Is this traditional student rental market ready for luxury homes?
St. Catharines, Ontario, is growing, according to a developer with high hopes for the city.
New projects, such as Union Waterfront, a development planned for the Port Dalhousie neighbourhood, is a 19 storey condo and hotel that aims to “change the face of Niagara realty.”
A lofty goal.
Arbour Vale, a new by Pinewood Niagara Builders, will include luxury condos, townhomes, and single-family residences.
“We’re bringing a new kind of look and feel to the cityscape,” says Cindi Loforti-Lepp, representative for Arbour Vale. “This development is an elegant lifestyle community more akin to what you would see near the waterfront in Oakville or Burlington.”
St. Catharines saw its average home price jump 16.4% year-over-year last year and its sales increase 15.3%.
So interest is certainly building in the small market.
“We’ve had a lot of interest so far, which is a good sign that St. Catharines is ready for and excited about this kind of lifestyle,” Loforti-Lepp said.
The Arbour Vale home will range in price from $565,888 to $778,888. The community is set for completion later this year.
It remains to be seen what sort of appetite investors will have for pricier homes in what has, for the most part, been a market geared toward affordable older homes and student rentals.
Source: http://www.canadianrealestatemagazine.ca/news/new-development-in-market-popular-among-investors-220352.aspx
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