It’s getting harder and harder to find great returns in Real Estate throughout the GTA and its outlying markets. Buyers are slowly going further afield to find lucrative investments with above market ROI’s, and cities in northern Ontario are looking more and more attractive. Take Timmins for instance, a city which has come a long way since its humble beginnings due to expanding mining opportunities.

gold mining

Timmins is quickly becoming a “golden opportunity” for real estate investments. (Pardon the pun!) Timmins is home to one of Goldcorp’s largest ever projects, The Hollinger Open pit. This is a project that involves the “revitalization of an historic gold mine into a sustainable green space. (Goldcorp) A quick history lesson- the Hollinger Gold deposit was discovered in the early 1900’s by Goldcorp’s founders and is known as one of the “Big Three” mines. The mine operated from 1910-1968, during which time it produced 19,327,621 pounds of gold, making it one of the richest mines in the Western Hemisphere. The mine closed in 1989, and has since then been managed by the Goldcorp Porcupine Gold Mines (PGM) as an open pit mine.

open pit mine

Last year, the company discovered a new 5.4-million-ounce resource of ore within the previously closed 105-year-old Dome Mine, which they plan to reopen and excavate. Plans for this process are currently underway. Naturally, with the gold comes the silver lining! The booming economy in Timmins is attracting not only people looking for job opportunities, but business and real estate investors. As such the vacancy rate is expected to quickly drop from its current rate of 6.4%. The Timmins real estate market is booming, so one would be wise to keep a keen eye on it, and get in early before prices boom too.

Shania Twain

New residents and investors aren’t the only ones flocking to this once humble city, Timmins is quickly attracting some of the big names in entertainment as well! For example, the “Queen of Country-Pop” herself has designated the city as an official stop on her next tour. This won’t be Shania Twain’s first time passing through Timmins though. The town holds a bittersweet place in the music legend’s heart, as she spent a difficult childhood here fraught with family and financial issues. Despite all that, it was here that Shania discovered her love and passion for music. She got her first job at the age of just 8 singing in local bars to help her struggling family pay the bills. By the age of 10 she was writing her own songs, and by high school she was performing in a local band and on television. After graduation, Shania took off with another local band touring all over Ontario, and she gained the attention of a few key players in the industry who would later help catapult her to success. Today, she stands among the best-selling artists of all time. You know if Shania’s stopping by, it’s a town on its way up!

There is gold in real estate in Timmins. With expanding operations of Goldcorp Inc. and a vacancy rate in Timmins of 5.2%, it is little wonder that landlords should expect a rate of return between 10-13%.

One Team. One Goal. One Commission. For more information, contact us at info@realawstate.com!