Thinking about where to Invest in 2020
Are you a First Time Home Buyer or Investor and looking to buy a property in Ontario? Are you confused about which are is the best area to buy or invest in? It is important and tricky to know what the future of real estate is going to be and where is it going to be.
“This is the first time in the over 26 years of producing these reports that there are so many wild-cards in play each of which can have a direct impact on the housing markets across the province,” says Don R. Campbell, REIN’s Senior Analyst, “that is why now, more than ever, it is important for home-buyers, investors and developers to dig deeper in their research before making a decision. That is why we have factored in 36 different components for each city as we uncover the least risky markets in the province”.
The full report can be read here http://cdn3.reincanada.com/Research/2018_Top_Ten_Ontario_Towns_and_Cities.pdf
Guelph was ranked #1 on The Bank of Montreal’s list of best cities in Canada for new work opportunities. Unemployment there is low and there are jobs to be had in this former farm town. Many schools are also under renovation. The University of Guelph is finishing up an expansion of its Health and Veterinary Science department. Stormwater systems are being repaired; improvements are being made to the snow disposal facilities. These unseen improvements can go unappreciated and unnoticed but they’re important to keeping Guelph a top city to live and work.
Nearby, Kitchener-Waterloo ranked #4 on the BMO’s list, which makes sense with a growing tech industry, universities, and health care all booming in the region. With the Kitchener GO expansion, more people will bound to be moving into the area. With all the expansion and new companies moving there, it can be a city of millennials and growth.
Kitchener-Waterloo real estate prices have been on a steady incline in recent years, so it’s little surprise that the city’s housing market ranked #11 of 16 Canadian cities when it comes to housing affordability, according to the 2020 RE/MAX Housing Affordability Report. However, cost-conscious home hunters in search of a good deal can still find one in the communities of Country Hills, Lakeshore and Westvale, which have been named the most affordable neighbourhoods to buy a home in Kitchener-Waterloo.
There are many factors contributing to Kitchener-Waterloo real estate prices. Kitchener-Waterloo real estate prices have been on the rise, experiencing an eight-per-cent increase from 2018 to 2019, and another seven-per-cent increase expected in this year (source: 2020 Housing Market Outlook Report). This is a contributing factor in the region’s ranking as one of Canada’s less-affordable housing markets, according to the new RE/MAX Housing Affordability Report.
In its inaugural Housing Affordability Report, RE/MAX examined 16 of Canada’s most-populous regions and ranked them on an affordability scale, with #1 being the most affordable and #16 being the least affordable. RE/MAX brokers were surveyed about average home sale prices and whether they believe real estate in their region is overvalued, undervalued, or right on the money. Kitchener-Waterloo real estate came in at #11 of 16 cities.
Kitchener Waterloo real estate is currently classified as undervalued, with an average sale price of $527,718. The region is attracting high-valued employers in the tech sector. This, coupled with two world-renowned universities, is credited with Kitchener-Waterloo’s continued growth, in lockstep with the job market and wages. However, due to the booming job market and an influx of immigrants coming to the region, Kitchener-Waterloo is experiencing a housing supply shortage. This has put major pressure on local government and builders to try and keep up with demand.
First-time homebuyers in Kitchener-Waterloo commonly seek out apartment-style condominiums, which have a typical entry-price range of $350,000 to $500,000. More information can be obtained from here.
The Best 6 Cities to Invest in Right now close to GTA are:
- Durham Region
The Greater Horseshoe Region is one of North America’s fastest-growing areas, with a population of over nine million people, making it home to a quarter of Canada’s residents. The region also attracts one in three new immigrants arriving in Canada. Each year, there are factors we keep a lookout for when it comes to our community watch list. Where are new businesses moving in? Is a town seeing higher employment rates? Is a town’s population starting to grow? Are there new infrastructure projects planned/underway, and what will their impact be on the growth of the community? These are just some of the things one should consider before you buy.
With demand for new homes softening, prices of single-family housing have been levelling off. According to RBC Economics Research, that led to a small improvement in the affordability of a single-family detached home in the first quarter of 2019. And with the introduction of First Time Home Buyer Incentive, it made the life of First Time Home Buyers a bit easy but has led them to move out of GTA region to Golden Horseshoe Area and hence those six areas are booming substantially!
Don’t waste time and if you are a First Time Home Buyer or an Investor, call me for a confidential consultation according to your profile to work towards your project!