Content of the article continued
Niagara Region – plus 15.3%
Home prices in the Niagara region registered a year-over-year gain of 15.3% in August.
Terri McCallum, a sales representative / broker at Royal LePage NRC Realty, said the Niagara region also benefited from the exodus from Toronto.
“A lot of people leave the Greater Toronto Area and move around that way,” McCallum said. “If you can buy a property and get the house twice for the same price or less than what you’re leaving now, why can’t you?
If you can buy a property and get the house twice for the same price or less than what you are leaving now, why can’t you?
McCallum said people moving from the Greater Toronto Area to the Niagara region love the low prices. She said low interest rates have helped increase demand as people see it as the perfect time to get a mortgage.
“The pace of life here is different,” she says. “It’s slower and we have so much to offer.”
Guelph – plus 14.3%
Guelph posted a 14.3% year-over-year gain in August.
“With COVID, growth has intensified and accelerated a trend that may have occurred over a 10-year period,” said Ryan Waller, real estate sales representative at Home Group Realty Brokerage. “Guelph has a lot to offer, including low unemployment, a number of large employers, the University of Guelph and Conestoga College.
Waller said this price increase was fueled by a “GTA invasion”. He estimates that about 50% of buyers come from the Greater Toronto Area.
“Housing is cheaper than in the Greater Toronto Area, but still switchable,” he said. “We’ve been saying for a long time that we’re seeing massive migration where Ontarians are slashing prices from bigger, more expensive cities to smaller, cheaper cities and pocketing money along the way.