We can confidently say most of us are glad 2022 is behind us and we’re really looking forward to 2023 and beyond! It was no surprise that Niagara experienced low sales activity in December while most focused on the holidays and took a much needed break from the real estate circus that was 2022. We started 2022 with unsustainable real estate prices and sales growth while inflation reared its ugly head. To battle inflation, the Bank of Canada, who had previously stated that interest rates would remain very low for a very long time, started increasing rates faster than any time on record; the overnight rate increasing from 0.25% all the way to 4.25% in less than 1 year. Investors virtually disappeared from the market and many homeowners with variable rate mortgages found themselves with increased mortgage payments.
The most recent inflation data is quite positive and encouraging, and dialogue from the Bank of Canada signals to us that upcoming interest rate hikes, if any, will likely be smaller; hopefully no more than 0.25% at a time. There is also talk of fixed rates already coming down. We anticipate lower than historical sales and listing activity in the first quarter of the year and prices should stay relatively static. We predict a later than normal spring market, usually this is in early February, however we think it will pick up more in mid-March/April due to many lingering on the sidelines a bit longer until they feel confident with market conditions and stability.
We are very confident with Niagara’s real estate prices holding and demand increasing in the long term. Our prices are still substantially lower than Ontario’s economic centre, Toronto. Ontario has still not adequately addressed the housing supply issues we have and we continue to increase and set records for immigration. New Canadians need housing, and this will ultimately put upward pressure on prices as long as we have supply issues.
Best Wishes,
Emily and Joe Barry
 
Alejandra (Ally) joined The Barry Team in 2021. With her bubbly personality and outgoing, positive nature it was nearly impossible for Ally to not bond with the team instantly! Ally has a true love of real estate, decor and finding the perfect home. To Ally the most important thing is her clients and making their visions of their new home a reality. Ally will tirelessly search MLS Listings, network with other agents and make herself available for any and all showings to ensure her clients never miss “the one”! When Ally is not busy with real estate she loves enjoying the many culinary wonders the region has to offer and planning her next beach vacation!
We are so excited to share that Ally has just joined the Mom club and the team has welcome our tiniest, new member! Meet sweet baby, Amelia who has won the lottery with her passionate, positive and life seizing Mom. Even with the new addition to her family, Ally is excited and eager to stay active in the real estate market with the support and love of her family and fellow team members! Able to service her clients in English, French and Spanish, Ally will always be there for anyone in need of real estate guidance.
The Barry Team is beyond excited to announce that we will be a silver level sponsor for this years Empty Bowls event hosted by Bethlehem Housing! This event is a team favourite and we excitedly await it each year! During the event, guests enjoy samples of gourmet soup prepared by Niagara’s finest chefs and served in one-of-a-kind bowls created by local potters. Included as the perfect complement are Niagara wines, beer, cider, fresh breads and decadent desserts. Guests take home the empty bowl as a continuous reminder of those who struggle to meet basic living needs in our community.
Tickets are still available and can be purchased by clicking the button below!
Congratulations to these homeowners who just enjoyed a successful sale with The Barry Team! Could you be next? We are proud of our rock-solid reputation and would love to help you.
I lead with empathy and compassion. I know my "why" and endeavor to fulfill it every day and in every interaction through servicing, supporting and building relationships with my clients and peers. I ....
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