In the months approaching the U.S. election thousands of Americans promised that if Trump won, they would head north to Canada to escape his Presidency. Since his controversial win, an overwhelming amount of U.S. citizens have been reaching out to us at Performance Property Management. In response to the influx of calls and emails that we have received, we have detailed 2 reasons why the Canadian real estate market is a great investment for our American neighbours.
- Property Value Will Continue to Skyrocket
The years 2015 and 2016 have been record breaking for the Canadian real estate market. Even more amazing is the fact that as of June 2016, Canadian homes were making more money annually than the people living inside of them were. Douglas Porter, BMO Chief Economist said the average price of a Canadian home had risen $50,619 in a 12-month period to $503,301. Incredible, right?
For example, the average price for a detached home in Toronto and the Greater Toronto Area averages at about $1 million since February 2016. Talk about an investment property!
- Rental Income Potential Is Limitless
Rental properties can be a great source of passive income that can supplement monthly mortgage payments and even other property expenses. More and more home owners are creating basement apartments, loft spaces and garage studios to rent out to tenants each month. A great thing to keep in mind for Americans looking to move to Canada is that they can rent out their units as seasonal rentals too. This would be ideal for investors looking to use the property for only a few weeks or months a year. Most importantly, this would not jeopardize the money-making potential of the home owner.
Given our expertise when it comes to real estate, we can help our American friends find their dream property, secure the perfect tenants and manage their real estate investments 365 days a year. Visit us at www.performancepm.com and let us give you the professional real estate advice you require if you are looking to purchase property in Canada. Remember, the sky is the limit when it comes to the Canadian real estate market!