In St. Catharines, there were 488 homes sold through the MLS® for the Niagara Association of REALTORS® (NAR) in August 2024, down from 523 in August 2023. The number of new listings in August dropped slightly to 1,192 from 1,220 last year. On average, homes took 45 days to sell, which is a 36.4% increase compared to August 2023. According to Nathan Morrissette, President of the Niagara Association of REALTORS®, new listings dropped by 11.4%. Even though sales have remained steady, the lower number of listings is helping to bring down inventory levels, which is necessary to balance the market. With the cumulative days on market now at 70 days, it's essential for sellers to work closely with a local REALTOR® to get the right expertise and maximize their success. He also pointed out that the Bank of Canada recently reduced its interest rate to 4.25%, which should give buyers more confidence to enter the market. While inventory is still relatively high, these recent shifts could lead to a busier-than-usual end of the year for Niagara. The MLS® Home Price Index (HPI), which provides a more accurate view of price trends than average or median prices, shows the composite benchmark price for the Niagara Region at $640,200 in August 2024, a 3.3% decrease from August 2023. The typical home in this index is between 51 to 99 years old, with three bedrooms and two bathrooms. You can find the full breakdown in the accompanying chart.

Niagara Real Estate Market Overview - August

In St. Catharines, residential home sales for the Niagara Association of REALTORS® (NAR) reached 503 units in July 2024, down slightly from 522 in July 2023. There were 1,345 new residential listings this July, compared to 1,280 during the same time last year. Homes took an average of 42 days to sell, which is a 31.3% increase from last year. Nathan Morrissette, President of the Niagara Association of REALTORS®, noted that with the Home Price Index (HPI) dropping slightly and homes staying on the market longer, buyers are being more cautious and taking their time. He added that although the Bank of Canada has recently reduced interest rates, it will likely take more cuts before we see any significant impact in the Niagara market. The MLS® Home Price Index (HPI) provides a more accurate measure of price trends than average or median prices. In July 2024, the composite benchmark price for the Niagara Region was $646,900, a 3.3% decrease compared to July 2023. The typical home in this index is between 51 to 99 years old, with three bedrooms and two bathrooms. You can see the full breakdown in the chart provided.

Niagara Real Estate Market Overview - July

In March 2024, 553 homes were sold through the MLS® by the Niagara Association of REALTORS® (NAR), slightly down from 560 in March 2023. There were 1167 residential properties listed in March 2024, compared to 1046 the previous year. Homes sold in an average of 43 days, a 4.9% increase in selling time from March 2023. "March was strong, with growth reflecting the market's recent upward trend. The HPI benchmark price increased over 2% from last month to $633,400, indicating a positive market shift. Buyers are becoming more aggressive, reducing the average selling time to 43 days from 54 days in January. It's important for buyers and sellers to work with a local Niagara REALTOR® to navigate the market," said NAR President Nathan Morrissette. He added, "The Province and Niagara Region aim to build more housing by 2031. With expected improvements in market conditions due to lower borrowing costs, policies must support building more homes to meet these goals." The MLS® Home Price Index (HPI) offers a more accurate price trend analysis than average or median prices. The overall HPI composite benchmark price for the Niagara Region was $633,400 in March 2024, down 1% from March 2023. The HPI composite benchmark typically describes a home aged 51 to 99 years, with three bedrooms and two bathrooms. More details can be found in the accompanying chart.

Niagara Real Estate Market Overview - April

In May 2024, the Niagara Association of REALTORS® (NAR) recorded 602 residential home sales through the MLS®, compared to 683 in May 2023. There were 1,568 new listings, up from 1,318 the previous year. It took an average of 37 days to sell a home, a 23% increase from May 2023. Nathan Morrissette, President of NAR, noted that with the Bank of Canada's recent interest rate cut, market confidence has grown for both buyers and sellers. May's sales matched April's numbers, and the benchmark price increased while days on the market decreased. Despite this positive change, Morrissette emphasized the ongoing housing attainability crisis, urging government action to build more homes and streamline processes. He advised consumers to consult their local REALTORS® for current market information. The MLS® Home Price Index (HPI), which tracks price trends more accurately than average or median measures, showed a composite benchmark price of $653,900 for the Niagara Region in May 2024, a 1.5% decrease from May 2023. The HPI composite benchmark typically represents a home aged 51 to 99 years with three bedrooms and two bathrooms. Full details are available in the accompanying chart.

Niagara Real Estate Market Overview - May

In June 2024, 541 homes were sold through the Niagara Association of REALTORS®' MLS®, compared to 609 in June 2023. There were 1,460 residential properties listed in June 2024, up from 1,403 in June 2023. Homes took an average of 36 days to sell in June 2024, which is 20% longer than in June 2023. Niagara Association of REALTORS® President Nathan Morrissette stated, "The benchmark price has remained steady, and we’ll need several rate cuts from the Bank of Canada to see a significant impact on the housing market. With over 2,800 active listings in Niagara, buyers have more options, pushing sellers to be competitive. Governments at all levels need to collaborate to make housing more attainable in Niagara." The MLS® Home Price Index (HPI) offers a more accurate picture of price trends than average or median prices. The overall HPI composite benchmark price for the Niagara Region was $651,800 in June 2024, down 2.3% from June 2023. The HPI composite benchmark typically represents a home aged 51 to 99 with three bedrooms and two bathrooms. A complete list is provided in the accompanying chart.

Niagara Real Estate Market Overview - June

In January 2024, the Niagara Association of REALTORS® reported a rise in residential home sales, with 357 units sold compared to 302 units in January 2023. The number of residential properties listed also increased, with 882 properties listed compared to 771 in January 2023. Despite the uptick in activity, the average time it took to sell a home decreased by 5.3% to 54 days in January 2024 compared to January 2023. Nathan Morrissette, President of the Niagara Association of REALTORS®, noted the changing dynamics of the market, highlighting the growth in sales both month over month and year over year. He emphasized the importance of seizing opportunities and staying informed, urging potential buyers and sellers to reach out to their local Niagara REALTOR® for guidance. Morrissette also underscored the significance of government intervention in boosting housing supply to address affordability issues in the region. He praised initiatives like the introduction of four units as-of-right in Niagara Falls and St. Catharines, which have qualified for federal funding to increase housing stock. Looking ahead, Morrissette mentioned the anticipation of potential changes following the Bank of Canada's interest rate announcement in March. Despite a decrease of 1.7% in the overall MLS® HPI composite benchmark price for the Niagara Region compared to January 2023, the market remains dynamic. The HPI composite benchmark represents a typical home aged between 51 to 99 years, featuring three bedrooms and two bathrooms. Further details can be found in the accompanying chart.

Niagara Real Estate Market Overview - January

In February 2024, the Niagara Association of REALTORS® reported that residential home sales through the MLS® totaled 519 units, marking an increase from 449 units in February 2023. The number of residential properties listed also rose significantly, with 1073 properties listed compared to 817 in February 2023. Despite this increase in activity, the average time it took to sell a home remained consistent at 48 days for both years. Nathan Morrissette, President of the Niagara Association of REALTORS®, expressed optimism about the market's direction. He highlighted increases in new listings, sales, and the HPI benchmark price compared to January 2024, along with a decrease in the number of days on the market. Morrissette advised potential buyers and sellers to seek guidance from local Niagara REALTORS® due to the dynamic nature of the real estate market, emphasizing the importance of being prepared for opportunities, even amidst an upward trend. The MLS® Home Price Index (HPI), which provides a more accurate representation of price trends compared to average or median measures, indicated an overall decrease of 2.6% in the HPI composite benchmark price for the Niagara Region, settling at $619,600 in February 2024 compared to February 2023. The HPI composite benchmark represents a typical home aged between 51 to 99 years, featuring three bedrooms and two bathrooms. For detailed characteristics, refer to the accompanying chart.

Niagara Real Estate Market Overview - February

In March 2024, the Niagara Association of REALTORS® reported that residential home sales reached 553 units, slightly lower than the 560 units sold in March 2023. Additionally, the number of residential properties listed rose to 1167 in March 2024 compared to 1046 in the same month last year. The average time it took to sell a home also increased to 43 days, up by 4.9% from March 2023. Niagara Association of REALTORS® President, Nathan Morrissette, described March as a robust month, noting positive increases in various aspects of the market. The Home Price Index (HPI) benchmark price rose to $633,400, indicating a more aggressive buyer attitude and a reduction in time on the market. However, Morrissette stressed the importance of both buyers and sellers seeking guidance from local Niagara REALTORS® to navigate the evolving market. Looking ahead, Morrissette emphasized the need for proactive policies to address housing shortages, aligning with provincial and regional goals to build more homes by 2031. Despite a slight decrease of 1% in the overall MLS® HPI composite benchmark price compared to March 2023, the market appears to be on a positive trajectory. The HPI composite benchmark represents a home typically aged between 51 to 99 years, featuring three bedrooms and two bathrooms. For a detailed list, refer to the accompanying chart.

Niagara Real Estate Market Overview - March

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Jas Sarai