The State of Real Estate in Niagara – July 2021

state of real estate july 2021

Right now in Niagara real estate, you’re either HOT or you’re NOT.

Houses are listed for a little longer than in previous months while SOME properties are still moving much faster, selling substantially over the asking price with multiple offers.

WATCH: Shawn DeLaat takes us through what’s happening, and more importantly, WHY it’s happening

Top property features buyers are still actively looking for:

  • completely updated homes
  • houses with pools
  • homes in premium locations

Sellers in Niagara’s Real Estate Market

Sellers looking to enter the market right now should prepare their expectations. While you might see the multiple offers, way over asking price that we saw in the previous few months, you also might not. Prices are still relatively high and while there is a slight balancing, the Niagara real estate market is still favourable to sellers for the time being.

Buyers in Niagara’s Real Estate Market

Buyers’ perceptions are changing as inventory increases and they have more options available. We’re noticing that they’re not feeling the same pressure and aggression they felt in the last few months, so they know now that if a house isn’t for them, waiting for the “right one” is once again an option.

For buyers, a balancing market means means there are increased opportunities to purchase a home without having to compete.

Why is Niagara’s Real Estate Market Balancing?

  • Buyer fatigue. They’re exhausted by the multiple over asking offers, not wanting to compete against each other anymore.
  • Small increase in mortgage rates and the new mortgage stress test that rolled out in Canada last month.
  • Increase in inventory. As new developments pop up and more houses hit the market, there are more options for buyers.
  • Lockdown restrictions lifting. It’s summer, people are looking to enjoy other activities rather than look for a new home.

Our prediction for summer 2021 is that we’re going to see a more traditionally balanced Niagara summer real estate market.

Niagara Residential Real Estate Performance June 2021 vs June 2020

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