6 reasons to love Southwestern Ontario
September 15, 2015
The beauty of Southwestern Ontario is that it comprises a number of cities and towns, each with their own unique economies and housing markets. Here are six reasons SWO is a solid homebuying choice.
1 | SWO economies lead Ontario
A strong economy leads to employment and wage growth, which are central to a strong housing market. While the local economies of Southwestern Ontario are smaller than Toronto, for example, they play a key role in the health of the provincial economy.
Among the leaders in this regard are Kitchener-Waterloo and Cambridge, as well as London and St. Catharines-Niagara, according to The Conference Board of Canada’s Metropolitan Outlook: Summer 2015.
2 | Hamilton humming along
The Hamilton housing market has been a darling in the eyes of homebuyers and investors for years. A strong economy and infrastructure improvements are boosting local real estate, but the city is a bargain compared to nearby Toronto – where single-detached homes cost hundreds of thousands of dollars more.
The Toronto housing market, until now one of Canada’s hottest but also one of only moderate risk, has officially moved into high risk territory, according to Canada Mortgage and Housing Corp. (CMHC).
Just down the QEW, the Hamilton housing market remains safely in the low risk category, CMHC’s latest House Price Analysis and Assessment framework shows.
The limited supply of single-detached homes in the GTA is causing record price growth there, encouraging some buyers to look west to Hamilton. Single-detached homes accounted for more than 60 per cent of total existing home sales in Hamilton in the first quarter, CMHC says.
3 | Go west, go west… to Milton
Buyers looking for new lowrise homes in the GTA and feeling priced out of the Toronto market can also head west – to Milton.
There are plenty of examples of new lowrise home options in Milton – said to be the fastest growing municipality in the Greater Golden Horseshoe. One of them is Branthaven Homes’ new townhome community, Pure, which offers six, two-storey floorplans from 1,765 to 2,030 sq. ft.
Milton boasts proximity to Sixteen Mile Creek and the Niagara Escarpment, so options for cycling, hiking, walking and exploring abound.
4 | Affordable luxury in Grimsby
If you live and work in the Hamilton area, luxury condos are now within reach for first-time buyers – in Grimsby. One example is AquaBlu, a new midrise luxury condo by Homes by DeSantis.
“People want to live at the lake, they want luxury and easy access to major centres all at an affordable price,” says Homes by DeSantis President Gabriel DeSantis.
AquaBlu features 120 condominium residences and four townhomes, starting from $189,900, a cost suited to first-time homebuyers.
Grimsby is a town that is undergoing something of a renaissance. The downtown area, already boasting a historic landscape and ample recreation opportunities, will benefit from the Town’s commitment to spend $5 million to create a waterfront trail system with wandering promenades, passage to beaches and outdoor pavilion spaces. AquaBlu is located adjacent to this development.
5 | Waterfront condos in Burlington
Waterfront condo options in Southwestern Ontario are expanding, including with Adi Development Group’s offering of Nautique, a 24-storey tower along Lakeshore Boulevard.
Another example is New Horizon Development Group’s Bridgewater Residences on the Lake, two luxurious condominium buildings.
Bridgewater Residences will feature two residential condominium buildings, comprising 120 units between the two towers and retail space at the ground level.
6 | Investment potential
First-time buyers are typically not too concerned with the investment potential of their home – other than hoping the value appreciates over time. But the same characteristics support real estate, be it a primary residence or an investment property – a solid and growing local economy and stable employment conditions.
You would be interested to know, then, that in our recent list of 10 top Canadian cities for investing in real estate, Ontario ruled – the province occupied seven of the top spots.
Of those seven locations in Ontario, three of them were in SWO – Guelph, Brantford and Hamilton.
RELATED READING
One more reason to love the Hamilton housing market
Her first home: single 20-something goes it alone
About Wayne Karl
Wayne Karl is an award-winning writer and editor with experience in real estate and business. Wayne explores the basics – such as economic fundamentals – you need to examine when buying property. wayne.karl@nexthome.ca