Best Places to Invest in Real Estate in Ontario 2023

Invest in Real Estate in Ontario

In 2023, investing in Ontario’s real estate presents significant opportunities for long-term growth. Despite fluctuations and rising inflation rates in 2022, many Ontarians are turning to to buy house in Ontario to protect their savings from the impact of inflation and generate wealth over time. The rental market is experiencing high demand, resulting in low inventory and rising rent prices in various cities.

Moreover, Ontario’s population is projected to experience massive growth due to immigration, leading to a pressing need for new rental units to accommodate the influx of newcomers. However, the province’s housing supply has not met this demand, creating a favourable environment for investors looking to capitalize on the region’s future potential. With a focus on long-term investment strategies, real estate in Ontario is poised to remain a lucrative option for investors in 2023. So, if you are ready to dive in, let’s go ahead with GTA Home Network to learn all about the best places for real estate investing in Canada in 2023.

Top 7 Places to Invest in Real Estate in Ontario

Investing in Canadian real estate continues to be an excellent decision for individuals at different stages of life, whether they are adults, retirees, or young individuals looking to purchase a condo. If you are searching for the perfect location for real estate investment in Ontario in 2023, we have your best suggestions.

  • Greater Toronto Area (GTA)

invest in Greater Toronto Area (GTA)

Average price 2023: $1.1Million

Toronto, specifically the Greater Toronto Area (GTA), stands out as one of Ontario’s prime locations for real estate investment in 2023. This vibrant city is a central hub for newcomers entering the province, making it an attractive market with long-term potential.

In recent years, Toronto has experienced a spillover effect, with residents moving to surrounding towns and cities within the Greater Golden Horseshoe area. However, this doesn’t indicate a decline in demand or the city’s shrinking. On the contrary, with Canada’s projected immigration rates and international student forecasts, there will be a consistent influx of demand for housing in the region.

As Toronto continues to grow and transform, it will remain the thriving heart of the province. The city’s reputation as a tech hub is rising, ranking third in North America in the 2022 Tech Talent Report by CBRE, trailing only the San Francisco Bay Area and Seattle. Toronto witnessed substantial job growth in the tech sector since the pandemic began, creating 39,700 new talent positions between 2019 and 2021.

With the creation of quality employment opportunities and a healthy, desirable growth trajectory, Toronto is on our list of the best places to invest in real estate in Ontario in 2023.


  • North Bay

invest North bay

Average price 2023: $410,538

North Bay, often called the ‘Gateway to the North,’ is a quaint city with just over 50,000 residents. According to a 2022 study by Moneysense, North Bay ranked 2nd among Canada’s most affordable housing markets.

Like many other small cities in the country, North Bay experienced a significant boost from the pandemic’s work-from-anywhere culture. Professionals from major cities like Toronto were drawn to North Bay by its affordable housing and captivating old-world cultural charm. The city takes pride in its world-class healthcare facilities and post-secondary learning and research institutions, making it an attractive place to settle.

North Bay is a hybrid city, offering a balanced lifestyle with a manageable size and a relaxed atmosphere while still providing all the modern amenities required for daily living in 2023. One of North Bay’s key advantages lies in its strategic location. Situated at a reasonable distance from major cities like Toronto (350 km away) and Sudbury (150 km away), it allows residents to enjoy the benefits of both small-town living and access to larger urban centers.

Additionally, even American cities such as Buffalo (450 km away) and Detroit (600 km away) are within a reasonable distance. If you are considering a move to North Bay, it’s essential to remember that winters can be quite cold, with temperatures dropping as low as -15°C. Despite this, the city’s numerous benefits, including its affordability, cultural charm, and accessible location, make it an appealing destination for those seeking a comfortable and fulfilling lifestyle.


  • Niagara Falls

    invesr real state in Niagara Falls

Average House Price 2023: $642,600

The Niagara Peninsula stands out as one of Ontario’s most promising real estate investment hubs for 2023. Nestled between Lake Ontario and Lake Erie, this region’s strategic location, boasting four border crossings into the U.S. and just an hour away from Toronto, makes it a prime area for growth in Southern Ontario.

Despite the high demand for investment properties in the Niagara Region, there are still ample opportunities available for savvy investors. The region’s recently approved growth strategy report is a testament to its proactive approach. By aiming to construct more homes than the provincial growth projections necessitate, the Niagara Region plans to stay ahead of the anticipated surge in demand. Metrolinx, noticing the area’s continued growth, has expressed interest in expanding its GO Train services throughout the region.

With existing stops in Niagara Falls and St. Catharines, the GO has identified Grimsby and Lincoln as potential future stops, aligning with the projected growth. Previously, St. Catharines and Welland have previously earned spots on the Best Places to Invest list. Still, the entire region now boasts numerous hotspots, leading to investors exploring opportunities and finding success across the area. Niagara Falls and Port Colborne have particularly become popular investment destinations due to their affordable prices and high rental demand. Lincoln has also attracted several investors.

Vacancy rates throughout the region remain low, with well-located homes filling up quickly. Whether in St. Catharines, Niagara Falls, Welland, Port Colborne, or any other area, the Niagara Region promises an excellent living and investment environment for 2023!


  • Quinte West

    invest real state in Quinte West

Average price 2023: $602,291

Quinte West is undeniably beautiful, and surprisingly, its real estate prices do not fully reflect the allure of this charming place. If you seek a high-quality suburban lifestyle in Ontario, look no further; this is the ideal spot for you.

Nestled on Quinte Bay, the town boasts a population of approximately 45,000 due to the amalgamation of four former municipalities. The strategic location of Quinte West further enhances its appeal. Toronto is a mere 2-hour drive away, while Kingston is just an hour’s drive. Belleville, another small town with 50,000 residents, is a quick 20-minute drive away for immediate needs and conveniences.

Real estate prices in Quinte West are comparable to those in Kingston but more affordable than staying in the capital, Ottawa. If you are drawn to the waterfront and desire a home with ample open space, Quinte West presents an excellent option!


  • Kitchener-Waterloo

    invest real state in Kitchener-Waterloo

Average House Price 2023: $711,200

Kitchener-Waterloo once again secures its place on our list of the best places to invest in Ontario. In recent years, the KW area has experienced a tech boom, attracting numerous large tech companies to establish regional offices.

This influx of tech companies has brought in new people and injected a significant amount of new investment. With the rapid growth in the tech market, some Kitchener-Waterloo companies face challenges in hiring enough talent as new job opportunities outpace the number of applicants. The region’s flourishing tech industry is attracting a highly educated workforce. The Toronto-Waterloo Tech Corridor saw an impressive addition of 88,000 jobs in 2021, growing 350% faster than Silicon Valley.

By early 2023, the corridor is projected to surpass Silicon Valley’s number of tech workers. The Waterloo Region already boasts the largest population outside the GTA (Greater Toronto Area), which is expected to grow slightly above the provincial average.

With approximately 56,000 new residents expected between 2021 and 2026 and a projected 305,000 by 2051, the region is experiencing substantial migration, equivalent to the combined populations of Barrie and Guelph. Kitchener-Waterloo’s advantage lies in being on the far side of the Greenbelt, allowing for continued expansion to accommodate growth.

The region’s commitment to building more densely in line with Ontario’s provincial guidelines bodes well for its future development. Additionally, Kitchener has embraced accessory dwelling units, permitting tiny houses, laneway suites, and backyard homes in most properties zoned R-1 through R-7, fostering diverse housing options.

However, it’s crucial to note that the city of Waterloo requires rental licensing for properties within its limits. Investors purchasing properties in Waterloo should obtain the necessary license, which involves specific HVAC and electrical inspections, a hand-drawn floor plan, payment, and a landlord’s criminal check within the first 12 months, followed by yearly renewals.


  • Durham Region

    invest in Durham Region

Average House Price 2023: $892,677

Durham, located just east of Toronto, is one of Ontario’s rapidly expanding regions. With an expected growth rate of over 10% every five years, the projected growth for the next 30 years is a remarkable 80%. This growth is driven by Durham’s strategic location, offering more room for development compared to neighbouring regions like Peel and Halton to the west of Toronto. For investors with a long-term vision, Durham presents an attractive opportunity.

As people continue to migrate to Toronto and eventually seek housing outside the city, the region is poised to attract a significant influx of new residents, creating favourable prospects for property owners. Durham has proactively approached its growth by unveiling the “Ready Set Future: Five-Year Economic Development and Tourism Strategy and Action Plan” in late 2022.

The plan comprises 71 action items, focusing on attracting skilled workers, revitalizing 14 downtown areas, fostering innovation, and establishing a distinct regional identity. Key areas of emphasis include the energy and automotive sectors, particularly in the development of electric vehicles.

Moreover, Durham offers an ideal location for many, with easy access to Toronto via the GO train and highways such as the 401 and 407 Express Toll Route. Additionally, the region is appealing to cottagers seeking to take advantage of the picturesque Kawartha Lakes. Considering Durham’s transformation and increasing density, now is an opportune time for investors to acquire valuable real estate in the area.


  • London

    invest real state in london

Average House Price 2023: $615,247

London, the 5th largest city in Ontario, is poised to ascend even higher, potentially securing a spot among the top 3 cities. Based on the latest 2021 census data, London experienced the fastest population growth in the province, with a remarkable 10% increase since the last census in 2016. Notably, this population surge has been driven by the city’s residents rather than immigrants or temporary pandemic workers.

The city of London offers abundant opportunities for further education, with the advantage of lower living costs compared to major urban centers like Vancouver and Toronto. Moreover, London’s population is notably younger, averaging two years younger than the Canadian national average. The city is also making strides in the tech industry, attracting a significant share of young professionals seeking career opportunities.

According to StatsCan housing statistics, real estate investors own over 31% of all properties in London. However, a more concerning figure emerges when delving deeper into the report: an astonishing 86% of condos in London are owned by real estate investors. These numbers significantly surpass the provincial averages and nearly double that of Toronto, raising questions about the dynamics of the local housing market.

Investing in Ontario real estate with GTA Home Network

Investing in Ontario real estate with GTA Home Network can be smart and advantageous. With our expertise and comprehensive knowledge of the Greater Toronto Area’s property market, we can provide valuable insights and guidance to ensure successful and profitable investments.

Whether you’re a seasoned investor or a first-time buyer, we personalized approach and commitment to client satisfaction make them a reliable partner in navigating Ontario’s dynamic real estate landscape.

Frequently Asked Questions

Is real estate a good investment in Ontario?

Investing in Ontario is an alluring choice for numerous Canadian real estate investors, primarily because of the province’s high population, favourable tax environment, and promising growth potential. Its dynamic nature attracts key demographics, making Ontario real estate a sensible and lucrative opportunity for the right investor.

Which place is best to buy a house in Ontario?

In 2023, Toronto will emerge as one of Ontario’s prime real estate investment destinations. With a focus on long-term prospects, the Greater Toronto Area (GTA) serves as a central hub for newcomers entering the province, making it a strategic and attractive choice for investors.

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