Hamilton has secured its title as the No. 1 city to invest in Ontario.
The Real Estate Investment Network of Canada (REIN) announced Tuesday that the city remains the top location across the province for the second consecutive year.
"It's well deserved," says Neil Everson, Hamilton’s Economic Development Division Director, who’s thrilled to be dubbed again as one of Ontario’s hottest economies.
"But it’s not surprising. We've had a perfect year."
The detailed investment report set for release Tuesday identifies cities, towns and regions poised to outperform other regions of the province over the next five years.
Hamilton's growth spans all industries and it's difficult to pinpoint an area of success, says Everson.
He points to the city's vacancy rates which have dropped another 2.3 per cent.
"Buildings are being filled and companies are leasing those vacant spaces.”
Everson also points to building permits where Hamilton totaled $562-million in the past year. In Mississauga, permits totaled $385 million.
“Known formerly as a hard-working steel town, the city has quickly shed this image in the eyes of potential investors – as indicated by the record breaking building permit values Hamilton has experienced in recent years,” said REIN Founding Partner Don Campbell. “The wheels have been set in motion to create a major high-tech industrial park in conjunction with growth at McMaster University.”
Campbell believes that growth has sparked an entrepreneurial spirit in the city.
“This is further proof that the diversification of Hamilton’s economy is starting to pay great dividends,” Everson says.
TOP ONTARIO INVESTMENT CITIES
2. Kitchener and Cambridge
8. Durham Region (Whitby, Pickering and Ajax)