Overview of the Niagara Real Estate Market
The Niagara region is one of the most diverse and attractive areas in Ontario, offering a variety of natural, cultural and recreational attractions. From the world-famous Niagara Falls to the historic towns of Niagara-on-the-Lake and St. Catharines, the region has something for everyone. The Niagara region is also home to a thriving economy, with sectors such as tourism, agriculture, manufacturing, education and health care contributing to its growth and prosperity.
As a result of its high quality of life and affordability, the Niagara region has become a popular destination for home buyers and home sellers alike. The demand for residential real estate in Niagara has been strong in recent years, driven by factors such as low interest rates, limited supply, increased migration from other parts of Ontario and Canada, and changing consumer preferences due to the COVID-19 pandemic. According to the Niagara Association of REALTORS® (NAR), the number of homes sold through the MLS® System of NAR totaled 573 units in July 2023, up sharply by 37.7% from July 2022. The average price of homes sold in July 2023 was $726,674, a small gain of 1.1% from July 2022.
Market Conditions for Home Buyers and Home Sellers
The Niagara real estate market is currently experiencing a balanced condition, meaning that there is a relatively equal number of home buyers and home sellers in the market. This is a result of an increase in new listings and a decrease in sales activity compared to the previous year. There were 1,406 new residential listings in July 2023, up by 8.2% from July 2022. This was the largest number of new listings added in the month of July in more than three decades. On the other hand, home sales were 23% below the five-year average and 22.8% below the 10-year average for the month of July.
A balanced market means that home buyers have more options to choose from and more time to make decisions, while home sellers have to be more competitive in terms of pricing and marketing their properties. The overall MLS® HPI composite benchmark price was $667,600 in July 2023, down by 6.5% compared to July 2022. The benchmark price for single-family homes was $683,900, a decrease of 6.1% on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $617,000, a moderate decrease of 9.5% compared to a year earlier, while the benchmark apartment price was $457,200, falling by 7.7% from year-ago levels.
Tips for Home Buyers and Home Sellers
- Home buyers should be prepared to act quickly when they find a property that meets their needs and budget, as homes are still selling fast in Niagara. The average days on market for homes sold in July 2023 was 25 days, down from 28 days in July 2022.
- Home buyers should also work with a professional REALTOR® who can help them navigate the market, negotiate the best price and terms, and ensure a smooth transaction.
- Home sellers should price their properties realistically based on current market conditions and comparable sales in their area. Overpricing can lead to longer days on market and lower offers.
- Home sellers should also make sure their properties are in good condition and showcase their best features. Staging, decluttering, cleaning and repairing can make a big difference in attracting buyers and increasing value.
- Home sellers should also work with a professional REALTOR® who can help them market their properties effectively, reach potential buyers, and handle all the legal and financial aspects of the sale.
Neighborhoods of Niagara, Ontario
Niagara, Ontario is a region that encompasses the famous Niagara Falls and many other attractions, such as wineries, casinos, and historical sites. Niagara is also home to a diverse range of neighborhoods that offer different lifestyles, amenities, and market conditions for home buyers and home sellers. Whether you are looking to buy a home or sell a home in Niagara, you should know about the different neighborhoods and what they have to offer. Here are some of the major neighborhoods in Niagara, Ontario:
Balmoral is a neighborhood in Niagara Falls that has a high livability score and a large population. Balmoral is located near the Drummond Industrial Park and the Garner neighborhood. Balmoral offers a mix of residential and commercial properties, with many detached houses, townhouses, and apartments. Balmoral is a family-friendly neighborhood that has many schools, parks, and recreational facilities. Balmoral also has a low crime rate and a moderate cost of living. Balmoral is a good neighborhood for home buyers who are looking for a safe and convenient place to live.
Fallsview is a neighborhood in Niagara Falls that is named after its spectacular view of the Niagara Falls. Fallsview is located near the Clifton Hill neighborhood and the Niagara River Parkway. Fallsview is a tourist-oriented neighborhood that has many hotels, restaurants, casinos, and entertainment venues. Fallsview is also home to some residential properties, mostly high-rise condos and apartments. Fallsview is an exciting neighborhood that has a lot of activities and attractions. Fallsview is a good neighborhood for home sellers who are looking for a high demand and high value market.
Niagara-on-the-Lake is a town that is part of the Niagara region, but not part of the city of Niagara Falls. Niagara-on-the-Lake is located near the Queenston neighborhood and the Lake Ontario shoreline. Niagara-on-the-Lake is a historic and picturesque town that has a lot of charm and character. Niagara-on-the-Lake is known for its wineries, festivals, shops, and heritage sites. Niagara-on-the-Lake is also home to some residential properties, mostly detached houses, cottages, and farms. Niagara-on-the-Lake is a peaceful and scenic neighborhood that has a high quality of life. Niagara-on-the-Lake is a good neighborhood for home buyers who are looking for a quiet and quaint place to live.
These are just some of the major neighborhoods in Niagara, Ontario that you should know about if you are planning to buy a home or sell a home in this region. Each neighborhood has its own advantages and disadvantages, depending on your preferences, needs, and budget. To learn more about the different neighborhoods and their market conditions, you can visit this web page titled Best Neighbourhoods in Niagara Falls, ON – Map – AreaVibes, which is about the livability scores, demographics, real estate listings, and maps of various neighborhoods in Niagara Falls.