Becoming Wealthy in Ontario

Becoming wealthy in Southern Ontario. Its the dream we all share. We all want to have a family and do well. It’s taken me quite a few years to figure it out. I am conservative in the way I lead my life and am not prone to high risk investments.

Here are some key concepts you should embrace to manufacture wealth for yourself.

Make the right Choice

Education

Education – If you get the opportunity to pursue higher education, choose college (degree) over community college (diploma). Pick a reputable college such as the University of Toronto or McMaster. Also be sure to investigate the future employability of a career path. Look through the want ads for the Southern Ontario area and make a bullet proof decision. Your education choices will be reflected in how much you earn. For jobs in demand, a technician (diploma) will earn $50,000 and a degreed professional will earn upwards of $80,000 after a few successful years following their career path.

Land in Ontario

Land in Ontario

Buy land/house in the distant suburbs – My parents bought their acreage in Markham in the mid-sixties and built their house ($33,000 – land/house). They subdivided the land in the seventies and sold portions to developers, keeping the main house. A decade later they sold the main house leading to a substantial amount of additional wealth. A friend of mine bought a hobby farm in Stouffville for around $600,000 ten years ago. He has a beautiful house, barns and paddocks for his horses. The hobby farm is worth somewhere around $2,600,000 today. Buy land/houses in the distant rural outline of Toronto and watch the value increase. Toronto is always growing outward, it will follow you. Do not buy where it has already gone through the roof. Houses/land in Mississauga, Markham, Oakville, Whitby, Hamilton have all shot up substantially. Likely too late for big return in those areas.

Single detached>Townhouse>Condo

You’ll make more money off a single detached home, you’ll also avoid condo fees.

One hot place where I have invested in real estate recently is Brantford. The city experienced rough times in the past when some major industry closed down (i.e. Massey Ferguson). Now, industry is leaving Toronto for lower costs and the educated workforce in Brantford. The city is beautiful, has a strong industrial sector (P&G, Apotex, Ferrero Rocher, Maple Foods etc) and is on a major 400 series highway coming out of Toronto, furthermore it is a university city. I bought a detached 3 bedroom home for $167,000 in a nice area (2015), it has gone up substantially. I moved my job to one of the companies in Brantford and make the same money as in Toronto. Nice city living in Brantford, all the amenities in Toronto. I did the right thing for my family, my pocket book and my career. Brantford as a city in southern Ontario currently has one of the lowest unemployment rates. Great investment.

Latest Information:2500 hectares has just been designated for development in the area surrounding the city of Brantford.

http://kitchener.ctvnews.ca/boundary-deal-brant-county-ceding-2-454-hectares-to-brantford-1.2725969

 

Antenna in Toronto

Antenna in Toronto

Making More Money May not be the Answer – More income means more taxes (and typically more associated expenses).  Reducing overhead is an easier path to income.  Buy a used car. Shop at the dollar store. Buy what you need instead of what you want. Go OTA TV. Use Kodi for other TV shows and movies. If you do decide to move to the distant suburbs and work locally, you’ll find costs go down substantially. Never a traffic jam to eat your gas. Food is cheaper. Cost of living decreases naturally with distance from Toronto.

Best Cities/Towns to Live and Thrive in Greater Toronto

Leave a Reply