When a real estate investor thinks of making a new investment he needs to know how promising the project or place seems to be. He should invest in first phase of projects like M City Rogers launching early next year. It got great traction from main stream media like Toronto Star and Globe and Mail. Studies have shown that Thunder Bay, located at the north off Ontario has been a promising candidate for real estate investments. Although it is a very small city with a population of around 100000 people, but it has shown appreciation in the property rates faster than any other city in Canada. This is a very attractive opportunity for investors who might be interested in buying an income property.
Thunder Bay once used to be a small town that used to serve as a passing by stop for trucks and trains. In recent years this city has expanded enormously and has developed as a knowledge economy centre and providing jobs in the medical and educational sectors. The city’s job market is said to be flourishing too with largest employers being Lake Head School and university and regional health science centre.
The residents of this city are found to have exceptional buying powers. The average household income is around 81000 dollars and an average home costs around 216000 dollars which is quite affordable. This is a little over than two and a half times the average household income. This home cost is nothing as compared to Toronto where it is six times the income and Vancouver where it is nine times the income.
Thunder Bay is also a great place for income returns. Study shows that the rental rates of the city have risen by 22% in the past five years. A big reason for this increase in rental rates is the number of students moving to this city for studying in Ontario school of medicine. When the ratios between rent and mortgage were compared, it was obvious that the average rent would easily cover the monthly mortgage expenses and would promise a positive cash flow to the investor. In Vancouver, the rent is only able to pay a third part of the mortgage. This proves Thunder Bay to be a heaven for people who want to invest in real estate for gaining good profits.
Detailed study showed Ontario was the most popular region with the real investors as four of the five top cities belonged to Ontario. Hamilton, Brantford, Guelph and Vancouver were beaten by Thunder Bay in the top-five list.