One year on and we continue to support all those working on the front lines that ensure we can make it through this as best we can. Thank you to everyone who continues to do their part so we can emerge from this with hope and a brighter future.

Market Update

From the depths of last March and April to the highs of 2021 the local and Ontario wide markets have been continuing to fire on all cylinders. Pre-Covid we saw the majority of buyers to our region in the downsizer/retiree demographic. Now Covid has forced a shift in society that has changed buyer preferences. Now we see more people able to move from the cities (Toronto etc.) because of work and lifestyle shifts putting greater attention on our local market.

Sales as well as sale price are at all time highs, yet there still isn’t enough inventory to keep up with demand. The winter months, covid lockdown, and overly competitive market have made it difficult for people to make a move. As spring is upon us we hope to see a loosening of the market as more supply comes on. Whatever your situation there are strategies to make your goals happen, this is just a market to be more prepared in than any other.

Where are the Opportunities in this Market?

We’re looking at a market that is shifting like we’ve never seen before. Almost every home is selling in multiple offers well over asking, with little or no conditions. We have started to see increasing inventory which will hopefully help to add certainty to the market. Some items that can help you adapt and be successful….

  • Adjust your expectations on a first home. Instead of detached, look at semi’s and townhomes. For eg. in the North End of St.Catharines we are seeing detached pushing over $650k average. For semi’s and townhomes it’s approx. $500k. And semi’s townhomes are seeing excellent appreciation in the six figures anyway.
  • Push south in the region. This has been happening for a few years, but prices and the level of competition are a little more favorable the further south you go in Niagara. Fort Erie, Ridgeway, Welland and PC have seen amazing gains, and in comparison to St.Catharines it’s calmer sea’s.
  • Upsizing? Sell in a “overly” hot spot and move to another community. If you’re in a St.Catharines bungalow you can cash out at one of the highest prices per square foot in the region. Then look to Fonthill, Niagara Falls, Welland. There is less competition and more selection at a better price point than larger St.Catharines homes.
  • Sit tight. Yes you may need every penny from your own homes gain to afford the next one, but we are seeing people who are moving up/down in size using that new higher price to put substantial down payments on a new purchase and keep payments comfortable. More inventory will bring new opportunities and more stability (hopefully).
  • In-Law setups. Outside investors have been doing this for years. You may not have the skills to create an in-law suite, but we see more and more resale homes with them. Basement one bedrooms are over $1100/month so can be a big help on a mortgage. Duplex’s are also an option to consider, then when it’s time to upsize or get your own space, take the equity and keep the property.

Market Update (January & February 2021 vs 2020)