As the real estate market continues to boom in the region, here are the latest statistics from the Niagara Association of Realtors.
Residential home sales activity recorded through the MLS® system totaled 830 units in March 2022, compared to 1064 units in March 2021.
In March, the Niagara Association of REALTORS® listed 1293 residential properties compared to 1465 in March and the average days it took to sell a home in March 2022 was 11 days, compared to 16 days in March 2021.
“The Pandemic and the Real Estate Market – The pandemic has transformed many aspects of society and as we celebrate the easing of restriction brought on by the COVID event, some interesting statistics are emerging which can help us understand the intensified demand for home ownership.
For many of the Canadians who locked down in efforts to stop the spread of the virus, where they lived became their gym, restaurant, and office; this has had a significant impact on how we view our homes.
What is clear isthat as we adapt to the socio-economic changes resulting from the pandemic, we feel more emotionally connected to our homes.
In a recent survey conducted by Ipsos a full 75% of Canadians (based on a sample of 1,002 respondents aged 18+) agreed that their home has become more important to them due to the pandemic and an additional 65% saying they feel a stronger emotional connection to it.
Not surprisingly, this enhanced appreciation of the emotional benefits of home was stronger among those who own their home compared to those who rent. The survey also found that the most important considerations among Canadians looking to move have shifted.
According to respondents, as of March 2020, the top two considerations when deciding where to live were the level of comfort in their home and level of safety within their community; these two factors far outweighed the importance others placed on the cost of maintain their home.
Likely due to an increase in remote school and work options over the last two years, location seems to have fallen by the wayside when it comes to buyer considerations; proximity to work, school, or other regular commitments has become most important to only a minority of Canadians.
Affordability and lack of available supply have been especially hot-button issues over the last two years with an overwhelming majority of respondents indicating just how tough entering the market has been over the course of the pandemic. 81% believe there’s a severe supply shortage in Canada, especially among renters compared to homeowners.
Just under half of Canadians agree that during the COVID event they have become more knowledgeable about the real estate market in Canada and say they are more likely to see purchasing a home as a capital investment because of the pandemic.
Please see the chart below for more information and for the full report, visit the website HERE.