Realtors in Niagara are positive despite some drops in the real estate market.
The Niagara Association of Realtors say the recent interest rate cut should help home sales in the region.
In August the average price of a home sold in Niagara was $640,200 down 3.4% compared to July 2023.
There were also less homes sold that month.
488 homes were sold in August, a 7% decrease from the same period last year.
Nathan Morrissette, President of the Niagara Association of Realtors says the rate cut to 4.25%, "provides some much-needed relief for buyers who have been holding off due to high borrowing costs. We expect to see increased market activity, particularly among first-time homebuyers, as affordability improves."
Sarah Hart, Executive Officer of the Niagara Association of Realtors, says, "However, the key challenge continues to be affordability. We encourage local policymakers to consider measures that will help increase the supply of new housing and improve housing affordability for families."
