Residential home sales activity recorded through the MLS® for the Niagara Association of REALTORS® (NAR) totaled 602 units in April 2024, compared to 560 units in April 2023. In April, the Niagara Association of REALTORS® listed 1396 residential properties compared to 991 in April 2023. The average days it took to sell a home in April 2024 was 40 days, a 29% increase from April 2023.
The Niagara Market continues the upward surge as the HPI Benchmark jumps to 644,700 from 633,400 last month. The Days on market continues going down as we dropped to 40 Days from 43 in March. The listings have also continued to climb with 1396 in April up from 1167 in March. If interest rates start to decrease it could create pressure on the Niagara Market. As always Buyers and Sellers really need to navigate the real estate market with a local REALTOR® to gain the knowledge and insight of this market, that continues to see variations within its 12 municipalities.
NOTE: The next scheduled date for announcing the overnight rate target is June 5, 2024. The Bank will publish its next full outlook for the economy and inflation, including risks to the projection, in the MPR on July 24, 2024
