Toronto: The new year is around the corner and more aspirants who have been in rented houses are planning to buy their first home in the coming year. Some Canadians, who already own a home or two are also ready to invest in an extra home or property for investment purposes. Whatever category you belong to, the real estate in Ontario-Canada offers a rich ground for return on investment, rental returns and peaceful home to stay.
For the ease of the reader’s understanding, I have grouped the Canadian real estate buyers into two significant groups.
- Frst time home buyers
- Buyers who already own a house and invest their surplus money into a second or third home for rental returns
Now let us explore the options to buy homes for the above 2 categories in Ontario-Canada.
The best place to buy a home for first time homebuyers in Ontario
If you are a student who has just completed your degree and got placed or a migrant who has just got a new stable job with income, these are the few main things that you should consider before choosing the location of your first home.
Make sure you take a piece of paper and write down the following.
- The location of your job and also make a note of your future plans
- Then, if you are married note down the location of spouse’s job as well
- It is also very important to pay attention to the availability of schools and universities for your children
- Also, do a bit of research on rental opportunities in that specific location
- If you are a pet lover also look for availability of options that you need for your pet
- Look into the cost you can afford and the mortgage you can pay
Having stated the things to consider, the Canadian real estate statistics have rated the following 5 cities as few of the best cities to buy a first home in Ontario.
- Windsor – Ontario is rated as one of the fantastic places to buy your first home because of its amazing job opportunities, its proximity to Detroit, universities, cheap pricing for houses, average rental returns, exciting venues for pets-lovers, ample of academic institutions and more…
- Cornwall – Ontario is another cost-effective city to live in with a lot of vocational academic institutions, its closeness to the US borders, numerous call centres and distribution centres.
- Kingston – Ontario is also an excellent city to buy your first home because its estimated average selling price of a home is CAD$ 510,000 in 2021. It has amazing historical heritage, the Queen’s institution and numerous academic institutions and universities for good healthcare and other streams of higher education.
- Thunder Bay – Ontario: If you are opting to work from home Thunder Bay is a great place to settle. It is a small city that offers plenty of scope for the service industry. It has the Lakehead University and offers a variety of entertainment for youngsters like skiing, canoeing in a waterfall and more
- Ottawa – Ontario: Being the national capital, it is the best place to raise children with the best of academic exposure and also offers a lovely and peaceful life for families to settle down. The estimated average price of a home here is CAD$ 560,000
Best place to buy an investment property in Ontario
If your intention is to invest in Canadian Real Estate for a return on investment then the following cities could be your ideal location to invest in.
- Hamilton: The average housing price in Hamilton in 2021 ranges from CAD$ 490,000 – 610,000. There is a massive demand for rentals here, any property listed in Hamilton will get close to 70 inquiries in an hour, says a Canadian real estate agent. Thus, making it one of the potential places to buy or rent.
- St Catherines: Like Hamilton, St Catherine’s is another potential location where inquiries for rental property pour in. It’s access to the transit is amazing. It’s proximity to Niagara is another great boon. It has the famous Brock’s University and excellent avenues for job growth. In short, it is every investor’s heaven.
- Welland: This is another emerging city where investors can throw their attention to. It is gaining popularity because of its location near to many important cities. It has experienced the greatest surge in growth and population explosion than any other city of Ontario.
- Kitchener- Waterloo: This is one of the best cities to invest in real estate in 2021 because there is massive demand for rental. It is popularly known as the Greenbelt for rentals among the realtors. If you are looking for a home with a bit of yard and a touch of city then Kitchener can be awesome. It also has good links to Universities and other academic institutions. One thing to bear in mind is the home licensing in Waterloo, do check before you venture into it.
- London: Another booming city with massive demand and good rental happens to be London. It has the famous Fanshawe University, Western University and other top academic institutions in the vicinity. Rentals can be your great source of income because of the roar of International students in the area. Making it one of the best places to invest.
There are many other cities like these in the extensive province of Ontario, but these mentioned above are few of the hot favourites of 2021 that can help you to decide on your best purchase in 2022.
For more Canadian Real estate news, please visit our Canada Real Estate section.