Great Places In Ontario To Invest In Real Estate
By examining vacancy and rental rates from Canada Mortgage and Housing Corporation, coupled with the latest data on population and employment growth based on recent research guided by investors and other experts, here are top seven places to invest in real estate property in Ontario.
#1. Milton
Milton has earned the title as one of Canada’s fastest-growing cities, due to its significant growth in recent years. It is a top place to invest in real estate in Ontario.
Alex Ocsai, broker and owner, Royal LePage Meadowtowne, explains that “Milton is near major highways, rail and air transportation, and within commuting distance of major GTA employers, making it an attractive option for purchasers looking for affordable property.”
#2. Guelph
Guelph is well known for it’s healthy local economy, education, health-care and growing agriculture, all of which attract a skilled labor force. As the Toronto real-estate market still remains out of reach for many prospective homebuyers, Guelph has now become a common location for those searching for affordable homes. Although, homes are experiencing increased prices, investors can still purchase at a reasonable price.
#3. Brampton
Brampton is also a great place for investors to invest in real estate, however, like many other Toronto areas, prices are rising rapidly. According to Nirmal Brar, broker and manager, Royal LePage Flower City Realty, “More investors are coming to Brampton, which should put even more pressure on pricing within the region. This will hinder first-time buyers’ ability to purchase detached property and create more demand for condos, rentals and townhomes.”
#4. Oshawa
Cities outside of Toronto including Oshawa, are experiencing increased price growth,. Oshawa is experiencing double-digit price growth. The price growth is what makes this area popular. Although prices are increasing (and fast), average prices are reasonable compared to Toronto standards.
#5. Barrie
Barrie is located on Lake Simcoe, 90 kilometres north of Toronto. Like other waterfront communities, Barrie has become a hot real-estate commodity and the area is experiencing the highest price appreciation in the province. Barrie is not only attracting large student population, its proximity to the Greater Toronto Area has also attracted more workers commuting to and from Toronto.
#6. Toronto and Oakville
Both Toronto and Oakville are great places for real estate investment as they possess all the economic requirements necessary for a good investment location. This includes, low vacancy rates, high rents, growing population, investment in infrastructure, etc.
However, their downsides is significant. This includes, exorbitant house prices with a continuous double-digital growth. Due to this, investors will need more capital to get into these markets.
According to Blair Mackey, sales representative, Royal LePage Real Estate Services, “You aren’t going to become rich on monthly rental cash flow. The typical rental property model doesn’t apply in markets like Toronto or Oakville. To be successful, investors have to bank on longer-term property appreciation, so it’s important that they buy the right location.” If you’re looking for a short-term hold, Mackey advises to “find an agent that can bring you pre-market opportunities in up-and-coming area.”
