The GTA is one of the most attractive areas in Ontario for many reasons. Over the years many have found themselves priced out of the GTA due to unaffordable prices, but there are still hidden gems that might not break your budget. Keep reading for some of the fastest growing cities in the GTA.
Markham
Population Growth: Markham has seen a 6% population increase between 2021 and 2023. A growing population is always a good sign for a real estate investor because that means there is a strong demand for housing.
Job Market: Markham has earned a reputation as a global technology and innovation hub, attracting businesses from various industries. The presence of major tech companies and the establishment of tech incubators has fuelled job opportunities, bringing in a skilled and diverse workforce.
Strong Rental Demand: The city’s thriving job market has led to an increased demand for rental units. Based on data from Statistics Canada, roughly 18% of housing in Markham is renter-occupied. Real estate investors with holdings in the city can likely rely on a steady rental income.
Milton
Affordability: Milton is one of the fastest growing cities in the GTA that still remains affordable, with prices typically lower than what you would find in Toronto or other cities in the GTA. Not only does this make the city a great option for first-time home buyers, but you are also more likely to find a larger property with a smaller price tag. For investors, affordable real estate could potentially mean higher profit margins depending on your financial situation.
Quality Education System: Many private schools and top public schools are located in Milton, making it an attractive location for families with young children.
On top of that, coming to the city is the Milton Education Village. This project aims to build a new post secondary campus expected to accommodate 15,000 students and introduce 2,300 jobs. Such projects are usually followed by significant population growth which means more demand for housing and steady income for investors.
Strategic Location: In Milton you get the best of both worlds. Why? Because it combines the perks of a small town, with easy access to the big city life in Toronto. This makes the city an attractive location for professionals who for example, work in Toronto but can’t afford its housing prices.
Brampton
Growing Real Estate Market: While real estate in Brampton may lean more towards the expensive side, the city has seen a steady increase in property value over the years.
Future Developments: With new and improved transit plans like the Hurontario LRT underway, commuting between Brampton and other surrounding cities will become even easier. Such developments spark interest among individuals hoping to make the move. This means even more demand for housing which again, is what you as a real estate investor should want to see.
Population Growth: Being one of the fastest growing cities out of Canada’s 25 largest cities, Brampton accounts for just over 90% net population growth in the Region of Peel from 2016 to 2021. As mentioned previously, strong population growth means a higher demand for housing. So real estate investors should surely consider adding Brampton to their portfolio.
Vaughan
City Growth: Vaughan is another one of the fastest growing cities in the GTA. It is part of the York Region, Ontario’s fastest growing municipality. The York Region’s population is expected to hit just over 2 million people and 990,000 jobs by 2051.
In 2022, Vaughan saw a $1.75 billion building construction value. Despite the various economic challenges and global pandemic in 2020 and 2021, the city’s progress didn’t slow down. This means significant investments have been made into the community and there doesn’t seem to be any sign of slowing down.
Population & Economic Growth: Out of the nine cities that make up York Region, Vaughan had the largest economy in the region with 36% of its economic output. With 19,500 businesses calling the city home, employment has risen past pre-pandemic levels. Vaughan is also home to a highly educated population which is projected to increase by 66% in 2051.
Current Developments: The Vaughan Metropolitan Centre (VMC) is a major project expected to elevate the city to new heights and form the downtown core of the region. There are currently eight towers that house well over 7,000 people and this is expected to increase over the years. Strategically located at Highway 400 and Highway 407, by 2031 the VMC will include 12,000 residential units, 1.5 million square feet of office space and 750,000 of retail space.
Looking to invest in some of the fastest growing cities in the GTA?
The GTA has evolved significantly over the last decade. While many believe that the area is beginning to max out on growth, there are many regions that still have a lot of potential. If you are hunting for your next property to add to your real estate portfolio, check out some of the projects featured on our website.