We are moving steadily towards a balanced market in the Niagara Region. This trend is being fueled by increased inventory and a reduction in the number of sales month over month. So far, we have experienced two consecutive months where new listings increased more than 14% from the previous month, yet the overall sales are down at least 7%. In other words, only 1 out of every 3 homes being listed are actually selling.

Sellers are still experiencing competition; however, now it isn’t with a flood of hungry buyers competing to purchase their homes. Instead, they are competing against their own neighbours when trying to sell.

Interest rates increased again another 1/2 point, leaving many buyers frustrated that they cannot catch a break. If they can overcome the hurdle of rising rates, they may have their pick of the litter when it comes to available homes for sale. This trend is expected to continue for the rest of the year, as interest rates  continue to rise.

Qualified buyers in the market right now, rejoice! It’s your time to shine!

Considering a move? Whether you are looking to buy or sell, reach out to the Portfolio Realty Group team, we are here to help.