Buying a new home or investment property can be daunting. There are many factors to consider and the process can be overwhelming for new and seasoned buyers alike. What’s an appropriate budget range? What type of property should I consider? Where’s the best location? Where do I even begin?
While there are many different factors to consider, there is a starting point to the process. One of the many important factors to first consider is the ‘where’.
If you’re interested in buying real estate in Ontario, here are the top 3 cities and locations to look into.
For affordability – Sudbury
Greater Sudbury is known for its booming workforce in the rocking mining industry, boasting nine operating mines, two mills, two smelters, and a nickel refinery.
While it is known as the rock mining capital of the world, Sudbury also offers affordable real estate properties compared to other areas in Ontario. Sudbury property prices average around CAD$458,144 (as of January 2022), while the entire Ontario province average is about CAD$998,629 (as of February 2022).
Some specific locations to consider are Copper Cliff, Garson, or Lively.
For the bustling life – Toronto
It isn’t a secret – Toronto is one of the popular cities for visitors and those looking to live in Canada. It is also the most populous city in Canada, home to approximately 6.3 million people as of early 2022, and is culturally diverse.
Toronto can be in the higher real estate price range with an average of approximately CAD$1.3 million, higher than the Ontario province average. However, it can still be an attractive location for those who are looking to stay in a bustling and happening city. For more affordable options, apartments and condominiums may be an option. This is also perfect for property investors as there’ll be a demand for rent and housing in such a busy city.
Some specific locations to consider are the Annex, Kensington Market, or West Queen West.
For raising families – Mississauga
Mississauga is one of the popular picks for raising a family in Ontario. It is close to Toronto and therefore accessible to the downtown and commercial areas for work and leisure.
The real estate pricing, like Toronto, can be in the higher range with an average of CAD$1.1 million, but it is still considered lower than many major locations in Ontario.
Some specific locations to consider are Port Credit, Streetsville, and Cooksville.
Takeaway
Location isn’t the only factor to consider when buying real estate, but it can be a great starting point. Choosing a location can be determined by the person’s lifestyle or potential property demands, especially for investors, and it can also determine the price range of the property. It can open up new ideas, and will eventually help in the final decision towards a new – and very important – real estate purchase.
If you’re interested in buying real estate but don’t know how to go about it, contact Sukhjit Combo here and get your real estate journey started!