We recently received word from Niagara Innovative Living – their boutique development, Fairview Condominiums in St. Catharines, is officially 50% sold and construction is moving along at a smooth pace!
The foundation is complete and the construction crew just started work on the first floor walls for the main floor parking garage. The site will really show some progress come April when the crew plans to begin on the insulated concrete forms on the second floor. Construction is on schedule for occupancy to commence this fall!
According to Royal LePage Niagara Real Estate Centre, the average home sale price went up 24.7% across Niagara Region. The resale market is starting to see multiple offers and bidding wars like in Toronto. It’s become normal to see a home sell for up to $150,000 over list price. Clearly, the rising prices in areas like the Greater Toronto Area (GTA) have caused some buyers to look at different regions for a wider selection of more affordable options.
As of the end of January 2017, the average price per square foot in the GTA’s new condo market was $625, according to the Building Industry and Land Development Association (BILD). This is a record high. At Fairview Condominiums, units start at 943 square feet for $384,900. That’s only $408 per square foot! The largest unit at Fairview Condominiums is 1,222 square feet and it’s priced at $459,900, which is $376 per square foot.
And that’s exactly why more and more singles, couples, and families are looking to St. Catharines for new housing. You simply get more square footage for your money, and if more space is important to you, then Fairview Condominiums is a great opportunity!
As more people start looking to St. Catharines for new housing, land value will continue to appreciate, making buying now a promising investment. Since the project is 50% sold and construction is on schedule, pricing will increase by $10,000 on March 17th, which is this Friday! Like with the majority of new construction housing, those who buy early will benefit from price increases, so it’s helpful that Niagara Innovative Living has announced this bit of news! Even with the $10,000 increase, the prices are still great.
Fairview Condominiums has been recognized as an attractive opportunity for first-time buyers and empty nesters. Even with prices in the mid $400,000s, first-time buyers can get more than 1,000 square feet of living space! They would never find a unit – new or resale – that size for a price like that in downtown Toronto.
Empty nesters looking to downsize appreciate having an option to move into a 1,000+ square foot condo so that the shock of moving from a larger low-rise home isn’t as impactful. Plus, Niagara Region has such a beautiful landscape full of walking trails, conservation areas, and wineries, so it’s ideal for the outdoorsy type.
From an affordability standpoint, the carrying costs at Fairview Condominiums will be relatively low. It’s estimated that after the condo board takes over, the monthly condo fees will be approximately $265. For the smallest unit, that’s only $0.28 per square foot. Compare that to the $0.55 per square foot you’ll pay for a condo in downtown Toronto.
Of course, it may be considered foolish to compare a condo in St. Catharines to a condo in downtown Toronto. The areas are completely different and so are the projects. The only reason we’re comparing Fairview Condominiums to a condo in downtown Toronto is because there are people living in the GTA who feel like there are no affordable options for them, but it’s only because they haven’t considered St. Catharines or other surrounding areas.
If you’re interested in learning more about the available units at Fairview Condominiums in St. Catharines by Niagara Innovative Living, then book your private appointment by calling 905-329-7449. You can also visit the presentation centre at 33 Maywood Avenue either Tuesday or Thursday from 11 am to 1 pm. Visit this Thursday because prices go up on Friday!