The housing market in Niagara continues to soften as we find ourselves mid-way into the fall season. Although inventory is up compared to August, sales have slowed and almost unlucky 13% (AHHH!) and close to 50% drop from this time last year.
We find ourselves reaching a tipping point for buyers and their delicate balance between home pricing and borrowing power. All eyes are now on the next scheduled date for announcing the overnight rate target, on October 26.
September also brought a continued reduction in overall average prices, slightly slower than the previous 3 months at 3.7% decline, which equates to roughly $25,000 of the average price.
With roughly 1 in 3 homes listed being sold on an average 37 days on market, a sense of urgency to make moves has since evaporated. Those that need to sell are priced to sell, and those that need to buy have a pick of the litter.
Curious what this market could do for you, or just want to keep a closer eye on the market forecast? Reach out to any one of your friendly neighbourhood portfolio REALTORS®