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Orillia, an underrated gem in Ontario, has been quietly gaining the attention of real estate investors. In this blog post, we'll explore why Orillia is becoming a hot spot for real estate investment and how it can potentially be a game changer for your next venture in the world of real estate.
Hey there, welcome back to my channel. For those of you who are new, I'm Ryan Megson, a local real estate agent with a deep passion for Orillia. I specialize in helping buyers, sellers, and investors achieve their real estate goals in Orillia and the surrounding areas of Simcoe County. If you're considering buying or selling property in this region, be sure to hit that subscribe button and connect with me on my social media channels (links in the description). Now, let's dive into today's topic.
1.Population Growth & Future Development:
Orillia is on the brink of exciting growth. With a current population of 33,411, the city is projected to reach nearly 50,000 residents by 2051—a remarkable 45% increase. Orillia is not just sitting idle; it's actively planning for this growth by expanding its boundaries into neighboring municipalities. This expansion creates opportunities for new housing and employment, and it's already underway. Investors are flocking to the Orillia housing market, with significant developments in progress. Major industries, such as Hydro One's $150 million regional hub, Costco Wholesale, and a $54 million recreational centre, add to the city's appeal. Institutions like the OPP provincial headquarters, Georgian College, Lakehead University, Soldiers Memorial Hospital, and the iconic Casino Rama contribute to the city's employment, educational, and tourism attractions.
2. Property Value Trends/Market Appreciation:
Orillia has seen impressive property value appreciation over the last decade, with an average annual appreciation rate of just over 11%. Even in the face of recent interest rate hikes, property values have remained robust. Orillia still offers more affordable options compared to neighbouring Barrie, without compromising potential monthly income.
3. Location and Proximity to Larger Markets:
Location matters, and Orillia has it all. Situated just an hour away from the Greater Toronto area and a short 25-minute drive from Barrie, it's exceptionally convenient. Highways 11/400 and Highway 12 intersect the city for easy access. Additionally, Lake Simcoe Airport is only 10 minutes away, and Casino Rama is a short 15-minute drive. Orillia's central location opens up a world of employment opportunities and year-round activities, with nearby attractions like Horseshoe Valley, Mount St. Louis Moonstone, Muskoka, Kawartha Lakes, Blue Mountain/Collingwood, and Wasaga Beach.
4. Affordability vs. Potential Earnings:
Orillia's average sale price in July was $674,436, a considerable difference from Barrie's $774,972. Even more enticing are the rental rates, which can rival those of larger cities. For instance, Orillia's current average rent for a 1-bedroom apartment is $1750/month, compared to Barrie's $1600/month. A 2-bedroom apartment in Orillia averages around $2000-$2200, compared to Barrie's $2250/month. Orillia's relatively lower rental inventory, compared to Barrie, presents a unique opportunity for investors looking for both cash flow and appreciation.
5. Zoning and Permitting:
Orillia shines in the world of building permits and approvals, with its investor-friendly policies. Many investors, including myself and my clients, have had positive experiences obtaining permits and approvals for conversions like duplexes and triplexes. Orillia's flexible zoning allows for multi-unit conversions, additional dwelling units, and garden suites. The city's open-minded approach extends to mixed-use and commercial investing.
In Conclusion, Orillia presents an unbeatable destination for real estate investment. With promising population growth, strategic development plans, impressive property value trends, a prime location, and favourable affordability, it checks all the boxes. Whether you're a seasoned pro or a first-time investor, Orillia offers a world of opportunities. If you're interested in investing here, feel free to contact me; my details are in the description below. Thanks for reading, and don't forget to subscribe for more informative content on real estate in Orillia.
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