Niagara has become the fastest growing real estate market in the country. Average sales prices are up over 30%, with the new average sales price sitting at $403.124. This increase is thought to be a result of Toronto-based families moving further and further out of the GTA to find affordable places to live. The market demand in Niagara will only continue to rise.
Across Niagara the condo market is taking off. Throughout 2015-16 over a dozen condominium developments were announced and are selling quickly.
Condominiums are a viable option as they counteract urban sprawl and offer much more affordable options as housing prices continue to rise.
Welland’s residential market is changing as the city’s population and job market grow. Notably, a new condo development is selling now in Welland, marking the beginning of a potential new trend in the burgeoning city.
It’s a trend that has thrived in the GTA for decades, one that is slowly sweeping into Niagara’s largest cities. With prices in the real estate housing market skyrocketing and available residential development land diminishing, condo’s are becoming the popular choice in Niagara for both developers and residents.
Grimsby’s waterfront was the first part of Niagara to run-off with the condo development trend, five separate condominium developments are in construction at the waterfront today. Recently, new development announcements from Niagara’s most prominent builders revealed multiple condominium projects planned for Niagara Falls and St. Catharines.
Below you’ll find an overview of the new build condominiums planned for the Niagara Region.
Fort Erie is one of Ontario’s fastest growing towns boasting incredible beaches, quaint hamlets and close proximity to both the greater Niagara Region and New York State. No wonder developers are investing both commercially and residentially. New communities are springing up throughout Fort Erie, many capitalizing on Lake Erie’s exceptional waterfront.
Residential building permits hit a record high this year, a high unmatched since 1999 and residential construction values reached over $22 million in the second quarter alone. However, housing prices in Fort Erie remain amoung the most competitive in Ontario, with new homes selling for as low as $314,000 and luxury housing maxing out around $650,000.
Topics: Residential land development
Niagara’s largest plot of waterfront development land is being prepped for development from a number of angels. The former Prudhommes Landing Inn structure is currently being demolished and cleaned up and last Wednesday the Town of Lincoln, kicked off public planning sessions for the Prudhommes Secondary Plan.
With prominent Toronto based urban designer Ken Greenberg onboard, the vision for the Prudhommes landing property is big with a world of possibility for Niagara.
August 23rd will mark the latest statutory public meeting for the Thundering Waters Secondary Plan where the draft plan will be reviewed, as well as, a transportation and infrastructure master plan. The secondary planning process is now in Phase 3 and is moving towards finalization.
While the billion dollar Paradise Community awaits the draft plans approval, here is a closer look at Paradise and the other developments set to shape this new community.
Welland has quickly become a residential growth hotspot in Niagara. Niagara families have recognized and smartly bought into the benefits of affordable real estate in newly built, single-detached communities. Welland has supported this growing population with community amenity improvements and focused action on improving its economic prosperity.
The Provinces growth study sees Niagara’s population increasing by 170,000 residents by 2041. While communities like St. Catharines have little room to grow out, communities like Welland offer ample land in convenient locations. The key to supporting a growing population is gaining private-sector investments, something that Welland has been able to accomplish ten-fold this year by securing General Electric's new gas-engine plant.
A number of prominent residential and industrial properties are now for sale along the canal in Welland.
The plot of industrial land for sale at 555-635 Canal Bank Street includes a 323,800 sq. ft. industrial building and 100 acres of developable land. The industrial development property at 475 Canal Bank Street includes 76 acres of development land bound by Highway 58 and the Welland Canal. Finally the 180 acre residential development parcel bound by Forks Road and the Welland Canal includes an approved conceptual draft plan.
The development potential for all properties are plentiful as they are strategically located in one of Niagara's largest growth spots.
Yesterday it was announced publicly that the Prudhommes Landing property has been sold to development company FBH Ontario Inc. The sale of this land is just another great announcement for the Region and a continued sign of the explosive growth Niagara is now experiencing.
The Prudhommes Landing property represents the longest tract of developable land along the Lake Ontario Golden Horseshoe corridor.
The province has recently predicted Niagara will grow by almost 170,000 residents by 2041 which translates economically to 80,000 new jobs. Niagara’s growth and how to facilitate that growth has been top of mind for local officials as of late. Communities across Niagara with shovel ready lands are individually establishing plans for smart growth expansion. In particular, the three following municipalities are home to the most anticipated new communities in Niagara.