Your trusted mortgage professional will be the first to tell you that instead of looking at the Greater Toronto Area (GTA) for real estate investments, you should look at Ontario for properties to buy.
The prices for real estate in GTA seem to have skyrocketed over the last few years. The prices of homes in Ontario may have risen by 20% in the past year. However, you can find several properties that have great investment potential and demonstrate stable price growth.
Buyers are looking into the following Ontario cities for real estate investments.
Brantford is a city found in the southern part of Ontario. It lies on the outlying borders of Toronto.
The city is turning out to be the one of the region’s promising bedroom communities. With the ongoing urban sprawl, an increasing number of people are looking at Brantford for homes to buy.
The past year has seen the value of houses in Brantford increase by more than 20%. In spite of this rather dramatic increase, however, you will still be able to find a house in the city that goes for about a fourth of the price of a comparable listing in Toronto.
If you are considering investing in house in Hamilton or Burlington, going just a bit farther towards Brantford will allow you to save half of what you would spend for real estate in the former.
Guelph figures as one of the leading cities in Ontario in terms of growth. It has a 6.8% 5-year ROI for real estate. The figure continues to grow fast. Property rentals are also on an all-time high.
Guelph shows a steady growth in its population. It also enjoys a stable labour market. Unemployment is listed as lower than 4%. The city’s nearness to the General Ontario Area is another factor that ensures Guelph’s growth in the real estate market.
In general, investors seem to have overlooked this city (the biggest city in the north western region of Ontario) as a first-rate place for homes to purchase.
Thunder Bay has several things going for it.
The local economy is on the rise.
The city is the hub for education, commerce, and healthcare in Northwestern Ontario.
In the last 5 years, rental rates in the city have climbed by more than 20%.
Employment rate is high.
Windsor, a middle-sized city in the southwestern region of Ontario, now stands as one of the best places in North America for investments in real estate. This can be attributed to the following:
A feisty manufacturing sector
Steady increase in population
A housing market that is undervalued
While it is true that prices for home properties have gone up by about 20% compared to last year, they are still considered very affordable compared to the Ontario average. There is apparently still a large margin for growth.
Snuggled in the distant fringes of the General Ontario Area, Barrie shows great potential as an emerging community.
About 30% of the GTA population goes to Barrie for work. If you want to capitalize on Barrie’s thriving rental market, you may want to look into the possibility of investing on real property in the city. Property prices in Barrie are significantly lower than those in its neighbouring areas. However, you may have to act fast and get in touch with your mortgage broker. A good number of investors are making their move and causing the values to rise.