In May, the Niagara Association of REALTORS® listed 1568 residential properties compared to 1318 in May 2023. The average days it took to sell a home in May 2024 was 37 days, a 23% increase from May 2023. Consumers who have been waiting on the sidelines should be in the market now with the Bank of Canada announcement reducing the interest rate today. This has given both buyers and sellers the confidence in the market they needed. May was already showing signs of that confidence with May Sales identical to April and the Benchmark Price increase along with the days on market…

Having a hard time finding a first home that’s right for you, your lifestyle, and your wallet? Well, here’s a tip – think about condominiums, or condos for short. They’re sometimes smaller than single-family homes, but that’s exactly why they can be easier on your budget. So, if you’re comfortable with a smaller space and want to buy your first home this year, adding condos to your search might be easier on your wallet. Besides giving you more options for your home search and maybe fitting your budget better, living in a condo has a bunch of other perks, too.  From community living to walkable urban areas, condos are great…

The Niagara Real Estate Market Report Year over Year April 2024 New listings in the Niagara Region were 1396 in April 2024 vs 991 in April 2023, which is a increase of 40.9% Residential home sales in Niagara totaled 602 homes in April 2024 compared to 560 in April 2023, which is a increase of 7.5% The average HPI composite benchmark* price was $644,700 in April 2024, compared to $654000 in April 2023, which is a decrease of 1.4% The Niagara Real Estate Market Report Month to Month, April 2024 vs March 2024. New listings in the…

Downsizing your home usually signifies a major transition: the need for a simpler life, financial considerations in retirement, or the nest becoming empty as children move out of the house. When selling your home, it’s not merely the physical task of moving or getting rid of possessions that makes this process difficult; it’s the emotional journey that accompanies it. There are so many emotions associated with downsizing, so it will take insights and strategies to get started on this significant life change. There are the complexities of emotional attachments to possessions, the stress of decision-making, and the process of grieving while embracing new…

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…

The Niagara Real Estate Market Report for February 2024  Spring is on its way!!  Everything is heading in the right direction.  Compared to January 2024, the number of New Listings (1,073), the number of Sales (519) and the HPI Benchmark price ($619,600) have all increased. Over the last month the number of days on market has decreased - all signs of the market activity trending upwards, reports Niagara Association of REALTORS® The MLS® Home Price Index (HPI), tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price for the Niagara Region was…

Spring market is coming soon, and with it comes the perfect opportunity to make your real estate dreams a reality! With over 30 years of experience as a trusted real estate agent in the beautiful Niagara region, I've had the privilege of helping countless families find their dream homes and successfully sell their properties. Whether you're looking to buy or sell in the Niagara Region, my expertise and dedication are here to guide you every step of the way. Let's turn your real estate goals into a seamless and rewarding experience. Reach out today and let's make this spring your season of opportunity…

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 Market is starting to change, and that is evident with the number of sales in January that increased not only month over month but also year over year, looking back at Jan 2023.“ reports Niagara Association of REALTORS® President, Nathan Morrissette.   We can all see with the sales activity increased and the average days on Market reduced, it could make for an interesting year ahead, especially with the HPI Benchmark price holding steady, which is why it is so important for those thinking about buying or selling this year to contact their local Niagara REALTOR® now.  You want to be…

Why Putting Off Listing Until Spring Could Actually Cost You Money Are you thinking of selling your home and don’t want to wait until the housing market starts to heat up this year? The conventional, traditional wisdom would warn you off. The housing market doesn’t really heat up until summer, or so the experts in the housing market would say. They would also say something like, “People don’t really want to buy homes while the weather is still bad and listing your home in the winter just makes you look desperate.” It may well be conventional wisdom, and while it does come from years…

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…

As we're getting close to 2024, Niagara is still proving to be a great place to buy, sell and invest in Real Estate. "Niagara housing prices are holding strong with a slight decrease in price of less than 1% month over month and year over year. We also see an increase in sales and new listings year over year,” reports Niagara Association of REALTORS® President, Amy Layton. “This is a good sign which continues to show Niagara remains an attractive place to buy a home. A higher average days on market of 45.5 days from 37 days in October 2023 shows people…

Embarking on the journey to buy a new home is an exciting milestone. However, the process can be complex and filled with various stages, paperwork, and negotiations. In this blog, I will guide you through the entire home-buying process, from signing the contract to the exhilarating closing day.

Life is, most certainly, a journey filled with unexpected twists and turns, like the excitement of welcoming a new addition, retirement and starting a new adventure, or the bittersweet feeling of an empty nest. If one of these events is changing in your own life, you may be considering buying or selling a house. Through all these life-altering events, there is one common thread—the need to move. Reasons People Still Need To Move Today Whether it is births, deaths, reaching the age of 65, marriages, or divorces, these big life changes are going to continue to impact people moving forward, even with the current affordability challenges brought on by higher mortgage rates and…

Niagara is experiencing a bit of a slower sales period during the beginning of the fourth quarter with more listings but less sales than last year,” reports Niagara Association of REALTORS® President, Amy Layton. “However, pent up demand is building in the region as people have begun to adjust to the higher cost of borrowing. We're continuing to see less of a gap year over year now than the sharper declines we saw in the third quarter of 2022.”   If you have any real estate questions or just want to chat about your home's current value. Give me a call I'm…

When it comes to real estate transactions, due diligence is the cornerstone of success. Whether you're buying, selling, or investing in property, thorough research and careful consideration are essential. In this blog, I will emphasize the crucial importance of due diligence in real estate services and how it can make or break your experience.
 

Planning for retirement is a significant milestone in everyone's life. While traditional retirement plans often involve pensions and savings accounts, real estate investment is an increasingly popular option for securing your financial future. In this blog, I will explore the world of real estate investing for retirement, discussing strategies and considerations that can help you make informed decisions about your financial future.

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…