Residential prices jumped 27% in Niagara Region from 2020 to 2021, says real estate study
Published December 2, 2021 at 11:36 am
The average residential sale in Niagara Region jumped 27 per cent from $541,632 in 2020 to $649,648 in the first nine months of 2021, says a real estate study.
And according to the Remax 2022 Canadian Housing Market Outlook, the average Niagara Region house sale is expected to jump another 14 per cent to $786,189 in 2022.
Surprisingly, that only puts Niagara price hikes in the middle of the Ontario pack.
Prices in Barrie jumped 53 per cent over the same time period (up to $770,000) as GTA home owners are starting to shift north. That coincides with similar price hikes in North Bay – up 37 per cent to $391,000 – and Grand Bend – up 35 per cent to $883,699.
Nearby markets, such as Hamilton, Oakville and Burlington, saw slightly lower increase – 26 per cent in Hamilton and 21 per cent in both Oakville and Burlington – but all three communities were starting with higher market values.
In fact, Burlington’s hike saw their average sale cross the $1 million threshold for the first time, up to $1.063 million on average.