Choosing the location is a very important step when investing in a property. And, London, Ontario is one such location that has been the favorite of many. You too might have your very own reasons for investing in London, Ontario. Maybe you need the security of your own house or the properties are more affordable here or there are spacious homes that are enough for you and your growing family or you simply need a smaller home in your budget. Whatever may be the reasons, investing in London is a big decision and you must know all the important things before you proceed with it.
This is a younger London
The usual London in our minds has its association with the Thames River and has an interesting quirk to it. But this is another place that resides in Canada. There are hundreds of places in North America which are named after places in Europe, and London is no exception. This place is known to be colonized back in the 1700s, followed by 10,000 years of indigenous settlement. As a result, the population here grew rapidly and the city has been annexing adjoining neighborhoods since the 1800s. All this has made the architectural styles and community patchworks extremely unique and interesting for real estate investors.
London, Ontario demographics
London is comparatively a younger city with its average citizens being two years younger than the average Canadian citizens. This is also a diverse city with over 140 languages being spoken here. English and Chinese have started gaining more popularity in recent years while Arabic is just catching up. However, the city does not have a lot of immigrants as compared to Ontario, despite its diversity. Also, the local population has extreme stability and you will find them occupying the rental units for over a couple of years. Hence, this place is a popular choice for investors.
The economic outlook
London’s economy has just been built recently and it is well-spun for the future. Like many urban centers around Canada, this city too has a rich industrial history. Though the city has also suffered an economic crisis in 2009 when most of the manufacturing jobs were lost, it has come up brimming with many other attractive opportunities. There are many jobs related to technology and its adjacent fields like medical, insurance, IT and research. The technology firms constitute about 3% of the entire city’s labor force. These offices are mostly in the older buildings of the city where the investors are eagerly welcomed to make it right for modern usage. The city needs both residential and commercial spaces which are environmentally friendly and sustainable.
The local communities are greatly benefitted from the University of Western Ontario and Fanshawe College. These are the centers of attraction and their presence indicates the vibrant cultural scene with students and faculty from different corners of the country. This not just symbolizes diversity but also widens the scope for the housing market, which is a real opportunity for investors to invest in this region and meet the rising demand for rental properties around the campuses.
Since finding affordable housing has become a big challenge today, regions like London can offer you decent options in your budget. Whether you are a student looking for a house on rent or a family considering buying your own house, don’t hesitate to take the help of expert real estate agents to grab the best deal. There are many trusted brokerage firms that can help you get closer to your dream property.
Being a college town, the vibrant culture is its part and parcel. Sports has a solid presence here. The city’s junior hockey team is one of the most successful Hockey League franchises in recent history. Besides this, the city is also an ardent participant in sports like basketball, rugby, football and soccer.
Several festivals are hosted by the city including SunFest, which is the world music festival and one of the most popular in Canada. There are some wonderful museums like Museum London, which has a long musical history. Also, the presence of the Grand Theatre is another cultural factor that is taking London to places and creating a perfect cultural balance.
The real estate market and the cost of living
London is inexpensive as compared to other parts of southern Ontario like Toronto. Property values are also on a bit lower side when you consider places like Hamilton or Kitchener-Waterloo. This is what makes the place an attractive point for real estate investors to dive in. One might not necessarily be deep-pocketed to be able to invest here. The portfolio can be diversified and investment here today is sure to open multiple doors of opportunities in the future. Before you decide to invest in a property, it is always recommended to get the property value estimation to avoid overcosting or financial frauds.
The city’s demographics and its rich offerings have beautifully combined to create a city that will last for years. Its growing economy and low cost of living make it an ideal location for real estate investment. It will shortly draw in more population that would want to avail of the facilities like affordable housing, immersing culture, and advanced jobs. So, there are many opportunities for real estate investors where they can capitalize on lower property values.
Real estate investors are always in search of areas that would give them flexibility in their investments all while keeping their returns intact. And, London perfectly fits these criteria.