Financial Benefits of Purchasing in Niagara

Financial Benefits of Purchasing in Niagara

Recently, homebuyers have been turning their attention south when looking to get out of the city; and with good reason! Homes in the Niagara Region offer much more space, at a fraction of the price for similar Toronto housing. Read on to find out all of the financial benefits of purchasing a home in the Niagara Region.

Toronto

First off, let's look at why people aren't happy with the Toronto housing market lately. According to the Toronto Real Estate Board (TREB) the average price of a detached home in Toronto is $1,366,640. They have also gone on record pinning Toronto semi-detached and row housing anywhere from $727,928 to $800,000 on average. Keep in mind that this is an average cost, which means this is for your run-of-the-mill, smaller home; which will probably require some renovations and may not even offer parking.

Equity

In fact, you don't have to look too far down the Queen Elizabeth Way highway to see the average house price climb to $1.2 million. For a third of any of these prices you can purchase a lot more house, a lot more yard, and a better view in nearby Niagara. Then, with all that extra equity, you can start a business, buy a summer home or cottage, or work on an addition to the home/ adding new renovations. The affordability of these homes means that you have the opportunity to make a strong investment in your future, whatever you may want that to hold.

Transit

Of course, with the growing interest in Niagara Region housing, the area is priming for the influx of new homeowners. A $13.5 billion program is in the works, meant to expand the GO regional express train network. This will include weekday service to Niagara Falls with new stations in Grimsby and upgrades to Via Rail stations in St. Catharines and Niagara Falls in the future. So, for all of you out there planning your commute to the city, you won't have to deal with costly gas or parking costs!

If you've been looking for your perfect, affordable, forever-home look no further than the burgeoning Niagara Region! With expansion plans to ensure infrastructure stays up with the demand, you can be sure your new neighbourhood is going to have the most up-to-date services and facilities without the exorbitant costs of city living. Be sure to keep up with Marina Homes' blog for further information about housing opportunities in the Niagara Region.