Best Places To Buy Rental Property In Ontario – With cottage prices rising across the state due to the COVID-19 pandemic, you may be wondering, “Is this a good time to buy a cottage?” The answer to this question depends on your situation, when or where you buy, but it’s important to love the location and the local charm. This page outlines 11 of the best places in Ontario, along with a 4-step guide to buying a vacation home that will help you buy a home in Ontario.
A vacation home is a great investment, no matter what you buy. This investment takes time and money and should be considered carefully. The most common purposes for buying a vacation home are:
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Your answers to your goals can help you decide whether it’s the right time to buy a vacation home. For example, someone looking for a vacation home to use as a retreat for a year or two can find a good alternative rental. Likewise, people looking for a retirement home can find the purchase that is best for them.
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Savings for a down payment are important in financial planning, as average cottage prices in Ontario range from $300,000 to $800,000 depending on where you look. Depending on whether this is your first home, a minimum down payment of 20% or more may be required. Besides saving, another option might be to use your first home to finance a down payment.
It is important at this stage to be aware of the extra cost of the cottage as well as the purchase. When purchasing, you can expect to incur closing costs that include:
Along with other purchase costs, the operating costs of owning a home or second home include:
You can get a home insurance quote through our website. With these current costs, if it’s not your primary residence, you can expect to pay capital gains tax if you sell your cottage at a profit at any time in the future.
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Finally, with very few cottage listings for sale and high competition, it’s important to get pre-approval for your mortgage. Also, getting pre-approval can help the lender decide the amount and interest rate they will loan you.
Hiring a good real estate agent is important given that you may not be familiar with the local real estate market and the process. Having an agent can be very expensive. Especially considering that you won’t be paying a direct fee for having an agent. Finding an agent can be more difficult if you have never purchased a property in the area or are visiting for the first time, so a real estate agent can help by connecting you with the best agents in the area.
It’s important to decide what you want in a vacation home before looking into it with an agent. This can include how many cottages you need, their location in your preferred neighborhood, and what features you want your property to have.
Once you have determined the criteria you need and want from a potential vacation home, you should start your search. The vacation home search is done when the agent comes to see you and searches online for a potential vacation home from MLS listings in your area.
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Once you’ve found a property that meets your needs within your budget, the next step is to make an offer. Ontario’s vacation home market is competitive, but you won’t be successful with your first offer. That’s normal! Continue with your real estate agent until your offer is accepted or you decide to stop looking for a property.
Congratulations on accepting the offer! Start preparing for your move-in date and get ready to enjoy your new home.
Just 2 hours and 20 minutes from Toronto, Muskoka has become a popular destination for those looking to escape the city. Also, many people who can work from home know the benefits of spending more time at home instead of going out to work in the city. Because of this, Muskoka cottage prices have increased each year, with the average value of beachfront properties reaching $954,000 in April 2020, an increase of 33.5%, and properties increasing 9% to an average of $625,000.52.
The biggest attraction to buying a vacation home in Muskoka is the beautiful nature and activities including the Muskoka Lakes. Muskoka offers the following activities for everyone each season:
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Whether you’re hiking Lake Hardy Provincial Park, exploring Torrance Barrens National Park or playing a round of golf at one of Muskoka’s many golf courses, there’s always something to do in the area.
Located 2 hours 40 minutes north of Toronto and 3 hours 15 minutes south of Ottawa, Haliburton offers both beautiful scenery and numerous attractions. Some of the attractions include visiting Haliburton Forest and Wildlife, walking the Haliburton Water Trail, and visiting the Haliburton Highlands Museum.
Halliburton home prices have soared as people in the Greater Toronto Area (GTA) look outside and want more space and lower prices. The April 2021 median property price is currently $510,000, up more than 77% from $287,500 in April 2020. For waterfront properties, the median price in Halliburton is currently $803,000. 57% off $511,500 in April 2020
Beautiful Parry Sound is only two and a half hours from Toronto. Like other popular destinations in the region, such as Muskoka and Halliburton, Parry Sound has benefited from those wanting more space and away from the center of the GTA.
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Home to Parry Sound’s many attractions, including Killarney Provincial Park, Wabuno Beach and a Chippewa cruise on Georgian Bay, Parry Sound offers outdoor activities for everyone on the region’s 30,000-plus islands. Other attractions in the area include museums such as the Bobby Orr Hall of Fame and the Tower Hill Museum. Overall, as of April 2021, the average price for a vacation home in Parry Sound was $491,000 for a property and $1,303,500 for a waterfront property. Compared to April 2020, property prices increased by 69.3% from $290,000, while waterfront properties increased by 132.8% to $1,303,500.
Located on the shores of beautiful Georgia Bay, a large bay on Lake Huron, South Georgia offers beautiful views just two hours northwest of Toronto. Like Muskoka, Haliburton and Parry Sound, GTA’s proximity has made the area a popular destination for homebuyers. As a result, housing inventory hit an all-time low of 0.9 months in April 2021, and the average price in the area rose to over $825,000 from $525,000 a year ago.
Although Georgian Bay’s attractions are geared toward adults, the area still has activities for everyone.
Close to Niagara Falls and Niagara-on-the-Lake Toronto and only 1 hour and 20 minutes away, it’s a popular destination, especially for those in the GTA area. If you live in London, Niagara Falls is 2 hours away.
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Niagara Falls is well known for its tourist attractions, including the famous Horseshoe Falls on the Canadian border. Other attractions in the area include:
For those looking to buy a vacation home in Niagara, the city’s median home sale price is $515,000, and homes near Lake Ontario in Niagara can be even higher.
Considering that the driving time from Toronto to Thunder Bay is ~15 hours, flying into the city is the most common. Just a two-hour flight from Toronto, its remote location is one reason Thunder Bay is less expensive than the other cottage towns on this list. The City of Thunder Bay has a median selling price of $289,000, while oceanfront cottages in the area cost over $600,000. This makes Thunder Bay one of the cheapest places to buy a vacation home in Ontario.
Beautiful parks and attractions are also worth the drive. Thunder Bay has beautiful trails, hikes and trails in the area.
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Conveniently located between Toronto and Ottawa, Prince Edward County is 2 hours 10 minutes from Toronto and 2 hours 45 minutes from Ottawa.