Is North Bay The Hot New Investment?
March 4, 2021 | Buying
Investing in real estate is a wonderful adventure and no two investing journeys are the same. One question that we hear time and time again is “where to invest next?”. Going above and beyond can mean a multitude of things. For us currently, it means getting out of our own backyard and truly making Ontario “ours to discover” and guiding our clients to new and thriving markets.
Our top investment pick of the moment? North Bay, Ont.
Why North Bay you ask?
A beautiful landscape located just north of Toronto’s favourite cottage destination of Muskoka! North Bay is a vibrant and adventure filled community bordered by two lakes, close to forest trails yet just a few minutes off the 400. It considers itself the “Gateway to the North” and eagerly calls visitors to #discovernorthbay.
Reason #1 – PRICE!
While many of us are used to seeing average home prices that have now officially passed the 1 million mark in Toronto; the average selling price of a home in North Bay was $272,100 in January 2021! That our friends is a whopping 57% less than Barrie and 46% less than London. If price is holding you back, this could be the next place to invest !
Try your hand at comparing GTA cities against North Bay here: https://www.crea.ca/
Reason #2 – Vacancy & Rental Rates
The North Bay vacancy rates have remained low over the last 4 years, however 2020 took the cake with a level never seen before of .8%. What does this mean? It means there is a plethora of tenants looking for housing, just waiting for a savvy investor like yourself to provide it.
As for rent, landlords can expect a 1 bed condo to rent for $1200, a 2 bed condo to rent for $1350 and a 3 bedroom town home to rent for a minimum of $1500 + utilities (we’re betting that higher rents are very achievable!).
Reason #3 – A Change in Consumer Demand
By now, thousands are working from home and thus a shift in perspective has come about. Why be stuck in the rat race when a you can work from anywhere + have an active lifestyle?
From speaking with residents of North Bay ourselves, we know they boast that those craving a truly small town friendly community coupled with gorgeous natural scenery would be living and loving the idyllic life there.
That being said, North Bay is sizzling and has big plans with extensive development projected over the next five years.
Many investors believe that an investment property has to be close enough to drive to should anything go wrong. We’re here to tell you not to fear. With the right power team behind you (which includes a trusted realtor, property manager and a roster of trades at your fingertips) a great cash-flowing investment property may actually be hours away.
The truth is the further away we drive from the GTA, the lower the home prices get – however the same is not necessarily true for rent prices. Rents in these cities remain strong and provide great cash-flow for the savvy investor!
So if you think you don’t have enough money saved away to purchase an investment – think again! Opening your mind and expanding your google map search can produce great GREEN results.
Don’t miss out on the transformational opportunity! Especially while it’s this affordable.
