Niagara as a Whole
Niagara’s MLS® HPI benchmark price was $571,300:
• Down 0.7% in one month
• Down 6.5% over one year
• Down 13.7% over three years
• Still up 91.5% over ten years, proving real estate as a solid long-term investment despite short-term swings
Overall activity, including listings, terminations, and transactions, all remain lower compared to last year. The activity as a whole tends to decrease after a market correction, while both buyers and sellers wait and see what they should do next.
Median Prices by City
As always, prices vary substantially across Niagara. June median sale prices ranged from $460,000 in Port Colborne and $519,900 in Fort Erie, to $808,750 in Pelham and $1.02 million in Niagara-on-the-Lake.
However, it’s important to remember that every neighbourhood is different. Some areas, like Port Dalhousie, have actually seen median sale prices increase year-to-date.
St. Catharines Takes the Headlines
Construction is beginning on a 492-home affordable co-operative development at 159 Ontario Street, supported by $183 million in federal funding. The project will provide non-profit, community-governed rental housing with a mix of studio through three-bedroom homes.
The city has also applied for a program that could substantially reduce development charges in exchange for infrastructure funding. That could help to reduce the overhead costs of building new housing—but it remains conditional and is not yet a finalized reduction until it receives approval.
A Tribute to our Late Mentor, Leader, and Broker of Record, Conrad Zurini
Sadly, last month, our Broker of Record and mentor Conrad Zurini passed away suddenly. It’s been a tough month for all of us here at REMAX EN, but we’re working through it and making our fearless leader proud. I’ve always been fascinated with the level of knowledge Conrad had about the market, the industry, and people as a whole too. He’d take an idea that nobody else would dream of, and suddenly you had a new perspective on the flow of the market or the flow of your own business. He truly inspired every agent he worked with to be better than they were beforehand, and to be focused on momentum. And he was a true advocate for the industry, affordable housing, and so much more. This has been an adjustment for all of us. I’m continuing to implement everything he taught me into my business. Everyone here at REMAX EN are dedicated to making our leader proud!