Real estate is a hot commodity, and 97% of homeowners say they are happy with their purchase. Here’s why you’ll want to prioritize real estate in your portfolio!
Average Canadian’s Net Worth?….
Homeowners:
$685,400
Renters:
$24,000
Late last year, home prices went up nearly 11.6% year-over-year, according to the MLS Home Price Index. CREA has indicated that this is the highest increase since 2017, and stated that homeowners accumulate nearly 29 times the net worth of renters.
Net Worth for People Under 35:
Homeowner:
$272,100
Renter:
$14,500
In cottage country, some homes sold on average for nearly $100,000 above asking price in late 2020. Prices have continued to increase across the region, province, and country, for single family residential homes as well. We have seen prices skyrocket especially for detached freehold homes, but similar increases have been seen with attached, semi-detached, and townhomes as well.
The Best time to buy Real estate was yesterday…. the second best time is Today! ~ Unknown
Investment Opportunities
If you have the funds, and you’re willing to make the commitment, a rental property is a great way that real estate can increase cash flow. Long-Term Rentals can provide consistent income over time, but requires a large commitment with a minimum 20% downpayment, and your time and energy to find the right tenants. Short-Term Rentals are good option as you can get an upfront return on investment but local laws need to be taken into account for these types of rentals. The record-low Interest rates could make mortgages more affordable for those considering an investment property.
Have questions about real estate or investing in real estate? Give me a shout, and I would be happy to meet with you and help you in your journey.
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Guelph Real Estate Gal Blog 