Investing in real estate in Ontario can seem daunting if you are shopping in Southern Ontario. However, investing in real estate in the northwestern city of Thunder Bay is both more attainable and a solid investment for various reasons including:
Let’s dive in deeper…
Much like the rest of Canada, the housing market in Thunder Bay has been a hot commodity over the last few years, but even increasingly so over the last several months. Many people are buying homes in Thunder Bay, and the great thing about condos in particular is they allow you to own your home instead of renting it. Condos in Thunder Bay have recently sparked up interest amongst people for many reasons. Living near a thriving and continuously developing downtown area makes it appealing to buyers as they can easily visit new restaurants, go shopping, and enjoy entertainment. Hillcrest Condos are in a prime neighbourhood that will always hold its appeal and be a desirable area to live. In Thunder Bay, a Hillcrest Condo is definitely a worthy long-term investment. Learn more about Thunder Bay and all it has to offer here.
Thunder Bay holds guaranteed long term sustainability as it is the main hub in Northwestern Ontario that connects the west and the east of Canada. Everything must pass through Thunder Bay and will always remain a central hub due to its location. It is the most populated municipality in Northwestern Ontario and the second most populated in Northern Ontario. Exciting news for the community is the Ontario Government has awarded funds to the development of Highway 11/17 between Thunder Bay and Nipigon. This 100km section of highway is heavily relied on because it forms a strategic link in the Trans-Canada Highway System. There is no alternate route in the province that connects eastern Canada to western Canada. This leads stronghold to continued future infrastructure and job creation in the region.
Speaking of job creation, the mining industry in Thunder Bay and Northwestern Ontario is profitable. Thunder Bay is the gateway to Northwestern Ontario and all its resource potential. According to Thunder Bay’s Mining and Exploration Report, in 2018, Northwestern produced 19% of Canada’s gold and is forecasted to produce 1.6 million ounces of gold by 2023. As a thriving urban centre, Thunder Bay provides extensive business support to the mining industry through access to funding, networking, infrastructure, and access to research facilities. Uniquely, Ontario is home to one of the most promising mineral developments anywhere on the globe – the Ring of Fire, including one of the largest known deposits of chromite in the world. It is said that the Ring of Fire presents a multi-generational economic opportunity as mineral potential is believed to be worth $60 billion. Thunder Bay is in a prime location to be a service centre for businesses exploring the Ring of Fire, and continuously welcomes new business professionals and their families. With many new residents coming into the community, there will always be investment potential and buyer competition which will boost Thunder Bays real estate market value.
With Thunder Bay’s continued development, it has become a very attractive place to live. Even within the city itself, it has been expanding to provide a vast variety of amenities for people to enjoy. There has been a recent surge in amazing local eateries showcasing foods from all over the world. Not to mention the explosion of small local businesses, the beautiful marina waterfront development, and future plans of an event centre for sports and recreation. You will always have places to explore, opportunities to try new things and you will truly feel the local love from the Thunder Bay community!
Amongst all the amazing opportunities in Thunder Bay, it is an exceptionally affordable place to live. Larger metropolitan areas in Canada have had outrageously high prices to live, making it next to impossible to settle comfortably. People, especially from Southern Ontario, are making their way up to Thunder Bay to settle down, invest in a home, and be able to live comfortably. Investing in real estate in Thunder Bay will provide you a place to call home, while also giving you a sense of security in your investments longevity. Welcome to the community, we know you’ll fit right in.