December 16, 2024
The market report is going to be a little thin this month I’m afraid. Especially when it comes to specific data. The Niagara Association of Realtors (NAR) which we look to for our raw sales data is in the process of changing MLS data systems and the numbers for November are not currently available.
November 15, 2024
Not sure if it is due to the consistent drop in interest rates or the weather, or if it is a combination of both, but whatever the reason, the market is continuing strong long after we would normally see a downturn. And that is true both for average sale price and also for unit sales.
October 15, 2024
From 2023 on into 2024 history is repeating itself. 2022 as we’ve seen was a year unique unto itself. After coming off the frenzied real estate market of covid with its multiple offers and enormous price hikes, 2022 was a year of corrections. The market declined steadily from a February peak of $863,057 right down to a December low of $656,337. A drop of $206,720. Quite a drop.
September 16, 2024
This month marks the 2 ½ year mark since the robust real estate market of the covid era came to a halt, and what I’m going to call a real estate recession began. First with a steady erosion of prices over the balance of 2022 and a pretty rocky road since. This month also marks the third consecutive month where we have seen a 1/4 point cut in interest rates compliments of the Bank of Canada. So where does that leave us at this point?
As we watch the sales figures come in month by month and year by year, there are a couple of trends we need to keep in mind. The first is cyclical. What is happening seasonally? And the other is economic. What is happening overall due to market pressures brought about by interest rate fluctuations and inflationary changes?
July 15, 2024
To really understand the Canadian economy today especially as it is reflected in the Real Estate market, you need to travel back in time to the late 1970’s and early 1980’s. Two factors need to be analyzed. Inflation rates and interest.
June 17, 2024
At the start of every month, our real estate boards publish the sales stats for the previous month. It’s always interesting to see these figures and from them try to deduce where the market is going based on past and current performance.
May 15, 2024
Another month has come and gone. What exactly has happened in the real estate market across Niagara over that time? Nothing startling I’m afraid. As we’ll see, average sale prices and number of units sold, while both inching up aren’t really registering any significant change.
Opening up the Niagara Association of Realtors website, one of the things you are greeted with is a graph depicting market activity over the past year based on Median Sales Price. The current graph is surprising