The Cost Benefits of Relocating - National Housing Rates

The following is a comparative survey of various national housing rates. The data listed is for a detached, bungalow-style home, consisting of 3 bedrooms, 1 1/2 baths, attached garage, private, paved drive, full basement, and approximately 1,300 square feet of living space. Prices for smaller or larger style homes will vary accordingly.

PROVINCE PRICE ($) Newfoundland St. John's 100,000 Nova Scotia Bedford Halifax (Clayton Park) Metropolitan Cape Breton Dartmouth 139,000 147,000 87,500 100,500 New Brunswick Saint John Moncton 90,500 92,500 Prince Edward Island Charlottetown 103,000 Quebec Quebec City Hull 121,000 130,000 Ontario Brampton / Bramalea London Mississauga 160,000 158,000 196,000

PROVINCE PRICE ($) Ontario (cont.) Oakville Oshawa Ottawa (Glebe) Thunder Bay Central / Downtown Toronto North Toronto Leaside / Bayview 175,000 150,000 207,250 165,000 375,000 336,000 325,000 Manitoba Winnipeg (Lindenwoods) 130,000 Saskatchewan Regina (Wascana View) 140,000 Alberta Calgary (Mount Royal) Edmonton (Riverbend / Terwillegar) 220,000 164,000 British Colombia Burnaby West Vancouver Vancouver (Kerrisdale) Victoria 310,000 450,000 475,000 245,000

Based on 1993 data

The above information indicates the various housing prices for areas throughout the ten Canadian provinces. Metropolitan Cape Breton has one of the lowest rates in housing prices in comparison to other metropolitan areas in Canada. While Metropolitan Cape Breton's rates are low on the national scale, there are areas outside of our commercial centre that are more affordable. It might make good economic sense to get the most for your retirement dollars by relocating to Cape Breton, where the housing rates are lower. For example, if you lived in Ontario, and you sold your house for about $175,000, you could then buy a home of equal or better quality in Cape Breton for about $60,000 to $80,000. The capital gains you would receive from the sale of your house would supplement your retirement income.

Tips For Selling Your Old House

• Learn the market value of similar houses in your neighbourhood to ensure you get what your house is worth. Compare your house with others for sale in your area. Also, talk to real estate agents, bank brokers, and financial advisors.

• Consider whether it is the right time to sell. Determine whether the demand for property and houses is strong at the time, and put it up for sale when there is an active market for your type of house.

• Consider the needs of prospective buyers. Do not invest in any structural renovations which may not suit the needs or tastes of every potential buyer. However, a "refreshing" coat of paint and some minor landscaping will increase your chances of selling your house and getting the price you want.

• Be sure to show your home at its best. Set aside certain days for showing the house so that you can prepare for the event. It is best to sell the house while you are still living in it.

Tips For Buying or Renting

• Before you begin looking for a new home or apartment, you must determine how much you can afford to spend. You should arrange for a pre-approved mortgage so you can shop around for the home you want with greater confidence.

• Be sure to find the home that is just right for you. Decide where you want to live, the type of neighbourhood you prefer, the proximity to shopping areas, recreational facilities, and other amenities.

• Consider your wants and needs. That is, determine the size of the home you desire, the size and number of bedrooms you will need for family or visiting company, the number of bathrooms, etc. Also consider if you want a home office, workshop, entertainment or storage area. Our Retirement Consultant will be helpful in finding you a home which matches your criteria.

• Once you are ready to move, be sure to arrange for movers to transport your belongings, also notify utilities and telephone companies about your change of address.

Your Present House: Will It Meet Your Retirement Needs?