North Bay’s Promising Real Estate Market: The North Bay has a wealth of opportunities in commercial, industrial, and residential real estate. The North Bay has emphasized the expansion of industrial development and has offered a very low industrial tax rate in addition to the exemption of industrial development fees for companies manufacturing in the North Bay.
The city is home to a variety of companies in industries including aerospace research and development, construction, construction, and more. North Bay is particularly attractive to aerospace companies because it is home to North Bay’s YYB Airport, one of fifteen airports in Canada with a 10,000-foot runway.
The airport’s industrial park is the center of the new development. The city attracted additional industrial growth by deciding to lower industrial taxes by 66 percent – one of the lowest levels in the whole of Ontario.
In addition to industrial real estate, there are a lot of exciting things happening in the commercial market in the North Bay as well. In addition to several smaller nodes throughout the region, North Bay has a large commercial area with five separate nodes.
The commercial landscape in North Bay is diverse and includes everything from large chains to small independent businesses, offering shoppers a quality retail experience.
North Bay businesses serve a regional market of approximately 112,000 people. Each year, the area attracts approximately 1.2 million visitors, which helps to drive revenue and fuel growth in the commercial industry.
From modern homes to historic buildings and everything in between, the North Bay has something for everyone.
North Bay’s market figures paint a picture of a real estate market that is on the up and up. In recent years, the demand for North Bay housing has grown steadily with sales of around 1,665 units in 2020. In the same year, the median price of a North Bay home was $270,400, a 26 percent increase from the year before. Plus, the number of listings remained active before the sale. In 2020, a listing was expected to be on the market just a month before the sale.
North Bay – A Connected Place
North Bay is a hub for travel by automobile, train, or plane and is home to 100 million people a day. Proximity to that kind of population is vital to the growth, development, and economic expansion of the city. North Bay’s transportation infrastructure is built with accessibility and expansion in mind. The city is near several high-volume highway networks, sophisticated airports, and extensive railways. North Bay provides easy access to major markets in Canada and the United States, allowing businesses to maximize trade and export opportunities.
Real Estate Professionals in North Bay
We’ve searched high and low for real estate investing professionals in North Bay. Below, you can find the professionals we’ve researched and can confirm are experts in working with real estate investors. If you planning to start Real Estate Business, then click here
To ensure maximum success in real estate investing in North Bay or any city, you should always use professionals who understand and work with investors who depend on your income.
This list may not fully list all professionals in the field, but those we have personally examined and whom we will refer to our clients.
Reasons to invest in North Bay’s Promising Real Estate Market
1. Low Operating Cost
North Bay City Council has severed industrial taxes in Ontario by 66% to one of the deepest levels and removed industrial development fees. North Bay has one of the cheapest industrial tax rates in Ontario.
2. Highly trained and readily available workforce
High-class secondary education institutions attract talent from all over the world. 86.6% of Canada College students find employment in their field within six months of graduation, and 86.9% of Nipissing University students find employment within six months of graduation.
3. Attractive Incentive Program
The Growth Community Incentive Program is designed to help the community grow through city-wide programming for targeted intensification for industrial development and housing and downtown waterfront commercial projects with multiple financial incentives.
4. Strategic Location
Set at the crossing of two TransCanada Highways, North Bay is a short 3-hour drive from Toronto, 3.5 hours from Ottawa. The North Bay’s well-connected rail, road, air, and telecommunications infrastructure further secure its strategic location.
5. No Industrial Development Fee
North Bay’s pro-active business city council has ended industrial development fees and performed a 20-year commercial tax rebate strategy.
6. Streamlined Development Process
To expedite the development process, the city has constituted a Development Application Review Team (DART). Review DART proposals and provide feedback to applicants before entering into a Site Planning Control Agreement or enforcing the Planning Act.
7. Longest Runway in Northern Ontario
North Bay Jack Garland Airport is one of 15 runways in Canada, and the single airport in northern Ontario to have a 10,000-foot runway. Benefits of considering aviation and aerospace companies operating or locating in the North Bay include:
- The runway can accommodate all types of aircraft. Generous NEF outline and test corridors.
- Favorable airspace for flight training. Hassle-free, low-cost, and convenient alternative to large centers.
- Airport operating schedules that can accommodate extended periods of runway use.
- Facilities available for development and serviceable land
World-class secondary education facilities with specialized aviation and aerospace programs. The partnership between Jack Garland and Canada College means a highly skilled workforce is available, literally on site.
New and existing companies are eligible for generous financial assistance, including wage subsidies, R&D grants, and our New Growth Community Incentive Program, which provides a combination of financial incentives.
8. Industry-Based Post-Secondary Research and Training
Canada College’s Innovation Center for Advanced Manufacturing and Prototyping is an example of a 13,300-sq-ft production research facility focused on private sector collaboration and technology commercialization. Advanced Composite Fabrication Reports and Testing Center provides access to industry-leading composites technologies and consulting services to assist them in innovative and cost-effective research and development.
9. World-Class Health Care
The North Bay Regional Health Center (NBRHC) gives urgent care services to North Bay and its neighboring communities, has a district referral center that presents specialist services for small communities in the area, and a specialized mental health service provider that Serves the entire Northeast. Ontario.
10. Perfect Balance
North Bay’s many amenities and expansive natural surroundings provide the perfect balance between city living and outdoor fun. The city and surrounding area is a haven for a wide variety of activities – from theatrical performances to mountain biking, North Bay has it all.
Know everything about City Government and why North Bay’s Promising Real Estate Market at https://www.northbay.ca/