In May, 77 sales were reported in the Niagara North region. Year-to-date sales totalled 287 units, 39 per cent lower than last year and 41 per cent below long-term trends. Sales eased across every area within the region and across all property types.

Despite some recent gains in new listings, year-to-date figures remain lower than last year. While this has likely prevented a far worse scenario, the sales-to-new listings ratio has still averaged below 40 per cent this year, and the months of supply in May have pushed above four months.

Like other regions, elevated supply levels relative to demand have weighed on prices. Prices continued to trend down in May, as the benchmark price fell to $717,600, marking an 11 per cent decline over last year. Grimsby reported the highest year-over-year decline at nearly 12 per cent, while Lincoln and West Lincoln eased by nine and eight per cent, respectively.

The statistics provided in this report are based on information from the ITSO MLS® System. Multiple MLS® Systems operate within Ontario, and while none can be guaranteed to include every property listed or sold within a given area, they effectively illustrate market trends.