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Demand for MLS® home sales in Niagara continues to decline

The number of homes sold through the MLS System of the Niagara Association of Realtors totaled 371 units in November 2022. This was a decline of 49.1 per cent from November 2021.

Home sales were 39.8 per cent below the five-year average and 37.1 per cent below the 10-year average for the month of November.

Here is a brief overview:

  • On a year-to-date basis, home sales totaled 6,309 units over the first 11 months of the year. This was a decline of 34.9 per cent from the same period in 2021.
  • The MLS Home Price Index (HPI) composite benchmark price was $642,600 in November 2022, a decrease of 8.4 per cent compared to November 2021.
  • The benchmark price for single-family homes was $654,500, a moderate decrease of 9.2 per cent on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $609,800, edging up 0.3 per cent compared to a year earlier, while the benchmark apartment price was $461,800, a gain of 5.2 per cent from year-ago levels.
  • The number of new listings saw an increase of 18.7 per cent from November 2021. There were 958 new residential listings in November 2022. This was the largest number of new listings added in the month of November in more than 25 years.

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