Vacancies: 2.4% ↓
Rents: $942 ↑
Volatile Employment Market Keeps Vacancy Rates High, But Rents Rising
The Region of Niagara, containing the cities of St. Catharines and Niagara Falls, have ridden a roller coaster ride of job growth and losses. Overall, the region has lost 300 jobs since 2005, but has seen employment grow by as much as 7,300 jobs in a year, and shrink by as much as 15,300.
The region’s tourism industry is strong but susceptible to economic downturns. In the case of St. Catharines, the town has not been able to directly benefit from the casinos built around Niagara Falls but is seeing an influx of commuters driving or taking public transit to jobs in Hamilton or the Greater Toronto Area.
St. Catharines’ apartment market has matched this volatile outlook with mixed signals of its own. With 7,990 units in its universe, the centre has the second highest concentration of apartments in the region (behind only Hamilton). The market is diversified; however, and like Hamilton, the risk has been priced into the available properties.
Rents have grown every year in the past five years, at an average rate of 2%. The city’s average rent is below the provincial average but above that of Hamilton or Grimsby.
St. Catharines is currently at the edge of the Greater Toronto Area’s economic influence, but commuters are not uncommon. Transportation links are almost as strong as in Hamilton, and additional links (both highway and public transit) are planned. This could increase interest in St. Catharines’ apartment market, and the days of high vacancy rates could be numbered.
- Opportunities exist for new and repositioned student housing east of Brock University (in Thorold).
- A total renovation of an ageing property by one major apartment operator was highly successful.
- St. Catharines’ self-contained nature will be attractive to retirees due to lower housing costs than GTA.
- Buying opportunities will continue to exist in the city’s large mid-size market, as diversified ownership continues.
INTERESTED IN NEW APARTMENT CONSTRUCTION IN THIS REGION? FILL OUT THE FORM BELOW TO REQUEST THE RECENT TRANSACTIONS.
Global Director Buildings
Mansoor Kazerouni is an Architect with over 27 years of experience and a significant portfolio of projects completed or underway across Canada, the United States, the UAE, Jordan and India. These include high density high-rise residential buildings, hotels, office, retail, institutional, and complex urban mixed-use developments. A number of these projects have been nominated for and received Urban Design and Architectural Design awards.
Mr. Kazerouni is the Global Director of Architecture at IBI Group, leading a team of over 1,400 Architects, designers and Engineers located in 60 offices worldwide.
Mr. Kazerouni has been a guest lecturer on the subject of architecture and mixed-use design at universities, conferences and various panels. He has also been interviewed on the subject by newspapers, architectural publications, television and other media.
Mr. Kazerouni's abilities and expertise in his field have been recognized by his appointment to the City of Mississauga's Urban Design Advisory Panel, the City of Markham’s Urban Design Advisory Panel and the City of Vaughan's Urban Design Advisory Panel. He is also a past Advisory Board Member of the Urban Land Institute, a member of the Ontario Association of Architects, the Alberta Association of Architects, the Nova Scotia Association of Architects, the Architects Licensing Board of Newfoundland and Labrador, and a member of the Royal Architectural Institute of Canada. He has testified as an expert witness at the Ontario Municipal Board and at Arbitration Hearings related to development sites.
Darryl McCullough CCIM SEC
Broker - Royal LePage Lakes of Muskoka Realty Inc., Brokerage
President - Crescent Equity Management Inc.
Since 1972, I have been given the opportunity to interact with seasoned partners and clients in structuring and organizing both simple and complex real estate transactions involving acquisition, disposition, finance, and consulting in Canada and throughout the United States. It has trained me to bring a unique, personal client-centered approach to each assignment, from simple to complex transactions and the diverse clientele who own them.
In 1984 I received the Certified Commercial Investment Member, CCIM, designation (www.ccim.com); an internationally recognized identity confirming amortized knowledge in the disciplines of investment, development etc.
Another prominent membership I thankfully am able to continue holding is with the U.S. based Society of Exchanges Counselors (www.secounselors.com). This organization shares my belief in pursuing and demonstrating problem solving techniques in the real estate industry based on proven principles of integrity, professionalism, and accountability. Through this organization I continue to dedicate myself to what is true in the discipline of real estate problem solving.
Technology coupled with a learned research and analytical skill set now allows me to carry out these functions with selected projects from my adopted Muskoka home.
I continue to maintain an ever changing “student” learning status not only related to the physical asset, but equal or more importantly, drawing out corporate/personal situations and objectives and then knitting together ultimate benefit packages based on creative solutions via time honoured formulas.