Investment Property - Hamilton or St.Catherines?
So a little background - I do currently own an investment property in Brampton (duplex) which i purchased over 3 years ago. I am happy with it as an investment, and have it managed professionally for a reasonable fee.
I was looking at another property in either St. Catherines or Hamilton. I know that they both have some pros and cons and both have gone up a fair bit of late. Assuming I can find something that meets my requirements for a rental property what location do you think may be the best?
Ignoring all the other factors in investing in real estate and only answering the question about Hamilton vs. St. Catherines, I would lean towards Hamilton.
1) Closer to Brampton (I'm assuming that's the area you live in)
2) Student rental market - I've always known the Westdale area to be a robust market due to demand from Mac students; Brock is more of an isolated campus
3) Steel market is fairly weak. A turnaround could favour Hamilton.
4) Proximity to Toronto - Burlington and surrounding area has grown as a bedroom community. Hamilton/Stoney Creek/Grimsby may be next on the list. St. Catherines is still pretty far from Toronto. I think the GO now has regular trains that go to downtown Hamilton (Burlington used to be the end of the line for most trains with the exception of one train that went to Aldershot/Hamilton)
I think the choice of city is quite a bit further down the list of criteria I'd be looking at initially in this market, especially as you don't live in either from the sounds of it.
No I wouldn't be ignoring the other factors, Both are becoming more and more of a bedroom community given that transportaion (rail) is getting pushed in that direction.
I personally state away from the student rental market as it is very time consuming.
Just wanted peoples opinions on what market they prefer. I have done some research and was tending towards Hamilton, but my property managment manages alot of property out in St catherines and seems quite positive on the outlook there as well.
I mostly invest in Guelph, although I've definitely thought of Hamilton. It's expanding rapidly, and prices are still somewhat acceptable. I know several people that buy exclusively in Hamilton. Atop the mountain area actually.
St Catharines is quite a "mature" city. Have a look at the demographics & you'll see what I mean. Many older folks live there - (my brother is a physician in the city.)https://www.stcatharines.ca/en/inves...mographics.asp. I went to school in St Catharines as a boy - since the 70'-early 80's, it's industry (GM) has been gutted. Tourism, wineries and Brock U have helped diviersify, but these are not big employers. It has it's share of problems - (drugs, etc). The median age likely in the 45-46 range.
I see this is an old post but I just found this website.
I have a few rentals in Hamilton..
on the mountain.. downtown.. and ancaster.
prices have gone up rapidly..
quality of tenants downtown.. you'll have a bunch of bums to sort through so be patient..
on the mountain.. better..
ancaster.. these people generally have all their teeth.