Welland is located at the centre of the Niagara Region and is very close to Niagara Falls, Niagara-On-The-Lake, St. Catharines, Port Colborne and Buffalo, New York. Its proximity to the Welland River and the Welland Canal and railway connecting Buffalo and Toronto provide the accessible connections required for its local industries. Known for its steel, automotive, and textile industries, this is where the biggest manufacturing firms were initially located.
Like the rest of the Niagara Region, Welland has been attracting home owners wishing to be a part of this growing area. Its home sales have reflected an upward movement which has been consistent for the last two years consecutive.
Niagara Association of REALTORS® statistics showed that 3,725 units were sold for the first half of 2015, compared to 3,115 units in the first half of 2014 and 3,025 in the first half of 2013. This presents a significant growth rate of 19.6% in 2015 compared to 3% in 2014. This housing market is partially being driven by the location and affordability of homes compared to the GTA.
As reported by the Niagara Association of REALTORS®, average selling price of properties in the Niagara Region also rose from $246,992 in the first half of 2014 to $263,815 in the first half of 2015, a growth of 6.38%. Specifically in Welland, the average selling price for the first half of 2015 is $206,775 while in 2014 it was $189,112, resulting to a growth rate of 9.34%. This shows an upward scale on the home values of the s. Factors such as properties being revitalized and renovated also present a high return for home owners and brings more prospective buyers to this area. This place has also been tagged as a location where one can retire in relative comfort instead of being in the hussle and bussle of the city. According to a 2011 census, the Niagara Region holds a large portion of senior citizens, roughly 19.2% based on demographics.
This area is also one of the few locations left that is still fairly close to GTA, yet still affordable. Walter Sendzik, the previous CEO of the Greater Niagara Chamber of Commerce “We’re seeing a lot of people coming from Toronto who are downsizing, people who are looking for a slower pace but close to the Greater Toronto Area. You can sell a home in Toronto for $700,000 and get a property [in some parts of Niagara] for $300,000. It’s downsizing from the city but it’s upsizing in the rural area.”. This will give the buyer more savings upfront and in the long run as well due to lower taxes. Many buyers are considering the opportunity cost between commuting and purchasing a more expensive house. According to Niagara Home Builders’ Association president Ed Lucchetta, “In general, at least 50% of the new homes that are being sold in Niagara are being sold to people outside of Niagara,” he said. “They’re coming from Burlington and the GTA, basically. They’re selling their homes, coming here and buying a better product at a more affordable price.” Data showed that these residents have chosen to sell their properties in these areas to purchase and migrate to the Niagara Region.
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