Thinking about investing in Ontario real estate? Well, you're in luck! The province offers a wide variety of locations that are perfect for building an investment property.
Now, there are many factors to consider when making this decision, but we've narrowed it down to three areas that are sure to give you a good return on your investment. So, whether you're looking for a downtown condo or a suburban home, read on for our top picks!
First up is Toronto. As the largest city in Canada, it's no surprise that Toronto would be a great place to build an investment property. The city offers a diverse range of neighbourhoods, each with its own unique charm. From the trendy shops and restaurants of Kensington Market to the high-end boutiques of Yorkville, there's something for everyone in Toronto. And, with a population of over 26 million people, you're sure to find tenants no matter what type of property you build.
Now, you may have heard that a lot of people have been moving out of Toronto lately, and this is true. However, a ton of newcomers typically land in this area, so between that and the seemingly constant business growth, there's no shortage of demand for decent rental properties. It may be one of the more expensive places to build, but there's little doubt you'll be getting a good return on your investment in Toronto!
If you're looking for the feel of a small city with all the amenities of a big city, then the Kitchener-Waterloo area is the perfect place for you. This region has seen massive growth in the last few years, and doesn't appear to be slowing down anytime soon. With its bustling downtown core and many tech companies, Kitchener-Waterloo is attracting more and more young professionals. So, if you're looking to build a property that will appeal to this demographic, this is the place for you.
However, one important thing to note is that Waterloo has rental licensing. This means that if you're looking to rent out your investment property, you'll need to obtain a license from the city. But don't let that discourage you! The process is relatively simple, and the peace of mind that comes with knowing your tenants are well taken care of is worth it at the end of the day.
Hamilton is another great option for investors. The city has a population of over 500,000 people and is just a short drive from Toronto. This proximity is probably at least part of the reason why Hamilton has seen such growth in the last few years, as those priced out of the GTA look for more affordable options that still allow for an easy commute to the big city.
These days, homes with secondary suites are especially popular in the Hamilton area, so if you're looking to collect high rents you may want to consider this type of build! That being said, student rentals also tend to do well with Mohawk College and McMaster University nearby, so this may be another good option to keep in mind.
Thinking about building in the Barrie, Muskoka, Toronto, or Collingwood area? Contact JA Custom Homes today to see how we can help!