THUNDER BAY – Business – Thunder Bay North has made the Top 100 Neighbourhoods listing in Canada.
RE/MAX Broker Vince Mirabelli says, “Thunder Bay continues to be in a hot real estate market due to low supply and high demand”.
A special report supported by the VERICO Network of Mortgage Brokers and RE/MAX of Western Canada has revealed the Top 100 Neighbourhoods for investment in Canada – a list of the top micro markets set to lead the country in growth.
While familiar markets from coast to coast made the Top 100 list, which was compiled by the Canadian Real Estate Wealth Magazine, number crunching and analysis uncovered several surprises that will challenge conventional thinking. Small towns and neighbourhoods from downtown St. John’s, Nfld., and Bedford, Halifax, to Kitimat, B.C., and Cold Lake, Alta., are among the Top 100.
“As this report clearly shows, investment opportunities abound across Canada, both in bigger cities and smaller towns,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “No longer are the big cities dominating the real estate investment landscape.”
“An influx of re-locations from other major markets due to expanding employment in the city, has keep the market at its current pace”.
Number crunching and analysis uncovered several surprises that will challenge conventional thinking. Small towns and neighbourhoods from downtown St. John’s, Nfld., and Bedford, Halifax, to Kitimat, B.C., and Cold Lake, Alta., are among them.
Thunder Bay Real Estate Specifics:
NNL: Is Thunder Bay South following in a similar trend?
Mirabelli: The south side is following a similar trend. Thunder Bay North, with the hospital and the university along with three of the five major subdivisions being located there.
NNL: Are there opportunities for buyers in Thunder Bay?
Mirabelli: “There are still opportunities for buyers. Thunder Bay is still in top five for affordable housing prices in Canada?”
NNL: If you had a $1,000,000 property in Toronto or Vancouver, what would be the comparative price in Thunder Bay?
Mirabelli: “A similar house that costs a million plus in Toronto is anywhere from $400-$600k in Thunder Bay,” continues Mirabelli. “You can still buy a home that is aged, has not had any renovations, and do the renovations and pull out equity from it.”
NNL: What is, in your opinion, one of the hottest listings in Thunder Bay right now?
Mirabelli: There is a home in Pinewood, with 1.67 acres, a two car attached garage, and a four car, 3000 square foot detached garage, and 2300 square foot home is running at $649,900. A comparative listing in Toronto would be double that price.
“Investors should seek local expertise to navigate the mortgage funding process. Familiarity with the real estate and mortgage financing markets is the key to a sound investment strategy in these markets,” stated John Kelly, COO of Verico Financial Group, a national network of over 2400 mortgage brokers.
“This is particularly true in towns with a smaller and less diverse economy, employment base, and rental market. A mortgage specialist with access to both national and local lenders as well as traditional and private financing sources is often essential to make the investment proceed, and make the investment perform,” Kelly added.