The Year in Review- RE/MAX 2018 Niagara Housing Outlook
Rising demand and low inventory set the tone for a seller’s market in Niagara through 2017. As unaffordability increased in the GTA, more homebuyers expanded their search area as far as Niagara.
Speculators and investors also flocked to the area in search of real estate, further reducing inventory in the face of increasing demand. Single-story detached homes were the hot commodity in the region, contributing to a 23 per cent price increase in the year-over-year average residential sale price.
Average condo sale prices increased by 25 per cent year-over-year. However, this housing type represented just 10 per cent of Niagara’s housing share.