Most headlines focus on the major metropolitan areas of Calgary, Toronto and Vancouver, but these cities do not comprise the whole of the Canadian housing market. In a report from theglobeandmail.com, there are other noteworthy areas in the housing market that should be the alternative focus of investors and buyers alike. Here are but some of the following:
St. John's, Newfoundland
Offshore oil development fueled the resource economy of Newfoundland and Labrador. Thus, the oil boom invited many investors far and near alike, thus the housing market was suddenly bought out by prospectors and other investors eager to cash in on the black gold in the region. Unfortunately, the sudden decline in the price of oil in the world market pushed the area into a deep recession. Now, there is an abundance of commercial floor space as well as housing units for sale and rent in the area.
Windsor, Ontario
The area has been called the best gauge of the Canadian manufacturing industry, as it is home to the largest manufacturing companies in the country. The recent recession though had hit the sector badly, at the time that the Canadian dollar was near its peak price, resulting in many jobs being moved to cheaper regions. This is also the story of the area's housing market, where growth was continuous during the heydays but when the recession struck, so did the housing market come crashing down.
Despite the gloom and doom scenarios, there are still those that have faith in the local market. In a report from business.financialpost.com, Royal LePage Real Estate Services are expanding its operations. The first move is the purchase of a major brokerage firm in British Columbia, expanding its portfolio of realtors by 600 with the absorption of the Coast Realty Group.
With the purchase, Royal LePage becomes the largest brokerage in Vancouver. This is a worthy investment in an otherwise bleak market.
