Canada is a great option for those seeking long-term returns on their investment. With its low taxes, strong infrastructure, diverse economy, and stable political climate, it is one of the best places to invest in Canada 2024. Although the city offers multiple opportunities, the real estate sector has consistently made the mark and showcased promising returns. Low interest rates, high rental demand, and well-priced properties form the backbone of Canada’s growing realty market. The availability of various housing options and cutting-edge commercial developments makes it one of the best places to invest in 2024. The country has also recently seen some of the world’s highest property appreciation rates. Investors enjoy multiple advantages in Canada, from a world-class infrastructure to economic stability.

Low interest rates and favourable tax developments will ease investment in the Canadian real estate market in 2024. As market and government forces join hands to boost Canadian property growth, we bring you the best places in Canada to invest in 2024. This article discusses the top property investment avenues, from residential to commercial. 

Best Places To Invest in Canada 2024

  • Toronto

Toronto, or the Greater Toronto Area (GTA) continue to be the hub of Ontario in 2024. With its continuous influx of new immigrants and international students, it is poised to experience healthy growth in the coming months and years. The city ranked third in North America in 2022’s Tech Talent Report by CBRE. Since the beginning of the pandemic, Toronto has had the highest growth in tech skill job growth, creating 39,700 jobs between 2019 and 2021. Further, rising newcomers ensure a steady demand for housing in this city. With these developments, investors stand as a great choice for investors with long-term outlook.

  • Durham

Durham, located east of Toronto, is one of the fastest-growing regions in Ontario. It is projected to experience a whopping 80% growth in the next 30 years, with an increase of over 10% every five years! This is largely due to its proximity to Toronto and its plentiful room for growth and development. The region has unveiled a plan to attract talented workers, develop 14 downtown areas, and become an area renowned for innovation. Key focuses include energy and automotive, with plans to build electric vehicles. Durham is conveniently located, with easy access to Toronto via transit or highways. It is also a great spot for those searching for a cottage near the beautiful Kawartha Lakes. Now is the time to invest in Durham real estate, which is on the brink of transformation!

  • Hamilton

Hamilton is an ideal place to invest in real estate. It has a diversified economy and is home to North America’s fourth-fastest-growing tech talent city. Renting is popular in Hamilton, with around 35% of households occupied by renters. For investors, homes with secondary suites or the potential to easily add one are prime investments for higher cash flow.

The city is also seeing more infill projects, like laneways and garden suites, which can boost the property’s monthly income and long-term value. Student rentals near Mohawk College and McMaster University are also great cash-flow producers. Working with an experienced investor is important to get the best out of investing in Hamilton. Different strategies work in various areas, and a local’s expertise can help you maximise the value of your investments.

Niagara Region

The Niagara Peninsula is an attractive area to invest in real estate in 2024. It’s close to Toronto and has four border crossings to the US, making it ideal for growth. The region’s Growth Strategy Report highlighted that they plan to build more homes than the provincial growth projections require. Metrolinx is also looking to expand the GO Train service in the region, further boosting its appeal. Investors are flocking to Niagara Falls, Port Colborne, St. Catharines, Welland and Lincoln to exploit the low prices and high rental demand. Vacancy rates remain low, so investors are sure to see strong returns on their investments.

The Niagara Region is a great choice for people interested in investing in real estate in 2024. With so much potential for growth and high rental demand, it’s sure to be a profitable investment.

  • Kitchener–Waterloo

Kitchener-Waterloo is one of the top places to invest in Ontario. It is one of the world’s leading tech hubs. The area features 15+ tech companies, 500 + startups and a workforce of more than 315,000. With the largest population outside the GTA, the region is expected to grow over 350% faster than Silicon Valley. With 56,000 people moving to the area between 2021-2026 and 305,000 by 2051, the city is building more densely to meet provincial guidelines. Kitchener also allows for tiny houses, laneway suites, and backyard homes on most properties zoned R-1 through R-7. Lastly, the City of Waterloo requires rental licensing, specific HVAC and electrical inspections, a floor plan, a criminal check, and an annual renewal.

  • Barrie

Barrie is an ideal location for those seeking to leave the hustle and bustle of the GTA and get convenient access to northern living while continuing to be able to commute to Toronto. With an expected population increase of 20% between 2021 and 2026 and a predicted growth rate of 92% over the next 30 years, more than double the average growth rate of 45%, now is a wonderful time to invest in the cities of Barrie.

Barrie was one of the first cities to adopt Accessory Dwelling Units (ADUs), which allow homeowners to increase their property’s income potential by converting a single-unit home into three separate units, adding a legal secondary suite in the basement and a detached ADU in the backyard. The city has also seen a surge in renters, with households increasing by 47.7% from 2011-2021. Further, the city’s prevailing average rent is $2,237, 12% higher than the national average. These are great indicators that showcase an increasing demand for quality rental units. Investors ready to put in the effort to add more units can see great returns. Now is the ideal time to invest in Barrie.

  • Brantford

Brantford is the ideal city for families and investors looking for more space. It is expected to see an impressive population increase of 56% in the next 30 years, largely due to the new job opportunities it offers. The city’s plan for intensification includes a balanced mix of housing and urban development while remaining mindful of existing neighbourhoods and expanding the city boundaries in 2017. With attractive homes, job prospects, and a commitment to growth, Brantford is quickly becoming a top choice for those who want to establish a life in the Golden Horseshoe.

  • London

London is a rapidly growing city in southwestern Ontario, midway between Toronto and Detroit, Michigan. Middlesex County, where London is situated, is expected to experience a 42% population increase over the next 25 years. London is also home to two universities, Fanshawe College and Western University, which have been actively recruiting international students. Consequently, Ontario’s international learners have more than tripled in the last ten years. These students usually stay for at least four years, meaning they rent a lot of accommodation, contributing to the city’s low vacancy rates. The recent change in Canadian citizenship law – requiring international students to stay in Canada for only three or five years to be eligible for permanent residency – will likely bring more students to London.

International students and their families are fueling the real estate market in London. Many students invest in real estate, renting for a while before eventually buying a home. Given the city’s thriving healthcare sector, large student population, and an influx of international students, London is an attractive investment opportunity for real estate in Ontario in 2024.

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Frequently Asked Question (FAQs)

Where is the best place to invest your money in Canada?

Toronto, Durham, Hamilton, Niagara, Barrie, etc, are some of the best places in Canada to invest your money.

What is the best investment right now in Canada?

The best investment right now in Canada depends on many factors, such as your financial goals, risk tolerance, and investment timeline. Some popular investment options in Canada include stocks, bonds, mutual funds, exchange-traded funds, and real estate. Consider consulting a financial advisor to determine the best investment strategy for you.

Where should a beginner invest in Canada?

A beginner investor in Canada could consider investing in the real estate market, the technology sector, or the energy sector. These industries are all well-established in Canada and offer a wide range of opportunities for investors. The Canadian stock market also provides various sectors to invest in, allowing investors to diversify their portfolios.

What is the safest investment in Canada?

The safest investment in Canada is government bonds. Government bonds are considered one of the most secure investments as the complete trust and credit of the Government of Canada safeguards them. These bonds can be purchased from a variety of sources, including banks, investment advisors, and online brokers.