I’m sure you noticed how crazy the Niagara real estate market was in 2016 (in fact, yours truly may have pointed it out a few times). The region has seen a massive boom in the past few years, and 2016 was no different. The year wrapped up with some pretty impressive averages.
Niagara’s averages are booming
Almost every stat in the Niagara real estate market has gone up this year. The actual number of home sales increased from 7, 289 to a total of 8, 441 sales this year. The average sales price has boomed also, with NOTL coming in the lead at a $116, 000 increase over 2015, and every other city in the region going up as well, from 10% to 30% above 2015.
Homes also sold in a flash. In 2016 a house for sale in St. Catharines took an average of 28 days to sell, way faster than the 40 days it took in 2015.
The average prices of houses jumped about 18% (around $50,000), 10% more than the last year.
Average sale prices in Niagara
But don’t take my word for it, I think the numbers speak for themselves!
Fort Erie: 2016 – $270,935; 2015 – $233,112
Pelham: 2016 – $461,127; 2015 – $403,110
Lincoln: 2016 – $419,923; 2015 – $365,112
Niagara Falls: 2016 – $324,387; 2015 – $264,327
NOTL: 2016 – $620,419; 2015 – $504,416
Port Colborne/Wainfleet: 2016 – $264,404; 2015 – $220,328
St. Catharines: 2016 – $299,182; 2015 – $254,645
Thorold: 2016 – $298,210; 2015 – $240, 255
Welland: 2016 – $237,880; 2015 – $217,658
Why all the excitement?
No one in the real estate game expects this boom to lose momentum anytime soon. I’ve been known to boast about why Niagara is a great place to own a home, and in 2016 it looks like a lot of people who worked in the GTA agreed with me. There’s a draw for buyers from the GTA, since the region is located close enough that it’s an easy commute, without having to actually live in Toronto anymore.
There’s also a lot of people taking advantage of this boom when retiring by selling their large home and leasing a smaller property.
So, all this to say, this market is showing no signs of slowing down. Nothing seemed to stop when the weather got cold, and with spring just around the corner, I think we can all expect a repeat, or even an increase, in what we’ve been seeing for the past 12 months!