Local realtor offers his thoughts, as prices spike nationwide
While housing prices across the country are on the rise, one local realtor says it's not all bad news for homebuyers in Niagara.
Last week Teranet National Bank released its latest housing price index, which shows prices rose 2.4 percent last month across Canada, which is the second largest monthly gain ever recorded by the index.
However, Royal LePage realtor Rob Pine says prices in Niagara Falls haven't changed a whole lot as of late.
"Right now, it's a stable market. Prices have stabilized, they're not declining, they're not really appreciating a whole lot. They've found a level, there's a balance right now. If a person prices their house right, it sells quickly."
Pine also has the following advice for anyone considering buying a home right now in the face of rising interest rates.
"Number one, before you do anything, get a mortgage broker. Get qualified for how much you can spend, or if you can't, if you're not able to purchase, they will put you on the road to purchase."
He adds with Niagara's aging demographic, he has noticed an increase in the demand for condos and townhouses among baby boomers, and suggests younger homebuyers look into semi-detached homes or small end apartment condos.
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