House prices down over 20 per cent in Niagara region

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Published April 10, 2023 at 11:30 am

While housing isn’t exactly affordable in Southern Ontario, house prices are a little less jaw-dropping in the Niagara region and are down quite a bit from the highs they hit this time last year.

According to the Niagara Association of Realtors (NAR), both sales and prices are down year-over-year but up month-over-month. Last month, the overall home price index (HPI) for the region was $641,600–down 21.8 per cent from March 2022. 

This time last year, the HPI in the region hit $820,100. 

Regarding sales, NAR’s report indicates that 560 homes changed hands last month. In March 2022, 830 properties were sold. Fewer properties also hit the market in March 2023 compared to the previous year, with 1,064 properties listed. This time last year, 1,293 homes were up for sale. 

The report says homes are sitting on the market for about 41 days, up from 11 in 2022. 

That said, prices and sales are ticking up month-over-month. According to NAR, the HPI in the region was $627,500 in February 2023, when 449 homes changed hands. 

“As we still see larger decreases in overall MLS HPI composite benchmark price year over year, it’s time to focus on month over month as we begin to recover,” said Amy Layton, president of the NAR, in a statement. 

“This is the second month in a row that the Niagara Region has seen an increase in sales and new listings, as well as a modest price increase overall. Q1 of 2023 has shown us buyers are out there and prices are holding their own.”  

The NAR report also breaks down price and sales figures for 10 towns and cities in the region. 

In Niagara Falls, the HPI hit $633,700 last month. In Fort Erie, buyers can expect to spend $521,300 on a home and in Lincoln, purchasers are likely to see a $737,400 price tag. 

In Niagara-on-the-Lake, the HPI hit $1,028,300 last month, making it the most expensive municipality in the region.

Prices currently sit at $843,700 in Fonthill/Pelham, $515,800 in Port Colborne/Wainfleet, $587,500 in St. Catharines, $613,000 in Thorold, $552,200 in Welland and $778,200 in West Lincoln. 

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