Housing market slump in Niagara Region continues: Report

Home sales fell in Niagara Region in November compared to October, according to the Niagara Association of Realtors. 

The total number of homes sold in Niagara Region in November was 436, compared to 515 the month prior. That’s a month-over-month decrease of just over 15 per cent. 

The benchmark price for homes in Niagara Region also fell in November, coming in at $583,000, a decrease of $5,400 from October. 

As was the case in October, Niagara Region saw a decline of new listings on the market in November. The total number of new listings in November was 1,049, a 24.8 per cent decline month-over-month. 

“For the second straight month, Niagara saw a decline in new listings – a typical seasonal trend – but sales also softened, keeping our sales-to-new-listing ratio steady between 38 – 40%,” said Lisa Taylor, Chair of the Niagara Association of Realtors. 

Taylor also noted that benchmark prices have been steadily declining since the spring and have declined by about one-third since the peak of the market in March 2022. The current benchmark price is now approaching levels not seen in roughly four years, according to Taylor. 

Still, Taylor expressed some room for optimism. 

“Despite these declines, the market has shown surprising stability,” said Taylor. “The Bank of Canada has now held its key interest rate steady for several months now, which has helped reduce volatility and support more predictable market behaviour.”

As has been the case for a while, buyers remain in the driver’s seat. 

Nonetheless, Taylor argues that sellers can be successful by pricing themselves ahead of the market. 

The average number of days homes remained on the market before being sold in Niagara Region in November was 49, down three days from October. 

Both the largest number of new listings and the highest volume of new sales came from St. Catharines, followed by Niagara Falls.

The highest benchmark price in November was in Niagara-on-the-Lake, at $873,000, while the lowest benchmark price was in Port Colborne/Wainfleet, at $492,100. 

In terms of average days on the market, homes sold fastest in West Lincoln, at 33 days, and slowest in Port Colborne/Wainfleet, at 69 days.  

Those wishing to view the full report can do so HERE.