Residents of the Niagara Region population get to enjoy the convenience of city living with the comfort of a rural landscape. It’s truly the best of both worlds.
Consisting of 12 municipalities, The scenic Niagara Region stretches over a land mass of 1,854.2 km2 and is quickly becoming a hot spot for investors. There is plenty to see and do in the area and it’s no wonder why this area of the golden horseshoe is quickly gaining traction.
With everything the Niagara region has to offer, the current population of 431,000 is expected to surpass the 600,000 mark by 2041. This 38% increase will bring with it it’s own challenges but provide numerous benefits as well.
Higher populations provide stable economic growth as communities are forced to reevaluate current infrastructure deficiencies, update public policies, and provide all around better living conditions for residents and their families. In return, a higher population expansion provides better employment options, higher incomes, and more taxpayers.
Here are some of the benefits we can expect to see as the Niagara Region population continues to grow
Since the recession of 2008, Niagara Region has continuously been led by an employment driven mindset, a push for employers to expand their current businesses and entrepreneurs to found new ventures. This push has attracted the eye of consumers from surrounding areas and throughout the world, as well as new graduates from Brock and McMaster University.
As the region continues to support independent business owners, more Ontarians will choose to relocate to the Niagara area for employment opportunities. These additions to the Niagara Region Population will strengthen the economy.
With a promise of a growing population, the regional council has put together a Transportation Master Plan that addresses the current trends by younger generations to the needs to the older generations. The plan has been developed to give residents and investors a glimpse into the future of the Niagara Region transportation options.
As the Niagara Region population continues it’s projected growth, the regional council has proposed larger investments to be made into public transportation within the city and between municipalities. The area can expect to see more projects such as the St. Catherines GO and the Niagara GO stations that will connect to the Lakeshore West line. These connections will ease congestion along the highways and will grant residents more employment options, better health care options, and give them freedom to live in more rural neighbourhoods.
Real Estate Market
It’s no secret that the cost of living in the GTA has skyrocketed in the last decade and fewer families and residents are able to afford the cost to live there. With inflating prices continuing to rise, many residents are opting out of the city living and are choosing to look for other options. Niagara region is just one of those options. The Niagara region is currently the cheapest in the area with 80% of Ontario markets surpassing the Niagara prices averaging $324,000. Still, these prices are expected to rise as the demand outweighs the supply of homes offered in the area but won’t surpass their neighbouring city prices.
Residents from the GTA are expected to continue their relocation to the area, sacrificing the quicker commutes for the the overall affordability the Niagara Region has to offer. The Niagara Region’s population will greatly benefit these higher incomes as residents continue to commute back and forth to the GTA.
The Niagara region was hit harder than most of Southern Ontario when they faced the recession of 2008 and their unemployment rate skyrocketed to the double digits. It was a rough few years for the region, but with the continuous effort to provide funding to attract small business owners into investing their business in the area, neighbourhoods have completely transformed for the better.
In addition, the city is also awarding $25 million in tax grants to industrial companies to attract new investors into the area. The strength of the community will continue to ride on their commitment to helping small business owners thrive.
According to a census conducted in 2016, 21.4 percent of the Niagara Region’s Population are seniors. With 95,845 residents being 65 or over, the area is one of four in Canada containing the highest percentage of seniors within the local population. Most of Ontario hovers around the 16.7 percent mark.
Not all of these residents are opting for retirement any time soon, and those that do spend a lot of their free time volunteering for charities and local events that contribute to the betterment of their neighbourhoods. More and more seniors are choosing to move into the area due to the affordability, as well as the landscape providing scenic routes that they can use to get various types of exercise.
As the percentage of seniors living in Niagara continue to rise, the Niagara Region’s population will need to cater to the specific needs of these residents. Investors should look to increasing the participation of seniors in the community and options for their overall care for future investment opportunities.
With many new changes coming to Ontario and the Niagara Region, there are many looking to the idyllic life Niagara offers as an escape from the urban stresses of the GTA. This lifestyle will continue to attract investors looking to get on the ground floor as the economy continues to thrive.
There will plenty of new opportunities for investments in the Niagara Area in the upcoming years and there’s no sign of it stopping anytime soon.