The median sale price for single-family homes sold in Niagara increased by 17.6% from 2015 to 2016.
Median Days on Market dropped from 28 to 17.
Not every house or neighbourhood is created equal when it comes to property value. Get started with this brief overview of the median sale price, median days on market (DOM) and the percentage increase in the median sale price from 2015 to 2016 using our sortable table below.
(Data Source: Realtors Association of Hamilton-Burlington. Single family, freehold homes only)
Did those Pelham and Fonthill numbers make you look twice? Us, too. We double-checked our numbers and then ran the averages for the areas, days on market and sale price for single family homes. Then we took a look at the details.
The number of properties sold valued above $1M doubled from 2015 to 2016, explaining the difference between the median and average price increase.
This table demonstrates the value of using the median when taking a first look at a Real Estate market area.
The Canada Mortgage and Housing Corporation (CMHC) report, GTA House Price Spillovers to Surrounding Centres, analyses the effect of the Toronto real estate market on the surrounding areas. Traditionally increases in sale price for homes in the GTA caused a ripple effect in the urban areas close to the GTA, such as Barry, Hamilton and Guelph. In this report, the CMHC observes increases in homes prices related to the increases in the GTA city and surrounding areas as far out as the St Catharines - Niagara Area.
There is a time delay observable in the spillover effect. The report notes that a 1 % house price "shock", defined as an unexpected change either an increase or decrease, in the GTA would lead to a 1.4% price change in Hamilton within one year and 2 % within three years. For St.Catharines the 3-year impact would be lower at 1.5 %. The report highlights Hamilton's close relationship with the GTA, as it is the only area that has kept up with the price increases in the Greater Toronto Area over the past ten years. You can view the full report in pdf format.
A Closer Look At The Changes In Hamilton & West Lincoln
For more information on the real estate market for single family homes in West Lincoln check out our base report. For subscribers of our newsletter, we have a detailed report on the changes in price ranges from 2013 to 2016 in for West Lincoln. For in-depth information about Hamilton check out our base report on single family homes in Hamilton 2011- 2016.
Market conditions in each location will vary depending on inventory and pricing. We would be happy to give you a more detailed analysis focusing on your home and your neighbourhood.