By Remitbee - Feb 28, 2022
Whether you're a veteran investor searching for where to invest in real estate in Canada, a newly-married couple looking for your ideal place to start your family, or an entrepreneur finding the best cities to buy a rental property, researching the cost is the first step you need to take.
Real estate – or "land" in its simplest term – is an excellent, long-lasting investment. Contrary to popular belief, financing in real estate isn't only about owning land for the sake of building whatever commercially or personally profitable establishments in it. People often miss the idea of how financially enriching a land investment is, especially if it's real estate in Canada and rich cities alike.
Almost all properties usually depreciate, meaning their values decrease along with time. But the opposite happens with lands. As the demand for real estate goes up – given that we only have a limited landmass on earth – the value of land also increases.
Having said that, the advantage of buying expensive real estate is a no-brainer. Not only does it strengthen your assets, but owning high-cost land provides you with a secured retirement. So while it's true that it's so expensive to buy land properties, it will pay you back. With that, here's a list of cities for expensive real estate in Canada!
Being the capital of British Columbia, it isn't surprising that Victoria is one of the most expensive places to live in Canada and the world, even surpassing the ever luxurious San Francisco in the USA and Hong Kong in Asia. A typical waterfront home in this city costs $600,000. Family homes' prices tend to go up much more, while condos are relatively more constant.
You're probably wondering how the prices were that high. Well, it's because of the inflation that happened 40 years ago in Vancouver, which forced people to rush to the nearby – and then, humble – City of Victoria. Naturally, it made the property prices peak, and it took over five years to restabilize it. Nonetheless, if you're looking for a relatively affordable but among the best cities to invest in real estate in Canada, Victoria might be a perfect choice.
With its proximity to Toronto, Mississauga earned its place as among the best places to invest in real estate in Canada. Similar to what happened in Victoria, many people moved to this city in the hope of a lower cost of living. Now, renting an 85 sqm apartment there may cost you almost $2,000 monthly! And if you're planning to buy a big-time property, it may cost you up to $1.8-2 million. So if you're looking for a juicy investment away from the busy streets of Toronto, Mississauga is a good place to buy real estate in Canada!
While Victoria and Mississauga's title of the most expensive city to live in Canada is self-explanatory, Yellowknife's place in the list may be pretty surprising due to its remoteness. The same apartment size from Mississauga may cost up to $2,500 per month, including the utilities. Yes, the utilities are what made the Yellowknife life expensive. It peaked, even more, when the pandemic came. Its location made it ideal for isolating and staying safe. Right now, a cozy family-type home costs around $500,000 in Yellowknife.
Aside from ceiling-high housing and utility prices, basic necessities in Yellowknife are also extreme. As a remote land in Canada, resources are scarce there, thus increasing the need for product importation. Nonetheless, investing in Yellowknife real estate is because of the high demands, and only a few are willing to sell their property.
Not only is Vancouver one of the most urbanized cities in Canada, but it's also among the most popular commercial centers in the world. An 85 sqm apartment there is rented for $2,000 a month, only on average. Imagine how expensive another upper-class house of the same size would be!
One thing to explain such demanding costs is the low tax rates in Vancouver. Vancouver offers the lowest property taxes across North America. So while it may be too expensive to start a life in Vancouver, it will pay off in the long run.
Because of its thriving economy, Toronto is the most expensive city to live in Canada and the world. It has just recently beat Vancouver on the list. Its highly commercialized, urbanized, and populated area explains it all. A condo in Toronto costs about $600,000 on average, and renting a medium-sized apartment is about $2,000. Furthermore, purchasing properties there can be especially difficult nowadays, so you have more chances to demand higher prices when you sell your real estate there.
We hope that this list guides you on which cities in Canada offer the most expensive housing options. Don't forget to use RemitBee's services if you need assistance exchanging currencies or sending money from Canada to another country. Sign up for an account with us to help you get started.