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.