Barrie is not only an amazing place to live, it’s also a great place to invest! With the average home price less than half of that in Toronto, it’s affordability makes it a desirable and accessible option. Additionally, Barrie rental rates are quite high compared to many other cities in Ontario. According to the CMHC, in 2014 the average rent per month for a 1 bedroom apartment in Barrie was $986. Comparatively, Hamilton’s average for the same type of rental was $792. While the $200 per month alone seems enticing, there is also the purchase price of the property to keep in mind. In 2014, the average home price in Hamilton was more than $50,000 higher than that in Barrie. Due to this and other factors, Barrie has been on REIN’s top cities to invest in for the past 10 years, ranking 3rd in 2014.
As a growing city expected to increase by more than 50,000 people in the next 17 years, Barrie is extremely forward thinking. Infrastructure development has been a top priority of city and government officials, working to bring in the new, state-of-the-art Simcoe Muskoka Regional Cancer Centre, increased GO Train service and an expanded waterfront.
With it’s close proximity to both Toronto and cottage country, more and more people are calling Barrie home. The millennials in particular are being drawn to the vibrant downtown core with hip restaurants and unique shopping, ultimately driving the rental market and keeping the vacancy rates low. In 2014, Barrie boasted one of the lowest vacancy rates in Ontario at just 1.6%, according to the CMHC.
With the combination of affordable housing, high rental rates and low vacancy rates, investing in Barrie is a no-brainer. Give us a call and we’ll help you figure out if an investment property is right for you!