Riverwalk Niagara is hosting an RSVP-only event this Saturday at the Scotiabank Convention Centre in Niagara Falls where attendees can benefit from an incentive-laden package.
The development will be a five-storey, 51-unit condominium with unit sizes ranging from 700-1,600 sq ft in Chippawa, ON, just 1 mile away from the Falls and directly across the street from family-favourite Kingsbridge Park. The building’s rooftop patio also has unimpeded views of the beautiful Niagara River and the Niagara Falls skyline.
Incentives being offered Saturday include two-year property management services or one-year maintenance fees for free, a reduced assignment fee of $1,500, and a free locker valued at $7,500. The sales team will also provide an extended deposit structure of 5% in 30 days, 90 days, one year, and occupancy.
According to Shaminder Gogna, broker of record and founder of Condoville Realty Inc., a sales team that doubles as strategic partners in real estate developments and works in secondary and tertiary markets, specializing in infill sites, the development is already 25% sold in the first few days of selling and units are moving fast.
“What we found with a lot of investor clients is instead of looking at maximizing cash flow on a monthly basis by going for smaller units, we’re seeing demand for larger units especially outside the GTA,” he told CREW. “Investors are open to larger spaces and functionally designed units. Floor plans are designed with end users in mind, so we’ll see a lot of demand for these types of units, rather than the micro units that are all around the GTA.”
Niagara Falls is one of the top honeymoon destinations in the world, and that’s just one of its strongest market fundamentals, which also include a bustling tourism industry and being the beneficiary of the COVID-induced big city exodus from places like Toronto. Moreover, in the last two years, property price appreciation in the area has grown by 20%, and as a result people are choosing to both live and invest there, says Gogna.
A number of applications for developments just south of the Niagara Falls have been submitted, but he added that it isn’t likely mortgages in those developments will carry well because of how much prices will rise by the time they’re occupied. However, being one of the first new developments in the area, Gogna says rents for Riverwalk Niagara units will easily carry the mortgages.
“This is the first of many developments that will be occurring in the next decade,” he said. “Price appreciation and growth models would suggest that this is where you want to put your money—it’s an area that has end users coming over, you have this giant tourist attraction, and you have people buying around there as recreational properties, so there are several markets you’d be able to rent and sell to in the coming years.” The area is rich in amenities that include several golf courses, major big box stores, Buffalo Niagara International Airport, and Niagara-on-the-Lake, which boasts 88 wineries and is only five to 15 minutes away from Riverwalk Niagara.
“St. Catharines and Brock University are only 20 minutes away, and Metrolinx, which is expected to have connectivity to Union Station in Toronto, is fewer than 10 minutes away. All the fundamentals required for living and investing are within 10-15 minutes of Riverwalk Niagara.”