Cities have repeatedly been referred to as centers of economic opportunity – a trait not to be shed anytime soon. Through efficient infrastructure and services, urban agglomerations function as clusters of knowledge, innovation, transportation, and communication. Consequently, cities' dense accessibility to resources and technology facilitates and diversifies individuals' potential means of revenue, primarily through earned, portfolio, and passive income.
Since the COVID-19 outbreak, however, individual's functioning in private and social spheres vastly changed, mainly since the whole world was confined at home. With re-organizing how we go about the world during a pandemic, the economic domain was significantly impacted. Several were limited by the safety precautions and experienced hardships, like loss of employment. But, on the other hand, some also utilized this circumstance to explore, learn, and adopt new skills.
One of many fields to have gain popularity is real estate investment. Over the past two years, the Canadian market has flourished with wide purchasing options and great interest rates, giving people in diverse economic positions more opportunities. Investing in a primary residence, short-term rental, or long-term rental property can maximize your income in the long run and also contribute to the country's economy. Real Estate Investment Trust (REIT) is also a considerable alternative for investing in the market without physically holding a house. These options have also often been a safer venture than other investing routes like stocks. Note, risks and benefits must always be weighed. All investment opportunities come with uncertainties, which underlies the importance for all to convey proper research. Reaching out to advising and consulting resources is also chiefly recommended.
Montreal, Canada, has become prized for its luxury market. Indeed, the global destination's distinguished cultural diversity, employment opportunities, educational institutions, and serene quality of life have increasingly enticed locals and foreigners to invest in the land (Sharma, 2021). Photograph: Loïc Romer (N/A)
With resources made available more than ever, maximizing your revenue has become a matter of drive, persistence, and determination. The remaining question is, what skill can you apply or learn to expand your income?
References
Pipe, T. (2021). Is real estate a good investment in Canada? Canadian Real Estate Wealth https://www.canadianrealestatemagazine.ca/expert-advice/is-real-estate-a-good-investment-in-canada-334551.aspx
Sharma, N. (2021). Montreal is Canada’s leading luxury market: Engel & Völkers. Canadian Real Estate Wealth https://www.canadianrealestatemagazine.ca/news/montreal-is-canadas-leading-luxury-market-engel-and-volkers-334770.aspx
Image Reference
Romer, L. (N/A). Montreal. AirTransat https://www.airtransat.com/en-GB/visit-canada/montreal?search=flight&flightType=RT&pax=1-0-0-0