We have journeyed from arguably the strongest seller's market Niagara has ever experienced to a current balanced market. 2019 should see a slight increase in sales and low single-digit price growth. There will continue to be pressure at the lower price points, as there is always more demand for entry-level homes and distressed homes. We will continue to see some competing offers on these homes in the new year, but likely not with the same intensity as 2016 and early 2017.
New construction sales have been ramping up and we should see this trend continue in 2019. The price points for new builds are becoming much more competitive with resale prices as of late.
With a stable economic outlook, strong wage growth and the lowest unemployment on record, we are likely to see a raise of interest rates this year. However, the recent Go Train commencement, combined with hundreds of new jobs coming to St. Catharines should have a positive impact on Buyer confidence in the new year.
For real estate investors, Niagara remains a hot spot. With ultra-low vacancy rates and great value, our Region continues to have investment grade inventory that can cash flow and provide investors with great opportunities for their portfolios.