The Kitchener-Waterloo-Cambridge area is the best place in Ontario to buy a house or invest in a business property with hopes of making money, according to a report released Friday.

The report was issued by the Real Estate Investment Network, a consulting organization that provides investors with property information. It assessed the potential for real estate properties to appreciate in value in communities across Ontario.

The reputation of the Kitchener-Waterloo-Cambridge area's reputation as a technology hub is responsible in large part for its desirability, said Don Campbell, head of the Real Estate Investment Network .

"You're seeing [BlackBerry maker] RIM and seeing the high-tech industries still continue to grow and hire," he said. "And at the same time, they're revitalizing the downtown of the old cities of Cambridge and Kitchener and now they're talking about [light rapid transit]," he said.

Ranked No. 2 is Hamilton — a town traditionally defined as an industrial hub, not so much a haven for homebuyers.

"You're seeing an increasing number of people moving into the region, and now that the GO Train [commuter transit system] is going to be adding extra trains, ... it's an affordable place for people who are going to work in Toronto to live," Campbell said.

Scarborough tops in Toronto

Toronto, meanwhile, placed eighth on the list. While it is a diverse, vibrant city, it didn't place further up on the list because of its high prices, according to the report.

Scarborough, a district in the east end of the city, presented the best opportunities for buyers, the report said.

"There are some neighbourhoods — i.e., Scarborough and the Junction — that would be higher up on the Top 10 list, where some of the other regions where it's newer ... [and] Rosedale, etc., where they're not great investments. "

The 10 top towns for real estate investment are considered to be:

  1. "Technology Triangle": Kitchener, Waterloo, Cambridge
  2. Hamilton
  3. "Simcoe Shores": Barrie, Orillia
  4. Brampton
  5. Durham Region: Whitby, Pickering, Ajax
  6. Ottawa
  7. Brantford
  8. Toronto
  9. Vaughan
  10. Whitchurch-Stouffville