Benefits of Real Estate Investing in North Bay
Known as the “Gateway to the North,” North Bay, Ontario is the perfect entry point for investors who are looking to establish or expand an investment portfolio in an area that offers exciting new opportunities in development and growth. North Bay was originally part of a canoe route used by Indigenous people and explorers. In 1882, the extension of the Canadian Central Railway into North Bay spurred settlement and growth in the area. Soon, the area attracted lumber, mining and railroad companies which helped ramp up development and draw new people to the area. Today, the city of North Bay has a population of 51,553 people and is home to various businesses, historical sites and other destinations. For investors, North Bay promises countless benefits and opportunities that help maximize profitability and minimize hurdles.
North Bay’s promising real estate market
There is a wealth of opportunities in commercial, industrial and residential real estate in North Bay. North Bay has emphasized the expansion of industrial development and offers a very low industrial tax rate in addition to a waiver of industrial development charges for companies building in North Bay. The city is home to a variety of companies across industries, including aerospace research and development, manufacturing, fabrication and more. North Bay is particularly attractive to aerospace companies because it is home to North Bay’s YYB Airport, one of fifteen airports in Canada to have a 10,000-foot runway. The airport’s industrial park is a center for new development. The city has attracted additional industrial development by deciding to lower industrial taxes by 66 percent—one of the lowest levels in all of Ontario.
In addition to industrial real estate, there are also a lot of exciting things happening in the commercial market in North Bay. North Bay has a large commercial sector with five distinct nodes, in addition to several smaller nodes throughout the area. The commercial landscape in North Bay is diverse and features everything from large chains to small independent businesses, giving shoppers access to a quality retail experience. North Bay businesses serve a regional market of about 112,000 people. Every year, the region attracts about 1.2 million visitors, which helps drive revenue and fuel growth in the commercial industry.
There are a variety of different housing options for residents of North Bay, as well as investors who want to build their portfolio in the area. From modern homes to historic buildings and everything in between, there is something for everyone in North Bay. The market statistics for North Bay paint a picture of a real estate market that’s on the up-and-up. In recent years, demand for North Bay housing has grown steadily with approximately 1,665 units sold in 2020. That same year, the median North Bay home price was $270,400, which was a 26 percent increase from the year before. At the same time, the amount of time listings remained active before being sold decreased. In 2020, the amount of time a listing was expected to remain on the market before selling was just one month.
North Bay - A connected location
One of the most significant benefits of investing in North Bay is that it is in a central location, both close to everything and incredibly accessible. North Bay is a hub for travel by automobile, train or plane and is located within a day of 100 million people. Proximity to that kind of population is crucial to the city’s development, growth and economic expansion. North Bay’s transportation infrastructure is designed with accessibility and expansion in mind. The city is in close proximity to many high-volume highway networks, sophisticated airports and expansive railways. North Bay offers easy access to major markets in Canada and the United States alike, allowing businesses to maximize trade and export opportunities.
A city with growth in mind
The City of North Bay has taken proactive steps to maximize growth and attract new investors, residents and businesses in the coming years. North Bay’s Growth Community Incentive Program is encouraging industrial development and intensification of residential and commercial construction in the downtown area through strategic incentives for developers, investors and entrepreneurs. Through the GCIP, investors can secure financial incentives for development, redevelopment, rehabilitation or adaptive reuse of buildings and properties within specified target areas. There are several key focus areas for the GCIP including industrial development, downtown growth, housing expansion and waterfront improvement.
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North Bay has low barriers to entry
Breaking into the real estate market in North Bay is a reasonable goal for most investors. There are lots of active property listings on the market and the average home price is very reasonable for investors who are looking to buy in on a budget. What’s more, North Bay is motivated to make it as easy as possible for developers, investors and entrepreneurs to establish themselves and there are countless resources available to those who are interested in investing in the area.
For developers, North Bay’s Development Application Review Team (DART) streamlines project approval and cuts costs to help get the ball rolling on development as quickly and efficiently as possible. The DART helps ensure compliance with local requirements and works to keep projects on-track for completion according to the set schedule. Working with this team can make a huge difference when it comes to the ease and speed of approval and development.
The City Council of North Bay has made strategic efforts to draw in new developers and investors by implementing a long-term tax reduction strategy to minimize costs. In addition to reductions in taxes for industrial projects, North Bay has also eliminated industrial development charges. Land for development is competitively priced, giving investors the perfect opportunity to stake their claim in North Bay without breaking the bank on excessive property costs.
So, what are you waiting for? North Bay offers countless opportunities for commercial, residential and industrial investment and development for entrepreneurs who are looking for an area with great growth potential and low barriers to entry.
Real Estate Professionals in North Bay
We have searched high and low for real estate investing professionals in North Bay. Below, you can find professionals we have researched and can confirm they specialize in working with Real Estate Investors.
To ensure the maximum success in real estate investing in North Bay, or any city, you should always use professionals who understand and work with investors, your income depends on it.
This list may not fully list all the professionals in the area, but the ones we have personally investigated and that we would refer our clients to.
If you’re a real estate professional and would like us to consider adding you to the list, please contact us.
Mortgage Broker
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