Niagara Region
The real estate market in the Niagara region is booming thanks to its expansive size (land area of 1,852.82 km2) which takes the biggest portion of the Niagara Peninsula and a thriving tourism and agricultural sector. It’s boarded on the east by Niagara River, on the north by Lake Ontario, and the southern side by Lake Erie.
One of the most popular agricultural enterprises in the Region of Niagara is winemaking thanks to the Niagara Wine Route which is a major tourist attraction model that aims to attract visitors to tour multiple wineries across the agricultural region. Niagara region is also home to one of Canada’s most popular international tourist attraction sites known as Niagara Falls. It attracts over 14 million tourists every year making it one of the backbones of the tourism sector in the Niagara region.
According to the 2021 census population data, the estimated population of the Regional Municipality of Niagara was 477,941 which represents a 6.7% increase from the 2016 population. By the year 2041, the estimated population of the Niagara region is expected to reach 610,000. Employment opportunities are also projected to increase to 265,000 by the year 2041 and more businesses in the agricultural, real estate, and tourism sectors are expected to continue expanding as the population increases.
One of the major real estate development that is expected to transform the Niagara Region and specifically along Niagara Falls is the Paradise Walk project by GR Investment Group. This is a European-inspired village that will redefine the modern living experience in Canada. The Paradise Walk is expected to transform Niagara Falls by turning it into a charming and thriving tourism and commercial spot.This new development is designed to feature an amusement park, chic shops, international restaurants, entertainment joints, a boutique hotel, state-of-the-art new condominiums, and modern brand designer stores.
Paradise Walk development complex aims to increase the average overnight stay of visitors in the Niagara region from one and a half days to two or three days. The Paradise Walk project will also feature a dedicated canal for bars and restaurants with blissful patios. It’s estimated that this community will have not less than 3,400 residences and it will create over 13,000 job opportunities. Having such a huge mixed-use real estate development in the Niagara region featuring both leisure and commercial spaces is a great motivating factor for other real estate investors.
The demand for new condominiums and pre-construction condos in the Regional Municipality of Niagara is expected to continue increasing as more people will move to this region in search of job opportunities in the thriving agricultural and tourism sectors. Municipalities like St.Catherines are Urban Growth Centers in the Niagara Region that are set to benefit from the Ontario “Places to Grow Act”. Therefore, we can project that there will be many pre-construction condo projects that will come up in this vast region.
Niagara Region Demographics
With a population of 477,941 according to the 2021 census data, the Regional Municipality of Niagara has a population density of 258/km2 (670/sq mi). The median age of the population is 46 years and most of them are working class. The estimated population of the 12 distinct municipalities that make up the Niagara region can be summarized as;
- Niagara on-the-lake town- 17, 511
- Pelham town- 17,110
- Wainfleet township- 6.372
- West Lincon township- 14,500
- Thorold City- 18,801
- Welland City- 52,293
- Fort Erie town- 30,710
- Niagara Falls City- 88,071
- Port Colborne city- 18,306
- St. Catharines City- 133,113
- Grimsby town- 27,314
- Lincoln town- 23,787
The racial composition of the Niagara region population can be broken down as follows; White: 92.1%, Black: 1.2%, Multiracial: 0.2%, Chinese: 0.9%, and Asians 2.9%.
Education and Healthcare services in Niagara Region
The education sector in the Niagara region is managed by the District School Board of Niagara (Public) and Niagara Catholic District School Board (Faith-based). As a family-friendly region, the Regional Municipality of Niagara has many private and public institutions in each of the 12 municipalities ranging from elementary, secondary, and college institutions.Some of the popular public English schools in the Niagara region include; A.N Myer Secondary School (Niagara Falls), St.
Catharines Collegiate Secondary School (St. Catharines), Eastdale Secondary School (Welland), and Blessed Trinity Catholic School (Grimsby). For French-speaking public schools, a student can join the École secondaire Confédération located in Welland.For post-secondary education, students can join either Brock University (St. Catharines), Niagara College (Niagara-on-the-Lake, Welland), or the Niagara Parks School of Horticulture (Niagara Falls, Ontario).For health care services, residents of the Niagara region can visit Hotel Dieu Shaver Health and Rehabilitation Centre, Niagara Health System, or Niagara Health which is one of Ontario’s largest hospital systems.
Niagara Attraction sites and festival events
In the Niagara region, there are multiple natural attractions and family entertainment events that both locals and tourists can visit and attend to have some fun. Some of the popular family festivals include; The Shaw Festival for children which takes place in the Niagara-on-the-lake region and Oh Canada Eh? Dinner music entertainment Show that takes place in Niagara Falls.For nature trails and historical sites, one can visit either; Bruce Trail, Old Ivy Walk, Waterfront Trail, Friendship TrailFort George National Historic Site, Niagara Parks – Siege of Fort Erie Re-enactment, Chippawa Battlefield Park, Greater Niagara Circle Route, Merritt Island (Welland), Niagara Botanical Gardens, Daredevil Exhibit, Drummond Hill Cemetery, Niagara Historical Society Museum among many other sites including The Whirlpool Golf Course for golf lovers.
Average condo prices in Niagara Region
The demand for housing in the Niagara region is still high and many new developments are coming up. In the year 2019, the average resale price for condos and other types of homes was $415,000. According to data from the Niagara Association of Realtors (NAR), The Housing Price Index (HPI) composite benchmark index for the Niagara Region was $631,600 by December 2022. The average rental price for homes in the Niagara region is $1,200.
Transportation in Niagara Region
Accessing the Niagara region or moving around to different neighborhoods is easy thanks to the extensive transport network.
For air transport, the Niagara region is served by three main Airports. Residents and tourists can access different areas of this region either by using; St. Catharines/Niagara District Airport located in the Niagara-on-the-Lake region, Welland/Niagara Central Airport located at Welland, and Niagara Falls/Niagara South Airport located at Niagara Falls. There are other nearby international airports that residents of Niagara regions can use for their commercial purposes.
Road public transport is also robust in the Niagara region as it’s served by the Go Transit and the Niagara Region Transit. Other regional bus operators that serve residents in different areas include; Niagara Falls Transit, St. Catharines Transit which also serves Thorold, Welland Transit which also serves Port Colborne, Fort Erie Transit, and Niagara-on-the-Lake Transit. Several major highways make driving to or from the Niagara region from different areas like Toronto seamless and fast. One can easily connect through Highway 405, Highway 406, Highway 420, and Queen Elizabeth Way (QEW).
With such a solid transport system, more people are attracted to visit and even live in different neighborhoods within the Regional Municipalities of Niagara. Therefore, investing in pre-construction condos in the Niagara region is a viable idea as demand for housing will continue to increase as the population grows.