Top Places for Real Estate Investment in Ontario 2022 - Part 1
As the most populous province in Canada, accounting for more than 40% of the whole population of our Country, it is not a surprise that Ontario is the hottest market for real estate investment and it seems unlikely to wane down in the approaching years. To aid you in gaining a better understanding of Ontario’s real estate market, CADMEN Properties has curated this list of some of the most promising areas you should consider investing in this year. Of course, in such a wide and bountiful province there are more than just 3 top places to invest in real estate so keep your eyes peeled for parts 2 and 3 coming later!
1. City of Toronto (includes Scarborough, York, East York, North York, and Etobicoke)
T.O, the 6ix and the many other names it goes by, no matter what you call it Toronto is best known as the signature city of Ontario. With a booming population of more than 6 million people, Toronto and its included cities of Scarborough, York, East York, North York and Etobicoke are undoubtedly the hottest markets for the majority of business investments, including real estate and entrepreneurship.
The need for housing in Toronto is predicted to keep increasing tremendously due to the huge influx of newcomers, including international students and skilled workers from all over the world coming to study and contribute to the city. In 2019, Toronto welcomed 118,000 immigrants, making it the most attractive city for immigrants in Canada. Among them, many were highly skilled workers with strong education and financial foundations coming to Canada for a fresh start. This movement of different types of people has helped fuel the need for housing in the city, making Toronto and the GTA overall a hot spot for newcomers. Additionally, many people coming to Toronto are looking to rent places and a smart investment technique can be to buy a property and rent or lease it out to tenants whose rent payments help pay off the mortgage for the property.
Some things that make Toronto pop include the vibrant nightlife, social scene and the variety of art museums, shopping malls, restaurants and events that are always going on in Toronto. These can include food truck festivals, hole in the wall or “mom & pop shops”, as well as big known places such as the Eaton Center, St. Lawrence Market and Art Gallery of Ontario that draw in visitors and residents. Toronto also has one of the best public transport systems in Canada, the TTC, as well as is close to most major universities and college campuses including the University of Toronto.
Average House Price
City of Toronto: $1.2 million
GTA: $1 million
2. Durham Region
Located on the east side of Toronto, Durham Region is a part of the Greater Toronto Area, otherwise known as the GTA and it comprises Oshawa, Pickering, Ajax, Whitby, Clarington, Brock, Scugog, and Uxbridge. Though less populous than its vibrant neighbour of Toronto, Durham has proven that it is one of the most attractive regions for real estate investment in the province with a 10% annual growth rate every 5 years and total projected growth of a whopping 80% in the next 30 years! Imagine you invest in a property this year and receive an 80% increase in value in the next 30 years - this is definitely not a small number, and it is a way to build generational wealth and retirement savings.
House prices in Durham are considered more affordable than those in Toronto, which makes the region even more attractive for people who are looking for long-term investments. As people who are looking to move out of the city for more affordable housing options, a lot of them are turning to areas in the GTA such as Durham to purchase land. Durham is also a hub for those looking for more land, or to start a family that isn’t too far away from the city so it still offers a variety of options for living and entertainment, while providing a more quiet and slow-paced lifestyle experience.
Durham is closely connected to Toronto through many major highways including the 400 and the 401, as well as offering a variety of public transportation options such as the Durham pulse which can get you from Oshawa to the UofT Scarborough campus and then to Downtown Toronto via TTC connection.
Average House Price
Durham Region: $900,000-$1 million
3. Hamilton
There is so much potential for Hamilton to grow. In the last 20 years, the city has witnessed a great change in occupation types, transforming from predominantly manufacturing to healthcare, construction, and other fields. As such Hamilton has seen a huge boom and is often referred to as Toronto’s little cousin with its growing nightlife, and modern retailers moving in. It has become one of the newest trendy places to live for young people who are flocking there for its more affordable housing, waterfront trails, as well as food and drink options. Hamilton is home to many waterfalls, scenic trails, art museums and fun artsy restaurants and bars. Referred to as the “Hammer”, this location is the place to be and the time to buy is now! With houses and condos available for purchase Hamilton offers a lot of variety to those looking for a place to invest in real estate.
As Toronto, Hamilton has reaped huge benefits from the influx of newcomers. The increasing number of international students coming to Mohawk College and McMaster University makes the need for affordable house rentals hotter than ever. House prices in the region are also very affordable compared to those in more central cities. This influx of young people looking to study at these schools combined with more affordable housing options has driven many young people to the Area. This is also a great opportunity to rent out a property to students looking for housing when they are attending classes in Hamilton. Much like Toronto, the area also has a lot of artistic places to visit, as well as small businesses and vegan restaurants to frequent for those looking to try something new.
Average House Price
Hamilton West: $700,000
East Hamilton: $650,000
Hamilton Centre: $625,000
The Hamilton Mountain: $800,000