It’s not just investors who are interested in cities such as Niagara and St. Catharines, where a two-storey house sells for about $450,000. The cheaper real estate prices have made it more desirable for baby boomers, immigrants and young families
“Baby boomers are cashing out of wherever they are and buying in cash or not having a mortgage,” said Brad Johnstone, a realtor with Royal LePage who has worked in the Niagara region for more than two decades.“We are also getting young families coming out of the Greater Toronto Area that can’t buy a house,” he said, adding that with more people working from home, it’s easier to settle outside of a major labour market such as Toronto.It’s a similar story in other Ontario cities.
Unlike many suburban homeowners, who either commute or work in major job centres such as Toronto and Mississauga, this crop of buyers spends more time working from home, according to Royal LePage chief executive Phil Soper. The couple ventured into real estate for another source of income. At the time, Ms. Vanditelli’s employer was laying off her colleagues and the couple feared she would soon lose her job.
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