Houses prices falling in Niagara Falls and Niagara-on-the-Lake

While housing remains expensive in southern Ontario, recent data suggests some towns and cities in the Niagara region are seeing slight price declines, with the benchmark house price in Niagara-on-the-Lake falling below the $1 million mark. 

A report by the Niagara Association of Realtors indicates that while home prices throughout the region remained relatively stable from August to September, prices dipped year-over-year, with the MLS home price index composite benchmark price falling two per cent from September 2023 to hit $640,000 in September 2024. 

The report notes that sales are up year-over-year and that inventory is growing, which is good news for buyers. 

According to the report, 488 sales were reported last month–up from 372 in September 2023. While more sales were reported, homes are sitting on the market longer–about 44 days, or up almost 19 per cent year-over-year. 

As far as house prices go, the home price index benchmark price of a house (all home types combined) in Niagara Falls dropped slightly year-over-year, falling from $646,800 in September 2023 to $630,700 in September 2024. Prices also fell in Lincoln from $808,700 to $761,200 and in Niagara-on-the-Lake from $1,052,400 to $974,500. 

St. Catharines also experienced a year-over-year drop, with the benchmark price falling from $604,300 in late 2023 to $578,800 last month. 

In other municipalities, prices are up on an annual basis. In Thorold, the benchmark price rose from $618,700 to $627,500 and in Welland, the price climbed from $529,000 in September 2023 to $545,900 last month. In West Lincoln, the price climbed from $771,700 to $782,100. 

Other towns and cities didn’t see much year-over-year movement, with prices remaining around the $545,000 mark in Fort Erie and $835,000 mark in Pelham. In Port Colborne/Wainfleet, prices stayed in the $530,000 range. 

When it comes to the benchmark price, Fort Erie is the most affordable municipality, and NOTL is the most expensive.

“With over 2,900 active listings there are plenty of options for buyers to purchase in Niagara. The sales (488), days on market (44) and HPI Benchmark Price ($640,000) stayed relatively the same month over month with the cumulative days on market (69 Days), proving that pricing accordingly is important for sellers,” Nathan Morrissette, president of the real estate association, said in the report. 

“Lowering interest rates, mortgage rule changes and some good local housing policies have given the consumers confidence in the market again and that is evident in the 30 per cent increase we saw in sales compared to September 2023. But we still require government on all levels to work together to continue to provide strong housing policies to make Niagara an attainable place for families to achieve the dream of home ownership. Although recent mortgage changes are starting to slightly improve the buyers’ options, more work is needed.”