GREAT NEWS !!! The Bank of Canada today reduced its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is continuing its policy of balance sheet normalization. The global economy is expected to continue expanding at an annual rate of about 3% through 2026. While inflation is still above central bank targets in most advanced economies, it is forecast to ease gradually. In the United States, the anticipated economic slowdown is materializing, with consumption growth moderating. US inflation looks to have resumed its downward path. In the euro area,…

March was a strong month, with increases complimenting the upward trend we are seeing in the market over the last few months. With the HPI benchmark price at $633,400, an increase of over 2% over last month, which is a positive sign for the market in Niagara; buyers are starting to be more aggressive as the time on the market has been reduced to 43 days from 54 days in January.  If you're thinking of selling or buying a home or just have questions regarding the market  call or text me, I'm always happy to chat.  905 321- 6165 | www.tracyphelan.com

The Niagara real estate market had been one of the hottest in the Ontario housing sector in the fallout of the pandemic, with home prices soaring about 27 per cent between 2020 and 2021. Because many households were planting new roots in smaller communities, there was some expectation that the Ontario town could sustain this momentum. However, in recent months, the Niagara real estate market has stabilized as price growth has been modest, and sales activity has plummeted amid an environment of high interest rates. Now that mortgage rates are expected to come down over the next 12 to 24 months, what does the…

Are you are planning on putting your house on the market this spring? If you are, then now is the time to get started. As your professional agent for all your Niagara real estate needs, there are several things you can do to make your home stand out from the rest. Here’s how to get a quick sale at or close to full market value. Read on and get ready to turn that ‘For Sale’ sign into a ‘Sold’. Spring is often the most popular homebuying season. Birds are chirping, bulbs are peeking through the soil, and homebuyers are coming out of hibernation.…

The benchmark price of $617,000 is an enticing number for Niagara to attract first time home buyers and anyone looking for an affordable and beautiful place to call home. With the Bank of Canada holding the interest rate at 5% and expectations are they could possibly reduce that rate this year, we should be prepared for a somewhat typical spring market. With the many market changes seen in 2023 and with more expected in 2024, it’s vital to seek the advice and expertise of a professional. If you’re looking to buy or sell a home or just have questions about…

September Niagara Real Estate Market Update We are continuing to see a dip in sales this September 2023 compared to August 2023, but an increase in new listings up by 12% from August. The HPI Benchmark price has dipped a bit as well by 1.4% since last month, indicating a buyers’ market. As people get back into their life and school routines in September, this is expected. The last quarter of the year is usually busier as people are hoping to move before the holiday season and winter. October looks to be a great time for buyers as we have lots of inventory and…

If your listing expired and your house didn’t sell, you’re likely to feel a little frustrated. Not to mention, you’re also probably wondering what went wrong. Here are three questions to think about as you figure out what to do next. Did You Limit Access to Your House? One of the biggest mistakes you can make when selling your house is restricting the days and times when potential buyers can tour it. Being flexible with your schedule is important when you’re selling your house, even though it might feel a bit stressful to drop everything and leave when buyers want to see it (especially at mealtimes). After…

    If you’re looking to buy a home this fall, there are a few things you need to know. Affordability is tight with today’s mortgage rates and rising home prices. At the same time, although we’re seeing an upswing in the number of listings in this area, there’s still a limited number of homes on the market and that’s creating some competition among buyers. But, if you’re strategic, there are ways to navigate these waters. The first thing you’ll want to do is get pre-approved for a mortgage. That way you’ll know your numbers and can set yourself up for success right from the start…

The Niagara Market Update for August 2023 Niagara real estate continues to hold steady, and with the recent Bank of Canada announcement September 6th that interest rates will hold for now. August showed us less new listings than July, with basically the same amount of sales, but this is expected during this month, as many are enjoying the last days of summer and getting the kids ready for school, We are also seeing the gap getting smaller regarding HPI composite benchmark price. Prices are only down 1% from July to August of 2023, and down 3.6% from August 2022 to August 2023.…

Even though you may feel reluctant to sell your house because you don’t want to take on a mortgage rate that’s higher than the one you have now, there’s more to consider. While the financial side of things does matter, your personal needs may actually matter just as much. As an article from Bankrate says: “Deciding whether it’s the right time to sell your home is a very personal decision. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market.” So, ask yourself this: why do I want to move in the first place? Chances are your primary motivation isn’t just…

The Niagara Region is experiencing a balanced market with housing prices rising slightly. This stability indicates a healthy real estate landscape, attracting both buyers and sellers. The consistent increase in housing prices showcases the Region’s desirability and points to a strong market going into the Fall. Reach out if you have any questions.

May stats are live! If you have any questions about the current market reach out at any time. I'm always happy to chat. (905) 321-6165

April stats are live! If you ave any questions about the current market reach out at any time 905-321 - 6165

March stats are live! If you have any questions about the current market reach out at any time 905 - 321 - 6165

1. Increased demand: Spring is typically a popular time for home buyers to start their search, as the weather is warmer, the days are longer, and families often plan their moves during the summer months when children are out of school. By getting your home ready for sale in the spring, you'll be tapping into a larger pool of potential buyers, which can increase your chances of selling your home quickly and for a good price. 2. Better curb appeal: After a long, cold winter, your home's exterior may have taken a beating. By sprucing up your landscaping, touching up any…

The Niagara Real Estate Market Report Year over Year - February 2023 vs February 2022 As forecasted, the Niagara Region has begun to spring back as month over month sales are up, the number of listings is up and the average days on market has decreased slightly. We can see as well that home values are holding steady at roughly the same as it was in January 2023. Looking back year over year, we will continue to see larger differences in these numbers as the market did not begin to level out until late in the second quarter of 2022. New…