Allow me to introduce myself! I am a Realtor® in the Niagara Region who, one year ago, moved from Vancouver BC, where I began my career as a Realtor®. Using my observations practicing Real Estate in these two regions, I thought this was a perfect opportunity to begin a dialogue.
Vancouver and Niagara though are both individually spectacular their demographics and geography are like apples and oranges and, certainly, are polar opposites on the financial spectrum. In Niagara, you can likely find a beautiful family home with a well-sized yard for ~$400,000. To the contrary, in Vancouver (though one spectacular city) $400,000 buys you a small studio apartment, if that. Regardless of the fact that these two regions vastly differ they are both currently sharing an influx of people wanting to purchase a home, putting a solid dent on available housing inventory.
The average price of a home in my current city, St Catharines, ON, is now currently ~$375,000. This is a municipality in Niagara that offers a desirable lifestyle for young families, retirees, and students, with access to Lake Ontario, a short drive to Lake Erie, or Lake Ontario, rolling countryside, world class wineries, tourist sites, short vicinity to the US, and easy access to Toronto city. To boot, our close neighbours, Thorold, were just voted as one of the best climates in the country!
As I work with my clients on a daily basis, and based on our Niagara statistics, it is crystal clear that our market here in Niagara is in the process of making historical records, while still maintaining one of the most affordable family markets in the country.
That being said, observing that their house prices have soared nearly 30% over the past year, Niagara home owners are simply in awe that their home has gained so much value over such a short span of time. They also question how this can happen?
Simply put, the housing market is somewhat synonymous to apple pie. For many years Niagara had plenty of delicious, and relatively cheap, apple pie. Though the apple pie was delicious it was Niagara's little secret. Surrounding areas started running low on their pie ingredients, and the prices of the remaining pies started escalating. Word then got out that our apple pie was just as scrumptious! We now have people coming from all over the country if not world for our apple pie. As a result, we have not only used up a lot of our ingredients, thus our apple pie is has also increased in price, but still much more affordable than most.
As home prices in Toronto continue to soar, matched by the publication that the GO train line will exist from Niagara to Toronto in the future, and concluded by the simple fact that the Niagara Region has a ton to offer a home owner at a relatively affordable cost, I am clearly not alone in seeing HUGE VALUE in owning a home in Niagara.
Join me for my next blog regarding the repercussions of the Foreign Investor Tax implemented in Vancouver one year ago; the same tax recently implemented here in the Greater Golden Horseshoe surrounding Toronto, in Ontario.
As always please share with friends, family and collogues. I am always here for you to help with any real estate inquiries whatsoever. Sheryl@McGarrRealty.com
Realtor®, running fanatic, past national team rower of the past, yoga instructor, who loves living and laughing, and enjoying every moment.