Canadian house prices look set to rise due to continuing low interest rates and a strengthening economic recovery. Prices have risen between 3.9% and 4.6% in the previous three months and are expected to rise nationally by 3% this year. Vancouver used to be the property hotspot of the country but with the average price for a standard two-storey house being over $1 million many buyers are choosing to look elsewhere. It is expected that many mid-size towns and cities will be targeted by buyers looking to get more for their money, and a lot of these areas are able to boast of low unemployment rates and good economic prospects.
Winnipeg is a city that is expected to perform especially well this year with property prices predicted to rise by up to 7%. Some of the reasons for this include good public sector employment, a growing agricultural economy and a solid manufacturing base. Housing here is also in short supply and the rising population is expected to boost prices further. The average house price in Canada is currently $348,600, whereas the average house price in Winnipeg is still less than $300,000. Other areas expected to well include Calgary and Edmonton which is largely due to the Alberta oil sands.
In spite of its close proximity to the states Canada has weathered the recent economic downturn better than some other countries. This is largely due to its more cautious banking practices which have recently been closely examined by the UK as a model to follow. Anyone wishing to invest here should definitely consider looking at the less popular cities.
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