With any statistic, it’s important to look at the statistic behind the statistic. For example, looking at St.Catharines between $500,000 - 1,000,000, the average sale price actually came down by just under 1%. What also happened is that the total number of sales almost doubled to 174, an increase of 95% from the 2015. So, while the price didn’t increase like other areas, the number of buyers in that market have increased.
Another similar instance of that is in Niagara Falls, looking at homes that were 5 years or newer. The average price was virtually unchanged (off by 0.8%)however the total number of homes sold in that segment of the market rose by 90% to 330. It’s worth noting that the average price of those 330 homes was nearly $500,000. Incredible.
Detached homes in Old Town Niagara on the Lake (including north of East West Line and The Village) had a huge year. While the total number of sales had a modest increase (+2.5%), the average sale price was up an impressive (and arguably incredible) 26.5% to $740,000.
Niagara is finally getting the recognition we deserve. It's a wonderful region, in a convenient location, with waterfront communities, marinas, escarpment views, beaches, golf courses, an airport, strong agriculture industry, lots of green space, impressive local talents, small businesses to be proud of, world renowned wineries and restaurants, and brand new infrastructure to support arts and culture, sporting events, concerts...etc and that is just the tip of the iceberg!
Niagara has been historically undervalued in comparison to other similar sized markets. It has previously been possible, in many cases, to purchase a re-sale home for significantly less than replacement value would likely be, factoring in land prices as well. This is simply no longer the case, as the local real estate values have caught up. While no one can guarantee the future of any real estate market, we feel confident that we will continue to see growth in our market prices here in the Niagara Region.
Current homeowners love to hear this info but sometimes worry about where they will go. Or first time home buyers are discouraged with how they will enter such a heated market. Well, that is where the services of a professional,high level REALTOR enters the equation. Give us a call, we would love the opportunity to educate you a bit on the state of the market, the forecast, and what your options truly are in terms of opportunity and financing.
And as mentioned, with any stat, you can pull it apart in any number of ways. What we are here to do is to inform and advise on the market in general. For a more specific, custom report on your property, please feel free to contact any of our team and we will be more than happy to provide you with the information that you require.
Thank-you for visiting and all the best for a fantastic 2017!