Where is the Best Place to Invest in Oakville
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For the past several years, the real estate market has proven a thriving industry yielding great returns for those who choose to invest, but just where is the best place to invest in Oakville? There is no “one size fits all” answer to this question since there are many different ways to get your money working for you in the real estate market. But, whatever investment path you choose to take, there is a reason why real estate is a popular asset class for Canadians – people like to invest in something tangible and they see benefit in owning solid assets. There can also be an emotional connection to real estate that does not exist in other investment avenues.
Perhaps the most consequential method of real estate investing is purchasing a principal residence. Buying your primary residence is more than just securing a place to live in, it is making a long-term investment. Oakville’s popularity as a charming and affluent suburb with easy access to Toronto’s strong job market has only increased with many companies and industries expanding the options for their employees to work from home. We are seeing a migration of professionals from Toronto looking for more space and the more relaxed atmosphere of Oakville! With exceptional highway access and GO Transit availability, Oakville remains a favourite for GTA professionals. If commuting to work is a key factor in choosing the best place to invest in Oakville, Central Oakville, Old Oakville and Bronte are all neighbourhoods that are just minutes to GO Transit.
Oakville is also known for its great schools, both public and private, which draws families looking for high caliber educational opportunities for their children. Neighbourhoods such as Old Oakville, Joshua Creek and Glen Abbey are home to consistently high-ranking schools which make them great investment areas. Or if community activities and outdoor spaces are important in your primary residence, look to neighbourhoods surrounding Lions Valley Park, Bronte Creek Provincial Park and the harbourfronts parks of downtown Oakville and Bronte as investment area possibilities.
When your investment is your primary residence, it will likely be a place you will call home for some time. Consider your lifestyle, budget and the suitability of a property based on your needs, as well as how a particular neighbourhood is performing, in order to find the best place to invest in Oakville for you.
Another excellent way to invest in real estate is to purchase a residential rental income property. Typically, the neighbourhood you purchase in will determine the types of tenants you attract and your vacancy rates. Future developments can identify areas of good growth, but keep in mind that additional new housing can also mean more competition in attracting tenants to your property. A low number of listings could represent lower vacancy rates in an area, which will allow landlords to charge higher rents. The converse is true in areas with high vacancy rates, where landlords will lower rents to attract tenants. Looking at an areas average rental rate is also important, to make sure any property you consider will yield enough rent to cover the mortgage payment, property taxes, maintenance and other expenses.
Remember that owning a rental property can be hard work! Familiarize yourself with the legal responsibilities of Ontario Landlords and treat your investment as a business. If you would rather not take on the role of an active landlord, you can hire a property manager at a cost. Our team at Alex Irish and Associates can help you navigate these considerations to find the best place to invest in Oakville for a rental income property.
Preconstruction real estate appeals to many investors, whether as an investment to flip, rent out or move into, since it provides the opportunity to secure an investment at a lower initial value than what the condo or property will be worth after it is built. This can position you to make considerable return on your investment! When considering the best place to invest in Oakville for preconstruction properties, Oakville has a wide selection of opportunities like The Madison development of luxury townhomes now selling in South Oakville or the multiple new developments in rapidly expanding North Oakville.
Determining how and where to invest in Oakville real estate can be challenging. It is important to consider your goals, finances, risk threshold and current market conditions to find the right investment strategy for you.