The housing market in the province of Ontario has remained favourable for many homebuyers and property investors, despite a few years of economic confusion and turbulence in between. Still, it is critical that you choose your target real estate market carefully, and then choose the right mortgage solution with the help of mortgage experts at Northwood Mortgage™.
The last federal census estimated the population of the province of Ontario at nearly 13 million, making it the largest province in Canada by population. Still, the province provides both employers and job seekers unique opportunities that cannot be found anywhere else in the country. As such, Ontario is expected to keep attracting large numbers of students, job-seekers, and immigrants, and grow its population to between 18 and 20 million by 2036.
One of the fastest growing regions in North America, the Greater Golden Horseshoe (GGH), is located in Ontario. The GGH is a preferred destination of choice for many people and businesses from across the country and the world.
Some of the most dominant industries in Ontario include manufacturing, with five of the top automakers in the globe and over 300 innovative parts manufacturers based here; mining, with the province producing over $5 billion worth of minerals every year; and high tech, with clusters in Ottawa, the GTA, Waterloo region, and Niagara Region.
Toronto, the largest city in Ontario, is located in the center of the GGH. But since the cost of living in Toronto, including the cost of housing, is fast becoming expensive, many people are opting to live outside the city and commute to work. As a result, the largest growth in Toronto is happening near Toronto around the key highway networks, including the 401, 404, 407, and 410.
The biggest growth in residential construction in Ontario in recent years has been Toronto, Kingston, and Thunder Bay, largely due to the active resale market, job growth, and low-interest rates in the province.
The construction has been focused on apartment units – for both rental and ownership – due to the decrease in availability of lots for the construction of low-rise residential homes, resulting in the preference for the less costly, higher density options. Other factors contributing to the increasing demand of multi-family constructions include smaller households, land constraints, an aging population, and the rising cost of housing.
Ontario’s housing market is poised to grow at a more robust pace owing to a faster growing U.S. economy, energy savings from lower prices, and the weaker loonie. But when it comes to owning a home, or buying commercial property, using a professional to help you find the ideal mortgage deal has become a critical step.
The lending practice has gone through some major changes that have forced mortgage lenders to examine a wide range of factors to determine whether or not an applicant is credible. When you come to Northwood Mortgage, our experts go to work for you, analyzing all your information and researching the Ontario mortgage market using up-to-date data. Using the right software, we can easily identify lenders who might be willing to work with you, and get you the best possible rates.
Our mortgage solutions are unmatched in Ontario. Contact us today to get started.
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