Investing In Niagara Falls Real Estate Market
One of the main drivers of the economy here in the Niagara Region is tourism, which also implies that there is much to see and do here. Majority of the attractions can be found near Clifton Hill, which is on the verge of being at par with the Entertain District of Toronto when it comes to attractions owing to its abundance of museums which are tourist oriented such as Ripley’s Believe it or not and House of Frankenstein. Clifton Hill is also home to the Casino Niagara, which is regarded as one of the most renowned casinos in North America. One of the main attractions here is the obvious Niagara Falls. The Horseshoe Falls is the main waterfall here and is something that always lives up to its expectations when it comes to tourists and visitors. Lundy Lane here is one of the most important and prominent places in the city, especially for the permanent residents. This is a place that brings the entire city together and has several amenities such as retail stores and departmental stores. One of the most famous stores out here is the Canada One Factory Outlet where one can find all the major brands under one roof. The city of St Catherine is also located within the boundaries of the Niagara Region. It features several Victorian buildings and is located on the northern side of the peninsula. This is also one of the places that has been designated as an Urban Growth Centre by Places to Grow Act of the province. This implies that a lot more developments can be expected here in the days to come. This is also sure to include condominium developments in the pipeline. This is also one of the main regions where wine is made in Ontario. Once you’re here there will be several wine tours where you can taste and even grab some for yourself.
List of New Condos in Niagara Falls
New Pre-construction condos In Niagara Falls And Reasons To Buy
One of the most anticipated projects coming up in the city is the Paradise Walk which will help in transforming this place into a village that has a European vibe. This is also a place which will be a first of its kind for Canada. The development of this will also help in making the city into a destination which will be commercially beneficial. This place will be lined up with chic shops, speciality stores, condos, a boutique hotel, international restaurants and an amusement park. This development aims to change the average overnight stay in the city to 2 to 3 days from the current 1.5 stays. Some of the additional amenities that can be found here include a canal which has been distinctively kept for restaurants and bars with patios that are located idyllically. According to the Retail Insider, which is an online publication, 15 percent of the Paradise Walk’s commercial space will be dedicated towards leisure, like galleries and spas. The other 15 percent on the other hand will be dedicated towards boutiques and shops. Rest of the remaining spaces are going to be allocated for everyday services such as grocery stores and other food and drink facilities for residents and visitors. This community is home to approximately 3400 real estate developments which includes both bungalows and condos. The development of this Paradise walk will also reportedly help in generating about 3000 jobs along with 10,000 indirect jobs in the region. As per plan. Paradise Walk will be opened to the public by the GR Investment group in Fall 2021.
Employment In Niagara Falls
Niagara Falls is considered to be one of the most popular tourist attractions in Canada, which draws over 14 million visitors annually. This amounts to almost 30 percent of the entire tourism of Ontario. A large portion of the city’s employment is also dependent on this and will be soon ramped up as the city will be hosting the 2021 Summer Games which is scheduled for August 2022 in view of the pandemic. As per a recent survey, there was a population of 447,888 for the Niagara Region. The city is also estimating that the population will soon go up 610,000 by the year 2041. This is a growth of about 26 percent which will take action over the course of the next 25 years, which also implies an annual growth rate of 1.35 percent annually. The city’s employment is also going to mirror this as it will grow to 265,000 by 2041 from 185,000 in the year 2016.
Average Prices For Condos In Niagara Falls
All types of homes in the Niagara region, including condos, had an average resale price of approximately $415,000 in the year 2019, which was an increase of 6.7 percent as compared to that of 2018. The average rate of rent on the other hand is $1,200 at present. The vacancy rate sits at 0.5 percent, indicating that the demand for housing is still very strong here.
Transit And Accessibility
Thanks to the presence of the Queen Elizabeth Way or the QEW, this region is well connected to the remainder of Southern Ontario. This route initiates from the Niagara Falls’ edges and then makes its way towards the west, passing through Burlington and Hamilton. Post this, it takes a curve towards the northwest and makes its way through Mississauga and Oakville, after which it finally reaches Toronto and merges into the Gardiner Expressway. The Gardiner Expressway is regarded as one of the most crucial highways in the entire Greater Toronto Area, as it passes by the beautiful Lakefront, while providing seamless access across Toronto’s downtown core area. This also implies that condos and other real estate properties out here have convenient access to the entire Greater Toronto Area. To travel locally, the region’s transit service provides several bus routes that can be availed. Apart from commuting locally with the community, this transit service also helps in connecting you to other cities as well. There are buses that run from Niagara Falls all the way to Welland and St Catherines. There are also plans in the pipeline to expand GO Transit into the Niagara Region. This will use the existing VIA Rail tracks that will allow it to travel to various destinations in the Greater Toronto Area. Once completed, you will be able to avail this service from the stations located at Niagara as well as St Catherines. There are also plans to introduce a new station in the city of Grimsby. All this will help commuters immensely in getting to the downtown core in no time.
Questions & Answers
There are several advantages to investing in a pre-construction condo, such as being able to customize the design, not having to pay upfront, and condos can be a wise investment since their cost is based on square footage. Pre-construction condos can be customized, including lighting, tiling, flooring, and tabletops. Pre-construction condominiums are paid in incremental payments as the building is constructed. You may be able to make money when you sell the condo unit if there is an increase in value after construction.
Yes. You can void or cancel a contract made with the developer during the cooling-off period, which lasts ten days. During this period, you can back out from the contract without any penalties.
If you move into your condo unit before the rest of the building is complete, this is what is known as the interim occupancy period, which lasts until the time when you are officially an owner (closing). The interim occupancy period can last up to six months, depending on the progress of construction. As the condominium is still undergoing construction, residents can occupy completed units at their discretion during this time. The homeowner is required to pay interim occupancy fees regardless of whether they move in during this period. Taxes, condominium fees, and interest charges on the remaining purchase price are included in the interim occupancy fee. Following the interim occupancy period, you will be informed of your final closing date. The final closing involves the transfer of ownership, and the building is then officially registered.