Home prices in the GTA are an old story to anyone who’s thought about moving in the last few years. While 2018 saw a small dip in prices, 2019 was a big rebound as prices rose on average 8%.
If you’re in a position to sell with a lot of equity in your home (or your whole mortgage paid off), that can add substantially to your budget. And if you’re approaching your retirement, you’re looking to take advantage of that equity.
The problem is, you have to live somewhere, and high home prices in the GTA mean that it can be a nightmare trying to find a new home, especially if, like many empty-nesters, you’re in the market for a new construction home with a lot of space for entertaining.
Moving out of the GTA at a time like this can give you equity to invest or a bigger budget to find that home of your dreams. And you don’t have to go that far away, either. The Niagara Peninsula is only a couple of hours away from downtown Toronto, and there are plenty of reasons to argue it’s one of the best places to retire in Ontario.
#1 A Better Place to Find Custom Homes
Looking for a custom home in Toronto can be a nightmare. There’s not much space left for new construction of singles or townhomes, yard space is limited, and land is expensive.
In a place like the Niagara Peninsula, you have a lot more space to spread out. It’s one way you can actually increase your square footage and still come out ahead.
If you are looking for a new or custom home, make sure you work with a reputable home builder in Niagara who can deliver what you’re looking for.
#2 Wine Lovers’ Paradise
For wine lovers, there is pretty much nowhere in the province that’s going to beat the Niagara Peninsula for variety, quality, and easy access to world-class vineyards right at your front door. For the complete low-down on wine production in Niagara, check out the New York Times feature from just a few years ago. Niagara is quickly becoming a destination, and for many more reasons than its ice wine.
Retirement means a lot more time on your hands to enjoy the things you love. If that happens to be local arts and culture, you should know that downtown Toronto doesn’t have a monopoly.
Niagara-on-the-Lake’s Shaw Festival is second only to Stratford in terms of theatre festivals in the province, while the First Ontario Performing Arts Centre features more contemporary fare. In addition to the theatre festival, there’s no shortage of galleries, arts centres, and more for those passionate about the arts.
#4 Great Outdoors
Getting outdoors and active is a priority for recent retirees who want to stay fit and healthy, and Niagara offers great options for cycling, hiking, and enjoying the outdoors. The Niagara Parkway remains one of the most scenic drives to be found anywhere and a stroll through the Niagara Parks 99-acre Botanical Gardens (featured 2,400 roses) is worth many repeat visits.
Niagara is a beautiful, affordable place to retire, and only a short trip away from Toronto, Hamilton, and Buffalo. Plus, it’s easy to stop by for a visit if you’re still on the fence.