Buyers, on your marks, get set, go! September 2022 saw a year-over-year dip in sales price, with an average price for September 2022 at $696,432, last year same time it was $725,295 and in January 2022 it was $852,397. Buyers finally have some breathing room after what felt like an eternity filled with economic stressors; they can take their time negotiating on properties that may be more affordable now while being mindful of not just short term needs but also long-term investment potential.
Will prices decline further? Possibly. Something no one can necessarily predict with 100% accuracy, but we do think that values in the Niagara region will continue to remain strong and it may be an ideal time for those who want a long-term investment to get a jump on a new house, as interest rates are likely going up only temporarily. Buying now also has greater potential than ever before given the current circumstances - there's more upward growth ahead so buying at lower rates could really pay off!
