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.