Canada isn’t as expensive as America when it comes to real estate, but the house prices can still go pretty high. Unfortunately, we all still need a place to live, so many of us have to struggle to find a property that we can afford. If you’re not sure where to start and want the perfect house: here’s what you should consider.
Affordable Real Estate in Canada
Cities Are Possible
Some cities are affordable! Calgary and Quebec are two larger cities that are both in the midrange of price for housing. Of course, you should try to find a home that has what you need in it, but moving to a location solely because of the price can be a perfectly healthy thing to do for your budget.
Avoid The Big Two
The two most expensive cities in Canada are Toronto and Vancouver. These cities bounce back and forth between the most costly ones, but they’re both budget breakers. Don’t let yourself go broke, instead try to avoid these cities and consider moving to other areas. Some small towns can also be pricey, but it’s a good idea to be careful and shop ahead before picking a location.
Consider Moving Further Out
Living in a city can be exciting because it allows you to see and do more, and live close to work, but it’s incredibly expensive. Some homes in downtown Toronto are nearly double the price of similar ones outside of city limits. Think about whether you’re willing to live outside of city limits to save money. You can still find Ottawa homes for sale within your budget; they may not be at the city center.
Be Flexible on What You Want
If your budget is tight and you may not afford the home you want: consider being a little more flexible with what you want. Although it can be easy to say you want a four-bedroom, consider getting a starter house if you only need a two-bedroom. Then, five to ten years down the road, when you need those extra rooms, and this home has made a profit, you can sell it to upgrade.
Look for Grants and Help Programs
If you’re trying to afford land for sale in Canada: it’s a good idea to consider expanding how much you can afford. One clear way to do this is to apply for any housing loan or grant you can be eligible for. This will allow you to afford more space and pay it back with time.
Consider Renting Out Spare Rooms
If you find a home that’s close to your budget but not close enough, consider buying the house and renting spare rooms out to tenants. Unfortunately, this does mean you’ll have to share your living space, and it’s not an option for some families with kids, but this can cut down on how much you have to spend every month on your mortgage and will help you be able to afford a house with more of the items on your wishlist.