In June 2024, the Niagara Association of REALTORS® reported a total of 541 residential home sales through the MLS®, down from 609 sales in June 2023. During the same period, the association listed 1,460 residential properties, compared to 1,403 in June of the previous year. The average time it took to sell a home rose to 36 days, marking a 20% increase from June 2023.
The benchmark price stabilized last month, suggesting that significant rate cuts from the Bank of Canada may be necessary to stimulate the housing market. Currently, there are over 2,800 active listings in Niagara, providing buyers with more choices and compelling sellers to adopt competitive pricing strategies to attract buyers. Collaboration among all levels of government to improve housing affordability in Niagara is a must. Now is the time to get in touch with a local real estate agent, who goes above and beyond of just putting a sign in your lawn and hoping for a sale.
