As we welcome 2024, we are excited to present our Team Berkhout Bosse New Year Market Report, offering a comprehensive review of the 2023 Niagara real estate market and predictions for the year ahead.
Residential Home Sales:
In 2023, there were 5,640 residential home sales in Niagara, down 5.8% from 2022. Notably, Thorold saw a significant 17% increase in sales.
Property Listings:
The Niagara Association of REALTORS® listed 12,951 residential properties, a marginal 0.3% increase from 2022.
Average Days on the Market:
The average days to sell a home in 2023 increased to 37 days from 23 in 2022, with the Town of Fort Erie reporting the longest selling time frame at 51 days.
Price Movements:
The MLS® HPI benchmark price for the Niagara Region declined 12.6% from $743,300 in 2022 to $649,900 in 2023 (down 25% since the market peak of $863,142 in March 2022).
2024 Housing Market Outlook:
Despite 2023's challenges, the market is expected to be more active in 2024 with average residential sale prices predicted to stabilize and gradually rise.
- Interest Rate Dependent: Anticipated prime rate drops, possibly in late spring, should bring more Home Buyers back into the market.
- Inventory Shortage:
A persistent challenge is the shortage of available inventory, with little change in new listings despite sales fluctuations. This is augmented by the continued increase in regional migration from
the Greater Toronto Area (GTA) and the rapid population growth resulting
from immigration. - More Secondary Dwelling Units: Pressure to boost housing supply underscores the value of secondary suites,
generating income to subsidize homeowners' mortgage payments and
enhancing affordability.
If you're interested in discussing buying and selling opportunities in today’s market, give us a call.
All the best in the New Year ahead!
Bill, John & Cathy
