Executive Properties Capital
The short answer is yes
If you’ve been searching for a relatively low risk, high reward investment, the COVID-19 pandemic has created an excellent opportunity to invest in real estate.
Despite what was an uncertain year, realtors in the Greater Toronto Area reported over 95,000 home sales in 2020- the third best result on record, according to the Toronto Regional Real Estate Board. The average selling price also reached a new record of almost $930,000, up 13.5 per cent from 2019.
Why the jump?
Many people are looking for a change of space, making Hamilton a prime area to invest in real estate.
The current circumstances have created a unique situation. A large number of interested buyers have hit the market – creating the perfect opportunity to invest in a high demand market. Many people are moving or looking to move to a location that better fits their work from home lifestyle. Torontonians in particular are fleeing the city for cheaper homes and more green space. Hamilton offers two main benefits - more affordable housing compared to Toronto, and more space. The average price of a single-family home in Hamilton is considerably lower than most of the GTA, making it a prime area for house hunters who still want all the benefits and amenities that come with living in a larger city, but at cheaper price.
Ultra-desirable housing market
There are a few other reasons why the housing market has been highly desirable, said Toronto Regional Real Estate Board President, Lisa Patel.
“Following the steep COVID-induced drop-off in demand during the spring, home sales roared back to record levels throughout the summer and fall,” Patel said. “A strong economic rebound in many sectors of the economy, ultra-low borrowing costs and the enhanced use of technology for virtual open houses and showings fueled and sustained the housing market recovery.”
Single family homes experienced highest growth
When considering making the move to invest in real estate, it’s important to examine the current market and where the growth is the highest. Growth was up year over year, and strongest in the regions surrounding Toronto, in particular for single family homes. Condo sales on the other hand didn’t do so well.
“The supply of single-family homes remained constrained resulting in strong competition between buyers and double-digit price increases,” said Jason Mercer, Toronto Regional Real Estate Board Chief Market Analyst. “In contrast, growth in condo listings far-outstripped growth in sales,” Mercer said. “Increased choice for condo buyers ultimately led to more bargaining power and a year-over-year dip in average condo selling prices during the last few months of the year.”
At Executive Properties Capital, we can help you get started, and with the knowledge available, help you make the best investment possible. We offer real estate partnership opportunities that help you to capitalize on the power of real estate investing without the stressful process. We specialize in multi-family properties so you can achieve above average returns on your investment.
Investing with us is a straightforward process. You can reach out to us through one of our contact portals on our website, and one of our customer relations team members will be happy to get in touch with you or feel free to reach us through email at Executiveproperties@rogers.com.
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