Why Invest in Ajax Real Estate?
Ajax has been considered as one of the most significant emerging markets in the Greater Toronto Area. It is a section of the Durham area, which in recent years has been witnessing further development as a result of the efforts to densify the areas around Toronto. The best reason to invest in real estate here is owing to its convenience in access to several highways, not to mention the abundance of public transport services making it convenient and easy to navigate. As per the statistical data received from Toronto Real Estate Board, real estate developments that are here in Ajax feature some of the GTA’s highest rates. It also has the highest rate of interests for few of the highest income for rent. Moreover, the household income is 20 percent more here as compared to the city of Toronto. This also serves as a motivator for investing in this town.
List of New Condos in Ajax
Why Buy New Condo Developments in Ajax?
The town of Ajax has seen massive growth over the last couple of years, which has also outpaced that of Toronto’s. This is also one of the main reasons why this area has become a really hot market for real estate. The collective housing prices in Toronto grew by an astonishing 58 percent from 2012 end right up till 2017 end. Ajax has still managed to outpace Toronto considering its composite index which grew at an unbelievable rate of 72 percent over the same period of time. While the average price of condos here is still on the lower side if compared to Toronto, it is just a matter of time before it can outdo Toronto’s downtown core when it comes to prices. The growth of price here has been influenced largely by the exponential population growth.
New Condos in Ajax and Reasons to Buy
The town of Ajax has seen massive growth over the last couple of years, which has also outpaced that of Toronto’s. This is also one of the main reasons why this area has become such a booming real estate market. The compound housing prices in Toronto grew by an astonishing 58 percent 2012 end right up till the end of the year 2017. Ajax has still managed to outpace Toronto by its compound index which grew at an unbelievable rate of 72 percent over the same period of time. While the average price of condos here is still much lower than that of Toronto, it is just a matter of time before it could have a taller ceiling than that of Toronto’s core. The growth in price here has been influenced largely by the exponential population growth. In 2016, there were 119,677 residents that were living here, which was a growth of 9.2 percent from 2011. This is far ahead of the rate of growth for Toronto, which was only 4.5 percent over the same period of time.
Average Condo Prices in Ajax
At present, there are several local businesses in the area however; this is about to change as a $32 million dollar transformation is on the way to turn Ajax into a thriving and walkable community that can foster updated development models in a manner that is eco-friendly in nature. This town maintains a network of strong businesses in its own right with the help of more than 1,900 local businesses and a local labour force which consists of about 42,000 employees.
Diversity in Ajax
The properties in Ajax have experienced the highest appreciation in the Greater Toronto Area at 33 percent from 2012 – 2015. In the Places to Grow act, Ajax was named the ‘Urban Growth Centre’ by the Ontario province. The Places to Grow Act puts certain restrictions in order to preserve portions of the Greater Toronto Area’s green area against development. Instead of this, urban spaces which are more compact are being targeted for development, which are mostly condominiums, master-planned communities and mixed-use projects. The implementation of this is believed to be far more effective, not to mention practical and a good method of dealing with the population growth in a sustainable way which was predicted for the Greater Toronto Area, and anticipated to be at the other end of a crucial amount of growth is none other than Ajax. In 2016, the population stood at 119,677 people, which showed a growth of 9.2 percent from that of 2011. This is far ahead of the rate of growth for Toronto, which was merely 4.5 percent throughout the same period of time. The population of Ajax grew by 48.6 percent over the last decade, which is significantly much higher than that of the growth rate of Ontario overall, which was a mere 13.2% over the same time. The population of Ajax has grown by 48.6 percent over the last decade, which is significantly much higher than that of the growth rate of Ontario as a whole, which was a mere 13.2 percent over the same period of time. Much of this growth involves students as well as young professionals who are in the age group of 20-29 years old. Ajax has also been undergoing a monumental downtown revitalization, which has been catalyzed by the $32 million investment into its downtown core. Once this is completed, homes in the new urban center will most likely help in increasing the value and will also be in demand by both homebuyers as well as tenants. The strong labor force as well as its high rental rate of interest also helps in making it a resistible option for keen investors who are looking for a property to make an income out of.
Ajax has an abundance of lifestyle options available in Ajax for its residents which includes 37 soccer fields, 18 baseball diamonds and 6 indoor ice skating rinks. Besides these, residents also have a wide range of natural resources to enjoy which include waterways and six acres of prime waterfront of Lake Ontario. This is however mostly underdeveloped and surrounded by parkland. As of today, most of the houses in Ajax are single-family, detached houses. This is soon about to change as the younger and more urban population of the town are showing increased interests in the modern condominium lifestyle. This also serves beneficial for investors as new residential projects coming to Ajax will help in generating great income. Much of growth here revolves around students as well as young professionals who are in the age group of 20-29 years old. Ajax is also in the process of revitalizing its monumental downtown, which has been initiated by the investment of $32 million into its downtown core. Once it is over, the value of homes in the new urban core will increase and will also be desired by both homebuyers as well as tenants. The strong labor force as well as its high rental rate of interest also helps in making it a suitable option for keen investors.