The City of Orillia continues to be ranked as one of Ontario’s Top 10 Cities for Real Estate Investment. In a report developed by the Real Estate Investment Network (REIN), latest findings show Orillia is one of ten cities set to outperform the province’s housing and rental markets.
Recent investments made by the City, including the downtown waterfront development project, a new “state of the art” recreation facility, and the Downtown Tomorrow Community Improvement Program (DTCIP) grants, have been cited as factors contributing to the Orillia’s investment appeal. The report notes Orillia’s housing starts grew 110% from 2016 to 2017 and prices have consistently increased since 2015.
“It’s an exciting time to invest in Orillia,” said Mayor Steve Clarke. “This Council is focusing on new and innovative programs to help the City flourish and seeing these initiatives recognized in the REIN report demonstrates we are moving in the right direction.”
Orillia is one of the smallest cities included in the report and REIN lists the city’s small-town charm, recent growth, and proximity to the GTA as reasons to invest. Developers are taking advantage of the city’s affordability and the Matchedash Lofts condominiums, Lakeview Retirement Residence, and Costco opening reflect this trend.
“This is the first time in the over 26 years of producing these reports that there are so many wild-cards in play each of which can have a direct impact on the housing markets across the province,” said Don R. Campbell, REIN’s Senior Analyst. “That is why now, more than ever, it is important for home-buyers, investors and developers to dig deeper in their research before making a decision. That is why we have factored in 36 different components for each city as we uncover the least risky markets in the province.”
Ranked in order of potential for housing market strength over the coming five-year period:
2) Kitchener -Waterloo-Cambridge
6) Durham Region
10) Grimsby and St. Catharines