NOVA's announcement to build its new $2.2-billion polyethylene plant in St. Clair Township, on land next to the existing Corunna facility at Rokeby Line and Hwy. 40, will have big ramifications for the local housing market.
Sarnia Lambton Real Estate Board President Steve Park expects to see home prices jump higher.
"When ever you hear of this kind of an announcement, everybody that has anything in Sarnia-Lambton says 'my gosh' and the prices go way up, but I don't see buyers willing to buy into that," says Park. "They'll be patient and still be looking for good value."
Park says it could create a rental crunch for students, although he thinks demand can be met.
"I believe that the same people that are renting for the NOVA plant are the same people that rent for college students, so it will have an impact but I still feel that there's enough people in town that own rental properties that we'll be able to service the demand for sure," says Park.
The multi-billion dollar new worldscale plant will create over 1,400 construction jobs and 150 full time, good paying positions.