When you move from any of Canada's three major cities to a smaller one, you are bound to find that you get a lot more for your dollar as far as real estate goes. Let's face it, homes in Vancouver, Montreal, Toronto - and we'll throw Calgary in there too - are far beyond the ability of the average person to afford. People getting out of the market by selling their Forest Hill homes and moving to other areas are going to find their purchasing power goes right up.
One popular area for new buyers, particularly those moving from the bigger cities, is Kitchener Waterloo, ON. This is a city (actually, it's three different cities when you include Cambridge as well) where prospects are bright all across the board, from the economy to the housing market. You'll find that selling a condominium in Toronto will yield enough profit for you to buy a very nice two storey house in the Kitchener suburbs, and odds are your mortgage payments will be reduced substantially.
The reason for this is simply one of space. While Kitchener Waterloo is growing, it will never achieve the critical mass that cities such as Vancouver and Toronto have. Condos at 18 Yorkville in Toronto will always be highly priced, simply because when you live in a city of 3 million people, someone is always looking for somewhere to live. The space and population ratio isn't quite as severe in Windsor, which means housing prices have been kept down.
Now, don't make the mistake of thinking that purchasing a house here is a bad investment. A look at the housing market trends over the last few years will show you that a Kitchener Waterloo Cambridge home purchase is one of the most secure investments you can make in Ontario. While people purchasing homes in Baby Point Toronto won't see as great a percentage in equity realized over time, the opposite is true in Kitchener. In fact, the city heads the top of the list in real estate investments in the whole province.
That position comes due to the factors that we mentioned above. First, Kitchener Waterloo homes tend to be more affordable than other major cities. A look at other cities on the list shows that for the most part, the investment potential has been tapped out due to popularity. Brampton homes for sale are pricier than they were just two years ago, while Vaughan and others are skyrocketing due to their proximity to Toronto.
Kitchener Waterloo homes have just begun their upward swing, however. The growth of the high tech companies in the area guarantees that this swing is just beginning. That means if you are thinking about purchasing in this area, there could not be a better time to buy.
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