Whitby, Ontario Is a Beautiful Place for Real Estate Investing
By Kate Babkova
Whitby is still a blossoming community and one of the major economic centres in the Durham Region. Located approximately 30 minutes east of Toronto, it is a viable option for many commuters. Whitby provides a small town atmosphere, with the sophistication and amenities of a large urban centre.
Whitby has two charming downtown areas (Whitby and Brooklin) offering a wide variety of restaurants, shops and entertainment facilities. There are over 470 businesses located in Downtown Whitby alone. The seasonal Farmer's Market is an attractive feature where shoppers are able to purchase local produce, vegetables, honey, meats and baked goods and support the local economy.
Port Whitby Marina is located on one of the finest natural harbours on Lake Ontario. Operated by the town with year round services, the marina is surrounded by an array of trails, beaches, parklands and great restaurants. Port Whitby is an Eco-Friendly Award Winner and ranks in the top 5% of eco-rated facilities in Ontario (2003, 2006, 2009).
Visitors and residents of Whitby can enjoy state-of-the-art recreational complexes, 125 parks and thousands of total acreage dedicated to parklands, two provincially significant conservation areas (Heber Down and Lynde Shores), and over 60km of multi-purpose trails. Whitby's fabulous recreational complexes include Canada's largest municipally owned and operated recreation facility, Iroquois Park Sports Centre. The centre includes six areans, two swimming pools, elite athletic training facilities, six tennis courts, five baseball diamonds, a soccer pitch, licensed restaurant, banquet facilities and more!
Arts and culture contribute significantly to the high quality of life in Whitby. Throughout the year, there are arts and cultural events that integrate music, art, theatre and activities for all ages. Many residents and visitors enjoy the Station Gallery for art exhibitions and the Whitby Courthouse Theatre for local theatrical performances.
The biggest draw that will keep people moving to Whitby is that it remains a relatively affordable place to live in the GTA. There are still good quality homes in great areas for between $275k and $350k, which is unlike the majority of the GTA where average detached home prices are well over $500,000 as of September, 2012 (Halton Region $689k, Peel Region $578k, York Region $737k, Toronto $781k).
Enjoying all of the amenities around the GTA, yet the living costs are nearly 50% lower makes Whitby a very appealing place to live.
According to Stats Canada, Whitby grew by 9.7% between 2006 and 2011 vs. Ontario which only grew by 5.7% in that same timeframe
Unemployment Rate: 2012 2011
Whitby 7.3% 8.3%
MLS Avg. price (detached): Q3 2012 Q3 2011
Whitby $424,900 $381,220
Avg. # of MLS Listings (detached): Q3 2012 Q3 2011
Whitby 222 177
Avg. Days on Market (detached): Q3 2012 Q3 2011
Whitby 22 24
Vacancy rates: 2012 2011 2010
Whitby <1% <1% 1.5%
Vacancy rates across the GTA have remained below 4.5% since 1971. This is due to the immigration rate increasing rental demand. Whitby's vacancy rate has fallen below 1% over the last year.
Housing Sales (detached): Q3 2012 Q3 2011
Whitby 335K 230K
From 1998-2011 Whitby grew by 48.82% and is expected to continue growing largely due to the fact that the GTA is an entry point for new immigrants to Canada. The projected population of Whitby in 2017 is 143,767, which shows a 17% growth from 2011.
The statistics shown as well as some more in depth indicators reveal that the Whitby real estate market is on the verge of a boom. We can see the population steadily increasing, which leads to stronger growth in rental levels as there is less supply to meet demand. Typically vacancy rates can have large swings, but in the GTA this just isn't the case. Immigration continues to drive the vacancy rates down as new immigrants tend to rent before they buy. In Ontario we also have a rent-controlled environment, so we don't see too many large swings in average rents. Instead we have a slow steady climb. The unemployment rate has been going down in the last couple years, which helps to make purchasing homes more affordable. This will put upward pressure on house prices. Housing prices have been on a steady rise since 1996 largely due to the demographic drivers in Whitby and the GTA. We will continue to search for starter family homes to invest in throughout Whitby as the fundamentals show a continuing increase in house prices in the coming years.
Settlement in Whitby dates back to 1855, but it wasn't until 1836 that a downtown business centre was truly established. Whitby's biggest asset has always been its natural harbour on Lake Ontario, from which grain from the northern farmland was first shipped in 1833. Soon after a road was built from Whitby Harbour to Lake Simcoe and Georgian Bay to bring trade and settlement through the harbour to and from the north. A railway was also built in the 1870s connecting Whitby with Lindsay. Whitby is now the seat of government in the Durham Region. It is commonly considered to be part of the GTA, although it really belongs to the greater Oshawa Metropolitan Area. Residents of Whitby commute to various other GTA communities, although General Motors Canada in Oshawa is a major employer for all areas of the Durham Region. Whitby also features a steel mill operated by Gerdau Ameristeel, Sobeys operates a retail support centre, and there is also a major Liquor Control Board of Ontario warehouse. Other major employers include Patheon (pharmaceutical manufacturer), Johnson Controls, Lear Corporation and Mcgraw-Hill Ryerson.
Specifically, occupations in Whitby Breakout:
27% Sales/Service
22% Business, Finance, Admin
13% Trades and Transport
13% Management
14% Education, Government, Social Sciences
7% Health
We project Whitby home prices to continue its steady rise for years to come, particularly in North Whitby. The 407 extension has begun and once complete it will cut commuting time drastically. Commuters with offices based in other regions of the GTA will be more willing to move to Whitby for its affordability and shortened commute.
Whitby has a very bright future ahead as more people will soon discover its convenience and affordability.
To learn more, visit http://www.jvforprofits.com
Article Source: http://EzineArticles.com/?expert=Kate_Babkova
By Kate Babkova
Whitby is still a blossoming community and one of the major economic centres in the Durham Region. Located approximately 30 minutes east of Toronto, it is a viable option for many commuters. Whitby provides a small town atmosphere, with the sophistication and amenities of a large urban centre.
Whitby has two charming downtown areas (Whitby and Brooklin) offering a wide variety of restaurants, shops and entertainment facilities. There are over 470 businesses located in Downtown Whitby alone. The seasonal Farmer's Market is an attractive feature where shoppers are able to purchase local produce, vegetables, honey, meats and baked goods and support the local economy.
Port Whitby Marina is located on one of the finest natural harbours on Lake Ontario. Operated by the town with year round services, the marina is surrounded by an array of trails, beaches, parklands and great restaurants. Port Whitby is an Eco-Friendly Award Winner and ranks in the top 5% of eco-rated facilities in Ontario (2003, 2006, 2009).
Visitors and residents of Whitby can enjoy state-of-the-art recreational complexes, 125 parks and thousands of total acreage dedicated to parklands, two provincially significant conservation areas (Heber Down and Lynde Shores), and over 60km of multi-purpose trails. Whitby's fabulous recreational complexes include Canada's largest municipally owned and operated recreation facility, Iroquois Park Sports Centre. The centre includes six areans, two swimming pools, elite athletic training facilities, six tennis courts, five baseball diamonds, a soccer pitch, licensed restaurant, banquet facilities and more!
Arts and culture contribute significantly to the high quality of life in Whitby. Throughout the year, there are arts and cultural events that integrate music, art, theatre and activities for all ages. Many residents and visitors enjoy the Station Gallery for art exhibitions and the Whitby Courthouse Theatre for local theatrical performances.
The biggest draw that will keep people moving to Whitby is that it remains a relatively affordable place to live in the GTA. There are still good quality homes in great areas for between $275k and $350k, which is unlike the majority of the GTA where average detached home prices are well over $500,000 as of September, 2012 (Halton Region $689k, Peel Region $578k, York Region $737k, Toronto $781k).
Enjoying all of the amenities around the GTA, yet the living costs are nearly 50% lower makes Whitby a very appealing place to live.
According to Stats Canada, Whitby grew by 9.7% between 2006 and 2011 vs. Ontario which only grew by 5.7% in that same timeframe
Unemployment Rate: 2012 2011
Whitby 7.3% 8.3%
MLS Avg. price (detached): Q3 2012 Q3 2011
Whitby $424,900 $381,220
Avg. # of MLS Listings (detached): Q3 2012 Q3 2011
Whitby 222 177
Avg. Days on Market (detached): Q3 2012 Q3 2011
Whitby 22 24
Vacancy rates: 2012 2011 2010
Whitby <1% <1% 1.5%
Vacancy rates across the GTA have remained below 4.5% since 1971. This is due to the immigration rate increasing rental demand. Whitby's vacancy rate has fallen below 1% over the last year.
Housing Sales (detached): Q3 2012 Q3 2011
Whitby 335K 230K
From 1998-2011 Whitby grew by 48.82% and is expected to continue growing largely due to the fact that the GTA is an entry point for new immigrants to Canada. The projected population of Whitby in 2017 is 143,767, which shows a 17% growth from 2011.
The statistics shown as well as some more in depth indicators reveal that the Whitby real estate market is on the verge of a boom. We can see the population steadily increasing, which leads to stronger growth in rental levels as there is less supply to meet demand. Typically vacancy rates can have large swings, but in the GTA this just isn't the case. Immigration continues to drive the vacancy rates down as new immigrants tend to rent before they buy. In Ontario we also have a rent-controlled environment, so we don't see too many large swings in average rents. Instead we have a slow steady climb. The unemployment rate has been going down in the last couple years, which helps to make purchasing homes more affordable. This will put upward pressure on house prices. Housing prices have been on a steady rise since 1996 largely due to the demographic drivers in Whitby and the GTA. We will continue to search for starter family homes to invest in throughout Whitby as the fundamentals show a continuing increase in house prices in the coming years.
Settlement in Whitby dates back to 1855, but it wasn't until 1836 that a downtown business centre was truly established. Whitby's biggest asset has always been its natural harbour on Lake Ontario, from which grain from the northern farmland was first shipped in 1833. Soon after a road was built from Whitby Harbour to Lake Simcoe and Georgian Bay to bring trade and settlement through the harbour to and from the north. A railway was also built in the 1870s connecting Whitby with Lindsay. Whitby is now the seat of government in the Durham Region. It is commonly considered to be part of the GTA, although it really belongs to the greater Oshawa Metropolitan Area. Residents of Whitby commute to various other GTA communities, although General Motors Canada in Oshawa is a major employer for all areas of the Durham Region. Whitby also features a steel mill operated by Gerdau Ameristeel, Sobeys operates a retail support centre, and there is also a major Liquor Control Board of Ontario warehouse. Other major employers include Patheon (pharmaceutical manufacturer), Johnson Controls, Lear Corporation and Mcgraw-Hill Ryerson.
Specifically, occupations in Whitby Breakout:
27% Sales/Service
22% Business, Finance, Admin
13% Trades and Transport
13% Management
14% Education, Government, Social Sciences
7% Health
We project Whitby home prices to continue its steady rise for years to come, particularly in North Whitby. The 407 extension has begun and once complete it will cut commuting time drastically. Commuters with offices based in other regions of the GTA will be more willing to move to Whitby for its affordability and shortened commute.
Whitby has a very bright future ahead as more people will soon discover its convenience and affordability.
To learn more, visit http://www.jvforprofits.com
Article Source: http://EzineArticles.com/?expert=Kate_Babkova
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