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The real estate market has been a rather steady increase of activity in every marketplace, both the inventory and number of sales have seen a slow and steady increase with the exemption of Lincoln. A number like this is very typical at this time of year in Niagara. As we move thru the remainder of January and into February, we should continue to see this number grow in every marketplace in Niagara. The average price range through the region and my immediate market place which is Fort Erie remains fairly consistent from one another, which is at $650000. Remember that the statistics above is just a snapshot of the region for the past 7 days.
Some positive news that we had in the marketplace is that the unemployment rate dipped again, following the report of Stats Canada of around 100000 new jobs in the month of December. When there is a job, there is money to spend on housing. We hope to see these numbers shine a positive light on the number of sold houses as we move through 2023.
Another item to be aware of is that the Bank of Canada has indicated they may move the interest rates again at the end of January in an effort to hedge the rising inflation. We will be paying attention to these two factors and how they impact the housing market.
Of course, the rising interest rates can affect negatively the buyer’s appetite. I will keep you updated as we move through 2023.
