Investing In The Grimsby Real Estate Market
Grimsby is a small town with big growth that spreads over an urban lakeshore along Lake Ontario’s coastline, and verdant greenspace inland. Bordering the Hamilton-Burlington area and Niagara, Grimsby is placed between the major economic hubs of the GTA and the USA Border, with the Queen Elizabeth Way running through it to Niagara Falls and Buffalo. Grimsby is made up of a majority of 2+ person households, and over twice as many of its population are in a marriage or common law marriage than those who aren’t. The town appeals to married couples and parents, trending toward middle-aged and their children, and seniors. The average age is 42 years old. Gimsby’s ethnic makeup is majority European and other North American. The median household income is $94,145, with a strong higher-income population base and half or less than the Ontario average for low-income population. Its key features are its greenspace. Anything but grim, the town hosts beautiful parks & open spaces. It has a large amount of lakefront real estate, the township stretching far along the coast with easy access to public and entertainment centres, and to the QEW for quick transit to Niagara and Buffalo, or Hamilton and Toronto. The town has a public art gallery and museum which serve as integral parts of the town’s cultural life and expression, often teaching local history of the Niagara Region.
List of New Condos in Grimsby
Why Buy New Condos in Grimsby?
Grimsby has strong economic zones on either side, with a fast growing population and developments both along its lakeshore real estate and its verdant greenspace inland.Grimsby is currently developing a large waterfront park with their Casablanca Waterfront Project, focusing on beautification and accessibility to the waterfront area. It hosts beaches, a beautiful waterfront district, and a variety of parks and trails, including leash-free dog parks. All take advantage of the large amount of water and green space the township has available, and new condos in Grimsby have direct walking access to the waterfront and entertainment centres. According to the RAHB, Grimsby remains one of the most popular towns for pre-construction condo sales outside of major population centres like Hamilton & Burlington. Unlike other townships which experienced comparatively larger reductions in number of real estate sales, Grimsby’s numbers have only moved slightly. Grimsby rests along the southern crest of the Golden Horseshoe economic region, with the QEW lending quick access to Niagara Falls, Hamilton and the GTA, and the US border with Buffalo just beyond. It has the opportunity to thrive from its connection to major economic hubs. According to Statscan, it has experienced a strong population growth compared to the greater Niagara region. According to the Real Estate Investment Network (REIN), Grimsby was among the top ten towns and cities set to outperform the rest of the province. The report placed them as a strong candidate for long-term property investment.
Employment in Grimsby
Grimsby is a small but financially strong town with a largely educated population, and a higher than average household income with a focus in business & finance services, sometimes one third the amount of lower-income peoples. With its population having increased by 8% between 2011 to 2016, its 2016 population is recorded as 27,314 with the majority living closer to the waterfront. Nearly 70% of the population aged 25-64 have a post-secondary education, with business management and administration, and engineering being the most popular fields. The workforce boasts an employment rate higher than the Niagara average, with only 2/3rds of its unemployment rate. The most popular occupations are management, business and finance, sales/service, trades and healthcare. The median income for full-time workers is over $10,000 above the regional average at $63,571/yr. Household income averages at $93,145, with a much higher-than-average number of households at and above $100,000.
Average Prices for Pre-Construction Condos in Grimsby in 2021
Grimsby has experienced notable price increases in new condos since 2019, and even between 2020-2021. According to the RAHB (Realtors Association of Hamilton-Burlington), the average condo prices in Grimsby in August 2021 is $426,300, a nearly 20% increase since 2020. Additionally, real estate listings have lasted for fewer days on market than in 2021 by a large margin, and real estate sales have experienced little decline since 2020. In the Niagara North region as a whole, the median price for new condos is about $509,500, and currently pre-construction condos on the Grimsby waterfront will range from $550,000-$800,000.
Grimsby Transportation & Accessibility
For Public Transportation, Grimsby utilizes NRT On Demand, a ride-share service linked to a smartphone app. There is also a transportation service specifically for seniors run by volunteers to help with appointments, banking and groceries. Longer public transit journeys are handled by GO busses which ride along highway 81 and the QEW. The vast majority of Grimsby’s population drive. For work commutes, 80% of the population needs less than 45 minutes to make the trip, and 26% require less than 15 minutes.
Questions & Answers
The typical down payment rate in the Greater Toronto Area is 20%, although this can vary based on the buyer’s agreement with the builder. The 20% down payment will be given in several installments for the deposit. The first instalment of 5 percent is due in 30 days from the day you purchased, another 5 percent in 90 days, another 5 in 180 days, and the last 5 in 30 days before occupancy.
An interim occupancy period occurs between the time you move into your new condo unit and when you become the owner (final closing). Based on the progress of construction, the interim occupancy period can last from four to six months. Construction will still be ongoing in this timeframe, but units will be available for occupancy as soon as construction is complete. Even if a homeowner does not move in during the interim, they are still obligated to pay the interim occupancy fees. Besides taxes and condominium fees, the interim occupancy fee also includes monthly interest charges on the remaining purchase price. The final closing date will be communicated to you following the interim occupancy period. When the final closing takes place, the building has been registered, and ownership will be issued to the buyers.
Inspections of pre-construction properties differ from those of resale properties. As an alternative, a pre-delivery inspection is highly recommended. In a Pre-Delivery Inspection or PDI, your new condo unit or house is inspected before you take possession. After construction has been completed and you have first viewed the homes, you may conduct the PDI.