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.