Niagara Region Summary
If you follow me closely, then you might recall how I was excited about the benchmark prices last month. It was proof of what I’d been saying about the market’s slowdown…slowing down! There was actual growth in the benchmark price by +1.6%. That reversed itself by the end of April with a drop of -1.2% (so we netted around +0.4% over two months).
There ends up being no change in the end from three months ago.
This is a perfect, textbook example what we’ve been talking about when we refer to a “flatlined” market. You’ll see small increases, small decreases, and basically be on a yo-yo for a while until the long-term trend of growth becomes more noticeable again.
The Market Cycle? More like the Yo-Yo Effect.
The real estate market always goes through these yo-yo cycles. Sometimes it’s just with a little bit of extra force compared to the average in either an upward or, in more recent times, downward direction. The key is to remember how it’s risen over the long term and ignore the headlines that have been talking about “imminent” crashes for several decades now.
Not to sound like every self-help influencer on the planet right now, but growth doesn’t always go in a straight line. Sometimes you fall down and have to get up again. What matters is the overall progress.
Terminations, Transactions, and New Listings Tell a Story Too!
The spring market brings a rush of activity every year. Activity will mean transactions (sales), terminations (taking the property off the market), and new listings. It might seem alarming that terminations grew by 49% month-over-month (MoM), but that’s not actually something I’m too concerned about. Looking at terminations year-to-date (YTD), we’re actually lower by 13.4% so far this year.
This doesn’t mean terminations aren’t happening – just look at the graphic. Many sellers still expect 2021 prices, keeping terminations elevated. That being said, people are starting to understand that when it comes to pricing a home, it’s not what you, your neighbour, or the AI based on outdated info says. Your home is worth what the market says. Love it or hate it.
Prices by City
Who saw this coming?
The REAL REMAX merger.
REMAX has been sold! REAL will be buying REMAX at a cost of $880m.
REMAX has the internationally recognized brand, and the traditional brokerage model.
REAL has the technology.
And now we have the best of both worlds.
This is a good deal for both sides. Nothing much changes for us REMAX agents, except we’re about to get some cool new tech.
A Business Decision of My Own
I have joined the Kazan Realty Group, a residential and commercial team based in Stoney Creek, but looking to grow in the Niagara Region. My decision to join a team surprises a lot of people. I’m too stubborn, too individualistic, too entrepreneurial, you name it. I even SAID I would never join a team. I guess I’m eating my words.
What does this mean for me and my handful of clients? Not much changes. I did have to switch all content I post from “REMAX Niagara” to “REMAX Escarpment” (and yes, it’s tedious). But it’s the same offices, same business, and even the same owners of both. I’m working with many of the same people, in addition to the new faces at KRG. I’ve now expanded access to the Hamilton, Burlington, and Oakville areas. And KRG gains expanded access to Niagara.
