Why would anyone consider investing in Collingwood in the current market? For starters, it’s not just a small tourist town as many people may think. Collingwood is growing fast and offering plenty of opportunities for real estate investors at all levels. There are multiple housing units in development, new businesses are constantly opening, and several upcoming events might put Collingwood on the map like never before.
All signs point to Collingwood real estate becoming even more valuable as time passes. As with all investments, the sooner you get in, the more significant return on investment you can enjoy later on. What is going on that is turning Collingwood into such a hotspot today?
An Influx of Young Professionals
The Rural Ontario Medical Program (ROMP) places young professionals at the start of their careers in rural regions across Ontario. Thanks to the program, Callingwood can expect a surge of medical students and residents to move to the area, and all will be searching for housing.
Of course, it’s not just medical students who have their eyes on Collingwood. Other budding professionals, such as engineers, teachers, dentists, and others, are also starting to see the value of an upcoming community like this. Very few of these young people have the resources or even the desire to buy a home just yet.
Rental units in Collingwood are already in short supply, and demand is about to soar. Best of all, these young professionals make ideal tenants. Being at the start of their career means they have a strong sense of responsibility and will take excellent care of the property. Their career opportunities provide a higher-than-average income, allowing them to make their regular rent payment easily.
Are you ready to break into the Collingwood real estate market? We have plenty of resources to help you:
A Long-Term Plan Addressing the Housing Shortage
Currently, there are many new homes, townhouses and condos in development. However, many of these cater predominantly to the luxury market. Affluent clients from out of town are constantly seeking second homes on the waterfront, and many investors are buying up properties as short-term accommodations wherever they can.
Thinking about buying an Airbnb property in the South Georgian Bay area? Read this first.
Recently, there’s been an ongoing push from community residents to develop smaller, more affordable units.
Like many places in Ontario, Collingwood faces a housing shortage as its population grows. No easy solution exists, but there are many opportunities to be explored. For example, the affordable housing task force has recently requested the city council to authorize the following initiatives:
- Redevelopment of the existing Johnson Trust Apartments into affordable rental units.
- A request to establish a reserve fund and land trust in the 2022 budget.
- Budgeting for the hiring of an Affordable Housing Planning Specialist
- Support for future initiatives for affordable housing.
Development of the Collingwood Terminal Buildings
One topic on everyone’s mind is what will happen with the Collingwood Terminal buildings. This famous landmark is 100 ft high and can be seen for miles around.
It was built in 1929 and operated as a grain elevator at the Collingwood Harbour until 1993. In 1997, the town purchased the buildings, but they have been sitting empty ever since. This historic landmark has been a battleground for the better part of two decades as developers and city officials debated endlessly over what to do with them. What does this have to do with investment opportunities in Collingwood?
On August 18th, 2022, the city received exciting news. City Council has finally voted to allow the development of the Collingwood Terminals. Details are scarce at this time, but here is what we know so far. Streetcar Developments Inc. & Dream Unlimited Corp won the bid, and their plans include:
- Creating a boutique hotel with restaurants and event rooms.
- Enhancing the public space, including significant improvements around Millennium Park.
- Development of a new marine building that will transform the Collingwood Harbour.
As you can imagine, this process will take years to complete. During this time, there will be a need for rental units and accommodations for the many workers involved. It really is an exciting time to invest in Collingwood.
Want to know more about the many great things Collingwood offers as a community?
An Increase in Tourism in the South Georgian Bay
Tourism is big business in the South Georgian Bay area, and that is equally true in Collingwood. The Business Development Center is constantly at work to market the city as the ultimate four-season destination. Their efforts include supporting and encouraging the development of small businesses through strategic alliances, management assistance, mentorship programs, access to funding, and other resources.
New tourism breathes life into the local economy and benefits everyone, with more employment opportunities for residents and newcomers. The more small businesses thrive in Collingwood, the more valuable real estate becomes to investors.
At Keleher + Co., we are involved in the community and advocate strongly for Collingwood residents. We understand that there is a greater need for more rental units, entry-level homes, and townhouses. That’s just one of the reasons we love bringing new investors to the area. If you want to know more about the many existing and upcoming opportunities, reach out today by email or call 705-532-9999.
