House flipping is one of the most popular ways to invest in real estate. The rising prices of houses make Ontario one of the best provinces for real estate investment in Canada presently. So, which are the best places to flip houses in Ontario?
Ontario is a valuable real estate market. The average price of homes there is expected to rise by 21.8% by the end of 2021. The best places to flip houses in Ontario are Hamilton, Windsor, London, Ontario, Brantford, Guelph, Bancroft, Barrie, London-St Thomas, Kitchener-Waterloo, and St. Catharines.
Regardless of this, location alone isn’t what determines whether you’ll make profit flipping houses. Other factors will also help in achieving profitability. This article discusses the best places to flip houses in Ontario and what makes them great.
Where Are the Best Places to Flip a House in Ontario?
Ontario is the second most expensive housing market among Canadian provinces. The average price of homes here was $594,000 in 2020, and it has increased drastically in 2021. Here are the best places to buy and flip houses in the provinces.
1. Bancroft and Area
Bancroft is regarded as the best city in Canada to invest in real estate in 2021. While it might be a small town, it has all the amenities and facilities that big cities offer. The town known as the Mineral Capital of Canada is between Ottawa and Toronto.
Homes are still affordable, with the average price of the house at $292,733 in 2020. The growth percentage on real estate is 15% within a year and as much as 78% within three years. The average price of houses has increased by 47.7% in the first seven months of 2021 compared to the same period in 2020.
This is one of the best cities for flipping houses in Canada. It has all the things that make for a great real estate market. These include a population of half a million, proximity to Toronto, which is 45 minutes away by car, livability, and a 27% rise in average home price in the past year.
In addition, many of those who work in Toronto buy homes in neighboring cities like Hamilton. Thus, houses are always in demand.
3. London-St Thomas
This is a city where real estate is appreciating massively. So if you’re considering flipping houses in Ontario, you should check out London. The area recorded a 47.4% increase in house sales in the first half of 2021 compared to the same period in 2020.
Not only that, there was a 35% increase in the average price of houses sold in June 2021 compared to June 2020. While Toronto is about two hours away, it’s close enough to get to if need be, and the city itself is ideal for residents. Thus, it’s a great place to flip properties.
You can also consider investing in this city, one of the closest Canadian cities to the US. Detroit is only 13 minutes away by car, which means it’s close to a major city. In addition, the average prices of homes increased by 36% from last year, which shows it’s a prime market for real estate investment.
Barrie is a beautiful city with a population of over 140,000. This city is only 1 hour 30 minutes to Toronto and easily accessible by GO Transit. This explains why people who work in Toronto buy houses here. As a result, the average prices of homes here have increased dramatically between 2020 and 2021.
The price of townhouses increased by 46%, apartments increased by 30.8%, and single-family houses increased by 36.6%. Thus, flipping houses here can be very profitable. Moreover, housing demand is rising as there’s a 38.3% increase in sales for the first seven months of 2021 compared to the same period in 2020.
Guelph is another great city for real estate investment in Ontario and the whole of Canada. Although it’s primarily a university town, home prices have been rising in the past few years. In the past year, there has been a 33.7% rise in the average cost of single-family homes.
The prices of other types of houses have also increased, and the housing demand also increased by 13.1% in June 2021 compared to June 2020. As a result, Guelph is an excellent city for flipping properties.
Houses in this region have significantly appreciated in the past year, making it an excellent place to flip houses. Homes sold for an average price of $759,115 in June 2021, 26.4% more than they sold for in June 2020 and 2.6% more than the selling price in May 2021. This shows that prices are constantly increasing in the area.
Whether you buy a house to fix and flip or hold and flip, the rising prices make profit more likely. All types of houses have increased in value over the years. The fact that the region is Canada’s fourth-largest manufacturing region also means demand will always be available.
There has been a 51.9% increase in house sales in the first half of 2021 compared to the first half of 2020. This shows how in-demand houses are in the city. Average prices of home within the same period has also increased by 33.8%. This shows the prospects of the city. So, if you’re thinking of flipping houses, Kingston is one of the best places to give it a try.
9. St. Catharines
This is an attractive city to live in for many as it’s in the Niagara peninsula. It’s close to the US border, and Toronto is only over 1 hour away and easily accessible. Unfortunately, the average price of houses has increased by 68.1% over the year.
Thus, flipping houses in this city can be very profitable. As a result, demand is ever-present as home sales in the Niagara region increased by 68.4% in the first half of 2021 compared to the same period in 2020.
When flipping properties, location is critical as you can’t change it. All these cities and regions offer the best locations in the whole of Ontario. They also provide other qualities such as proximity to major cities, accessibility, relatively affordable prices, and high demand for houses. While location alone won’t guarantee a profit, it can make a tremendous difference.