Why you should invest in Niagara Falls!
Niagara Falls needs no introduction. Niagara Falls is by far one of the most famous attractions in the world.
It is one of the top Canadian tourist spots. The great Falls share their name with the city. Most of us are familiar with the falls but there is a lot more than just the falls in the Niagara Region.
What is the Niagara Region?
The Niagara region in Southern Ontario lies on the west side of the Niagara River, between lakes Ontario and Erie. It is sprawled over 1852 Square Kilometres and has 12 municipalities. With a population of 500,000. It is well connected with the rest of Ontario through 400 series highways and has four US border crossings.
Real Estate Boom in Niagara
Niagara housing prices are rising faster than anywhere else in Canada over the past few years. There are a number of factors that have and are contributing to the real estate growth.
The popularity of any area depends on its connectivity to the rest of the places via transit. The connectivity of the Niagara region has improved with the GTA after the Metrolinx started the GO Train service in January 2019. It has provided a big relief to the residents. It means saving in respect of time and money, and it allows the commuter to relax and work during the commute.
Metrolinx estimates that Niagara’s population of about 500,000 will grow significantly by the year 2041. (http://www.metrolinx.com/en/greaterregion/regions/niagara.aspx). Developers and planning authorities have great expectations for the housing market in the region. To keep up with the growth, Metrolinx has plans for more frequent trains and a new station in Grimsby.
According to a study done by MoneySense online business magazine, Niagara is the fifth-best place in Canada to purchase real estate, up seven spots from its 12th-place showing in 2018. Home prices in the area average $395,500, with an 8% return on an investment after one year; the study says (https://www.moneysense.ca/spend/real-estate/35-top-canadian-cities-to-buy-real-estate-2019/)
The Canadian Real Estate Association reports that an increase of 47.13% over the last three years, which is faster than anywhere else in Canada. Over the same period, GTA prices rose by 25.30%.
New homes account for much of this growth. There are numerous new home projects being built and in planning by numerous developers within the Niagara Falls, St. Catherines, Welland, Fort Erie and Grimsby areas.
The affordability and the easy commute is not the only reason for the growth. Another factor is that the Niagara Region is home to numerous parks, trails and 130 Wineries. It is also home to two Campuses of Niagara College and Brock University. The student housing is also in big demand due to the influx of international students in these institutes.
The convenience of a shorter commute to Toronto, affordability, and high tourist attractions and university campuses have all been a factor in the recent real estate boom in the Niagara Region.
If you are in the market looking to purchase a new house in Niagara Region either to live or as an investor, it is by far the best place outside of the Greater Toronto Area. The world-famous wines, seasonal fresh fruits, escarpment and of course the Falls are ready to welcome you to the region.
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