Niagara real estate market will be “robust,” says association president
The president of the Niagara Association of Realtors (NAR) says he expects the Niagara Region to be “a robust market for the balance of 2021.”
The numbers certainly seem to bear him out. In May 2021, the residential properties listings region-wide hit 1,246, as opposed to just 772 in May 2020. And May’s listings are just down a fraction from April’s 1,329.
“It’s interesting because all I typically see about the real estate market in the media are stories (with the angle) ‘When will the real estate bubble burst?’,” said Doug Rempel, NAR president, from their St Catharines office. “I don’t think there is a bubble. I think we’re simply seeing a continuing strong market.”
As the pandemic initially created something of a buyers’ fatigue market, he said he believes that situation is turning the corner. “Now we’re going to see some Covid fatigue and pent-up buyers demand.”
He noted when people move out of the 905 and 416 area codes, they tend to go in one of two directions: straight up Highway 400 north of Toronto or they peer across the lake at the Niagara Region. He noted that properties are getting pricier as they are developed north of Toronto because they are approaching the vicinity of cottage country.
However, in Niagara Region, “the buying power is a lot stronger here.”
The average three-bedroom, two-bathroom home in the region went for $648,000 in May, considerably less than the housing prices in Toronto and its suburbs.
He also believes the region is desirable because all the amenities are already established. “We have beautiful wineries here, many new craft breweries and the culinary experience here is second to none. We have some of the world’s finest chefs here in Niagara (Region).”
He added while people tend to think of Spring and Autumn as the stronger months for the real estate market, “I see we’re seeing more signs that it’s balanced year-round.”
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