The Niagara real estate market is experiencing notable changes, with a slight increase in average home prices, while sales activity has declined compared to the previous year. It's important for buyers, sellers, and investors to understand these trends to navigate the current housing market effectively.
Home Prices in Niagara See Small Increase:
In February 2025, the average sale price in Niagara rose to $680,181, a 2.05% increase from last year. This indicates that while demand has slowed down somewhat, home prices are still stable and showing gradual growth.
Sales Drop, But Homes Are Selling More Quickly:
Homes Sold: In February, 381 homes were sold, representing a 46.26% decrease compared to the same time last year.
Days on Market: The average time it took to sell a home was 48 days, which is 6.67% faster than the previous year.
Despite fewer sales, the slight price increase and quicker selling times suggest that buyers are more selective, but desirable properties are moving off the market faster than before.
Lower Number of New and Active Listings:
New Listings: 1,084 homes were listed in February, down by 25.50% from last year.
Active Listings: 2,488 homes remained on the market, a 4.31% decrease.
With fewer homes being listed, the market remains competitive, and buyers have fewer options to choose from.
Price Trends by Property Type:
Detached Homes: The average price of detached homes was $706,054, reflecting a 2.68% increase from last year. This shows that single-family homes continue to be in high demand.
Semi-Detached Homes: The average price dropped to $575,805, a 5.37% decrease from last year. This may be due to buyers focusing more on fully detached homes or affordable condos.
Townhouses: The average price of townhouses was $704,171, a slight 0.53% decrease, suggesting that townhouses remain a solid option for families and first-time buyers.
Condos: Condos saw the largest price decrease, with the average price dropping to $431,464, down 6.04% from last year. This shift may present opportunities for buyers seeking more affordable homeownership or investment properties.
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Things to Consider as a Buyer:
- You have more leverage to negotiate due to fewer sales.
- With fewer new listings, there are fewer homes to choose from.
- Homes are selling faster, so if you find a property you like, be prepared to act quickly.
Things to Consider as a Seller:
- Detached homes are holding steady or seeing price increases.
- It’s crucial to price your home competitively in this slower market.
- Properties are selling faster than last year, indicating strong buyer interest in well-priced homes.