Niagara Real Estate Market Update - July 2024 The latest data from the Niagara Association of REALTORS® (NAR) reveals some intriguing trends in our local market. In June 2024, residential home sales totaled 541 units, down from 609 in June 2023. This June, we saw 1,460 new listings, a slight increase from 1,403 from June 2023. Homes are taking a bit longer to sell, with an average of 36 days on the market—a 20% increase from last year. Interestingly, the benchmark price has stabilized, suggesting a more balanced market. Currently, we have over 2,800 active listings, offering Buyers a wider selection of properties.…

In May, the Niagara Association of REALTORS® listed 1568 residential properties compared to 1318 in May 2023. The average days it took to sell a home in May 2024 was 37 days, a 23% increase from May 2023. Consumers who have been waiting on the sidelines should be in the market now with the Bank of Canada announcement reducing the interest rate today. This has given both buyers and sellers the confidence in the market they needed. May was already showing signs of that confidence with May Sales identical to April and the Benchmark Price increase along with the days on market…

 “The Market is starting to change, and that is evident with the number of sales in January that increased not only month over month but also year over year, looking back at Jan 2023.“ reports Niagara Association of REALTORS® President, Nathan Morrissette.   We can all see with the sales activity increased and the average days on Market reduced, it could make for an interesting year ahead, especially with the HPI Benchmark price holding steady, which is why it is so important for those thinking about buying or selling this year to contact their local Niagara REALTOR® now.  You want to be…

The benchmark price of $617,000 is an enticing number for Niagara to attract first time home buyers and anyone looking for an affordable and beautiful place to call home. With the Bank of Canada holding the interest rate at 5% and expectations are they could possibly reduce that rate this year, we should be prepared for a somewhat typical spring market. With the many market changes seen in 2023 and with more expected in 2024, it’s vital to seek the advice and expertise of a professional. If you’re looking to buy or sell a home or just have questions about…

The Niagara Market Update for August 2023 Niagara real estate continues to hold steady, and with the recent Bank of Canada announcement September 6th that interest rates will hold for now. August showed us less new listings than July, with basically the same amount of sales, but this is expected during this month, as many are enjoying the last days of summer and getting the kids ready for school, We are also seeing the gap getting smaller regarding HPI composite benchmark price. Prices are only down 1% from July to August of 2023, and down 3.6% from August 2022 to August 2023.…

The Niagara Region is experiencing a balanced market with housing prices rising slightly. This stability indicates a healthy real estate landscape, attracting both buyers and sellers. The consistent increase in housing prices showcases the Region’s desirability and points to a strong market going into the Fall. Reach out if you have any questions.