Small urban centres solution to red-hot housing market woes
(NC) While many hoped the pandemic would cool Canada’s heated real estate market, plenty of would-be homeowners still find themselves shut out of the market, especially in larger cities. But one attractive solution many haven’t considered is a land lease home in a smaller urban centre.
This model of home ownership lets you own your house without having to buy the land it sits on, and it costs about 30 per cent less than purchasing a traditional freehold. Here are some benefits of choosing a land lease in smaller urban centres:
Many communities offer different services and activities, so it’s important to consider the type of lifestyle you want. If access to nature is important for you, look for a community with parks, waterfront amenities and forests. For example, Parkbridge land lease communities offer residents a variety of services and activities, like exterior maintenance, walking and biking trails, community centres and pools.
While land lease communities with mobile homes used to be more common, today some are no different than a bungalow in a subdivision. In fact, there are a variety of affordable homes for you to choose from depending on your needs and family.
This model of ownership empowers you to maintain and build equity while freeing up money for life’s other priorities. As with other forms of home ownership, appreciation value depends on several factors including location and economy. But, recent examples of land lease communities in Hamilton, Ontario and Langley, British Columbia have seen prices increase between seven and 12 per cent year over year.