Happy Holidays from Team BB!

As we wrap up 2024 and look forward to the new year, we would like to extend our warmest holiday greetings to all our clients, friends, and neighbours in the Niagara Region. Whether you’re celebrating the season with family, friends, or a quiet moment of reflection, we wish you joy, health, and prosperity in 2025.

Niagara Housing Market Recap: 2024

As the holiday lights shine bright, it’s also a great time to reflect on the year’s trends in the Niagara housing market. Here’s a snapshot of what we saw in 2024:

Average Sale Price: The average sale price for properties across all types experienced a modest decrease of 0.7%, from $700,098 in 2023 to $695,384 in 2024.

Sales Transactions: The number of sales transactions increased by 4.2%, with 5,652 homes sold in 2024 compared to 5,425 in 2023.

Listings: The total number of listings rose significantly, up 28.6% from 21,792 in 2023 to 28,031 in 2024.

This year’s market demonstrated resilience and growth despite a slight dip in average prices. Buyers had more options than ever, thanks to a surge in new listings, while sellers benefited from increased activity and transactions.

Looking Ahead: Predictions for 2025

The Niagara housing market is expected to enter 2025 as a mixed balanced/buyer’s market. Here’s what we anticipate:

Price Growth: Average residential sale prices are forecasted to rise by 2%.

Increased Sales: The number of sales is projected to grow by 4%.

Key Buyer Groups: First-time homebuyers and retirees are expected to drive the majority of market activity.  Lower-priced detached homes in the $500,000 range remain a popular choice for First-timers. Retirees are downsizing into bungalows and bungalow townhouses with purchases typically falling in the $800,000 to $1,000,000 price range.

Challenges and Opportunities: One of the challenges the region continues to face is the lack of new construction due to high building costs. However, buyer confidence is expected to rise in 2025, driven by anticipated decreases in interest rates and more favourable amortization structures. These changes should make it easier for first-time home buyers to achieve their home ownership dreams while maintaining strong demand across the market.

Let’s Connect!

Ready to discuss your real estate goals for 2025? Reach out to us anytime! Whether you’re looking for your first home, upgrading to your dream property, or downsizing to suit your lifestyle, we’re here to  guide you through the process with expert advice and our personalized touch.

Here’s to a wonderful holiday season and an even brighter year ahead.

John, Cathy & Bill