A January market report from the Niagara Association of Realtors says home sales in the Niagara region have plummeted a whopping 26.53 per cent when compared with January 2017.
The Association reported 371 property sales processed through its Multiple Service Listing system in January of 2018, with the average sale price ($371,359) being 10.17 per cent higher than 2017.
Houses also sat on the market around of 10 days longer in both residential freehold and condominium markets.
According to the report, Niagara Falls saw the least decline in housing sales, while Niagara-on-the-Lake saw the largest decrease.
Here is a regional breakdown of decreases from January 2017, according to the report.
Niagara Falls decreased 11.82 per cent.
Niagara-on-the-Lake decreased 56.25 per cent.
St. Catharines decreased 22.97 per cent.
Lincoln decreased 25.8 per cent.
Thorold decreased 33.33 percent.
Welland decreased 40 per cent.
Fort Erie decreased 15.38 per cent.
Fonthill/Pelham decreased 31.25 per cent.
Port Colborne and Wainfleet decreased 26.31 per cent.
The Canadian Real Estate Association said on Thursday home sales have declined nationally by 14.5 per cent from December 2017 to January 2018.
Furthermore, the number of newly listed homes fell 21.6% from December 2017 to January 2018.
Story in development.