As we move through April, we find ourselves in the midst of another lockdown in Ontario. This one, as announced just yesterday, will last until the end of May in hopes that we can claim some form of normalcy by summer. Despite the rollercoaster lockdowns in the province, real estate continues to be deemed an essential service. The booming Niagara market has proven that many people continue to trust real estate as a solid investment into their future.
So over this past year, how much has the real estate market grown?
Comparing 2020’s first quarter to our current situation demonstrates the record breaking growth that this market has experienced in the past year. Homes are flying off the market within a week and selling for record highs. The latter part of 2020 into the first few months this year dealt with a scarcity of listings, which created a great imbalance in the market. March 2021 has produced more inventory which is assisting in some balance, however, there is still a large gap to fill.
Moving into the next quarter, we anticipate a continuation of the busy market that we’ve experienced over the past year. Homeowners who have been considering selling would be smart to take advantage of the market and abundance of buyers. Buyers who have been experiencing the negative sides of bidding wars, and lack of inventory should experience an increase of options and a little more buying power in the spring and summer months.