After the real estate market spiked in 2016 many people, including the Baig family, decided to move from Toronto and look for their new dream home in Grimsby Ontario.
Due to rising home prices and other living expenses, the trend of moving out of the big city to smaller nearby communities has been going on for years.
What does this mean for new and current residents of the Town of Grimsby?
GRIMSBY HOME INSURANCE COSTS
According to Driving.ca, Grimsby drivers pay some of the lowest auto insurance rates of any town with over 15,000 residents in Ontario.
However no definitive data can be found regarding where Grimsby ranks in terms of home insurance, but it stands to reason that homeowners in Grimsby may also pay less than the average for Ontario home insurance as well, which according to RateHub.ca is a little over $1,400 per year.
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ARE THERE UNIQUE RISKS TO OWNING A HOME IN GRIMSBY?
The annual rainfall is a little over 38 inches per year, but this is well within the average for most Ontario communities.
While the town has made strides with shoreline erosion protection in recent years, the fact that it’s located on the south shore of Lake Ontario means the neighbourhoods on the shoreline may be at increased risk of damage to their property from high winds, storm surges, floods and lake effect snow.
In terms of fire prevention and education, Grimsby has an award-winning fire department operating out of 2 fire stations. Grimsby Fire Department has a main station on Ontario Street and a second station on Mountain Road.
There does not appear to be any notable significant risk to Grimsby homeowners relative to most surrounding municipalities.
WHY IS GRIMSBY SUCH AN ATTRACTIVE PLACE TO BUY A HOME?
From a former GTA homeowner’s perspective, the relatively lower home prices have been proven to be a key factor but since more than just former GTA homeowners are migrating into town, there must be more to it than that.
With a growing, yet still relatively low, population of around 29,000 (according to the 2021 census), there is still room to move about within the town known as the gateway between Hamilton and Niagara.
Grimsby ranks in the top 25% of places to live in Canada when it comes to health and education, is well known for having many great local wineries and is home to The Peach Kings Hockey Club.
Grimsby is where the Forty Creek Distillery calls home as one of many popular local businesses that attract visitors.
Enjoy recreation? Being located on the Niagara Escarpment and having the Bruce Trail run through town, Grimsby offers several picturesque outdoor spaces such as Beamer Falls.
Erie Mutual Insurance proudly serves the small business insurance, farm insurance, home insurance and auto insurance needs of members throughout Southern Ontario including Haldimand, Niagara and Hamilton.
Please don’t hesitate to contact us with any questions you may have about this or any other topic related to your insurance.
