In recent years, the Canadian real estate market has been booming. While the property market in cities like Vancouver and Toronto continue to progress, there are other cities that have in recent times given individuals the opportunity to invest in. The returns in investing in property in the country have seen individuals get immense returns. Investing in property is an ideal way to place your capital and watch it grow. Additionally, it is also a great way to create an income-generating source. Many Canadians nowadays hesitate to invest in real estate as the reason being is a lack of proper understanding and due diligence. However, as mentioned earlier, this is a field that many investors are getting into in 2022. Below-mentioned is some of the best real estate markets to watch out for this year:
The real estate market in the Greater Toronto Area is one of the most notable property markets in the country. From housing to industrial assets, the city’s economy has thrived solely because of Toronto real estate. Because of the e-commerce boom in recent times, there has been a significant need for warehousing. There seem to be no signs of the Toronto real estate market slowing down. The demand for property is so strong that it is common to see multiple tenants competing for the same property, in certain instances, it can even lead to a bidding war. A question that most people ask themselves is, is Toronto an affordable alternative for a single-family? As recent trends like hybrid and remote working spaces have gained notoriety, the need for more single-family rental spaces have become a more reasonable alternative for many instead of buying a detached home. Many people in the real estate sector predict this investment to gather more popularity in the following months.
The city of Mississauga has immense potential in real estate for both the investor and end-user. There are chances for high growth in the future for certain neighbourhoods such as the city centre and the surrounding areas. It is a vibrant community buoyed by the large presence of fantastic public transportation and host to many major companies. This area will make many people flock to and invest in Mississauga real estate because of the downtown lifestyle and affordable options. Additionally, it is not just the property market downtown that will thrive and benefit, but also the surrounding neighbourhoods as well, as the market is virtually untapped and has major potential to grow in the years to come.
Located northwest of the city of Toronto, Brampton is one of the Greater Toronto Area’s fastest-growing suburbs. In recent times, there has been a rise in educational institutions to innovation hubs, and even transportation infrastructure. Nevertheless, we predict many more additional property developments to bolster Brampton real estate in 2022 and the future years. As new real estate developments rise in the city, more investors are looking to cash in and reap the rewards. The most recent property development has been uptown and northside condominiums. You can invest in these properties at such low prices. When it comes to housing prices in Toronto, Brampton’s housing prices are far more affordable. The average home price in Brampton is CAD 790,000. It is easier to buy a home in Brampton than in Toronto.
In recent years, Vaughan real estate market has been one of the most sought-after markets for investors, including one of the best places for many people to live in the Greater Toronto Area. The main reason is the city’s rapid population growth which has resulted in an increase in both demand and supply of residential units. The urbanization rate is perfect. The newly constructed subway station has provided many commuters with a direct route into the city. Additionally, the city is also surrounded by numerous luxury office buildings that draw investors from all around the country to Vaughan. In the near future, Vaughan is likely to become a major cosmopolitan hub which will ultimately increase property values. Having said that; now is the right time to invest in Vaughan real estate. The more you wait, the more you will end up spending when it comes time to buy a house.
Located in the north of Toronto, the city of Markham has a population of over 350,000 people. It is home to hundreds of corporate offices, innovation companies, and other science-related businesses that are located in this suburb. In recent years, it has earned a reputation for excellence in urban development and technology innovation which has attracted a larger number of individuals to invest in Markham real estate. The city’s close proximity to Toronto makes it a fantastic location for home buyers. By using the Unionville GO train or driving along the 404 highway, you can reach Toronto in about forty minutes. Most people that work in Toronto reside in Markham. If you are looking for a property market in the suburb that is rapidly growing, look to invest in Markham real estate. The marketing is booming as many property developers are constructing luxury condominium units to meet the growing demand.
#6 Durham region
East of Toronto, in recent years, the Durham region has seen a lot of growth in the property market. This real estate market in this region is expected to grow significantly in the next five years. It is hard to ignore when you see such positive growth in the real estate industry. The average price for a home in the Durham region is about CAD 570,000. Many people claimed to not invest in Durham region real estate as there is no growth, and you will not receive a significant return on your investment, but that is not true. In the past year, the rates for homes have shot up by almost 33% and looking at the trajectory, will continue to do so. So, now is the right time to invest in Durham region real estate. If you looking at long-term property investment, there is a lot of potential in the Durham region.
#7 Hamilton region
Investors are still thriving on the success in the Hamilton region real estate market. As the city continues to evolve and grow, it is a fantastic place to buy or rent. In the last decade, the city of Hamilton has seen a drastic change in the type of jobs that have come to the city. Most of the employment opportunities have been in the healthcare and the construction sector. The city bounced back from a large slump in unemployment in 2010 by opening up new businesses to cater to the needs of the residents. In recent years, the city is back on track and has seen substantial growth, and will continue to do so in the years to come. While it is much higher to rent a property, it is also nice cash flow for investors. Student rentals near colleges like McMaster University and Mohawk College have done well. With schools shut in recent years due to the pandemic, there was little to no impact on the student housing market in the Hamilton region.
#8 Waterloo region
One of the best places to invest in Canada in 2022 is the Waterloo region real estate market. It has undergone a tech boom in recent years which has bought in a lot of people and investment. With significant growth in the tech sector, the Waterloo region is attracting a lot of well-educated people. Out of the GTA, the Waterloo region has the largest population. Keep in mind, to purchase real estate in the Waterloo region, one must have rental licensing. The process is simple and straightforward with just the person needing to submit a few documents. The average house price in the Waterloo region is CAD 825,000
#9 Richmond Hill
Richmond Hill is one of the country’s urban growth centres and mobility hubs. There has been a boom in both the commercial and residential Richmond Hill real estate market. From finance to management, there has a large percentage of employment in the business field. The average household income in the Richmond Hill region exceeds CAD 100,000 which is good. A recent increase in the suburban housing market has seen a demand for Richmond Hill real estate. The city is home to a diverse population of approximately 190,000 people. Because the city offers multiple employment opportunities, including housing, it has been named as one of the best places to live in the country. The city is home to some of the finest educational institutions, recreational facilities, as well as a wide selection of property types to suit your budget and lifestyle. Residents can opt for public transport or drive to Toronto in less than an hour by using the 404 and 407 highways.
Invest today to reap the benefits of tomorrow
Over the last couple of years, the real estate market in the country has become popular. Many people realize that they can earn a profit from investing in property. However, it is imperative that you educate yourself on the city’s real estate market before going all gung-ho. The above-mentioned information should give you a fair idea of where to invest property at. Also, contact real estate brokers to get a much better understanding of the property market.