TOP 50 PLACES TO INVEST IN CANADA
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Richmond Hill [ Ontario ] Richmond Hill scores with almost non-existent vacancy rates and high rents, thanks to very strong growth in population, employment and income. In July, the city was named the sixth most lucrative place in Canada to do business, citing a large and growing population, high household incomes and educational levels. A thriving technology cluster, combined with professional, scientific and technical services, finance and insurance, healthcare and other industries, bode well for continued growth. Transit expansion will facilitate this growth; with population in York Region expected to grow to 1.8 million people and 900,000 jobs by 2041, the York Region Transportation Master Plan is key. Also, the Yonge North Subway Extension is planned to extend to Hwy. 7 in Richmond Hill, affording residents and commuters more transit options to alleviate traffic congestion. The one challenge with Richmond Hill is high average home prices, which puts property
selection and strategy at a premium. Investors – look at the new condo developments for opportunities.
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Milton [ Ontario ]
2. Richmond Hill Vacancy rate 2015: 0.6 2014: 0.9 Average rent 2015: $1,349 2014: $1,299 (2.5% change)
Employment 2011: 78,860 2006: 50,880 (55.0% change)
Average home prices 2015: $895,893 2014: $816,837 (9.7% change)
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Average home prices 2015: $538,887 2014: $491,610 (9.6% change)
Median Income 2011: $56,446 2006: $51,018 (10.6% change)
3. Milton Vacancy rate 2015: 1.0 2014: 1.9 Average rent 2015: $1,151 2014: $1,121 (3.3% change)
Population 2011: 84,362 2006: 53,889 (6.7% change) Employment 2011: 39,080 2006: 21,175 (84.6% change) Median Income 2011: $56,843 2006: $50,737 (12.0% change)
[ Ontario ] Boasting a waterfront location on Lake Simcoe, Barrie has been on the radar for savvy investors for years. Designated as an Urban
4. Barrie Vacancy rate 2015: 1.3 2014: 1.6 Average rent 2015: $1,121 2014: $1,086 (4.3% change)
PHOTO: CITY OF RICHMOND HILL
Population 2011: 185,541 2006: 162,704 (14.0% change)
Mass population growth, residential development and a vastly declining vacancy rate has earned Milton a spot in the top three. With its population expected to double within the next 20 years, Milton has been dubbed “the fastest-growing city in Canada.” To be expected, it is also experiencing some growing pains, with its population outpacing infrastructure such as transit and schools. However, this might present an opportunity for investors to get into this market before these amenities are further introduced.
Barrie
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Average home prices 2015: $373,203 2014: $341,023 (9.4% change)
Population 2011: 135,711 2006: 128,430 (5.7% change) Employment 2011: 55,250 2006: 41,325 (33.7% change) Median Income 2011: $49,958 2006: $45,123 (10.7% change)
RICHMOND HILL
Canadian Property Investor 2016 45