Updated: Jan 4
Top 7 Reasons to Invest in Real Estate in the Niagara Region
1. Growing Population
2. Ranked 12th by CMHC
3. GO Transit
4. Affordable Housing Market
5. Low Rental Vacancy Rate
6. Immigration Rate Climbing
7. Local Business Thriving and Growing Employment Rate
The characteristics of a population help determine its current and future housing needs. This section provides demographic data for Niagara, including its population size and distribution, and household types.
Building on this basic data, information is also provided about features of our community to better illustrate the people who live here, income information is provided as well, as income is a strong indicator of health and well being.
Niagara's Changing Population
Niagara Population Projection, 2006-2031
Source: Niagara Region Planning and Development 2018
In 2011, the population of Niagara Region was 431,345, an increase of 3,924 from the 2006 census. Over the next 20 years Niagara's population is expected to increase by roughly 40,800 people or 9.3 per cent. This is significantly lower than the population growth in Ontario as a whole which will see a 25 per cent increase over the next 20 years (Ministry of Finance, Projected Population for Ontario 2011-2036).
Percentage of Population Increase in Niagara and Ontario, 2001-2031
Source: Niagara Region Planning and Development 2018; Ministry of Finance, Projected Population for Ontario 2011-2031
Niagara Population by Age Group, 2011 - 2031
Source: Niagara Region Age-Specific Population Forecasts by Area Municipality
The population projection above comes from the report "Niagara Region Age-Specific Population Forecasts by Area Municipality" commission by Niagara Region to look at how the age of the population will be changing in the future. The population projection figures have been adjusted to account for the Census under count, the number of people that are estimated to be missed by the census, which is approximately 6 per cent.
Niagara Population Projection by Municipality, 2011 - 2031
Highly Ranked by the Experts
A new report from independent research think-tank Real Estate Investment Network (REIN) ranked Ontario’s largest metropolitan areas in terms of real estate market performance and suitability for investment over the next 5 years.
In terms of growth, diversity, and fundamental strength, Ottawa came out on top of the wide-ranging survey, which looked at multiple factors including economic health, employment numbers, GDP and population growth, housing prices and overall affordability, rent and vacancy rates, and several others.
REIN ranked the following cities in order of their housing market strength and potential performance over the next half-decade:
Kitchener - Waterloo - Cambridge
Grimsby and St. Catharines ( Niagara has finally made the top 10 :-)
REIN also cited the following cities as honourable mentions, in no particular order:
· Niagara Region
· Thunder Bay
In June 2016, the Province formally announced the extension of GO train service to Niagara with stops in Grimsby by 2021, and St. Catharines and Niagara Falls by 2023.
Initiated in 2015, the Niagara GO Hub and Transit Stations Study is building upon the completed 2011 Niagara Rail Expansions Environmental Study Review that had identified opportunities for GO Hub and Transit Station areas in Niagara.
The intent of the study is to ensure that both short and long-term growth expectations around the areas is appropriately planned, accommodated and managed. This expansion directly effects the real estate market as the ease to get to and from anywhere in the Golden Horseshoe will be quick and painless with the management of the everyday commute. This makes the Niagara Region that much more desirable as this growing Region will now be talked about in terms of a quick train to the big City.
Affordable Housing Market
The Niagara Region remains one of the last plots of land in the Golden Horseshoe that has a plethora of different housing options for everyone from first time home buyers, retirees, second time buyers and investors. The average price range for these properties range from $250,000-$600,000 which will allow for virtually anyone who has good credit, savings for a down payment and good management of their finances to buy a home within the Golden Horseshoe.
Low Rental Vacancy Rate
Statistics show the vacancy rate in Niagara dropped from 2.8 per cent in 2015 to just 1.5 per cent last year, lower than Hamilton or London. At the same time, rent costs have seen double digit growth. With the speed of finding tenants combining the growth in the cost to rent, the Niagara region seems to be an efficient and affordable place to land a real estate investment.
Immigration Rate Climbing
More people are moving to Niagara than before, thanks to this new and improved economy. This has helped to drive the rise of the housing market as well as projects to create more residential options.
It’s also driven an increase in transportation options and city amenities, including new hospital projects and an expansion of the GO train Lake shore corridor to Niagara.
GTA residents are looking toward the Niagara region for retirement options. The prime location makes Toronto accessible within an hour. The United States is also within an hour’s distance.
This also means that the region is right in the middle of two major airports, Toronto’s Pearson Airport and Buffalo International Airport. Travel is easy and convenient with both of these airports so close by.
Being between Toronto and the United States offers the best of both worlds. There are plenty of travel options to go back and forth, while living far enough away to get out of the city.
Local Business Booming
Many industries benefit from the increase of building construction. The construction, landscaping, real estate, and manufacturing industries are all expected to see a rise in profit over the next year. As a result, the retail trade, transportation, and tourism industries will get a bonus.Employment rates for the area are directly influenced by the success of local businesses, which is a major factor in today’s day and age.The employment rate for the Niagara region took a major hit after 2009, but has made an impressive comeback in the last few years. Since the end of 2014, the employment rate has grown by 6 percent.The boom in local industry and development projects has created many new job openings for hopeful residents who are looking to avoid having to move to Toronto for employment.
Until next time always remember " The More You C.A.R.E. The More You Earn"
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