Ontario is replete with markets that are still ripe for investment despite the market impact of COVID-19, according to RE/MAX.
While the Greater Toronto Area will remain the province’s premier investment destination, London is also a particularly attractive option considering that it entered 2020 as a dynamic market.
“[London] is home to two big post-secondary schools, Western University and Fanshawe College, as well as several large hospitals,” RE/MAX said in a recent analysis. “These institutions not only help keep a steady flow of people into the city, but they are also three of the top employers for London and the surrounding area. More recently, there has been an influx of digital media companies dotting the city’s downtown core, earning London a reputation as the region’s burgeoning tech hub.”
The area’s robustness was comparatively unaffected by the coronavirus outbreak.
“London maintained a seller’s market throughout 2019, and is projected to stay this way through 2020, even despite a COVID-19-related cooling of demand,” RE/MAX said. “While the popularity of London as a place to live and work has certainly contributed to steadily rising average home prices over the past few years, property price tags are still immensely more affordable than those within the GTA.”
A more unconventional choice is Sudbury, which is situated approximately four hours north of Toronto.
“This northern city is making important strides to attract young homebuyers to the area. Developing green spaces, building cultural centres and other sustainability initiatives will continue to make Sudbury more appealing to homebuyers over the next three to five years,” RE/MAX said. “Homebuyers who are still in the market will enjoy the advantage of Sudbury’s affordability along with the current low interest rate.”
Despite economic uncertainties and the ongoing pandemic, a new survey by the Ontario Real Estate Association (OREA) has found that 56% of those active in the market still believe that buying a home in the province remains a good investment.
“We have historically had a strong real estate market here in Ontario,” said Sean Morrison, president of OREA. “This new data underscores the important role real estate can play in Ontario’s economic recovery as we move towards a post-COVID-19 world.”