The real estate situation in Ontario seems like it’s on the downturn to those people in Toronto, but from a global perspective, the city is still experiencing a hot moment.
“The Toronto Regional Real Estate Board (TRREB) reports that the number of active residential listings in the city of Toronto declined sharply in September, falling 43.85 per cent year-over-year, while new listings plummeted by 31.36 per cent.” (blogto.com)
With active residential listings low, it can be assumed that real estate will sell fast.
The interesting thing about Toronto’s situation is that it’s slower than many other areas in Ontario, even though it’s population is more than double of the next city, Ottawa, according to world population data.
The Ontario Cottage Real Estate Industry
The most significant growth over the past 12 months is the cottage industry.
Since March 2020, we have seen a huge increase in the number of people moving out of bigger cities due to the ability to work from anywhere and the commitment to social distancing, which makes city living less easy.
At the close of 2021, even in the midst of the slower winter season, several smaller towns in Ontario enjoyed continued growth in real estate sales, including Bancrodt which was the highest growth region in Ontario.
Following Bancroft are other cottager regions, like Brantford and North Bay.
Is It Still A Good Time To Invest in The Cottager Lifestyle?
At the time of writing, the cottager industry is changing on a daily basis. The rate of growth is starting to compete with bigger cities where an investment is more of a sure thing.
Whether you should buy in some of the more rural areas, or smaller cities, completely depends on your own situation. If you are looking to invest in a rental property with a smaller budget, one of the smaller cities in Ottawa may be an excellent choice for you. In Milton for example, investing is more affordable than Toronto or Ontario, the lifestyle is more family-oriented, and the growth pattern is expected to continue. After all, Toronto’s high prices are expected to continue rising, and more businesses are allowing employees to work from home.
At Regalway Homes, we assess each investors individual situation. We make recommendations based on your goals and budget, and if you are unable to invest alone, we can help you partner with others.
Want to get started? Book a free consultation now!