Mark Twain's famous verbage "Buy land, they're not making it anymore" was never more true.
Today, a variation to the above statement may be: "Buy waterfront land, they're not making it anymore."
Across every GTA jurisdiction, waterfront property assessments are increasing more than any other. Properties on or near the shoreline, stretching from Oakville, Mississauga and Toronto, are experiencing jumps in the phased-in property assessment of between 6% and 8.3% for 2009.
"Location is always the main driver for values, and because the demand obviously exceeds the supply in waterfront areas, you're going to see greater than average increases on waterfront properties," said Joe Regina, MPAC account manager. "That's true in general, across the board."
Moving west, residents in Mississauga's now-trendy Port Credit neighbourhood, Oakville's exclusive lakefront communities and Mississauga's elegant Lorne Park are all seeing big increases in value.
If you can afford waterfront, it's an incredibly good investment. People are simply willing to pay for the amenity of a view out over the water.
If you are thinking of buying a home along the waterfront, or if your residence has become to large and you are thinking of downsizing, fill out the sign-in sheet below with correct contact information and I will contact you to discuss your next step. Or, just call me directly at 416 427 1875.
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The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license