Niagara Home Buyers Experience A Market Decline

Subsequent to the swift increase in home values and prices, home buyers in Niagara state have seen the market is finally going through a decline. According to real estate agent of St. Catharine’s Randy Mulder, the housing market is anticipated to wane further as the effects of the foreign buyers’ tax employed in the GTA by the provincial government reigns in.

Home sales in the GTA dwindled by 25.3% in May following the institution of several government measures to cool the market. As housing markets across the country go through declines, it has also been translated into the national figure as it also experienced a 6.2% decline in May. This was a grave drop from the month of April where prices had been higher.

In a report by the Canadian Real Estate Association, this is the biggest month-to-month decline in close to five years. Nonetheless, despite these declines, home sales on the other hand saw an increase of 12.1%. Statistics from the Niagara shows there were 955 properties sold in the month of May which compared to the same period last year was lesser.

Needless to say, Mulder, the president of the Niagara Association of Realtors is optimistic that the effects of the new measures taken will have its projected effects on the market.

While there are indications that the market in Niagara is having an upsurge in home sales, this is primarily credited to the fact that there are more homes being listed in the market.

Mulder went on to shed more light on the fact that there were 1,280 new homes introduced to the market which was 1,072 last year. This is however welcoming as new listings help to condense the pressure on supply and gives buyers more options to select from.

Feyez Elayan, Brock University business accounting professor stated, home values are finally making a reclamation following a long period of low home values. People are finally getting to know the value of the city as it has a lot to offer.

In Niagara, the median home price stands at $429,455, which is higher than the amount detailed last year which was $100,000.

J C Loum