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The Niagara real estate market is experiencing growth in its commercial, industrial and residential markets. Over $4.5 billion worth of investments in the area are establishing a strong economy, making it highly desirable for outside investors. As a major gateway for significant Canadian and United States markets, Niagara proves to be a desirable location for developers. A noteworthy residential real estate development in Niagara is the Imagine community in Niagara Falls, a 1,100 home community on 300 acres of land south of McLeod Road. Not only will the development enhance the community, it will also have a significant impact on real estate appraisals in Niagara.
A major sub-developer from outside Niagara
The investment potential of Niagara is no longer a local secret; major developments throughout the region are now the result of outside developers. Strategically located, the Niagara Region provides investors and developers with access to major Canadian markets, easy transportation, and an educated workforce. With more businesses investing in the area, there is a higher demand for housing.
Empire Communities, a Vaughan-based developer, created the Imagine community in Niagara Falls in partnership with the Warren Woods Land Corp. Located on the west side of the QEW Highway, the community has easy access to major amenities in Niagara, including a large entertainment complex which contains the McBain YMCA Community Centre, the Niagara Square shopping centre, and large box stores such as WalMart and Lowes.
Attracting new residents
Imagine is a 1,100-home planned community complete with nature trails, parks, an amphitheater, fitness centres, ice rink and ponds. The community is comprised of several unique neighbourhoods and includes a range of different living styles. It will include large and small single-family detached homes, townhouses, condominiums and apartments, as well as a retirement village. The Imagine community offers features for a variety of demographics, appealing to families, empty nesters, vacationers and retirees.
The Imagine Centre currently includes three fully furnished model homes on site, and the development has reportedly sold 450 homes in the last 14 months. Prices at Imagine start at $189,990 for townhomes and $214,990 for detached homes. The first three neighbourhood phases of the community are 100% serviced with construction progressing quickly.
The community will be an energy-efficient, “complete community” in which people will work and live. Residents will have green choices and as noted in the Niagara Falls Review, “Homes will have geothermal units that will use the earth to warm them in the winter and cool them in the summer. Solar and wind technology will provide low-cost electricity and each unit will be Energy Star certified”.
Growth for the community
In addition to 1,500 homes, the 300-acre community will have the 50-acre Warren Woods Energy Business Park (an area devoted to energy related businesses), a residents’ club and fitness centre. The Niagara Square shopping mall will be at the centre of the development, and the community is located near the Heartland Family Retreat and the Carolinean Forest preserve.
The current Imagine development is part of a larger planning area known as the Garner South Secondary Plan, which encompasses approximately 255 hectares of developable Greenfield land in the south end of Niagara Falls. According to the City of Niagara Falls, the secondary plan area, at build-out, is designed to accommodate approximately 6,900 people with 2,700 dwelling units and 2,000 jobs. Given that Imagine features 1,100 homes, surrounding parcels offer excellent residential development potential over the long term, with development likely to proceed in this area for the next 15 to 20 years. If you are looking to invest in Niagara, ensure that you have a Niagara real estate appraiser who understands the significant potential in the residential and commercial sectors.
