Toronto real estate keeps going up in value, which is great news if you’ve bought in already or did so years ago. Even as the pandemic goes into year two, housing here continues to rise amid a shortage of supply, especially detached singles.
Simply put, there are only so many homes and many people want to live in Toronto, especially in homes close to downtown. But that’s not the only story, as the pandemic has accelerated a growing trend of leaving the city for the surrounding region.
With uncertainty about so many aspects of the future at an all-time high, many people are leaving the city and moving across the GTA. The trade-off is easy to understand: with things like restaurants, theatres, and other cultural fare closed to the public during the pandemic and so many people working from home, now is a great time to trade proximity to downtown for physical space.
If you have an investment property in Toronto and you could use some support or guidance, we started in this city, and we’re always here for you. To be sure, Toronto will eventually recover and get its swag back when the vaccine rollout is complete, but in the meantime, the price of housing outside the GTA is on the rise.
During this surge, our property management service areas are also increasing — we’ve got your back, even if you can only see the CN Tower from a distance or not at all.
The Canadian Real Estate Association released a report showing that in March 2021, the Benchmark Price of homes across the GTA crossed the $1 million mark, at $1,007,600.
Let’s take a look across Ontario and see what’s going on with the local real estate.
Just east of Toronto lies Whitby, a quiet and scenic area that also boasts a charming downtown filled with over 300 businesses and restaurants, including breweries, cafes, and more. Whitby real estate has been going up for a while now, but lately, things have been even hotter.
In Whitby, the median sold price of a home between September 2019 and February 2020 was $646,000. By April of 2021, this increased to $909, 998, a 39% rise. Whitby has always been a lovely place to live peacefully and raise a family, but it appeals to people priced out of Toronto looking for a larger space.
Making things even more convenient is the direct train between Whitby and Union, so it will be easy to commute to work or visit friends in the city after the province’s vaccine rollout is complete and doing so is safe again.
Just west of Toronto is Mississauga, on the very outside border of the city. If the Toronto subway line stretched for one more stop, it would reach Mississauga.
With smart new sci-fi-looking condo towers coming and a bunch of exciting destination spots already, Mississauga is a wonderful place to be, and its proximity to Toronto could come in handy for outings to the city.
The sold price of Mississauga real estate has gone up in value by about 23% since around the beginning of the pandemic. Mississauga is a centre for business, but it also has world-class art and theatre, lots of golf and spas, and great shopping centres.
If you’re looking to invest in a property in a more affordable region near Toronto with a gorgeous natural landscape and exciting development coming, Mississauga is for you. Don’t hesitate to call us to learn more about our range of services for property management in Mississauga and other Ontario cities.
The city of Hamilton has become a more bustling place as of late, but it’s also on the water and features exciting trails and hills along the escarpment. Hamilton might not get the cultural spotlight that shines on Toronto, but there are tons of great restaurants, and iconic musical acts like The Band and the Grateful Dead have played through Hamilton multiple times.
Financially speaking, the price of a home in Hamilton, like everywhere in the GTA, is still on the rise after years of climbing. Toronto house prices have risen during the pandemic while condo sales have been down, but in Hamilton, the average residential sale price was $769,774, a 30% increase from a year prior. Despite our company’s name, we now offer services for property management in Hamilton too.
Artists have been leaving Toronto for Hamilton for years, and they aren’t the only ones. Hamilton has a proud history, but in recent years, the exodus leaving Toronto and descending on Hamilton from elsewhere has caused some exciting cultural developments in the city, from new types of restaurants opening to various kinds of festivals.
Hamilton has gorgeous trails to ride a bike or go for a walk, and from the downtown area to Ancaster, there are some truly gorgeous old homes boasting tons of original charm and character. Not only are new breweries opening downtown, but Hamilton is also located conveniently close to the Niagara region, which is famous for its wineries and, of course, Niagara Falls.
With top-ranked post-secondary institutions like McMaster University and several first-rate hospitals, Hamilton attracts young students and professionals alike. Speak to Property Management Toronto about our real estate consulting services to learn more about how we can help you navigate the Hamilton market.
An investment property can be a lot of things, and there are many ways to approach investing. Are you looking to buy a home and rent it out for the short-term, only to use it years later as a place to retire to or as a home for your children when they grow up?
Are you tired of the Toronto market, but you’re not sure what city is the correct change for you? There are many moving pieces to consider, and you may be feeling pressure over the finances. If you need expert help from experienced professionals for your investment property in Toronto or outside the GTA, don’t hesitate to call Property Management Toronto.