The Niagara housing market has been identified as one of the most in-demand real estate in the Ontario region. According to the RE/MAX report, the region has experienced a growth of over 27% since the Covid-19 pandemic.
However, it was anticipated that rising interest rates, easing demand, and price elevation would subjugate this post-covid boom. Still, the market has upheld its momentum owing to the strong economy. The Niagara Real Estate for Sale has managed to sustain its demand despite several factors affecting the real estate sector as the market continues to showcase a consistent upward trend.
Market Trend for Sale in Niagara
The residential market sale in Niagara surpasses all expectations. The Niagara Housing market trend is going through an intriguing phase as there has been a dip in the number of housing units sold in the region, but there has been an increase in the average prices of properties. The Niagara Real Estate for sale are more favourable to the sellers than buyers. It has been identified that the real estate market in Niagara saw a significant surge in the prices of properties despite the plummet in sales about the number of units sold, as there has been a decline of 15% in the houses sold in the region. In contrast, the average price of a property has increased by 26.8%, where the average price of a property stands at $ 814,513. Another important factor identified is the time a house is on the market. As Niagara Real Estate for sale in the region is off the market in 23 days, as opposed to the previous figure of 27 days.
The rise in the Niagara housing market prices might seem like a coincidence at first. Still, the price surges in the Grimbsy locality have been noteworthy. The region has witnessed an increase of up to 34% in housing prices, with a real estate property valuing around $1,022,865. There have been predictions that the market would ultimately see a price dip as the buyers would opt for smaller cities and towns nearby. Still, the forecast is yet to affect the Niagara Housing Market.
The Niagara neighbourhood is popular, surrounded by a beautiful and serene ambience owing to its rich amalgamation of parks, gardens and natural features that enrich its residents' lives. The neighbourhood provides all the benefits of city life while maintaining its quintessential small-town charm. The Niagara region offers home buyers a rich assortment of neighbourhoods according to their lifestyle and budgetary goals. The following neighbourhoods are on the bucket list of potential buyers reviewing every ‘FOR SALE’ sign visible.
This neighbourhood is spread over the north and south sides of Ludy’s Lane. The neighbourhood offers single-family dwellings, condos and other housing options. The neighbourhood is enveloped with lush green parks and schools making it a perfect locality to raise kids.
This locality is located north of the Grand Niagara Golf Club. Present between the Garner and Montrose Road. Real estate experts have regarded it as one of the best up-and-coming localities in the Niagara housing market.
Real Estate and MLS Listings in Niagara
The real estate listings in Niagara showcase that the demand is predominantly for Single detached homes that account for at least two-thirds of the dwellings in the region. The rest of the estates for sale are generally apartments and townhouses. The region Niagara Housing Market stats exhibit that the properties offered mainly consist of three, four, and five bedrooms. At least one-third of the houses in the city were built before 1960, while a large number of buildings were built between 1960 to 1980. Niagara Housing Market Stats have also identified that renters inhabit the only 30% of the total dwellings in the region.
Squareyards offers a diverse assortment of properties in the Niagara region where one can select the desired properties that complement their budgetary and lifestyle preferences. It provides cutting-edge features and numerous facilities to the user, ensuring their home-buying journey is hassle-free. The user can avail of a direct property listing or facilitate the process through an agent. Square Yards aims to provide all the support to the seller to navigate through every step of the process, be it accurate price listing, monetary services or providing the best investment options available in the market.
Market Stats Report of Niagara
The Niagara housing market is showcasing a consistent forecast of robust construction. The pre-construction sales of the development project have exhibited an upward trend. The MLS prices in the region may witness double-digit growth in 2022. However, the soaring cost of mortgages might subjugate the expected sales projections. The region has enough land to facilitate development projects till the year 2024. The city will experience a consistent demand for larger homes near the education districts.
The reports on the resale trends have showcased that home sales are projected on the lower side post a record-breaking year. The escalating cost of a home in the region would gravitate home buyers towards more affordable home options such as apartment complexes instead of single-dwelling houses.
|New Home Market
|MLS Average Price ($)
*The following table showcases the forecast summary and trend of the St. Catharines Region in Niagara.
Demographic & Population Ratio in Niagara
As per the NHS profile, the population of Niagara by 2016 was 4,47,888. The region experienced an increase in the population by 3.8%. The number of total private dwellings in the region is somewhere around 1,96,241. Out of the total dwellings present, at least 1,83,828 have been inhabited by the owners. The total land area of this city is 1,854.23 Kilometers, with a density per square kilometre of 241.5 per sq kilometre. The region's median age and household incomes are 44.8 years and $ 60,727, respectively. The population of Niagara encompasses rich diversity as the count for the total visible minorities is around 10,675.
Real Estate Brokerage Trend in Niagara
The Niagara real estate brokerage trends have showcased an era of consistent growth as the lower interest rates have ensured an optimistic momentum. But the market is yet to account for the inflation rates that will seriously impact the region's real estate. Consistent hikes in interest rates have been forecasted as the cost of living is set to increase. During the first quarter of this year, the Bank of Canada has already increased the interest rate by 0.5%. Many such hikes are expected as the looming recession ceases to perforate the global economy.
However, it is highly unlikely that the housing market prices will experience any drop as the real estate market in the region continues to be a sellers' game. The Niagara housing market offers its consumers diverse housing options, which may subjugate rising prices.
Price Trends for Sale in Niagara
The current average house sale price in Niagara has experienced a 26% increase in the average price from January to February.
||Average Price ($)
|Single- Home Dwelling
Top Municipalities - Housing Market Stats Reports
The Niagara housing market is experiencing an increase in the average prices while simultaneously exhibiting a decrease in the number of units sold. The following market stat real estate in Niagara provides an in-depth analysis of the phenomena.
|Residential MLS Data
Average Home Sale Price
Number of Units Sold
Frequently Asked Questions (FAQs)
Why Should I consider Niagara to Buy a Property?
It is lucrative to invest in the real estate market in Niagara as it is experiencing a substantial boom.
How affordable is the cost of living in Niagara Falls?
The Niagara Falls region offers affordability to its residents as the cost of living is 17% lower than the national average.
Can Foreigners/ex-pats buy property in Niagara?
There are no restrictions on foreigners if they want to obtain property in Canada. However, the government would levy foreign buyer tax on property.
Which property is best to buy in Niagara?
The best property type concerns the housing requirements of the individual. However, single-home dwellings are preferred by families.
Which is the best area to live in Niagara?
The Niagara region possesses a variety of neighbourhoods. Buffalo, Fallsview, and Fort Erie Port Dalhousie are considered some of the best neighbourhoods in the region.
What is the average Sale price of real estate in Niagara?
The average sale price of real estate in Niagara is $8,14,513.
How many homes for sale are available in Niagara?
One can refer to the Squareyards website for a thorough account of the properties available in Niagara.
What is the median home price in Niagara?
The median home price in the Niagara Region is $3,85,000