Residential Real Estate Rentals
Real estate is always related to industry, as both need lead to each other's growth. Ontario definitely has some of the most desirable real estate in Canada, particularly because of the city of Toronto. Ontario is blessed with great natural resources, ample supplies of power from hydro electric sources and a ready route to export manufactured goods right into the US heartland, via container ships on the Great Lakes. Major industries include iron, steel, food, electrical appliances, machinery, chemicals, and paper, and the car assembly plants have, in some years, exceeded the output of Michigan. Since the global downturn in economical growth, Ontario has focused on strengthening its already huge financial services industry, from its center in Toronto. The information technology business has its own center in Ottawa, known as the “Northern Silicone Valley”. Signs are suggesting the recovery from global financial troubles that affected all economies will produce a stronger than before manufacturing industry in Ontario, and further boost financial and related services, as incentive packages lure firms such as, “Home Depot” to relocate in the region.
Of the approximately 75,076 homes in Ontario, half are rental properties. Recent analyses of the housing market in Ontario lead Bob Dugan, Chief Economist at CMHC's Market Analysis Centre to comment, “Strong employment growth, solid income gains, and high immigration levels continued to support strong demand for both ownership and rental housing.” As there is still a large gap between house prices and rental costs, renting will be the affordable option for many relocating to Ontario to take advantage of the new jobs becoming available in all areas. This demand increases the number of rental properties coming onto the market and offers a favorable climate for those seeking them. The amount of empty properties in Ontario is around 4%, which gives those needing accommodation a good amount of choice and keeps rents at a reasonable level.
Studio apartments in Ontario vary greatly in cost, depending on the proximity to Toronto’s center and other factors, such as lake front views. In June 2009, the average prices were as follows, $200.00 for a basement suit outside central Toronto, $450.00 for a two bedroom apartment, rising to between $750.00 to $1100.00 for a three bedroom family home or luxury apartment.
