Is Now the Right Time to Sell and Where Should I Buy Next?
Recently I read an article on HGTV.ca, “10 of the Most Undervalued Real Estate Markets in Canada”, and I was not surprised to learn that 6 of the 10 cities selected were found in the province of Ontario. Despite slower sales, Ontario continues to record positive growth in the real estate market and real estate investors continue to realize positive returns. What has contributed to this growth in the real estate market?
A growing population creating demand for housing.
Severe housing shortage in the GTA market.
Renters wanting to become homeowners.
An influx of foreign investors driving up the market.
Here is a brief synopsis of those 6 Ontario cities in the order they were selected.
Coming in at #2 - OTTAWA
The Bank of Montreal predicts that the Ottawa market will remain strong and steady and far more affordable than Toronto and Vancouver. Due in part to the stability with the Federal Government being a stable employer as well as the Technology and Construction sectors helping to keep the job market stable.
No Surprise at #3 - HAMILTON
Scotiabank reports that because buyers are being priced out of the Toronto market, Hamilton has been inundated with home buyers from the GTA which in turn has pushed home prices upwards.
Over the last decade we have seen a rapid gentrification of the city which is not solely due to home growth. With an influx of artists, galleries, coffee shops and restaurants, boosted in part by monthly art crawls, the streets of Hamilton have seen significant changes in the last decade.
ST. CATHARINES Makes an Appearance at #5
Statistics provided by Zolo indicates that the average home price has risen to $427,322K. GTA retirees relocating, first time home buyers who can’t afford Toronto housing and with a 10-year, $13.5 billion expansion of the GO train network − including weekday service to Niagara Falls by 2023, commuters are quickly making investments in this market.
Northern Ontario Makes its Mark at #7 - THUNDER BAY
A slow and steady rise in real estate over the past few years with the exception of a slight decrease in home prices in 2019 over last year, Thunder Bay remains a stable investment. The city’s affordability and low unemployment rates along with strong rental demand makes this city attractive to investors looking to own an income property.
Good for you GUELPH! You made the cut at #8
Moneysense reports that home prices in Guelph remain affordable with the average price of a home as of February 2019 being $549,210. With a lack of new inventory creating a lull in sales there is still sustained price growth and a solid local economy helping to drive the market upwards.
MILTON - Really? Milton? Yes! Sneaks in at #10
Milton’s average sale price for the month of January 2019 was $788,346, a substantial increase of 23.51% compared to January 2018 at $638,297. The market is surprisingly balanced (meaning they’re more friendly to buyers, higher price points aside). A Zoocasa study believes that this real estate market is still both a lucrative and safe investment due to continued growth in the population and economy.
Not on the list but should be…. BRANTFORD! This is my #1 Pick!
Brantford remains one of the most affordable communities in southern Ontario. Known as Telephone City, (Alexander Graham Bell first conceived the idea for the telephone here in 1874.), with the average home price being $403K, this is an ideal market for investors, first time buyers and retirees. The best reason to buy in Brantford however is due in part to its thriving economy. Home to the Tic-Tac, Nutella and Ferrero Rocher manufacturing plant and helping to keep the economy solid.
Choosing the right time to sell and knowing where and when to invest in the next property could save you tens of thousands of dollars. If you are thinking of buying or selling, getting the timing right is critical. Please reach out to me to find out more about what your buying and selling options are.
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