Unlikely cities in Canada attracting buyers from foreign
Ottawa is experiencing shortage in rental, and investors from foreign are swooping in.
Chris Lacharity, a sales representative working with Marilyn Wilson Dream Properties and deals in luxury market said that there’s a shortage of inventory in rental market in Canada, so there is a requirement for rental properties. According to an astute buyer, there are number of foreign buyers who buy properties for their personal use.”
Lacharity said that Ottawa is growing too faster as comparative to the earlier, but still there is a huge potential for growth. “It has number of ways to go, in the terms of growth but it is also a government city, a capital city.
It has lakes and rivers, and it is an aesthetically pleasing. If you have a wonderful family and is safe and hasn’t experienced issues which come up with a large number of metropolises. It is too close to Toronto and Montreal.”
Montreal has the hottest Canadian real estate market presently. Initiatives from government brought in to cool down skyrocketing housing cost in Toronto and Vancouver are believed to be very responsible for this.
But Ottawa is the other city in the midst of renaissance. In an addition to LRT project, it has a well-paying government jobs, robust student population and thriving tech sector.
It is also too stable—and given distaste for volatility to the investors’, that’s perfect.
Lacharity said that real estate doesn’t only shoot up, it rises by 3-5% on an average, it also added buyers from foreign to park money in Canadian real estate. “It is a safe bet.”
Bernadette Deschenes notes overheating in Vancouver and Toronto are the catalysts for activity of buyers from foreign in the capital city of Canada. But two universities of city have impelled buyers from foreign into action.