Purchase price of a home in Niagara

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The average price to purchase a single detached home in Niagara in 2010 was $217,938 ($213,032 so far in 2011). A full-time job, high earnings or two incomes makes ownership possible. Home ownership is beyond the annual incomes of many who live below the poverty line. Niagara’s home ownership rate is 2nd highest in Ontario, after Barrie. There are increasing conversions from rental to condominium ownership taking place. Housing is more affordable in the region and the median age is higher than most areas and these factors have influenced the home ownership popularity. Continued condo conversions will offset most, or even all of the newly built supply.

Cost of Homeownership

In the first quarter in 2011, the average price of a new single-detached home declined by almost 5% compared to the same period in 2010 while the median price increased at the rate of inflation. Although there has been some modest population growth in 2009 and 2010,Niagarahad one of the lowest growth rates in the country during that time period.

Average Home Price

Source: CMHC 2011

 

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