If 2020 has taught us anything, is that you shouldn’t leave your plans for the last minute, especially when talking about your retirement fund. There are many options you might want to pick in this regard, such as buying stock or creating a new business. However, by far, the best choice is investing in real estate. However, the best choice by far is investing in real estate. That’s why is this article we are going to tell you about the best places to buy real estate in Ontario.
The advantage of investing in real estate properties is that if you buy the right property, its value will increase over the years, and you will have a secure income every month. If you start investing early, you can put all the income you obtain from your properties into an account for your retirement. You will soon notice that all the cash flow from real estate will allow you to stop worrying about your retirement.
Now, you might be wondering where you can find all the properties that will give you in return more income than expenses. We are here to tell you that you will find the best cities to buy real estate in Ontario, Canada.
The next thing you could ask at this point is why Ontario? What makes this province the perfect place to invest in real estate, compare to others in the country? Below we will tell you all the reasons why Ontario offers unique opportunities for real estate investors.
Why is Ontario the perfect place to invest in real estate?
The reason why you will find the best places to buy real estate in Ontario is due to the growth in its property prices. Various factors allow these high real estate prices in Ontario, such as rising incomes, high employment rates, and an exponential increase in its population.
That’s why Ontario is the ideal place to invest in short or long-term real estate. You also need to know that when you buy a property in Ontario, you don’t necessarily need to rent it. You can have a second home to enjoy the summer, later you can just sell the house and put all the money into your account.
It is completely up to you how you manage your properties. However, most people choose to have from three to four properties in their inventory and rent all of them to obtain some income every month.
You also need to consider that if you acquire a property in a big city such as Toronto, you will be able to charge more than if you are renting in a small town. Location is one of the main factors when talking about this type of investment. That’s why in the next section, we are going to tell you where to buy real estate in Ontario.
Best Places to Buy Real Estate in Ontario
We placed Hamilton at the top of our list of the best cities to buy real estate in Ontario due to its exponential increase in rental rates, which in 2019 were the highest in the country. The great thing about this city is that it has diverse neighbourhoods where you can find a wide range of real estate prices.
Hamilton is an attractive city to many people because it is the home of many post-secondary institutions such as McMaster University and Mohawk College. This means many national and international students will be looking for living options in this area. Plus, the vacancy rate is 3.1%.
The best place to invest in real estate in this city is East Hamilton because it offers many residential properties. Also this region has many restaurants, parks and shops making it ideal for young families and bachelors.
Average house price in Hamilton.
Hamilton Centre: $402,147
Hamilton East: $414,671
Windsor is a city located in the southwestern region of the province, right across from Detroit. What makes Windsor one of the best cities to buy real estate in Ontario is the increase in rental prices and affordability when purchasing a house.
That’s why here in Windsor, even though you will find an increase in housing prices, there are still more affordable compared to properties in Toronto. Plus, if you decide to rent, you can put up a high rate. The best part is that the vacancy rate in Windsor is 2.6%.
In this city, you will also notice that the population has been increasing in the last years. There are low unemployment rates, and that there has been an improvement in its infrastructure. All these factors contribute to making Windsor attractive to all types of investors.
Average house price in Windsor: $329,238
If you are wondering where to buy real estate in Ontario, Guelph should be at the top of your list. It has the lowest unemployment rate in the country, which means that in Guelph, you can find tenants that have stable incomes and available buyers if you want to sell a property.
Another advantage of Guelph is that its vacancy rate is 1.4%, which means the city needs more properties available for rent. Further, as we are seeing in many cities across Ontario, rental prices are on the rise.
Guelph economy is flourishing, which gives more opportunities to people who want to rent or buy a house in this area. Also, you might want to keep in mind that this city is the home of the University of Guelph, which enrolls thousands of students who are eager to find affordable living near campus.
Average house price in Guelph: $565,042
What makes London one of the best places to buy real estate in Ontario is that it is the home of two large colleges Western University and Fanshawe College. You will also find that this city is turning into a technological hub attracting top employers in the country.
The vacancy rate for London is down to 1.8%, which means if you are thinking about investing in real estate, now is the time. If you choose London as the place where you want to buy new properties, look into the North and Southwest regions where there is high demand. However, if you want to go for something more affordable, take a look at East London.
Even when the economy of the city is flourishing and steady employment rates are contributing to an increase in real estate prices. We can assure you these are still more affordable compared to the GTA.
Average House price in London: $412,208
Where to Buy Real Estate in Ontario?
Now you are ready to start investing in the best real estate. Take a look at all the options in this list, and then search the real estate opportunities that adjust to your budget and your long-term goals. Even when there are still cities you might want to check out, one thing is for sure, in Ontario you will find the best places to buy real estate.