While housing accessibility and affordability pose the biggest challenges in the Niagara region—and throughout Canada as a whole—sales have been steady in 2024. This month, we take a look at a boutique brokerage with a big presence in the region and what’s driving foreign investment in the area.
Ted Boldt
Owner/Broker of Record
Boldt Realty Inc., Brokerage
St. Catharines, Ontario Canada
https://www.boldtrealty.ca
Tell us about your company.
We’re a boutique brokerage with a big presence in the Niagara region. We pride ourselves on having a stellar reputation with a fun and collaborative environment. Our REALTORS® are friendly, honest and client-focused. Our compensation model sets us apart from other brokerages, as we offer our agents an all-inclusive package. We have an in-house marketing department that’s capable of designing and printing in house, creating mailouts and newsletters, overseeing social media management, just to name a few. We provide an environment where opinions and ideas are valued, encouraging individual team growth. We aren’t looking to just grow our team; we’re looking for the right people who resonate with our values.
Please describe your current housing market.
The Niagara region has 3,062 active listings—and climbing. This is the most listings we’ve had in any given month since June 2014. Sales have been steady throughout 2024, with a three-month average of 638 (March, April, May).
What types of properties are popular in your market?
Our REALTORS® sell (and lease) all types of residential homes, as well as multi-residential, farms, vacant land, new builds, income properties, businesses, commercial sales and leases. The most popular in the Niagara region, I would have to say, are single-family homes.
What home features or amenities are especially popular with your buyers?
Being a family-oriented community, it’s important to be close to highways and public transportation in order to commute to metropolitan areas. Being close to schools, parks or outdoor recreational areas is also important. Other influential factors for homebuyers include having natural light throughout the home, outdoor spaces, garages, water views (Lake Ontario and Lake Erie) as well as energy efficiency given the rising cost of utilities.
What are your biggest challenges/opportunities for growth?
Much like everywhere, housing accessibility and affordability post the biggest challenges in our region and the country as a whole. The Canada Mortgage and Housing Corporation (CMHC) states that 3.5 million additional homes, on top of expected growth, need to be built by 2030 in order to attain affordability. While the sudden increase in interest rates posed an immense challenge, hopefully the recent decrease will bring some relief to the market.
Are you seeing much foreign investment—and, if so, from which countries? How has this changed in recent years?
The Canadian Federal Government invoked the “Prohibition on the Purchase of Residential Property by Non-Canadians Act” back on Jan. 1, 2023, which is in effect for two years. The Act prohibits foreign commercial enterprises and people who are not Canadian citizens or permanent residents from acquiring non-recreational residential property in Canada, in metropolitan areas of at least 100,000 people. However, there are some exceptions and exemptions in some circumstances. This was done in an effort to make housing more accessible and affordable for Canadians. In February 2024, the Canadian Government announced a two-year extension of the Act, taking us to January 2027. According to Statistics Canada, in 2021, 2.8% of residential homes in Ontario were owned by non-residents. Data for non-resident buyers is not yet available for 2023.
What advice do you have for foreign buyers interested in buying in your area who may qualify for an exception?
Due to the restrictions that are in place, non-resident buyers may be subject to an additional tax when purchasing in Ontario. My advice to those buyers would be to speak with a lawyer and an accountant before purchasing.
What do you love most about living in your area?
I have lived in Niagara my entire life and can proudly say it is a great place to live. It is comprised of family-oriented communities that prioritize supporting local. We boast a strong educational system, fantastic recreational attractions, a dynamic business community and vibrant neighborhoods. The small-town feel paired with the high quality of life is a perfect blend. We offer everything from renowned wineries, parks and performing arts centers, while being conveniently close to Toronto and the U.S. border. Plus, the affordability factor compared to the larger metropolitan areas is a big draw.
How does being part of Leading Real Estate Companies of the World® (LeadingRE) support your business? As an independent boutique brokerage, we have extensive expertise in our local market. Being an affiliate of LeadingRE, we gain that global exposure you might otherwise miss out on. Being part of the global referral network, with the ability to refer and receive referrals from brokerages across the globe, who share the same values and ethics as us, allows us to build connections throughout the world. It’s a wonderful benefit for our clients and agents alike.
For more information, visit https://www.leadingre.com/.
