New listings were up but sales were down, as Niagara’s real estate market statistics continue to indicate a buyer’s market to begin the fall season.
Niagara Association of Realtors released its September data on Wednesday, showing minimal changes month-over-month in the benchmark price of home and larger gaps when it came to sales, new listings and days on market.
Compared with a month ago, the price of a home fell 1.4 per cent to from $651,700 from $660,900. It also saw sales decrease to 372 from 523 in August, a difference of 28.9 per cent.
New listings increased last month by 12 per cent to 1,336 from 1,220. Days on market saw a jump of 12.1 per cent, rising to 37 from 33.
In a media release, association president Amy Layton said September statistics indicate buyers are benefiting from the current market.
“As people get back into their life and school routines in September, this is expected,” said Layton. “The last quarter of the year is usually busier as people are hoping to move before the holiday season and winter. We shall see what October brings.”
Year-over-year, Niagara’s real estate numbers continued to get closer together, with the difference in benchmark price 1.23 per cent, sitting at $651,700 from $659,800 in September 2022.
Sales decreased 6.8 per cent from last year, to 372 from 399. New listings jumped 16.1 per cent, year-over-year, rising to 1,336 from 1,177. Days on market saw no change at 37.
The one municipality in Niagara that saw its benchmark price rise from a year ago was St. Catharines, now at $600,000 compared to $587,200 in September 2022. But month-over-month, each Niagara municipality saw a slight decrease.
Niagara Falls saw an average sale price decrease almost 9.1 per cent for single-family homes when compared to a year ago, but fell just 3.8 per cent month-over-month.
In a report by Wahi, What’s Roadmap to Housing Affordability: Ontario Edition, Niagara is shown to have some of the province’s most, and least, affordable local housing markets. The home price data is from the first quarter of the year, with median home prices including all housing types.
The roadmap is an interactive tool that shows homebuyers where they can afford to live, depending on their earnings and local home prices.
In a media release, Port Colborne was identified among Ontario’s most affordable local housing markets, with a median home price it said of $499,000.
To afford a home in Port Colborne, households require a pre-tax income of $125,000, which is roughly 22 per cent higher than the Ontario average, said the report.
Port Colborne came in fourth on the list, following North Bay, Owen Sound and Greater Sudbury. Ottawa (Bells Corners), Windsor and Cornwall filled out the list of seven affordable cities for households earning $125,000 annually.
Niagara-on-the-Lake was the region’s most expensive market with a median price of $1,030,000. It requires double the household income of Port Colborne, of about $250,000.
“The fact that only a handful of cities — mostly small — are affordable to households with even above-average earnings truly highlights Ontario’s affordability crisis, said Wahi chief executive officer Benny Katchen in the release.
Monthly data released by Toronto Regional Real Estate Board (TRREB) showed the average price there was up about three per cent month-over-month to $1,119,428 in September. Sales fell about 12 per cent from the previous month while new listings rose 32 per cent, with 16,258 new listings in September.
TRREB said the impact of high borrowing costs, high inflation and uncertainty surrounding future Bank of Canada decisions are continuing to play a role in its market, tilting it in favour of buyers.
In an interview last month looking at the fall forecast, Layton said she expects Niagara’s numbers to stay where they are for the most part. People who want to get in the market will do so, regardless of any announcements from BOC.
“We’re going to stay steady, it’s not all doom and gloom. The gap is closing and it’s predicted that we’re supposed to be back to normal next year — whatever normal is,” she said.
