Recent studies say Niagara is among Canada’s best places to buy real estate. Moreover, MoneySense places Niagara Falls in fifth place among the top 35 regions across the country, so these statistics show a rise in optimism for the area.
The interest in Niagara Falls condos on the market has been climbing in the past years, meaning that Niagara is slowly becoming the ideal place for business people, investors, and residents.
Niagara’s Real Estate Market and Its Recent Boom
The Niagara region has shown tremendous potential for growth, as its population has increased significantly in the past three years, showing no signs of slowing down. On average, Niagara Falls and its surroundings attract more than 30 million tourists annually. Moreover, tourism in Niagara brings around $1.2 billion every year.
The real estate market and local businesses in Niagara Falls are thriving. Houses have started to sell so fast that the average home is currently selling for 99% to 100% of its asking price. If you are seeking the highest return on investment, now is the right time to put your home on the market.
On the other hand, all industries benefit from the considerable increase in building construction. The manufacturing industries, construction, landscaping, and real estate are expected to see a rise in profit in the next couple of years.
Real Estate Investing in Niagara Falls
The demand for condos, townhouses, and rental properties in Niagara Falls is constantly growing. According to Statistics Canada, Niagara’s housing prices are rising faster than in any other area in Canada.
Niagara is ready for a population explosion within the next 20 years, with plans and zoning for continued expansion and development. Also, housing prices keep growing as most buyers leave Toronto searching for space. Undoubtedly, year after year, Niagara Falls is turning into one of the best places to invest in the real estate market in Canada.
Easy access to the United States through its two borders (Queenston Bridge and Rainbow Bridge) has turned Niagara into a hub for economic activity. Proximity to Toronto, excellent highway access, and the expansion of the GO Train offer the best for residents and tourists. Niagara Falls’ location between Toronto and the United States provides exceptional travel options and multiple shopping solutions.
In the past few years, first-time buyers and new Canadians have been looking to buy their first houses in the region of Niagara because the cost of living in Toronto has increased significantly.
Owning properties has never been as vital as it is now for Canadians. More and more people are realizing the benefits of owning properties, as they can produce multiple income streams. And as people hear about Niagara Falls‘ hot housing market, they get on board buying various properties.
If you are looking to invest in a condo, townhouse, or duplex in Niagara, you do not want to wait any longer. Investing in a property right now will only lead to an increase in value. Niagara Falls will always be an important area driven by tourism, so it is a great place to rent property to others.