Stoney Creek takes its name after the beautiful Stoney Creek Falls cascade into the city’s namesake creek! With such awe-inspiring natural beauty and rich historical roots, it’s no wonder that real estate prices have skyrocketed in this area of Ontario since the last census. If you’re considering buying or selling real estate in Stoney Creek and are wondering how it affects the local economy, read on to find out more!
1. The Pride of Home Ownership
Home ownership’s importance to a city’s economy cannot be understated. Homeownership creates stable communities, the foundation for a robust local economy, and an excellent way to build equity. When people own their homes, they have a vested interest in their community and are likelier to take pride in where they live. That pride often manifests itself in volunteering, voting, and taking care of one’s property.
All of these things contribute to the overall health of a city’s economy. It leads to a vibrant community, with people buying groceries at neighborhood stores and gas at local gas stations. Owning a home has tangible benefits for your family and your community! For example, Losani Homes Stoney Creek offers many affordable luxury homes and condos to suit many lifestyles. They have something for everyone, from cozy single-family houses to high-rise condominiums with spectacular views.
2. Leads to Community Re-Investment
Homeowners are also more likely to put their income into local investments. They invest in their neighborhood by renovating, remodeling, and updating their homes. As a result, local contractors and home-improvement businesses grow and thrive. That further contributes to a thriving local economy. Homeowners are likelier to buy vehicles from local dealerships and shop at local retailers for clothing and entertainment services like dry cleaning or cable TV.
3. Direct Employment
The real estate industry provides direct employment to many people in Stoney Creek- a significant chunk of the city’s workforce! From creating a thriving environment for real estate professionals, construction, developers, and brokers, to generating growth and prosperity for the surrounding community through additional jobs and business opportunities. The market of this city has a strong foothold on Stoney Creek’s economy. Investing in residential or commercial properties and businesses, investors fuel job creation and help the economy thrive.
4. Indirect Impacts
While most people think of real estate as bricks and mortar, the industry has a broader economic impact. For example, real estate development creates construction jobs, supporting other industries like manufacturing and retail. And when people buy homes, they also tend to purchase furniture, appliances, and other household goods. So even though it might not be obvious, real estate plays a significant role in supporting and growing the economy of Stoney Creek.
Carpentry workshops, painting jobs, and landscaping gigs are all just some of the opportunities created by this industry. In addition, Losani Homes homebuilders have in-house experts who specialize in various trades: electricians, plumbers, carpenters, plasterers, etc., while retailers employ designers and salespeople.
5. Source of Government Revenue
A large portion of the local government’s revenue comes from real estate taxes, especially for small municipalities like Stoney Creek. Real estate taxes make up a significant portion of the city’s operating budget. Without this revenue, the city would not be able to provide its residents with the same level of services.
So the values and quality of homes in Stoney Creek must continue to increase so that property tax rates can remain low and affordable. Hence, the city needs people willing to invest their time and money into homeownership.
Though it may not be immediately apparent, real estate plays a vital role in the economy of Stoney Creek. The real estate industry accounts for a significant portion of the city’s GDP. A robust real estate market is key to a healthy economy and community.