To make the most of a “wave”, you need to catch it early. One such wave was buying properties in Toronto and renting them out. Then came the wave of rehabilitating properties outside of the GTA and making them attractive to people fleeing the rising prices there. There have been plenty before and there will be plenty more trends, but sensing when one is about to form and investing in it as soon as possible gives the best returns.
I’ve been in the real estate industry for years and seen these waves of opportunity come and go, with many clients scrambling to get in after a trend is already well underway. They do often make some returns with their investments, though it’s a fraction of what it could’ve been if they were quicker with their decisions.
Now that I see a big movement on the horizon, I find it my obligation to share it with those who are willing to listen: vacation properties!
Though living comfortably everyday is obviously a priority for many, more and more Canadians are starting to live for their vacation days; long summer days by the lake at the cottage, or lounging on the beach at a condo in the Caribbean. They want to be somewhere comfortable, easily customizable, and personalized to their interests and needs. So whether they want to buy or rent, there is much to be gained by those who buy properties today. They can either rent them out to interested vacationers or resell them when the market gets even hotter.
You can do both! Rent now and sell later! With the internet and options like Airbnb and locally managed companies, it’s easy to get people in the door and those high season vacancies filled to the brim, paying off your mortgage while the value of your property grows!
But will any property do?
While locations like Muskoka, Ontario and Aruba are already hotspots and out of the question for many of us in terms of pricing, there are other great options out there that are still affordable for most while predicted to be in real contenders in the near future.
Madawaska Valley, Ontario
This little town is surrounded by lakes, rivers, and beautiful scenery. Just east of Algonquin Park and northeast of Muskoka, you maintain the incredible views while benefiting from a price cut compared to areas like Haliburton and Kawartha Lakes. Get some added flavour thanks to the Polish heritage of the original founders, so take advantage and lunch on pierogi at the Wilno Tavern after taking a hike at Crooked Slide Park. Many artists live around the area, and there’s much to do, from watersports on the lakes, shopping for treasures at the Madonna House Gift Shop and sipping Maple Lattes at the Madawaska Coffee Co.
Bavaro, Dominican Republic
Investing internationally can seem tricky. That’s why many expats choose to go with an area that’s primarily English speaking like the Bahamas or the British Virgin Islands. However, those markets are already very expensive for both purchasing and living in. If instead you turn to a real estate market like Bavaro, Dominican Republic, you can find an affordable option for you to invest in- and maybe make your home once you retire. If you are nervous about the international transactions, enlist the help of a Certified International Specialist who has all the know-how and connections on the ground level.
Prince Edward County
Past Kingston, close to Sandbanks Provincial park is beautiful Prince Edward County. This area is quickly growing in popularity thanks to the lakefront views on Lake Ontario and the developing wine industry. Perhaps not as “woodsy” as further up North, Prince Edward County is a versatile place to be, with large and small lakes in proximity, wine tours, cute motels to visit, and more.
So, what will it be? Are you dreaming of a beach paradise in Ontario? Maybe somewhere further like the Caribbean? Or perhaps a wilder escape? Whatever it is, finding an experienced real estate agent is your first step towards getting on this real estate train early and racking up the potential value!