a recent land tax change that seemed to coincide with a rapid increase in land values. I am not sure how they effected each other. One distinct trend was people living in Toronto would retire sell up their home for 300,000 or so then head to the south end of Georgian Bay where the county side is beautiful and Winter not as hash as farther north but lots of hunting and fishing and summer/winter recreation to be had. At the stat prices in the area where less than 100,000 in city and less than 60,000 in the country(keep in mind people made 5 to 10/hr). So retirement for the Trontonian was very comfortable. Unfortunately The ski areas starting building vacation condos in the area and the result was a quick rise in property pricing. At the same time we had Honda build a large plat in the area adding to that push. Now the same property that went for less than 100,000 is now pushing 250,000 but the poor local working wages are still at best 15 to 18/hr. Most are closer to the 10 to 14/hr.

This Trend is being seen in many of the poorer areas of the country and I am unsure how it will end.

So bottom line if the price seem low it is likely a very remote area cold and locals are friendly and do not look for Theaters large malls and likely high food prices though many do like my dad grow their own!

Most towns are 20 to 30000 people and this is where you find all your shopping and entertainment. If the village is 5000 ish it will like have all the basics food school and your home will have access to cable. out side of the village satellite the media and your phone could still be an old copper line. So internet users beware.

I hope this helps and feel free to ask direct question on specific areas where I work we have people from all over Newfies Quebecers a few west coasters and yup some northern boys. Just remember we are the land of snow! Few areas offer warmer climates but that is where the prices go up. Look up the West bank British Columbia.


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Post Date: 22nd Feb, 2007 - 2:39pm / Post ID: #


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Canada Real Estate History & Civil Business Politics

In your first paragraph you mention the cold and wind chill factor that so many dread. I believe this is the main reason for land being cheap, but as you also pointed out... I also saw details on well rights and it sounded so funny for a first world nation to still be worry about where it gets water from, but given the large size of the country it is understandable. Excellent info above!


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Post Date: 22nd Feb, 2007 - 2:41pm / Post ID: #


Pandora
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Estate Real Canada

Thanks Krakyn for such excellent information. I wondered about why some houses are so cheap, by the way what is the material you all use for building houses? I saw lots of houses online and hardly anyone made of bricks itself!


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Post Date: 19th Mar, 2007 - 5:58pm / Post ID: #


krakyn
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Estate Real Canada

SOrry for this delay in response.

QUOTE
I saw lots of houses online and hardly anyone made of bricks itself!


I will start with homestead homes(1800's) The were either all wood(frame style or log homes) with steep roofs to shed water and snow or made from field stones and mortar.

Coming into the 1900's Brick becomes more prevalent in the Urban areas but the rural many still made the traditional frame house. In the building boom of the 70's till today not much has changed in the rural area still a typical frame house with siding. In the Southern Urban sprawl the homes tend to be frame houses with a brick face(only one layer of brick deep).

Personally I will never understand why any one would build a house with stone or brick as they are materials that make homes hard to heat. Wood is really better suited to the job. In summer it is cooler and warmer in winter.... a log home is really a good way to go as you can use short logs(3ft in length) and build like you would using bricks. Between the layers of lags a fire retarding material is wove to make it safer. The wood is a good insulator and if properly maintained the home will lasts hundreds of years. Defect can be easily fixed and additions or windows are easier to add.


Keep in mind wood in some areas can be hard to find but with the trucking abilities we have now it is not a major influence any more.


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Post Date: 30th May, 2007 - 4:56pm / Post ID: #

NOTE: News [?]

Canada Real Estate

AVERAGE HOME SALE TOPS $300,000 FOR FIRST TIME

The average price of a resale home in Canada has moved above the $300,000 level for the first time ever.
Ref. https://www.cbc.ca/story/money/national/200...realestate.html

Post Date: 30th May, 2007 - 5:07pm / Post ID: #


krakyn
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Canada Real Estate

I have to question will it ever stop. Housing here really is getting out of hand my home I bought 30 months ago for 206 k now is just under 300 k worse part is that means my taxes are rising but yet I am getting no more for the amount paid!

I still think we are heading for at least a minor house market crash. Though I have heard because of the high prices lending institutes may be allowed to soon offer 50 year mortgages. This would post postpone the crash if nothing else.


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Post Date: 30th May, 2007 - 7:18pm / Post ID: #


DianeC
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Canada Real Estate

50 year mortgage! wow, I've never heard of a mortgage over that length of time before, but maybe it's a good idea to help people who wouldn't normally be able to pay a mortgage at least spread the cost!


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