The housing market in some areas of the country is cooing down slightly. It may be due, in part, to the effects of recent changes to the mortgage stress test. On the other hand, Niagara Falls is still seeing rising housing prices. What's driving the demand here, and what does it mean for you are as you shop for a new home? Here are some of the trends we are seeing around town and across the Nagara region.
Your Money Goes Further Here
With housing prices in Toronto and the surrounding area increasing dramatically, people are looking to buy elsewhere. Going north towards Newmarket and Barrie is no more affordable. Moving east to Pickering, Whitby, and Oshawa is still very competitive. Prices remain out of reach for many, especially new home buyers looking west towards Milton, Oakville, Burlington and Hamilton. Niagara Falls home prices are relatively low, making it easier to buy your first home. And you'll get more house for your money which is very attractive to people tired of cramped homes and condos.
Commuting Problems Solved
With the change in the way people are working, more self-employment and more remote work, people are looking to get out of Toronto to other communities. Cost is a concern, but they are also looking for a different atmosphere and slower pace than the constant grind of the city. Since they can work from anywhere, the daily commute is no longer an issue. And if a trip to the office is required now and then, train service directly to the downtown core is available.
Greener Pastures in Niagara Falls
Niagara Falls has many mature neighbourhoods that appeal to new homebuyers looking for a way out of condos in the sky. The cookie-cutter-style homes in brand new subdivisions are not what they are looking for. And the same amount of money can get you a larger home with trees, established schools, parks, shopping, recreation nearby in Niagara Falls.
For the Love of Food and Wine
For foodies and those who appreciate wine and good food, there's no denying that the Niagara region has a lot to offer. The longer growing season and the location nestled between two great lakes results in excellent conditions for growing grapes. More than 100 wineries in the area are known for making a wide array of award-winning wines. Niagara is also prime agricultural land for fruit and vegetables. Amazing chefs in local restaurants serve up spectacular locally sourced food paired with just the right local wine.
Festivals and Culture
There are no worries that you'll miss the nightlife by leaving the city, as the Niagara region is home to countless festivals, art and cultural attractions to suit every interest. There are plenty of opportunities for outdoor adventure on the Niagara Escarpment, on the lakes Erie and Ontario and along the Niagara River.
Bidding Wars Are Happening
With all of the great things that the Niagara region has to offer, it's no wonder that people are leaving the city and heading our way. As a result, prices are rising, and phenomena like bidding wars and bully bidding have become more common.
Whether you are local or new to the area, contact Dave Destefano before you start looking for your new home in Niagara Falls. Dave represents the Mortgage Group - a group of Canadian mortgage professionals with a common goal of finding the right mortgage for their clients. Call Dave to get started with a mortgage pre-approval application and start on the road to finding the lowest mortgage rates in Niagara Falls.