APRIL 2022 – MARKET UPDATE

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The real estate landscape in Niagara is experiencing a downward trend towards a balanced market. Although April saw an increase in new listings, it also saw a reduction in overall sales.

Potential homebuyers are beginning to see clear signs of cooling, leading some of them to take a break from the market as interest rates begin to climb, further reducing their buying power.

The drop in sales also weighed on home prices, which have been climbing steadily for the last 24 months, often fueled by bidding wars and intense competition. April marks the first dip of the year, which is very uncommon for a spring market.

Compared to April of 2021, sale prices are UP over 26%, yet the number of sales are DOWN over 34%, and that’s with comparable inventory.

For those looking to upgrade, the current market conditions could work in your favour. Speak with your mortgage broker, and try to lock in a rate, and wait for the right place at the right price.

Do you agree or do you think we’re headed in another direction? LET US KNOW! Reach out to the Portfolio Team!

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ASHTON HENDRIKS

CHRIS SOMERFIELD

EMILY DESANTIS

SCOTT SWEITZER

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