2024 Canadian Real Estate Predictions

[00:00:00] Welcome to the Canadian Real Estate Investor, where host Daniel Foch and Nick Hill navigate the market and provide the tools and insights to build your real estate portfolio.

[00:00:10] All right, welcome back to the Canadian Real Estate Investor podcast. My name is Daniel Foch. I'm a Real Estate broker, Director of Economic Research at a company called Rare Real Estate,

[00:00:22] Leather of all things real estate, especially investing. And I am, although it not a great one, I am an investor myself, and I think I'm okay at it. I'm trying to be humble.

[00:00:33] I'm joined here by a wonderful young man named Nick Hill, and we are here doing the New Year New Me thing for all the, I mean,

[00:00:42] I mean, the year ship goes up like crazy. So for all those of you who are celebrating a new year and we are part of your new year's resolution. If your new year's resolution is to invest in real estate and to do a good job at investing in real estate, then you come to the right place. Where is this place? Nick, where are we?

[00:01:01] Quite the introduction to, and I love it. And I love when you call me a young man, because I am, I believe two years older than you, but it's it's flattering. I appreciate it. We are at the Canadian Real Estate Investor podcast back again for another episode.

[00:01:19] We are going to talk about real estate, what's going on in the market. We distill reports down for you. And today we've got a fun episode, kind of a two-partner.

[00:01:30] We're going to go through kind of the future landscape of Canadian real estate. What we just some, some light prediction, some general conversation, what we think is going to happen in 2024.

[00:01:43] And yes, I did say the word prediction. So we'll see what happens. And then we've got a fun list to go through as well. The ten best places to live here in the great country of Canada.

[00:01:57] So why don't we start things off here? Do you have any listeners? Anything else you wanted to chat about before we dove in? No, I think we're good.

[00:02:04] Okay. This past year has been one of volatility and change for Canadians, one of the fastest and most aggressive rate hiking cycles in history is put an end to the ripping bull markets we experienced for the last few decades.

[00:02:22] Real estate was an easy guaranteed investment with low interest rates and year of a year appreciation numbers that did not make sense. And all of that was only exacerbated by the strange human buying behavior that we saw during the pandemic years.

[00:02:40] But the tables have turned the game has changed and it's now back to gaining an understanding and abiding by the fundamentals of proper real estate investing. So what is in store for 2024 and how can investors like you adapt to these changing market conditions?

[00:03:03] First thing we're going to talk about is liquidity. Now having cash to deploy will be more important than ever in the coming quarters much more important than it has been the last several years as the lending environment has tightened.

[00:03:22] Having cash will allow you to have staying power as well as the ability to scoop up distress deals from over levered speculators.

[00:03:32] And if you don't have cash it may be time to take another look at your portfolio really start to analyze any of those non core maybe non performing assets that might not fit within that investment thesis might not be operating their highest and best use.

[00:03:50] You might not have the team resistance in place to be servicing those assets to get the best out of them might be time to look at offloading some of those and increase your liquidity so you could redeploy it into a much more fruitful investment or just somewhere nice and safe to sit until you do find that nice investment damn what are your thoughts on this oh and sorry wanted to make one kind of cheesy analogy before.

[00:04:15] I'm wondering if you can't remember who this was but one of the great gurus out there today that was saying you don't want to stack of cash right you don't because the stack of cash when you start taking money away from that stack of cash it gets smaller.

[00:04:36] What you want is a river of cash that it always flowing towards you and I thought that was just a great analogy especially when you start to think of terms of liquidity liquidity river you see what I'm going with this don't you.

[00:04:49] I do for sure those are all things that have liquids in them.

[00:04:53] I could use a glass of water on that note yeah I agree except that I think and I look I'm the guy who's always like the best option for a badass that is to sell but I do think that it's worth noting that for some people I mean if you have a big mortgage penalty as an example or switching costs or too high and you're planning.

[00:05:12] You know to buy something again and by the end of the year or two years or whatever like you know to sell an asset and buy a new asset your like 10% in switching costs really right by the time you've done all of that.

[00:05:25] And so you have to outper for you on the return basis you have to outperform by 10% or outperform 10% before even start making a return because you're 5% commissions mortgage land transfer tax mortgage discharge blah blah blah.

[00:05:38] And so one of the things one of the ways that we're really encouraging people and a lot of people are having success in today's market is by adding value to existing properties and doing this by adding units especially.

[00:05:54] If you look at you know if we're really examined the housing crisis and what's causing it we're seeing massive growth in non permanent residents and non permanent residents statistically are not statistically legally cannot buy houses they literally legally cannot buy house and get a non permanent residents can buy houses and get right there's a foreign buyer ban and so until those individuals are PR they're not pushing up the value of properties and so you don't need to rush in.

[00:06:21] To buy a property per se I know a lot of people say when rates come down you got a blah blah blah anyway you've heard it doesn't need to be treated but what non permanent residents do need most of them rent right a lot of them are students there a lot of them are working entry level jobs so they're not buying.

[00:06:37] They're not even even if even if they were buying or even if they could buy they probably aren't because they don't have the income yet and or the savings yet and so they they're often renting small units entry level units and a lot of cases are the rooming.

[00:06:51] And so by adding a unit to one of your buildings you could potentially massively increase the income they're seeing there and so the incremental benefit of spending some cash on increasing the value of the unit is can can be just as good if not better than.

[00:07:07] selling you know so a lot of it's just repositioning but it would be like I think that there's room to be thinking about restratigizing. Disposition or repositioning do you want to do an ad in anything before I go to the next one?

[00:07:21] I was just gonna say I think we did a full episode on this a while back either titles should you sell it or should I sell it a loss or one of those so if you're interested in hearing and hear more about that.

[00:07:31] I do explore some of the options the pros and cons as damn was saying instead of exiting there's there's a repositioning so if you want more on that go check that up but no let's let's let's keep going here damn what is that.

[00:07:45] It is interesting because we had a guy who wanted to jump into the course and he owns five assets right in south western Ontario and my first question was like are all of them.

[00:07:57] I think we are just an ad on the left of the road they're getting at their max capacity because right now it's like that's where you get a better to work, right.

[00:08:03] In all of cases you can have a tenant leave to complete the renovation, cut something into two units. You're becoming a housing creator and then your base rent on two entry level units rather than one.

[00:08:17] If you have a bungalow and somebody's renting it as a bungalow with a basement or unfinished basement versus converting that to a bungalow with. We're doing it right now in the Hamilton deal.

[00:08:28] Like repositioning it to one that's been mentioned a couple times on the show that's really been probably the only one that we have ever been not exceptionally happy with.

[00:08:37] We're going to put a basement apartment in it because it's the way to keep it, keep it home and along. Anyway, great segue into the next piece here. Yeah, it's for sure. The second piece of advice is to re-analyze your investment thesis.

[00:08:50] What works for the last few years are few decades may not work anymore. Opportunities in major markets across the country, GTA, lower mainland Calgary Vancouver are hard to pencil out especially when we're seeing cap rates in the three to four percent rate.

[00:09:02] Why would you buy an asset when a GIC is less risky and as a better guaranteed return?

[00:09:08] Well, I mean maybe because you can get debt on on the hard asset like real estate but the challenge is can you even get debt on a three cap right now because what lender.

[00:09:18] Yeah, maybe you can get 30 percent right like if they're going to lend you at a minimum of one DSCR because they're not going to be in it. And I'm not going to lend you so just for quick quick quick some quick math.

[00:09:28] I guess is that that wraps on quick quick math debt service coverage ratio out one means that your N.O.I. You're income from the property services the mortgage at a one to one ratio. So it pays up.

[00:09:37] So that's a property that's meaning it breaks even that's a break even one yeah.

[00:09:41] So 1.1 DSCR is 10 percent cashable positive 1.3 DSCR is 30 percent cashable positive so if a bank's going to lend you at a minimum of one obviously because they don't want you not going to lend you my new money they will not do that.

[00:09:54] They might have done it in the last little while I don't know how a lot of stuff took place but they're not doing it anymore.

[00:09:59] If they're doing it if they're going to lend you money at a 1.1 1.3 DSR now all of a sudden on a on a three or four cap that's like a 50 or 40 percent loan to value.

[00:10:09] So it does defeat you can go you can probably go get alone to put money into a GIC and it would literally be the same investment right at that three three or four percent.

[00:10:20] So high agree with you we are seeing people making those four and a half caps work on different credit programs like M.I. Select and that's your popping things up and this is where it comes down to it's time to get creative look at the data look at secondary markets.

[00:10:34] We're actually seeing increased good quality rents growth in rents high population growth and especially high magnitude of population growth the high percentage and mean a 100,000 people added to Cornwall and Terry was a lot different than 100,000 people added to Toronto on Terry right.

[00:10:52] That would be something don't all go to Cornwall at once guys yeah, no completely you know it's it is different but you're right there are certain credit products that make those three maybe not three but the 4% cap rates that are very unattractive to a lot of buyers still make the pencil out so.

[00:11:10] You know from a financing perspective you've got to be creative now as well right there's been a major increases in sellers of properties offering VTBs vendor take back mortgages also known as seller financing now Dan rate before we hop down the record this we were literally on our.

[00:11:31] This is kind of just this is too funny time it was funny because I'm sitting here reading this like I can't talk about VTBs for another hour.

[00:11:38] I know I'm not gonna make you will keep they sure but this is just going to be a little teaser for everybody we we just finished a.

[00:11:46] A coffee shop session with one of our we didn't have a big turnout today and that's okay but we said a coffee shop session with with a member of our course.

[00:11:58] And shadow to cam shadow to cam in the whole thing was about VTBs how to structure them how to use them how to write them what rates they're at you know how many how many positions do you want your VTB behind kind of.

[00:12:15] Things so it was it was fascinating that now this is anyways that's the kind of stuff we talk about in the course people is we answer these hard hitting questions anyways.

[00:12:25] The the point of VTB is this is where the seller will hold the portion of that mortgage for the buyer so that it's easier for that buyer to qualify because they don't they can go get a smaller mortgage amount that they would qualify for from a traditional lender.

[00:12:42] For years vendor takebacks were you know I'd say almost essentially unheard of in the small cap investment market now it's you know the latest buzzword for investors right in it was really more of a thing seen in land purchases or tricky to finance deals on the commercial or.

[00:13:01] institutional level type of investment but now we're seeing it in single family homes even so you know in certain secondary markets just still able to purchase cash flowing assets below replacement costs and those are two other things remember so if you can get creative.

[00:13:16] And find a good asset that you can buy below replacement cause you can add value to it to cash and you can tie in a VTB those are the kind of deals that you should be. focusing on trying to do right now because it's time to get creative.

[00:13:30] I mean I just put out the bat signal to the to the course right like I just we did this we did this coffee shop and I was thinking and Mitch brought us midchews are partner in the course he's a brilliant guy in the real estate space and brilliant in the course space as well.

[00:13:45] You know he was asking because he has an opportunity to purchase a property of the VTB and so we taught we really really talk through it right like exhaustively and there's so many different benefits to it and I don't need to go into the exhaustively maybe it's worth.

[00:13:56] Revisiting we did a great episode and I think it was like episode forty and eight or fifty or something like that but let I think it's time to I think it's time to yeah we'll do it.

[00:14:05] I think it's twenty twenty four is going to be the year the VTB for sure so title of a right there it is for sure so but but the reality is like there.

[00:14:13] Eight by search go so this is what I said to people in our course and I'm going to give you this for free right now.

[00:14:19] Go and ask your realtor to start sending you listings that have VTBs because all right away anybody who's publicly advertising or willing to be to be a property is typically a little bit more.

[00:14:32] Motivated to sell that they're trying to get creative the communicating the creative now this on your know you're dealing with more sophisticated seller any of two levers you can negotiate a little bit on the rate on the terms on the on the.

[00:14:44] loan to value not just the price and so I really think it's an opportunity for people in this year's market.

[00:14:51] I mean in the development space all the development clients that I'm working with on the advisory side sale side there's they've been saying this for years and I've been and I've been reiterating on the podcast the only deals that are going to done right now either M.

[00:15:02] I select or VTBs that's it nothing else really nothing you'll does not have an acronym in front of it getting done.

[00:15:09] Yeah, so yeah you know what go ask your realtor to send you those and tell them the guys from the Canadian real estate investor podcast sent you okay. Yeah and we won't even just the referral fee is that they have to leave us a five star review.

[00:15:24] Yeah, there you go wow it really is the Christmas season we are just given gold away here so let's talk about another growing trend here Dan yeah it's another. It's a perfect.

[00:15:35] So PBR's and not not perhaps with the delicious cool Chris people is not cracking any cold ones with the boys.

[00:15:44] It was recently announced that the annual limit for a Canada mortgage bonds increased from 40 billion up to 60 billion so there's 20 billion dollars of more money for CMHC to lend for people who want to do.

[00:15:55] Purpose built rental and rental deals through the MLS like program and other CMHC programs. I'm I'm going to VTB the perfect MLI PBR deal and no one's going to have any idea what that even means yeah that sounds like an arbitrage right there five or whatever.

[00:16:10] I'm selling a course on just that specifics okay yeah you just have to remember all of the acronyms dot com. That's it. Yes so I mean look they're gold they said that this is going to get 30,000 more rental apartments per year built I don't know how because.

[00:16:26] That money needs to turn I suppose I guess if they're anyway that that math I haven't figured out but it's going to get more houses built because they're giving money to people at very cheap rates on very long advertising we've been talking about this a lot of the show.

[00:16:39] And and so it's a huge trend and and it's and it's available like I think that there's again another individual who's likely going to be joining us in the course in kind of the triplex of fourplex space.

[00:16:50] I think about making the step to bigger buildings it's like well there's a lot of skilled operators in the 20 plus unit space there's not a lot in the six to 20 space and that's where the you know the big opportunity is because you can get these smaller buildings we're going to you and I could could GC a renovation on a sixplex right it's just three double a triplex like they're not structurally complicated by comparison that you're the normal buildings that you've seen like once you start getting into some of the bigger stuff where it's concrete steel and blah blah blah

[00:17:19] it's a little bit at a scope for the average show like the show yeah but a sixplex 10plex I mean like we have a 10 unit right and it it's a pretty simple build that's not rocket science.

[00:17:30] So really nice box nice box okay so the you know the the 20 billion more in Canadian mortgage bonds for M. L. I fantastic great news for the development community and that change added to the elimination of the 5% GST that we've seen

[00:17:48] constructing those new PBRs that you've gotten VTB's NMLI select on sorry that probably got a little could be confusing so the removal of the 5% GST tax is another win

[00:18:01] and another acronym which is which is of course another three letter I can know which is great so the you know some municipalities have reduced it others have eliminated completely and Dan and I've said this time again we think that that is going to be a trend over the next little while as more incentives for developers are seen through things like like this tax this tax cuts so

[00:18:25] it's it's anticipated to benefit the small and mid sized developers maybe even the mid to large ones that are leveraging C. M. H. C. M. M. L. I select program and you know taking those long longer amortizations I mean really when you start to put it this way it's starting to look a lot better to be a developer and I think a hope that these trends that we're seeing are only going to get better

[00:18:54] or removal of more cutting of more red tape and then you know let's get some freaking houses built at this point yeah for sure finally we've seen major municipalities such as Toronto Vancouver allow for changes in zoning where single family homes are now allowed to be converted to multi family residential properties in Canada we have more square feet per capita than almost anywhere else in the world outside the USA USA another great acronym and simply put we have very lucky

[00:19:24] large houses here and we can cut them up into multiple units this presents an opportunity for savvy value added investors to buy these properties and increase the density and the use case for properties in Toronto non profit groups like re housing.ca have developed a catalog of most common housing types in the city and a guide to convert them and then the government when copied them and came out that catalog and threw some cool branding at it and said that it was a housing policy war time.

[00:19:53] one thing I will say then is if you go back up here with the image she's. You know the new mortgage bonds for purpose built rent is at least there's growing a number at least like yeah we think it'll build up to 30,000 more rental apartments where.

[00:20:06] When asked when the government was asked how many housing starts or how much of an increase they see the wartime housing act having on a per unit basis per year.

[00:20:19] There was no idea and no answer well because it's already at capacity like you can't I mean what the output of the extra we just discussed this in the last episode the extra four and 55 work second in the skill trades like.

[00:20:33] The total of the four and five houses for four and I mean even if they're absolutely decent building 10 houses a year each like 45 100 houses and like it's not. Not going to move the need those poor get those poor really going to be overwork those 450 I tell you.

[00:20:50] And so anyway yeah look can any real estate could go through a Renaissance period now where fundamentals like adding value creative financing and delayed gratification are really going to keep success for the years to come starting in 2024 so.

[00:21:05] Pay attention to those themes as you think about this next little list that they put together here which is.

[00:21:12] Yes, yes the best the best well I didn't put it together I can't take credit this is from a company called moving world or like a moving company of this is not sponsored by them or anything but I always it's interesting these moving companies I feel like they've got really cool data points day because you know we always talk about the.

[00:21:31] The you haul index which is a really cool again moving company that puts together the kind of some real estate data but anyways they put this this list together they pulled they pulled statistics and data from CMC so those stats can you know similar to us throughout their.

[00:21:47] Scraping the internet for for the good stuff and they put together this list on the best places to live in Canada now they they state here that best in quotation marks is a subjective word.

[00:22:02] For clarifying that but they do clarify that below is their methodology to compile the best places the ten best places what they did is they used existing market data of the safest and cheapest places to live in Canada.

[00:22:16] And they then based their rankings on three criteria safety affordability and access to recreation facilities and parks.

[00:22:25] I like that last one I don't I don't know if I can suggest the best but hey who doesn't love access to a good old park I think that's super important and then they've measured safety with the crime severity index CSI.

[00:22:41] Great TV show and another great accurate other great. I can see her ratio taking sunglasses. I feel you did that last time for law in order but anyway. Wow I have it okay we know there was the who that's what it was.

[00:23:02] Okay nice there we go so I want I won't say anything please no no no.

[00:23:06] The audience really wants the crime severity index and the crime rate collected from the governmental and police sources suggest as a data point here in 2020 to the crimes of the index in Canada stood at 73.44. The cities with a CSI below 60 are there for considered among the safest.

[00:23:28] So affordability takes into account the prices of housing and renting according to CBC the average Canadian house prices 720 grand at the time of the writing of this article I think it's a little less than that right now.

[00:23:39] I thought it was a little more than that right now but whatever it's close enough close enough to that yeah you think you're doing the realtor math. It's gone up since then yeah so.

[00:23:50] The the data was used to rank the 10 by the best places in Canada to live while also taking a new counter quality of life.

[00:23:58] How the Lushian green spaces and recreation climate and education and employment are the criteria involved to determine the quality of life so next start us off number one on this list.

[00:24:11] Edmondson new runs week was ranked best was first one number one in the list and also ranked best for employment opportunities for things like nurses doctors and civil engineers so. The places on the up and out population of 16,781 average cost of a house.

[00:24:29] 150 grand you've got to be kidding me Edmondson I'm just gonna go get my engineering degree and I'll be right there the average monthly rent. I've been in the high 145 dollars for one bedroom apartment and the average monthly cost of living just under $1,300.

[00:24:47] Edmondson is listed this is first place living Canada it's located close to new runs week sorry close to located in Madawask economy in New Brunswick and has a crime rate 24% lower than that of the rest of the province so.

[00:25:03] From a cost of living standpoint if you're a nurse doctor or civil engineer pack your bags you're going to Edmondson Edmontonson there you go next on the list we've got.

[00:25:15] Sogane Quebec best for first time buyers population of 144,000 CSI 50 average cost of house 257,000 as a member of the CSI below 60 is good so that's good average monthly one one bedroom rent 650 so what would that be I mean average monthly cost of living 2700 bucks so.

[00:25:40] The second best place living Canada it is a Quebec Quebec wise city with no traffic jams sagane is an affordable place in addition to offering some of the most affordable housing in Canada.

[00:25:50] The city of sagane is very safe as a crime rate 11% lower than that of Quebec the pro I guess the city Quebec city.

[00:25:58] No traffic jam sounds pretty good too it's outside of that cost 11k another one in Quebec we have levy actually we should be careful with that one because I think traffic jams are where people listen to their podcasts so just saying.

[00:26:12] I'm really good point it's tough for me to say that I enjoy traffic jams but you know what I drive probably more than the average person just to.

[00:26:20] Decides and declines into you know checking our portfolio up to your place in the studio Dan and I crush podcast when I'm in the car it is great.

[00:26:31] Number three here Quebec levy best for families population of just over 150 thousand low crime rate average cost of house $329,000 and average monthly one bedroom apartment rent of $758.

[00:26:48] I think the national average is something like 2600 for a one bedroom apartment obviously horribly skewed by downtown Toronto or this by far more one bedroom apartment than anywhere else in the country levy holds the third position in the ranking of the best places to live in Canada.

[00:27:07] Located in the heart of three major national parks the city as a large number of hiking trails I love that and again house prices of only three less than $30,000 for the average cost of a house stand and now the next one here number four is actually an Ontario this is exciting there's a good place to live in this province.

[00:27:26] Yeah, it sounds great to deeper ever on Ontario best for outdoor activities population 4000 CSI 21.68 and a lot of time going on there average cost of house $370,000 average monthly rent one bed 14 under bucks and the average monthly cost of living 2700 bucks.

[00:27:46] Located on the course of the Ottawa River in Ren through County deep river is ranked number four in the ranking for the best cities to live in Canada. There is stunning scenery and wide river so it's a perfect place to go.

[00:27:59] But with all that extra money you have from living in this affordable market also do man and I know you're see the guy.

[00:28:07] We can't I don't think it goes see doing in like these rivers but maybe who knows actually like a aluminum bottom that you can get from my city that you can rip actually rip up like white water.

[00:28:20] Because the Ottawa River is great water lasting. I went white water rafting up there years ago, ton of fun. It was a blast for sure. Well when I went that way water after the Ottawa River actually it was snowing. That is really cool.

[00:28:35] Yeah, that wasn't actually that cool. Really cool by mentality. It's a good story but yeah, literally cool. Yeah. Therefore living in deep river could be very interesting for you if you work in the scientific field because they have the Canadian nuclear laboratory's located there. That's kind of cool.

[00:28:53] Yeah. It's a pull factor right there. That's one of those things you're like, hey that could be a major growth factor right? I mean population of only 4,000. Good not much of a barrier to entry to buy a house. You've got the water.

[00:29:06] I feel like humans are naturally pulled to water. I like deep river. Well also like if you just purely talking about the nuclear thing, I'm pretty sure Ontario is planning to build the biggest nuclear power plant in the world.

[00:29:19] That came out in like July I think Bruce power. Which I believe they already have it but they're putting together a 4.8 giga watt or adding 4.8 giga watts to the Ontario facility up there. And I think it's in Tiberton the Bruce Bruce and then slow Bruce power plant.

[00:29:34] World's biggest nuclear power plant being planned in Canada. I'm reading it right now. Demand for nuclear is growing in a battle against climate change. And then I think there's planning to do a bunch of these smaller ones as well. So I don't know.

[00:29:46] I mean, wow that sounds pretty promising to me. Yeah just like we mentioned in the last episode though about those amber alert things that they accidently alert. So they were sending out. We just got to make sure we're through stewing that. It's not a access to that program.

[00:29:59] That'll get more nuclear power plant. But context by the way, there was like an accident all alert that went out for the Pickering Power Plant. Yeah that would have been scary. Yeah it was definitely not cool. Number five Trenton Nova Scotia best affordable cost of living.

[00:30:15] That's what it was awarded in this survey here that we're reading of the 10 best places. Population 2400 to average cost of a house 182,000 man. That's literally I think parking spots in Toronto have sold for in and around that at the peak.

[00:30:31] Average cost of living is 20% less than the national average. So if the idea of a small town near a beautiful beach appeals to you well then Trenton might just be the perfect place. Very safe city crime rate is also 9% lower than that of the rest of the province.

[00:30:49] And Dan back to beautiful Quebec. What am I saying here on this list? I mean it doesn't surprise me. I mean the fortability in Quebec as a province is great. It is. Yeah.

[00:31:01] This is one of my favorite cities in Canada and I would probably, I would consider living here to be honest with you. I've want to do invest in this city for a while Quebec City. The best for housing affordability and urban areas. Awesome Canadian city.

[00:31:14] I have to say it is you cannot, you cannot find the history and culture in that city anywhere else in North America. You really can't. So population, about 550,000 average cost of house 325,000 average monthly one bed rent 840,000 average monthly cost of living about 2500 bucks.

[00:31:37] The province of Quebec, the capital of the province of Quebec full of history events, great food and architecture as well as opportunity. I think it was rated for a while the best city for millennials to move to.

[00:31:49] I mean obviously with the, to me it's very tourism learning a lot of entry level jobs. Fun, fun city, good nightlife. Very much a world city people from all over the world travel there.

[00:31:59] Actually did you know that the hotel there, Shacho from NAC is the most photographed hotel in the world? Really? I have so much random information in my brand. I'm sure that's great and I've stayed in the, like, not the state there.

[00:32:11] I mean for people that have seen a lot of the rest of Canada and not Quebec City. You truly forget your encounter. You're really in an, in an old European castle. In some cases, old European village, old European downtown from hundreds of years ago. It's an amazing place.

[00:32:29] Yeah it says actually, yeah. I've only spoke any bit of French I would be much more off. I've been really working on my friend because my daughter's in French immersion. So I'm, I'm open that maybe I'll get back there.

[00:32:41] I used to speak pretty good French when I lived in Switzerland. So maybe I can do it. Maybe I can do it. Maybe I can do it. I would, I would.

[00:32:49] I think I'd have to be as no word because the winters are pretty rough there but anyway, we digress. Back to Quebec for number seven year. Best for nature, lovers is that Ford mines.

[00:33:01] And I'm positive I'm not saying that properly and for all of our dear listeners in Quebec. Thank you for always bearing with my pronunciation abilities here. Population of $26,000. And average castle home $200,000 average monthly rent for a one bedroom or one bedroom or less.

[00:33:20] So I guess that includes $500, $455,500 crazy. So there are definitely cheap options in some of these places and then the average monthly cost to living $2500. Again, may I remind you that the cost of a one bedroom apartment nationally now is, I believe, $2600. Again, terribly skewed by Vancouver and Toronto.

[00:33:46] Take us to number eight day and back to Burda. Yeah, not to be confused with Deep River. We have high river Alberta. Best for tranquility in the outdoors. You take the deep road. I'll take the high road. Something like that.

[00:34:00] So population is 13,000 average cost of house $370,000 average monthly rent by $1000 bucks. It's located in the greater Calgary area. Approximately 45 minutes from the city of Calgary and it hosts lots of annual events right there, particularly known for its old-fashioned holiday parades as the whole city lights up in addition.

[00:34:24] So there you go this time of year, perfect. In addition, the city has a number of craft fairs, galleries and art studios. So if you're into that kind of stuff, it's a good place to be. Speak in a good place is to be this one.

[00:34:37] So little bit of a surprise for me. Now I know it well. I think you do as well, Dan. Barry Ontario. Great city. I would agree with that. I think I'm a big fan of Barry. Yep. And I love the description. I'm going to start with the description.

[00:34:54] Located on the shores of Kem. Kemping felt bay. Is that it? Yeah. The western arm of Lake Simpo. Barry is the seventh best place to live in Canada. It's also a great place to find affordable homes in Ontario.

[00:35:08] Average cost of a home mirror is just under the National average at 705,000 population just under 150,000 rent still mildly achievable there with one bed and less average going for about 1600. And the monthly cost of living $3,500. And we're at the end of this list.

[00:35:33] They had finishes off strong with number 10. Well, LinkedIn County Ontario. So high quality of life, 240,000 population is well-fledged with in Wellington. I think it is right. Yeah. So I've technically been a resident of this area. So far actually.

[00:35:47] I think we're literally on a rainy resident of Barry too. But 240,000 people average cost of a house but 915,000. So a little bit more expensive and then a lot of the other places on the list. But average monthly rentals about 48% of the Ontario average monthly cost of living is 12%

[00:36:07] below the Ontario average. So safe place and as 38% lower crime rate than the remainder of Ontario cities public say. And other than Oxford, I think there's like most trails that are in like wealth and matter. Yeah, don't confuse Oxford is the trail capital of Canada.

[00:36:24] Yeah, I think we've got here the township of Furgas, Alora, Rockwood, Arthur, Aaron, Golden, Paul Merston, Harrison and of course, Gwelf which holds a special place in our arts. Yeah, Gros, Gros, great city. Well there you have it. Top 10. What do you think, Dan?

[00:36:47] I think I'm just going to go and start packing my bags and move to Barry. Yeah, I'm, you know, if I could handle French, I think Quebec by far takes up more than we've got four. So 40% of the best places to to live are in Quebec.

[00:37:07] Yeah, you really need to work on your French, but yeah, thanks for that. And thank you, everybody for listening and and we hope you got both value from our from the first half of the show.

[00:37:18] We kind of went over predictions and trends that we're seeing emerge in 2024 and beyond. And, you know, I love doing these lists and they're always funny and interesting to see what all these different people put together for the best places. Sure.

[00:37:33] Yeah, so I mean, I guess before we wrap up here, make sure we have meetups January 9th. So first Tuesday of every month throughout the year in 13 cities across Canada,

[00:37:42] make sure you go to those and then check out our course realists dot CA link in the show notes. We'd love to have you on board there and beyond that, I mean, see you next time. Thanks for joining us.

[00:37:55] Hopefully if you're kicking off a new year and you're looking for some great content on that make good real estate investments this year. I think 2024 2025 or going to be the years. I haven't really been saying haven't really been not bullish yet.

[00:38:07] I think, but I think we're getting there. Things are starting to look pretty ugly out there. There are some good opportunities. We are.

[00:38:12] And it's like, I think when when everyone's super scared and nobody wants to buy and we're not getting new listeners share podcasts anymore because people don't even want to invest in real estate. And then I'm researching it anymore. Then it's like, okay, the bottoms in. Let's go.

[00:38:28] So anyway, that's all I got. I love it. Thanks so much for listening to everybody. We'll see you soon. The Canadian real estate investor podcast is for entertainment purposes only and it is not financial advice.

[00:38:42] Nick Hill is a mortgage agent with Premier mortgage center and a partner in the G and H mortgage group. Licent number 10317 agent license M21004037. Dinofosh is a real estate broker. Licents to with rare real estate.

[00:39:01] A member of the Canadian real estate association, the Toronto real estate board and the Ontario real estate association.