Why Should You Invest In The Grimsby Real Estate?
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 Townhomes in Grimsby
Why Buy Pre-Construction Townhomes 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. According to the RAHB, Grimsby remains one of the most popular towns for new townhome 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 USA 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 New Townhomes in Grimsby
Grimsby has experienced notable price increases in real estate since 2019, and even between 2020-2021. According to the RAHB (Realtors Association of Hamilton-Burlington), the average prices for new and pre-construction townhomes in Grimsby in August 2021 is $659,700, a 29.5% 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. Individual listings for Pre-construction Grimsby Townhomes can range from $699,000-$790,000. New townhomes continue to be developed along residential areas mixed with detached houses, all within a 5 minutes drive distance from the waterfront, like in Nelles Estates or along Livingston ave. Townhomes on the waterfront can range up to $1,299,000.
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
Land developers must pay development charges when developing or redeveloping lands, such as when they build homes, modify existing structures, or remodel and repurpose properties. Development charges are meant to cover the costs of municipal infrastructure. Typically, Toronto’s charges support city infrastructure and services, such as water, roads, transit, paramedic services, police, fires, sanitary services, community centres, affordable housing, health care, and parks. Each type of property will be charged at a different rate. When developers receive a building permit, they must pay development charges for the building or structure they are planning to develop.
Adding structural and cosmetic upgrades to a pre-construction property may incur additional costs. Homeowners can upgrade a house to suit their needs by installing flooring, tiling, painting, cabinets, and countertops. Additionally, homeowners can request upgrades to their bathrooms’ fixtures and plumbing. A popular trend for homeowners has been the installation of smart home devices. Upgrades could also enhance the value of the home after it is constructed.
Other expenses incurred by buyers include development fees, warranties, taxes, and attorneys’ fees. City development charges are collected and used for the city’s infrastructure. For new developments, development fees are collected after building permits have been granted. Detailed requirements for the payment of development fees will be set by local bylaws. Each developer charges differently for different types of properties. The buyer must cover deposit amounts and protect themselves from financial loss by purchasing warranties. Buyers must also pay provincial land transfer taxes, as well as the HST. Additionally, buyers should seek legal advice when purchasing a pre-construction home, and the price for legal counsel will depend on the services you receive and the lawyer’s rates.