The town of Niagara-On-The-Lake, referred to as The Loveliest Town In Canada, is home to some 17,350 residents filling over 7,000 households. (1)
A whopping 87.7% of homes are owner-occupied with the remaining 12.3% being property rentals.
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WHAT MAKES NIAGARA-ON-THE-LAKE SUCH A NICE PLACE TO LIVE?
It’s obvious why NOTL, a picturesque town with a rich history smack dab in the middle of wine country, is attractive from a visitor’s point of view, but those postcard features might not be the only thing bringing new homeowners in.
Is it the shops and restaurants?
Historic Queen Street is often bustling with patrons visiting stores like Just Christmas (open all year round) or popping into the Old Angel Inn to say hello to Captain Swayze.
Is it the arts and entertainment?
After all, Niagara On The Lake has been home to the world-class Shaw Festival for over 60 years.
Is it leisure and activities?
In addition to 3 distinct golf courses and a variety of hiking trails, the town boasts activities for all ages including one of the newer draws; disc golf.
Our guess is it’s all of the above and then some.
HOW MUCH DO NIAGARA-ON-THE-LAKE HOMEOWNERS PAY IN PROPERTY TAXES?
Despite all the town has going for it, it also appears that homeowners may also benefit from lower property taxes compared to other municipalities in the Niagara Region. (2)
According to the Niagara Regions property tax estimator, here is the property tax estimate for the same $1,000,000 value home (which is sadly no longer THAT expensive relatively speaking) in the following Niagara municipalities:
- Port Colborne – $18,329
- Welland – $16,635
- Fort Erie – $15,255
- St. Catharines – $14,939
- Pelham – $13,614
- Niagara Falls – $13,460
- Grimsby – $12,177
- NOTL – $10,052
HOW MUCH DOES HOME INSURANCE COST IN ONTARIO?
Since there’s nothing especially noteworthy that could impact whether Niagara-On-The-Lake homeowners pay more or less than those living in other nearby municipalities, it may be fair to assume that they pay somewhere around the Ontario average, which according to Canadian Real Estate Magazine is approximately $1,400 per year.
On the other hand, since the amount someone pays to insure their home is partially determined by the replacement value of the home, and since on average homes in Niagara On The Lake are on the higher end of the value scale, it may also be fair to assume that those living in Niagara-On-The-Lake pay a little more than the provincial average.
For example, in September 2022, the average sale price of a Niagara On The Lake Home was over $1,100,000 which was the highest of any area within Niagara during that time.
We hope this gives you some of the answers you were looking for when it comes to Niagara On The Lake home insurance.
If you’re looking for an accurate home insurance quote please don’t hesitate to reach out to us and we’ll be happy to provide one for you
Erie Mutual Insurance proudly serves the commercial 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.
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SOURCES
1 – www.point2homes.com
2 – www.niagararegion.ca
3 – www.thewillsteam.ca
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