Barrie & Orillia best cities to buy real estate
13 Mar

Barrie & Orillia in Top 10 Best Cities to Buy Real Estate in Ontario

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The Real Estate Investment Network (REIN) is out with their Top 10 Ontario Towns and Cities to buy, rent, or flip real estate property in, and Barrie and Orillia ranked among them.

Barrie is number four and Orillia number nine on REIN’s list of cities whose real estate markets are expected to outperform others in Ontario over the next five years.

 

This was not a shock to Realtors® of the Faris Team, the top producing team in Barrie, Orillia, and all of Simcoe County. “I’m not surprised about REIN’s recent announcement. Barrie and Orillia are both great cities to invest in – and you know our team is serious about it because we’re putting our money where our mouth is by personally investing in residential and commercial properties in both cities and surrounding areas,” says Mark Faris, CEO and Broker of the Faris Team*. “We are also working with many millennial buyers and young families who are looking to buy with potential for home equity growth, as well as working with seniors who are downsizing or moving to Barrie and Orillia for a better life style,” adds Faris.

REIN looked at several market influencing factors to compile its list, including interest rates, mortgage and real estate policies, first-time home buyers, inflation, the foreign exchange rate, among others.

Barrie 

barrie-2There are many reasons to invest in Barrie. Says the REIN report, “…with an active and progressive mayor and council that encourages tourism to the waterfront, densification, a focus on local businesses as opposed to large franchises, and strategic partnerships, Barrie is positioning itself for future, sustainable, balanced growth.”

Barrie is booming

Everything in Barrie seems to be booming:

  • The population has grown 4% in the last five years
  • Huge investments being made to revitalize Barrie’s downtown core
  • Metrolinks is adding more trains and weekend service to the GO Train service to Union Station, with plans for a regional express rail which would shorten that commute to about 30 minutes
  • Home prices have increased 20% last year over the previous year, and doubled in the last decade
  • Georgian College moved its Design and Visual Arts campus downtown
  • A large, mixed-zone development promises to breathe new life into the downtown/waterfront Go Train station area
  • A new water park right in Kempenfelt Bay is a family favourite during the summer

Orillia

orillia

REIN calls Orillia a “Victorian-era charmer” and encourages investors to particularly explore purchases on the waterfront. Orillia’s council is planning for the future, with visions of a more populated downtown core and a new concept for the waterfront, including a mixed-use neighbourhood with a variety of housing options. The hope is to bring jobs, tourism and tax revenue to Orillia.

Reasons to love Orillia

  • Lakehead, Ontario’s newest University, is in Orillia, and is partnering with Georgian College to provide 20 more degree options over the next five years
  • If you have students living with you, they may be able to take advantage of Simcoe County council’s $1M donation to Lakehead University to improve access to a post-secondary education for people in the area
  • If their purchase of Orillia Power is approved, Hydro One may be opening an Operations and Education Centre
  • The average home in Orillia sold for $389,000 in Orillia last year, an 18% year-over-year decrease. Non-residential waterfront properties are up 33%, with an average price of $366,200 while waterfront properties went up 10%, averaging $564,000.

Barrie & Orillia are calling all budding landlords

If you are a landlord or are thinking of becoming one, Barrie and Orillia should be on your list of cities to consider investing in. The average one bedroom apartment averages $1,572 in Barrie and $831 in Orillia, according to Padmapper and grants or loans of up to $25,000 per unit exist for budding landlords who want to provide student or affordable housing.

*Royal LePage First Contact Realty, The Faris Team Brokerage

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