Property investors flock to this emerging hotspot

by Jennifer Paterson31 Mar 2015
With average house prices at just $215,000, the Bay of Quinte is firmly on the radar of prospective landlords as they struggle to cash flow properties in Toronto.

“Real estate agents are seeing a lot of interest for existing homes,” said Adrian Bax, a Bay of Quinte developer. And “we’re seeing a high volume of reservations for our new development.”

The Bay of Quinte region’s western gate is at the town of Brighton, just around 90 minutes from Toronto. It offers 1,200 kilometres of waterfront, nearby towns including Belleville, Quinte West and Napanee, and a typical price tag around $200,000.

“If you take a compass around our area, from Kingston to Peterborough to Cobourg, we’re $100,000 cheaper,” added Bax.

The region also includes 40 wineries, breweries, artisanal cheese and chocolate makers, two provincial parks, hospitals, and a variety of schools and businesses. The local CFB Trenton, which employs more than 3,000 people, is set to double in size this year.

Bay of Quinte also boasts a brand new marina, which will have boats in the water by May. “It was built steps away from downtown so there is lots of potential for businesses,” said Quinte West city councillor Rob MacIntosh.

“There is also land available for condos and other residential building around the marina. It is very affordable living, but has everything a big city has.”

The rental market has also been identified as one of Ontario’s best for investment opportunities. “We’re encouraging and finding a lot of investors want to build rental properties in this region,” added Bax.

“We have all these features here that people want, and we’re ideally situated on a major artery to Toronto.”

To find out more details about hot neighbourhoods, cities and regions across Canada, check out CREW’s free online investment hotspot tool.

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