Timmins, ON Real Estate Market
Timmins, Ontario, with a population of roughly 41,000 people and an economy based on natural resources, is a significant economical center in North East Ontario. The city's population has grown slowly over the previous decade. Still, with the rise in gold prices, one of the economy's most plentiful commodities, real estate values are expected to rise as well. In addition to gold, the city's economy is reliant on the local base metal mining sector.
Real estate building activity in Timmins
When compared to other Ontario communities, real estate building activity in Timmins is quite low. The city's lack of population growth is the biggest contributor to this lack of building. Despite the fact that new mining projects are being launched and regions surrounding the city are being explored and developed, job possibilities in Timmins remain limited. Add to that the city's very low in-migration rate and the city now has an extremely low need for new residences or structures.
Taking all of these things into account, one would naturally conclude that Timmins's real estate prices are modest. That, however, is not the case. Timmins real estate prices have risen by a whopping 29 percent in the previous years. Increasing real estate prices may be related to rising gold prices as well as increased demand for resale homes.
Buyers in Timmins are sadly left with few options since there is very little new building, no rental housing, and very few apartments advertised for sale. As a consequence, prices are high, and houses are seldom on the market for long. Offers are often sent within hours of a market's listing, and bidding wars are not unusual.
There are several investment options in the city's real estate market. Based on the pace at which property prices are growing, any investment in single-detached dwelling units will show to be a sensible investment.
With just nine new buildings recorded in the second quarter, investors in the construction industry seem to be playing it cautious. The building business will pick up in the near future. Therefore investors who are interested in this sector will gain.
The resale market is a hotbed for investors hoping for a rapid return on investment. With houses on the market for such a short period of time, flipping single detached homes for a huge profit is a particularly prudent approach in Timmins right now.