Niagara Association of REALTORS®

The number of homes sold through the MLS® System of the Niagara Association of REALTORS® (NAR) totaled 593 units in May 2026. This was a decline of 5.9% from May 2025.

Home sales were 10.7% below the five-year average and 17.8% below the 10-year average for the month of May.

On a year-to-date basis, home sales totaled 2,346 units over the first five months of the year. This was down modestly by 3.7% from the same period in 2025.

“Sales activity has been subdued for several months, and more recently new supply has joined that trend since the beginning of the year,” said Sarah Hart, Executive Officer of the Niagara Association of REALTORS® (NAR). “The positive side of this is that overall inventories have been on the decline since peaking around the same time last year and that’s kept the market from moving further into buyer’s territory. Benchmark prices are showing signs of stabilization for one-storey single family homes and townhouse units, although we’ll have to wait a few more months to see if these trends hold.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $575,300 in May 2026, a decline of 8% compared to May 2025.

The benchmark price for single-family homes was $600,500, down by 8.3% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $525,200, a decrease of 6.9% compared to a year earlier, while the benchmark apartment price was $343,200, a big reduction of 13.1% from year-ago levels.

The average price of homes sold in May 2026 was $676,261, a minor decrease of 2.7% from May 2025.

The more comprehensive year-to-date average price was $633,996, a moderate decrease of 7.1% from the first five months of 2025.

The dollar value of all home sales in May 2026 was $401 million, falling by 8.5% from the same month in 2025.

The number of new listings saw a sharp decrease of 18.2% from May 2025. There were 1,624 new residential listings in May 2026. This was the lowest number of new listings added in the month of May in five years.

New listings were 8.8% below the five-year average and 5.9% above the 10-year average for the month of May.

Active residential listings numbered 3,242 units on the market at the end of May, down sharply by 14.3% from the end of May 2025.

Active listings were 12.7% above the five-year average and 42.6% above the 10-year average for the month of May.

Months of inventory numbered 5.5 at the end of May 2026, down from the 6 months recorded at the end of May 2025 and above the long-run average of 3.4 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.