Not only is the Canadian side of Niagara Falls a top global tourist attraction, it’s also one of the world’s most popular honeymoon destinations, and a new boutique condo development just minutes away is capitalizing on that.
Riverwalk Niagara will be a five-storey, 51-unit condominium with unit sizes ranging from 700-1,600 sq ft in Chippawa, ON, just 4 km 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.
“The interesting thing about this is, given the location and proximity to the Falls, the potential for both short- and long-term rentals is quite high,” said 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.
“Niagara Falls is one of the top honeymoon destinations in the world. You have the fundamentals of tourism already present, and with COVID causing people to leave the larger nearby cities for exurban areas, we saw a lot of value in the Niagara region. In the last two years, property price appreciation in the area has grown by 20%, and as a result a lot of people are choosing to either live or invest there.”
In fact, a number of applications for developments just south of the Niagara Falls have been submitted, but it isn’t likely mortgages for units in those developments will carry very well since prices will have surged by then. However, being one of the first few 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 with several golf courses and MarineLand just minutes away, and Buffalo Niagara International Airport a mere half hour away.
“For anybody looking to go back and forth between Buffalo and Ontario, this is a great opportunity,” said Rahmat Bawari, Condoville’s sales manager. “Niagara-on-the-Lake, where there are 88 wineries, is only 15 minutes away; it’s 25 minutes to St. Catharines and Brock University; and Metrolinx, which is expected to have connectivity to Union Station in Toronto, is fewer than 10 minutes away. All the larger fundamentals required for living and investing are within 10-15 of Riverwalk Niagara.”