Thunder Bay real estate is growing quickly, bringing the potential to be one of the best investment opportunities in the province of Ontario. The city’s economy is currently being driven by several industries including natural resources, medical research and tourism, and combined with the relatively low cost of living, it has become an attractive opportunity for real estate investing.
There is no question on why Thunder Bay is the biggest population center in Northwestern Ontario. This beautiful city sits right on the edge of Lake Superior, surrounded with attractions including mines full of naturally occurring amethyst, the gorgeous view of Mount McKay and just a short drive away from the Sleeping Giant Provincial Park full of camping areas and hiking trails.
While Thunder Bay has so many attractions, it has still managed to keep its reputation as the most affordable major housing market in Ontario. Thunder Bay’s low construction costs, competitive land costs and no development charges, this city offers prime real estate for developing.
In Thunder Bay, some of the most popular types of real estate investments are rental, residential, and commercial.
It is important to research the market when you are considering investing in commercial real estate, every market is different and has its own supply and demand. Often, investors do not conduct enough research to decide whether or not they will take on the risk of market saturation. Thunder Bay has a hugely growing business sector, and because of that, there are many opportunities to start investing in commercial real estate such as retail spaces and office buildings.
Rental properties are a great investment to consider as well. This city has an increased population of a growing immigrant community as well a large student population, providing a very steady demand for rental properties. Thunder Bay is also a common city for temporary relocation, especially in the forestry, mining and medical fields. Generally, people moving temporarily are not interested in buying a house, and choose to rent instead, keeping the rental market at a steady high.
Residential properties are in high demand as well. Especially apartments, single-family homes and townhouses in the more affordable price range. The real estate market will always ebb and flow, but the fortunate part is that the demand is never-ending, people will always need somewhere to live making investments into rental properties last.
All three of these real estate investment types can easily become passive income with a little bit of help. With assistance from a property manager, you can experience a hands-off experience, collecting the net income from the rent that is collected, after deductions of incidentals and small management fees.
It is still important to consider making any real estate decisions through researching and taking due diligence in factoring in the rental demand, values of the properties and the overall market conditions, and if needed, consulting with an expert in real estate investments.