Niagara Region in the middle of ‘Best Place To Buy’ national real estate list
Published April 25, 2023 at 4:30 pm
Niagara Region landed smack-dab in the middle on a list of Canada’s ‘Best Place To Buy’ homes, according to a study conducted by moneysense.ca and housing brokerage zoocasa.com.
Niagara finished 23rd on a list of 45 most prominent national marketplaces for buying homes, based on average dwelling prices, price growth over time, as well as neighbourhood characteristics and economics.
The findings reveal value and demand conditions in housing markets across the nation, in addition to full neighbourhood rankings in each city
“Buyers took to the sidelines in 2022 and many chose to wait out the market, hoping for a positive change that would make real estate in Canada more affordable. Motivated buyers shifted their strategies, favouring more affordable property types including condominium apartments and townhouses,” says Lauren Haw, broker of record at Zoocasa.
“The 2023 market is dependent on affordability. If interest rates decline, buyer sentiment should shift in a more positive direction.”
Zoocasa agent Alex Kupiec alluded to the huge dip in the recent real estate market, adding, “I expect we will continue to see prices rise in 2023 as we move into the spring market. Buyers that were apprehensive this year are now ready to make their move.”
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According to the Canadian Real Estate Association, in January 2022, the national composite benchmark price across all home types was $817,000, and by December, it had fallen by $100,000 to $717,000.
Niagara Region’s median price was a little higher than that at $728,025 at the end of 2022 but was expect to jump 12 per cent after one year; 74 per cent after three years and 96 per cent after five years.
The Great Moncton, New Brunswick area topped the list but started well below the national average. In five years, even more than doubling its current value, the average Moncton house would still not be worth what a home in Niagara Region is at present, falling $80,000 short.
