The sizzling-hot GTA market of the past four years has boiled over, affecting smaller neighboring communities. If you’re an owner in one of these communities, you‘ll have a positive opinion on the effects. If you’re a buyer, your opinion will be less positive. But one thing is certain: as families become priced out of buying in an overheated Toronto market, they’re being forced to look elsewhere, for lower prices.
The Niagara Region is one area comprised of some smaller communities that are experiencing higher prices because of Toronto’s boiling point in real estate. Astute investors who are in a position to buy and hold should include Niagara in their search of smaller cities surrounding Toronto. While increasing, prices are still much lower, by comparison.
Not so long ago, the Niagara Region was a depressed community. People were still flocking to view the majestic Niagara Falls, but outside of the summer months, hotels and restaurants were hurting. Today, however, as GTA prices continue to bubble, young families are looking for alternative places where their housing dollars will stretch farther. In this way, they’ll get a home they really want, rather than be pressured to pay the written price for something less than their first choice.
Among these smaller communities is the city of Thorold.
Thorold is about five minutes from St. Catharines and about ten minutes from Niagara Falls. It offers a community-focussed lifestyle. It’s close to Brock University and Niagara College, and has a partnership with St. Catharines Transit Commission to offer residents regularly scheduled transit service.
New home subdivisions are starting to go in, even while there’s no shortage of resale homes. On May 2, Point2Homes.com had over 45 listings advertised. Redpin.com had 16 homes advertised. The combination of both new construction and resale homes are a sign of an active market that you should consider buying in now, for the future.
Even if you’re not ready to make a move now, a great alternative is to buy some land and hold for a couple of years. Although not in abundance, there is land available that you can buy and hold – some with services already in place.
You’ll be positioning yourself for a nice profit down the road.