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Old Posted Aug 24, 2006, 1:13 AM
Join Date: Aug 2006
Location: Discover Niagara!
Posts: 219
This is how I see it Tony, in Niagara Falls you still have a somewhat diverse city which has been able to sustain itself for years. There is more to Niagara than just the tourist side of it, just like there is more to Windsor than the big three. Sure these are your most influential parts of your cities, but this is not the only element to this region, after all it is the region that makes the clock tick. People who live in Niagara work in Toronto, Hamilton, St.Catharines, Grimsby, Welland, and yes even the Falls themselves. I agree that if the city does not find a way too "replace" the US residents who won't be back, than yes they could and I repeat could be in trouble. The people of this region will find a way to survive despite the short-comings of the tourist industry. And my personal opinion is that the people of Ontario will come back to the Falls instead of Disney once the law comes into affect and those from other countries will continue to come because they allready have passports. I know that this does not solve the lack of Americans, but the industry will just have to give more incentives, which in turn will make it more desirable for all parties. On the issue of more Condominiums I could not agree with you more, this is the future of this community whether people like it or not. I could even see some of these highrise hotels turning coat and switching to a multi-use building. This area has three things that stand out to me , the 1st is obvious and that is the view of the Falls are priceless, the 2nd is that this is the Queen region of retirees, "INSERT CONDOS HERE," and the 3rd is that the prices of houses is the fastest rising in Ontario, that tells me that this area is becoming more desirable to live and play, while they commute to work in the Toronto and Hamilton region.

Niagara's housing prices fastest rising in Ontario

It's not Alberta, but Niagara's housing prices are rising faster than anywhere else in the province.

Statistics Canada released the June housing price figures this week, showing the average cost of a home in Niagara (excluding Grimsby and West Lincoln) is $328,000, up 4.9 per cent from last year.

Other than Hamilton, where the cost of a new home also went up 4.9 per cent, the Niagara housing market is heating up faster than any other region in Ontario.

Still, it isn't even within shouting distance of Alberta, where in the last year, the cost of a single detached home has jumped 49.2 per cent in Calgary and 28.1 per cent in Edmonton.

David Lan, who monitors the Niagara market for the Canada Mortgage and Housing Corporation, said the main driver continues to be Torontonians moving to the southside of Lake Ontario.

This is largely because of the cheaper houses. The average new home in Hogtown is $122,000 more than the same house here. And while many of the migrants are retirees, Lan said some are just looking for a lifestyle switch.

Inflating the local price tag is a higher cost for land, caused mostly by a shortage of developable property, particularly in St. Catharines.

Looking ahead into 2007 and 2008, Lan predicted prices will cool off a tad, but continue to climb.

"We're forecasting slower growth in prices for the next year, partially because mortgage rates are edging up," he said.
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