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Original guide information
The following guide was last updated 2024-04-17. Prices, statistics and availability in this historical text may have changed. Refer to the project pages or contact us for current information.
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.
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.
Employment in Grimsby
Ranked as one of the top 100 places to live in Canada by MoneySense
Employment in Grimsby
With an average household income of $92,038, Grimsby is regarded as one of the most affluent towns in the Greater Toronto Area
Employment in Grimsby
Grimsby is ranked as one of the best in terms of community and health services with a health care coverage of 100 doctors per every 100,000 residents
Employment in Grimsby
With a vacancy rate of 0.5 percent, the demand for pre-construction condos is strong here
How Does Interim Occupancy Work?
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.
What Are The Steps Involved With a Condo Inspection?
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.
