Why investing in Vaughan is a smart move
More than a decade ago, the “city above Toronto” shed the limiting slogan and now stands on its own as the City of Vaughan. The population of Vaughan, Ontario has nearly doubled since 1996 making it one of the fastest growing suburban cities in the GTA. Once considered an industrial area, Vaughan continues to evolve into an attractive and affordable cosmopolitan city. The city’s approach to urban innovation, as seen in the TTC extension to the Vaughan Metropolitan Centre station and Transit City, continues to fuel the residential and commercial real estate boom.
With prices continuously rising and congestion worsening in Toronto, many people are taking note of the upgraded services and accessible lifestyle offered in Vaughan.With public transportation being so readily available, residents can easily travel to downtown Toronto in 40 minutes to work or to attend school. Vaughan residents are able to enjoy the big-city life while saving a considerable amount of time and money. With a wide variety of single family homes and condominiums, Vaughan is an attractive market for the real estate investor.
A Great Long Term Investment
Investing in real estate takes commitment and risk, but it’s an ideal way to build your wealth when done properly. There are many different opportunities for real estate investing in Vaughan that go beyond just buying a property and renting it out. In fact, just purchasing a home in the city means you’re technically investing in real estate. You may not be earning a monthly income from it, but it’s an ideal long-term investment. Owning your own home also offers financial security and peace of mind
If your goal is to see a monthly return on your investment, one of the most popular methods is to own a property and rent it out. The steady rental income can be used to finance the mortgage or as a savings plan for retirement. As the city continues to grow, so does the value of real estate and in all likelihood, you stand to make a profit if you decide to sell the property down the road. In the City of Vaughan, there are opportunities to rent out a bedroom, an entire house, a condo, or a commercial property such as an apartment building.
Another option for investing in real estate is by purchasing a home, fixing it up or renovating it and then selling it shortly after for a handsome profit. House flipping continues to be a common and popular method of earning money from real estate. Flipping eliminates the need to find a tenant and removes the worry about being a landlord. It does take time, effort and energy to flip a house but it can certainly pay dividends to investors.
Long Term Value
While there’s no guarantee investing in real estate can be profitable – the market can sometimes be unpredictable – there’s no doubt most properties will see their value increase over the long term. If you can manage the investment over the long term, be prepared to keep the home in good repair. The same is true for rental properties as you need to maintain the home while renting it out. Also keep in mind that any income generated from a rental property needs to be declared as income on your tax return. As a property owner there are numerous expenses that can be deducted for maintenance and repairs.
Real estate investing in Vaughan is becoming a popular – and profitable – venture especially when compared to Toronto. The City of Vaughan is considered a safe place to live and offers lower purchasing prices and property taxes, excellent schools and public transportation, and has a sense of community, even as it continues to grow.
The best way to learn all the ins and outs and pros and cons of real estate investing is to speak with a local real estate agent who specializes in property investment. A local agent will recommend which specific areas of Vaughan should be looked into and will offer their expertise and experience to make sure you’re on the right track.
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Broker, ABR, SRS, ASA, CPCA
Remax Hallmark Realty, Ltd
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Based in Vaughan, ON, I help adult children understand how to plan and work with their aging parents to help them find their best new home in retirement.