Why Should You Invest In Ajax Real Estate?
From 2012 - 2015 Ajax properties have had the highest appreciation in the GTA at 33%. In its exciting Places to Grow act, the province of Ontario has named Ajax as an “Urban Growth Centre.” This act has put restrictions in place to protect portions of the GTA’s greenbelt area from being developed. Instead, more compact urban spaces are encouraged to undergo development, mostly in the form of condominiums, mixed-use projects and master-planned communities. This will be a more effective, practical, and sustainable method of accommodating the population growth predicted for the GTA, and Ajax is expected to be on the receiving end of a significant amount of that growth.
In addition, the region's monumental downtown revitalization makes this a strategic place in which to consider investing. Once completed, homes in the new downtown area will likely increase in value and be extremely in-demand by both prospective homebuyers and tenants. The region's strong labour force and high rental ROI rates also help make it an attractive option for the keen investor looking for an income property.
Average Price of Condominiums in Ajax
The average price of a resale condominium unit for the Town of Ajax in 2017 was around $344,338 – up 19 percent compared to 2016.
The average index selling price for a pre-construction condo apartment continues to grow, rising 6% to 8% from a year ago to $420 per square foot. The average selling price rose annually to $329,000.
The Town of Ajax:
The Town of Ajax, sometimes called Ajax by the Lake, sits on the shore of Lake Ontario in the GTA’s rapidly-growing Durham region. Bordered to the west and north by the City of Pickering and to the east by the Town of Whitby, it has a population of approximately 110,000.
Long considered a bedroom community for professionals who commute to Toronto or other parts of the GTA for work, the area has a number of exciting projects in the works, including a $32-million investment into its new downtown core.
The town maintains a strong business network in its own right, with more than 1,900 local businesses and a local labour force of approximately 42,000.
Residents here enjoy an abundance of lifestyle options, including 37 soccer fields, 18 baseball diamonds and 6 indoor ice rinks. The area is not without its natural resources either, which include waterways and six acres of prime Lake Ontario waterfront, which remains mostly undeveloped and surrounded by parkland.
In the past decade, Ajax’s population has grown by 48.6 percent, significantly higher than Ontario’s growth as a whole, which came in at 13.2 percent for the same period. A significant part of that growth involves students and young professionals in the 20-29-year age bracket.
As it stands, many of the homes in Ajax are single-family, detached houses and the younger, more urban population choosing to settle into this part of the GTA are increasingly interested in the modern condominium lifestyle. What does this mean for investors? It means some of the exciting new residential projects coming to Ajax will make great income properties.
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Accessibility / Getting Around
According to statistics from the Toronto Real Estate Board, properties in the Town of Ajax have some of the highest appreciation rates in the GTA, as well as some of the highest rental income ROIs. Additionally, household income in this part of the region is 20 percent higher than in Toronto, another great reason to consider this lakeside town for investment.
The major downtown transformation, a collaboration between the municipal government and Lemine Investment Group, will add significant retail, commercial and residential condo options, while added greenspace, widened sidewalks and pedestrian paths will make it a walkable and vibrant part of the town.
In addition to a robust local bus system that gets you around regionally, the town has its own GO station. From there, Toronto’s Union Station is a mere 35 minutes away, making the area great for professional commuters. Getting around by car? Highway 401 runs through the region, connecting you with major destinations easily.
This lakeside hideaway is in a unique stage, poised for rapid growth and on the cusp of one of the GTA’s most exciting downtown transformations. Questions about making this your next stop for real estate investment? Contact us today, we love to chat!
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Questions & Answers
Is buying a condo in Ajax a good investment?
We think so! Many western portions of the GTA have already been developed. Now it’s time for the east to undergo a transformation and we’re starting to see the city and province committing to this. Cities like Pickering and Ajax are even closer to Toronto’s downtown core than Mississauga and Oakville, yet we haven’t seen the significant price escalations there like we have in some other regions, which means real estate is generally more affordable. We think that condos will be a great success in Ajax. Presently, there is no alternative housing for downsizers and young professionals, and many of them love the area, but want the conveniences of contemporary condominium living. The most recently built rental building in Ajax is over 30 years old! We also believe that eventually the distance to from Toronto to Ajax will seem even shorter as Toronto spreads outwards.
How can I invest in the newest condo developments here?
Firstly, it is important to familiarize yourself with the new projects coming to the area. You’re already in a great place, as our website is constantly being updated to reflect the newest developments and proposals. When you see a project that interests you, it’s a good idea to sign up for it. That way, you’ll be put on our priority list, which gives you the opportunity to have early access to floorplans and the benefit of pre-construction prices if you decide to go forward with a purchase. Learn about the pre-construction purchase process and discuss your finances with a professional to know how much you can afford. It’s important to be ready when the opportunity presents itself, so we suggest getting a mortgage pre-approval now. That way, you will know where you stand when it comes time to purchase your dream condo.
I keep hearing the term PDI. What does this mean?
PDI stands for Pre-Delivery Inspection. Before moving into your new condo, you will be invited to do a final walk-through with an inspector. This is just to make sure your unit is functioning properly and hasn’t undergone any damage. Any deficiencies will be noted and corrected at this time.
How do I inspect a new condo?
As we like to say, the more eyes, the better. Your PDI will take place with the builder, but you’re also welcome to bring your own inspector, family members or any other professionals you think might be helpful. Take your time! Open every door, check every electrical outlet, run the water, flush the toilets, use the microwave. Look for scratches, water damage, uneven plaster or flooring. Remember, the builder has the duty to repair all the imperfections before the unit gets occupied.
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