London makes ‘farm team’ in home investment area
April 15, 2004
Hank Daniszewski Business Reporter
London Free Press
London has been consigned to the ‘farm team’ in a survey of the best Ontario cities for residential real estate investment.
Barrie and Orillia tied for first place, and the Kitchener-Waterloo-Cambridge area came second in the survey conducted by the Real Estate Investment Network (REIN).
Almost all of the top 10 communities were in the suburban belt surrounding Toronto.
The report also includes an “Ontario farm team” of communities that didn’t make the top 10. The five “farm team” communities, in no particular order, are London, Mississauga, St. Catharines, Niagara Falls and Windsor.
The study was conducted in 59 Ontario communities based on their “ability to generate strong returns on investment.”
Ken Harper, president of the London and St. Thomas Real Estate Board, said he hasn’t heard of the group. Harper said the results were not surprising because of the soaring housing prices in the suburban belt surrounding Toronto.
He said he doesn’t mind London’s “farm team” status if it means housing in the city is a great deal.
“London is still one of the most affordable housing markets in the country, and a great place to live.”
The survey notes proximity to Toronto is a driving force in real estate prices.
“Any discussion of real estate in Ontario must include Toronto in one form or another,” the report notes.
