Whether you're looking to get into the market of wholesale, AirBnB, Flipping, Rent to Own, or Vender Take Backs, London is a great spot to situate yourself to maximize your profits and heres why:
London is situated halfway between Toronto and the Detroit border on the busiest highway in North America which has turned London into a regional centre. This title has brought 3 major hospitals to the area, a very large university, and a local college. The presence of these large institutions means a lot of local job opportunities.
Covid has shown a huge shift in the way we do work. Many companies have since adjusted and shifted to having their employees work from home. Since this change there has been some significant cost saving being discovered which indicated that this new form of working is here to stay. With fewer people commuting to work in the GTA more families are opting into moving to cheaper cities such as London.
As we see the baby boomers retire and downsize it's likely that those in higher market cities like the GTA will choose to sell their million dollar homes and move to a town like London to have a healthy retirement savings. London is a great transition for retirees as we have 3 hospitals, many specialists, a robust medical program, and a large pharmaceutical industry.
London has a 3.4% vacancy rate which puts us in the range of a landlord's market. Demand is outpacing supply when it comes to rental units. When it comes to affordability, London benefits from the same minimum wage rate as the rest of Ontario but has the benefit of having much lower rent than other larger cities making this area a sought after spot for those looking for affordable rentals.
London has been named the second fastest growing city by Statistics Canada. It is Canadas 11th largest metropolitan area and is the current home to 465,500 people. London's population has increased by nearly 7,000 or 1.5 per cent in the last year.
There have now been eight consecutive months of job growth in the London census metropolitan area, resulting in a 0.7 per cent increase in employment over the same time last year. There were 273,000 people employed in London as of February, up from 271,000 in February 2020.