The UK's independent property help portal
28 June 2007

Timmins, Canada is attracting new investors

Permalink: Timmins, Canada is attracting new investors
by Kay Mitchell

Timmins, Canada is attracting new investors

Timmins, located in north-eastern Ontario, is attracting new investment. The price of gold has rocketed making mining profitable and the opening of a diamond mine has helped make this area interesting.

The mining sector is moving from the exploration phase to production so prospects are anticipated to advance even further.

In addition, a new call centre and big store names such as Canadian Tire, Shoppers Drug Mart and Home Depot have contributed to the success. The area is crying out for workers such as carpenters, miners and contractors.

Timmins is perhaps most famous for being the home of country singer, Shania Twain. Its population is 43,000 and the average price of a property increased by 29% this year – the highest in the province. The price of a home in Timmins is a reasonable $129,272.

Ontario towns such as North Bay, Collingwood, Pembroke/Petawawa and Sarnia all had gains of 10 per cent in the first half of 2007. Smaller, more reasonably priced areas saw growth as purchasers were willing to sacrifice location over value. In addition, areas such as Barrie, Oshawa, Kitchener, Guelph and Brantford had growth rates higher than the national average.

However, Toronto saw a moderate increase of 4% during this year and still remains the most expensive city in the province with an average property costing $371,905.

A recent report stated that the rate of rising property prices in Ontario is expected to lessen this year with an average of 3.4% overall for existing homes by the end of the year. New homes in Ontario are expected to increase by around 3%.

Click here to discuss this: Home Move property forums

Related stories to: Timmins, Canada is attracting new investors

Previous: «
Next: »

Visited 1697 times, 3 so far today