Southern Ontario has experienced significant changes in real estate over the last decade and the Niagara region is no exception!
The Ontario government’s announcement regarding the expansion of GO Transit services in the Niagara region has been the catalyst for new development in our region. GO Transit’s expansion projects will see new stations in St. Catharines, Niagara Falls and Grimsby. As more people look to commute to Toronto from smaller communities, the expansion of GO Transit has fueled a housing boom that shows little signs of slowing down. Having a convenient transit option to the big city has made the Niagara region even more attractive for prospective homebuyers.
This is great news for homeowners who have much to gain from the provincial government’s investment in infrastructure. A report by the Canadian Mortgage and Housing Corporation (CMHC) estimates that the announcement provided an extra incentive for people to relocate to the Niagara region and contributed to an increase in housing prices.
Homes for sale in Niagara Falls saw a 7% increase in their property values, while the prices for homes for sale in St. Catharines rose by 8%. In monetary terms, homeowners residing near the station projects experienced a housing price increase of up to $30,000. The CMHC anticipates that home prices will continue to climb with the completion of these stations, estimated to take place by 2023-2024.
Similarly, homes near Grimsby’s proposed station project experienced a 4% increase in their property values, reflected as an increase of up to $20,000. Much like St. Catharines and Niagara Falls, Grimsby’s housing prices are predicted to rise when the GO Transit project is completed by 2022.
The announcement has created a surge of new housing developments in these communities. Even as housing prices rise, the Niagara region is more affordable than the Greater Toronto Area. Living in Niagara provides the best of both worlds for homebuyers. They can enjoy an easy and reliable commute to the GTA and spend their free time taking in all that St. Catharines, Niagara Falls and Grimsby have to offer!
If you live in one of these areas, now is the perfect time to explore your investment options! Perhaps you're considering whether it’s a good time to cash in on your property. Or, maybe you’re entertaining the idea of making a new investment by purchasing real estate in one of these communities. Our expert team at McGarr Realty can help you determine your best option! Our REALTORS® will provide you with an appraisal and put together a market evaluation of what list price you can expect for your home.
Call our office at 905-687-9229 in St. Catharines, or 905-468-9229 in Niagara-on-the-Lake. Or send us a message on our contact page, HERE.