When it comes to buying real estate, it's important to be objective especially if you're considering it for an investment.
There are many key drivers that influence the phases of the real estate cycle. Employment is one of the demographic drivers. Other key demographic drivers include:
-Net migration;
-Vacancy rates;
-Housing Constructions; and,
-First-time homebuyers.
Today Stats Canada released unemployment rates for Canada, and Guelph as usual, has one of the lowest rates on unemployment in the country.
What does this mean for the local real estate market? When people have jobs, they buy homes. That's one of the reason's why home sales are up year-over-year in Guelph. Furthermore, when unemployment is low, people migrate to these cities for employment. Guelph's vacancy rates are also at record lows.
GuelphMercury - Guelph’s unemployment rate dips once more
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