Home & Commercial Mortgage Services St. Catharines
At Northwood Mortgage, we pride ourselves in providing private mortgages, second mortgages, and alternative lending of homes for our clients in St. Catharines. Whether you are buying your first home, refinancing your mortgage, switching lenders for better mortgage rates or taking equity out of your home, we may be able to help you.
About St. Catharines
St. Catharines is conveniently bordered by the Greater Toronto Area (GTA) and the Fort Erie-Buffalo metropolitan area, making it a superb centre for trade and commerce. The area also features 1,000 acres of meticulously groomed trails, gardens, and parks, giving it the official nickname “The Garden City”.
The city has a rather dominant manufacturing sector that led to the heraldic creed: “industry and Liberality”. Until recently, General Motors operated two major plants in the area that made the international corporation the biggest employer in St. Catharines; a distinction that is now bestowed upon the District School Board of Niagara.
The service industry is also a major employer in the city, which is considered a hub for telecommunications between Canada and the US, creating employment opportunities in its many call centres.
New Housing Market Outlook in St. Catharines
In recent years, the construction of single-detached, semi-detached, and apartment homes has been increasing significantly, while the construction of townhouses has been diminishing. This is largely because the growth in jobs and wages, coupled with consumer confidence, has allowed more households to own single-detached and semi-detached houses.
At the same time, there is a growing number of youth and empty nesters in St. Catharines who have sparked the growth of condo and rental apartments.
Although there are more housing options, total housing could decrease due to higher mortgage rates, which exerts downward pressure on home affordability. This is where Northwood Mortgage comes in to help you find the right mortgage package so you can own your dream home.
Recent trends show a substantial increase in the average price for a new single-detached home, implying that buyers are opting to purchase pricier homes. This is attributed to increased confidence about future job and wage growth.
Existing Homes Market in St. Catharines
The market is fairly balanced, with first-time buyers opting to purchase moderately priced new housing or existing homes.
The price gap between existing and new homes, as well as the price gap between the average existing home in St. Catharines and nearby markets, such as Toronto and Hamilton, tends to support demand from outside the region.
But as with new housing, higher mortgage rates tend to deter some buyers from buying an existing home. Northwood Mortgage can help buyers who are looking to buy an existing home in St. Catharines to get the best possible mortgage deal.
Visit Northwood Mortgages In St. Catharines Today
With the Canadian economic forecasters, CMHC, suggesting that mortgage rates will continue to rise moderately, there is likely to be a modest slowdown in the new and existing home housing markets.
The mortgage experts at Northwood can help you get the financing you need to buy your dream home in St. Catharines at the best possible rates.