RE/MAX report predicts housing prices will rise by 14 percent in Niagara next year.
A local MPP is demanding Premier Doug Ford take action against rising house prices in Niagara.
During Question Period today, NDP MPP Wayne Gates said housing costs are making it difficult for young Ontarians to own a home.
"One of the most concerning trends we are witnessing is housing costs- it’s a full blown crisis," said Gates. "The median price for a home in Niagara has increased by 33 per cent in four years, and a recent report shows housing costs are set to rise another 14 per cent next year. Under this government’s watch young working class Ontarians don’t have a chance of owning a home in Niagara."
According to the RE/MAX 2022 Housing Outlook report, housing prices in Niagara are forecast to rise 14 percent next year, with the average home price above $786,000.
Between 2020 and 2021, the average cost of a home rose by 27 percent, from $541,632 to $689,648.
The Premier responded by noting a task force has been put together to address the rising cost of buying a house.
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