Orillia REINs in Top-Three Ranking
May 16, 2011 Miranda Minassian, Orillia Packet
Orillia has once again scored among the province's top cities in terms of real estate investment potential, according to the Real Estate Investment Network (REIN)
Orillia has been ranked third in REIN's latest report, which lists cities in Ontario based on their current and future prospects for real estate investment opportunities.
"We have been in the top five for the last five or six years," said Debbie Gilbert, chair of the Orillia and District Real Estate Board.
The REIN rankings are used by investors looking to purchase income properties with rental units.
Lakehead Univer s i ty's presence in the communi ty, along with Georgian College, means a large market for rentals, explained Gilbert.
She also credits Casino Rama, which attracts short-term renters, for Orillia's coveted position on the list.
"I think that the lifestyle is very attractive compared to communities that don't have two lakes in them," said Orillia Mayor Angelo Orsi.
"We are always looking for new investments. This council is looking at ways to create an economic climate to create jobs.
"We want to be No. 1 in everything. I think if we are No. 3, we should shoot for No. 1," Orsi told The Packet.
The 102-page report looks at population growth, infrastructure investment, steady employment levels, job growth, political leadership and transportation improvements to analyze and identify top regions in Ontario that will out-perform in the coming decade.
"Once thought of as only a gateway to Ontario's cottage country, Orillia's leadership has focused on making the city an economic and educational centre," said REIN president Don Campbell in a press release.
" The local economy has grown to produce a diverse job base, assisting the region to compete as an economic centre along with Barrie, despite its smaller population," he said.
Attracting REIN members would be good for Orillia since they generally improve the areas they buy in, said Gilbert, who cited the Elgin Street area as an example.
"When you can start getting professional landlords, you end up with better rental properties," she said.
"They don't buy them and let them fall apart. They maintain buildings and maintain properties. They are good landlords because this is not a hobby for these guys."