Investing in Guelph Real Estate
Guelph, a beautiful city with a namesake university and a college campus, and by 2025, a reliable GO Train line will connect it to major cities. Guelph also has a vibrant job market with a variety of industries that combine local and imported talent to put the city on the leading edge of research and technology. Guelph’s population increased by 8.3% between 2011 and 2016, and it is expected to reach 169,000 residents by 2031, up from the current 132,000 residents. The average age of the people living here is 39, with a large proportion of them being between the ages of 20 and 34. Approximately one-third of Guelph’s population lives in rental housing, with a monthly median rent of $1,015 in 2016. Currently, its houses are more inexpensive than those in the Greater Toronto Area, but that is about to change thanks to a planned GO rail extension. About 15% of the city’s residents are of European or American ancestry, with the biggest visible minority group being South Asian. The impending GO Train link, along with the city’s excellent growth, makes it advantageous to invest in the city’s real estate market early, with real estate prices that are more reasonable than those in adjacent GTA. For those looking to move in to an up and coming city that can provide them with skilled labour, a new condo in Guelph is an ideal place for one’s first major real estate step, or a savvy investment for those seeking to rent out condos to prospects.
List of New Condos in Guelph
New Condos In Guelph And Reasons To Buy
Guelph is ranked #1 among the best places to buy real estate in MoneySense Magazine’s yearly survey. It ranks first in terms of the affordability of Guelph’s real estate in comparison to the surrounding region, the rate at which real estate values in the city appreciate, and a splash of subjective insight from the magazine’s analysts. The nearby university encourages business development, as does the city’s close proximity to other large cities via roads and a GO station, allowing residents and renters to be in the city for education, life, and work. By 2025, a proposed GO rail extension would provide direct GO Train connections to Pearson Airport in 23 minutes and Downtown Toronto in 40 minutes. Because of the above reasons, Guelph has one of the lowest unemployment and vacancy rates in Ontario. Furthermore, rising popularity results in a 1/5th rise in average rent over the course of five years. New Condos in Guelph are now roughly 60% cheaper than those in the GTA, and the developing city will soon have a railway connecting it to the GTA’s centre in only a few years, increasing the value of any pre-construction condo development in Guelph due to the unlocked quick access to Toronto.
Employment In Guelph
When it comes to Guelph employment, it’s impossible to avoid bringing up the university. There are about 30,000 students at Guelph University, and its graduates help drive high-skilled jobs in the area and around the university. Guelph University’s Agricultural College was named number one in Canada for agricultural science, which adds to Guelph’s strong agricultural foundation. Conestoga College also has a campus in Guelph, which is home to a sizable student body. Advanced manufacturing, environmental management, and technology, are among the top industries that employ residents of Guelph. Many people work in these three areas, and they provide a community for entrepreneurs to build their own firms and ideas, as well as a pool of educated students and recent graduates to draw from. The most jobs are found in the fields of professional, scientific, and technical work, as well as advanced manufacturing, retail, and service industries, as well as agri-innovation.
Average Prices of Condos in Guelph
The continued growth of Guelph and its rising student bodies mean increased demand for pre-construction condos in Guelph, both for the students coming in, and the skilled workers making it their home. Condos have had the lowest price increase in Guelph’s real estate, rising by 20% since August 2020 to a median listing price of $477,900. Because new condos in Guelph are built closer to the university and downtown core, these prices can be expected to rise significantly once construction of the GO Train expansion is complete, encouraging early buyers.
Transit And Accessibility
Guelph enjoys close proximity to major highways that pass through the city and link to Kitchener, Waterloo, and the Greater Toronto Area through route 401. There are GO bus lines that take the freeway into the city for public transportation in and out of town. Many residents of Guelph travel to Cambridge or Kitchener-Waterloo for employment. In Guelph, around 40% of the population takes 15 minutes or less to commute to work, with another third taking up to half an hour. Only 15% of people take more than an hour to commute, and with the development of the GO rail line into Guelph, commuting possibilities will be much improved. By 2025, the GO bus trip to Toronto that normally takes 1hr30m will be replaced with the new train line taking passengers to Toronto in 40 minutes. Pre-construction Condos which are closer to Guelph’s downtown core and near the university are likely to rise in demand, as a person can realistically live or rent out of Guelph and make a reasonable commute to Toronto and back once the GO train expansion is complete, or grant more employment and entertainment opportunities to those already living in Guelph and looking to upgrade to their personal next step.
Questions & Answers
The assignment sale occurs when the original buyer of a pre-construction condominium or home sells their contract to another buyer before construction is completed. A contract is sold when the rights and obligations of the original buyer are transferred to the new buyer. Due to the popularity of condo properties, pre-construction and resale assignments are common in these properties. Assignment of property rights allows the seller to transfer ownership before the construction of the property is complete.
The interim occupancy period occurs between the time you move in and the time of final closing (the closing date). Interim occupancy periods can last between four and six months, depending on construction progress. Upon completion of construction, units will be ready for occupancy. Regardless of whether they move into their home during the interim period, homeowners are still responsible for interim occupancy fees. Along with taxes and condo fees, the interim occupancy fee includes interest on the unpaid portion of the purchase price. Once the interim occupancy period is over, the closing date will be notified to the buyers. Upon closing, the property will be registered, and ownership will be transferred to each unit’s respective buyer.
When an individual buys land or a stake of land in Ontario, they are required to pay a land transfer tax. The buyer must pay taxes after the transaction has been completed. Depending on the type and cost of the property, there will be a difference in the amount needed to be paid. Rates typically range between 0.5% and 2.5%. First-time home buyers may be eligible for land transfer tax refunds. Land transfer taxes should be paid by the buyer of a home through the help of a real estate lawyer.