Ontario’s tourism industry, which welcomes nearly 30 million visitors on an annual basis, paired with the province’s role as a hub of business and commerce makes it a first-choice region for accommodation real estate.
For hotel and resort investors looking to capitalize on the province’s thriving tourist and business sectors, there are several key markets worth considering. In this blog post, we’ll touch on five high-opportunity markets that entrepreneurs should know about.
1. Toronto
As Canada’s largest city and preeminent hub of both culture and economics, it’s likely no surprise that Toronto sits atop this list.
One of the most visited cities in North America, Toronto’s robust tourism industry is driven by a long list of attractions, events, and other activities. On top of this, the city’s status as a financial and business centre also brings a steady stream of travellers year after year. For investors, this long-term demand is promising.
Despite the city’s long-established accommodation real estate market, saturation is not a concern for most investors. This is a result of the city’s extraordinarily fast-paced growth. Today, many areas close to Toronto’s core are still undergoing or approaching gentrification. With this development comes a high volume of opportunity – including both development projects and the purchase or sale of existing properties.
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2. Niagara
Ontario’s Niagara region, which encompasses the municipalities of Niagara Falls, Niagara-on-the-Lake, St. Catherines, and more, is an internationally renowned destination for both tourism and business. With year-round appeal, Niagara continues to be a hotbed for investment opportunities.
Home to one of Canada’s most-visited attractions, Niagara Falls, the area already draws visitors by the millions each year. However, as Niagara’s reputation as a viticulture hotspot grows, the region is seeing even more travellers flock to the area.
Beyond tourism, Niagara is also a hub for corporate travel thanks to the area’s proximity to the United States border. This momentum has further bolstered the local accommodation industry.
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3. Thousand Islands
Located just west of Kingston, The Thousand Islands Region is a picturesque archipelago situated on and along the St. Lawrence River. A small yet active market, the Thousand Islands Region is somewhat of a hidden gem for investors.
While a popular destination for weekend getaways and summer vacations, the area is noticeably less developed compared to Toronto or Niagara. With less existing competition, hotel and resort entrepreneurs may find unique ground-level opportunities for investment.
4. Windsor
Windsor, located on the border with Detroit, Michigan, is another emerging hotspot for hotel and resort investors. While not a major hub for recreational tourism, Windsor’s distinct location does make it a crucial centre for business and transportation. With that in mind, the city does welcome a sizable volume of travellers, including some from Detroit and surrounding areas. Altogether, Windsor’s unique profile and active accommodation real estate industry offer ample avenues for investment.
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5. Ottawa
Our last (but certainly not least) inclusion on this list is Ottawa. Canada’s capital, Ottawa has a lot to offer hotel and resort investors.
Welcoming more than 10 million visitors each year, Ottawa’s tourism industry is outright booming. The city’s rich history and cultural attractions, such as Parliament Hill, Byward Market, and the National Gallery of Canada have made the city increasingly attractive to tourists – steadily elevating demand for accommodation real estate.
Along with tourism, Ottawa boasts a thriving government sector, with numerous agencies, embassies, and international organizations headquartered there. As a result, the city’s accommodation industry consistently hosts a wide range of government-related business travellers and events.
Looking to buy or sell an accommodation property in Ontario? As leading commercial real estate experts, we’ve got the tools and know-how to help you be successful. Click here to send us an email.
