Present and Anticipated Overview:
We encounter a lot of people who want to enter into the profitable residential rental real estate market but don’t see how they’ll be able to pay it. After all, a minimum of 20% down is required! That’s a major meltdown from the 5% required when purchasing your own house. However, for the vast majority of people, there is a way. And it’s quite easy…”Do you own a home?” asks the first inquiry. If that’s the case, “How long have you owned your home?” The key to unlocking this potential investment is a yes response to the first question and a time horizon of more than 2-3 years to the second. When it comes to investing in residential real estate in Woodstock, the stats make a compelling tale. London dream team gives a comprehensive guide if you wish to buy your dream home in Woodstock, Ontario. The stats are extremely fascinating when we look at Woodstock as a place to invest in residential real estate. According to the Woodstock/Ingersoll Real Estate Board, the average sales price in Woodstock in June 2020 was $484,948. This is a 43.6 percent growth over June 2017. As a result, the cost of housing in 2017 was $337,707. That’s a 147,241 percent difference. A $60,000 mortgage payment on a $300,000 condo townhouse is a 20% mortgage payment.
When it comes to housing, Ontario has been on a roller coaster ride in recent years! Woodstock, Ontario has been there in the middle of it all. Market participants have recently seen a downturn in the market and are speculating what the future holds. We don’t have a fortune teller, but we believe Woodstock and Oxford County will be a great investment in the future. No market can continue a year increase witnessed recently. Several reasons have led to a significant slowdown, and a return to a more equitable basis is desirable to a strong market.
Future Commercial Growth (Anticipated Real Estate in Woodstock, Ontario):
The City of Woodstock is actively striving to seize a considerable part of the land on its eastern and southern boundaries. The aim is to create additional industrial land packages because present supplies inside city boundaries are limited. Because of its location on the 401/403 corridors, Woodstock is an ideal location for industry. We are also within a two-hour drive from practically every big manufacturing hub in Ontario, including the US border.
This sort of growth, as exhibited with the acquisition of Sysco and Toyota, may have a substantial positive influence on the value of real estate regardless of what is happening in neighboring areas. Buyers who are willing to spend money on the home are attracted by high-paying em
Future Suburban Development (Anticipated Real Estate in Woodstock, Ontario)
Due to the overwhelming level of interest from homebuyers looking to enter the Woodstock market. The City of Woodstock is aiming to annex property from the County of South-West Oxford on its west side. To complement the additional regions recently added in the 11th line area, we sorely need more lands for the forthcoming building. Buyers want to be here, and builders want the land to persuade them. The paucity of new building lots, the lengthy timescales, and the high price tags, on the other hand, make resale houses appear better than ever.
Tax on Foreign Buyers
For many years, many overseas buyers have ventured into London and the surrounding areas. And they have earned a lot of fortune! The latest tax has prompted them to seek different markets.
London Dream team understands that while buying real estate in Woodstock, Ontario you don’t have to spend all of your money when purchasing or selling a home. However, extra funds are required for unanticipated bills and fees. Professionals recommend saving at least two months’ worth of living expenditures. Then, if feasible, save even more money.
When purchasing a property in Woodstock, Ontario, you must be committed because you are investing a significant amount of money. It takes time to establish equity in a property, so only buy or sell if you plan to stay for at least a few more years or are moving away for a lengthy period. If you don’t, the expenses involved with both selling and purchasing will eat away at your profits.