How much house prices have risen in 10 years in Niagara

While it’s no secret that house prices have risen in Niagara (and in Canada) over the years, the data shows the increase has been quite significant.

Even though the Niagara region still boasts some of southern Ontario’s more affordable housing markets, numbers suggest that prices have grown significantly in just 10 years. Towns and cities that used to offer homes as affordable as about $200,000 now offer homes no cheaper than $500,000.

A recent report from the Niagara Association of Realtors indicates that the overall home price index composite benchmark price (the board says the benchmark is a home between the ages of 51 and 99 with three bedrooms and two bathrooms) for the region hit $640,000 in September 2024. While that’s actually two per cent below the benchmark price in September 2023, it’s way above the average sale price of $260,986 that was recorded in 2014. 

So, how much have prices risen across the region in 10 years?

Quite a lot. 

According to NAR, the benchmark price in Fort Erie hit $544,700 last month, up from the 2014 average of just $212,918. In Lincoln, the benchmark price was $761,200 last month, up significantly from the average price of $327,969 just a decade ago. 

In Niagara Falls, the typical home price has moved from about $239,327 in 2014 to $630,700 last month. In Niagara-on-the-Lake, the priciest market in the region, prices have climbed from about $470,141 to $974,500. 

In Pelham, the average house price was $376,069 in 2014. Last month, the benchmark price hit $833,200. In Port Colborne/Wainfleet, the price difference is $213,227 in 2014 and about $535,100 now. 

In St. Catharines, the average price was $235,551 in 2014. Last month, the benchmark price was $578,800. 

In Thorold, prices have risen from about $228,005 in 2014 to $627,500 now. In Welland, the average price of $198,039 rose to a benchmark price of $545,900 in 2024. In West Lincoln, prices rose from about $364,851 in 2014 to $782,100 last month. 

In a news release, NAR president Nathan Morrissette that with more inventory on the market in recent months, buyers have more choice–a positive at a time when higher interest rates and high selling prices are squeezing many. 

“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,” he 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.”