The Niagara Region has become an attractive area for prospective homeowners. Niagara is located in southern Ontario, on the west side of the Niagara River. Although Horseshoe Falls, also known as Canadian Falls, is Niagara’s most popular and world-famous landmark, Niagara has so much more to offer. The Niagara Peninsula, a vast region with rolling hills and valleys, are home to 97 acclaimed wineries.
If you don’t fancy wine, Niagara also has a wide variety of different breweries, distilleries and restaurants. There are historic sites, shopping, spas, golf courses, and theme parks, making it an ideal choice for families. Furthermore, if your job is located in Toronto, there will be a GO train service from Hamilton to Grimsby in 2021, and to Niagara Falls by 2023, so your commute will be seamless.
Suitable Location
The Niagara Region is made up of 12 modern cities and towns such as St. Catharines, Grimsby, Fort Erie, and the famous Niagara-on-the-lake. Each one is unique and they all offer something different. There are no shortages of areas to choose from and there will surely be a city or town that meets and exceeds your expectations. Niagara is conveniently located between Toronto and the U.S. border, allowing you to easily commute to either location. Regardless of what area you choose to call home, the Niagara Region has breathtaking views, scenic hiking trails, and stunning Lake Ontario shorelines. Families will be at peace with the variety of family-friendly things to do.
Affordability
The Niagara Region is significantly more affordable than the GTA making it an appealing area for future homeowners. As of this year, the average price of a house in Niagara is $413,700. Whereas the average house price in Hamilton-Burlington is $614,800 or $801,200 in Toronto. Greater Toronto homes are priced 48% higher than Niagara Region homes and are often unaffordable for new homeowners. Over the last five years, Niagara Region homes have seen an 81% increase in price due to an increase in demand from new buyers.
Growing Economy
Niagara’s economy is growing and there is no sign that it will slow down anytime soon. New jobs are continuously being created in a wide variety of attractive sectors such as hospitality, construction, health care, and manufacturing. Because of Niagara’s proximity to both the Canadian and U.S. border, there is approximately $100 billion dollars in trade every year. Although COVID-19 has impacted tourism to the Niagara Region because of border closures, there is usually over $2 billion in tourism spending annually.
Investing in Niagara Real Estate
Niagara is currently a balanced market, but is likely to become a seller’s market as demand increases and prices rise. Recreational and luxury homes are in high demand as buyers are gravitating towards larger properties to raise their family, outside of the GTA. Niagara homes, on average, are on the market for 15 days. The selling to listing price ratio is at 101%, which means homes are selling slightly above list price.
The Niagara Real Estate Market is growing and it is an excellent place to invest in. Niagara’s excellent location, affordable house prices, and growing economy makes Niagara a great place to call home for the whole family.
