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Why buy a pre construction homes in Niagara ?
Niagara Falls and its surrounding attractions bring in more than 30 million tourists every year. On average, tourism brings in $1.2 billion annually. Niagara has been one of the most popular long term & short term vacation destinations for Canadians.
The Niagara Region, located in the Golden Horseshoe region of Southern Ontario, is home to just under half a million people—a number that’s forecasted to rise. Niagara’s population grew by close to 40,000 persons between 2007 and 2019, with the most concentration in St. Catharines and Niagara Falls . Owing to its prime location, bordering the United States, as well as its repute for being one of Canada’s largest tourist hubs, real estate investing in the Niagara Region has been promising for some time.
In recent years, a growing number of first-time buyers and new Canadians looking to own their first homes are settling in the region, as cost of living in the City of Toronto becomes increasingly unaffordable.
Stats on Niagara Real Estate
On a year-to-date basis, home sales totaled 6,309 units over the first 11 months of the year. This was a big decline of 34.9% from the same period in 2021. The benchmark price for single-family homes was $654,500, a moderate decrease of 9.2% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $609,800, edging up 0.3% compared to a year earlier, while the benchmark apartment price was $461,800, a gain of 5.2% from year-ago levels.
Why invest in real estate in Niagara ?
There are many reasons why Real Estate activity in niagara seems to be growing and thriving more than ever. The improved GO Train and Via Rail service in the Niagara region is in the midst of several important infrastructural developments. For instance, the planned $10-million reconstruction of Drummond Road, slated for 2026.
To add, Niagara Region Public Health opened a new 21,500-square-foot facility last year. The new hospital replaced an existing facility that was only a third of the size. The center offers improved health services as well as job, residency, and volunteer opportunities to residents of the region. Planning for a brand new state-of-the-art hospital has also commenced and construction is slated for as soon as the fall of 2022.
Lastly, and perhaps the most important, is the upcoming Niagara Falls Renewable Natural Gas plant, which is expected to be completed by the end of 2021. The $42 million facility will create jobs, stimulate regional economic development, and reduce greenhouse gas emissions in Canada. The Niagara Falls Renewable Natural Gas plant will be the largest of its kind in Ontario.
Niagara remains one of the most attractive destinations for real estate investors or someone who likes to live near the green and nature.
If you are looking to purchase new construction homes near Niagara, Contact us today.
Niagara’s Housing scenario - Is it a good idea to invest in Real estate in the Niagara region?
If you have paid attention in the past couple of years, Niagara real estate has been seeing increasing activities. The market is seeing the increase in upcoming reconstruction home projects across the Niagara area. Niagara’s housing prices are rising faster than ever due to increasing tourism, work from home for employees and more people getting fed up living in urban areas. Given the steepening state of demand for housing, meaningful supply is underway in the region, including a recently-opened affordable housing building for seniors in Welland, a high-rise on Carleton Street in St. Catharines, and an upcoming 73-unit project on Hawkins Street in Niagara Falls. Several upscale condo developments are also underway in the region.
Further, according to a report via Statistics Canada, construction spending rebounded in the region in May. The same source cites that investments in non-residential buildings, such as offices and warehouses, increased by 65.6 percent in May compared to April 2020, and residential investments increased 57 percent during the same period.
When it comes to investing in real estate, in Niagara or anywhere else, it’s important to critically know and feel the market. That’s why it’s important to consider the economies (past, present, and future), of the markets you’re considering well before you invest. Historical and current data shows that Niagara boasts a resilient and growing economy. That, coupled with growing demand for housing, makes the region a promising place to invest your hard-earned-funds. Our recommendation from the past, present and future reconstruction projects and infrastructure proposed, Niagara is one of the most attractive regions to invest in new homes.
What is an Ontario Land transfer Tax ?
When you acquire land or a beneficial interest in land, you pay land transfer tax to the province when the transaction closes. Land transfer tax is normally based on the amount paid for the land, in addition to the amount remaining on any mortgage or debt assumed as part of the arrangement to buy the land.
In some cases, land transfer tax is based on the fair market value of the land, such as in the following examples:
the transfer of a lease with a remaining term that can exceed 50 years
the transfer of land from a corporation to one of its shareholders, or
the transfer of land to a corporation, if shares of the corporation are issued.
* First‑time homebuyers
If you are a first‑time home buyer, you may be eligible for a refund of all or part of the land transfer tax.
As a buyer when you buy a pre-construction condominium you’ll be given two different dates: the interim occupancy date and the closing date. Interim occupancy is unique to pre-construction condos, and the process may be confusing to some, especially first-time homebuyers. Here’s your comprehensive guide on what to expect.
In pre-construction condos there are two types of closing:
1) Interim Occupancy
2) Final Closing.
However, once the PCOP has expired, you're no longer able to purchase a unit and will have to wait for the next phase of construction.
What is Interim Occupancy?
Interim occupancy is the period of time between the day you occupy your unit (move in) and the day you take ownership (close). One of the reasons for interim occupancy is to allow the builder to focus on the sold suites and some of the common elements before the building is registered.
What Are My Occupancy Fees Paying For?
The monthly fees charged by the builder during interim occupancy include interest on the unpaid balance of your unit, contribution fees for common elements (not unlike maintenance fees) and estimated property taxes. For more details, refer to Section 80(4) of the Condo Act.
So, what happens to the occupancy fee I paid? Does it go towards paying my mortgage?
Unfortunately Occupancy fees do not contribute towards your Mortgage. The money goes directly to the builder. Builders use the occupancy fees funds collected to recover the costs of trying to continue to sell unsold units and get the building running.
Also, one thing to keep in mind is that the builder doesn’t get any of your down payment until the building closes, so they have the incentive to have as quick of an occupancy period as possible. It's in their best interest to get their units sold and they can use the funds and move onto future projects.
For Investors looking to buy preconstruction homes outside ontario
Do you live in Calgary and looking for preconstruction homes in Calgary. There are over 45 New construction homes available on homebaba.