Economist predicts return to average for home sales

‘Hard correction’ likely won’t happen now, at least not in Niagara

After record-setting years for real estate sales in Niagara, a new report being developed by a national credit union predicts a slowdown in the demand for housing in years to come.

Edgard Navarrete, an economist from Central 1 Credit Union’s Ontario regional office, said home buyers are “going to be a little more restrained in 2019 and 2020,” although the economy won’t see a “hard correction” economists had feared could occur.

Despite rebounding after provincial government policies such as the Ontario Fair Housing Plan as well as mortgage rule changes “put the brakes on housing demand,” Navarrete said the interest rate hike on Oct. 24 “and a couple more that should be coming” are expected to continue to slow down home sales.

“Population is going to continue to grow because Ontario, let’s face it, it’s an attractive province not only for work but also schools,” said Navarrete, who is authoring a report on real estate trends in the Niagara and Hamilton areas.

“But really, there are going to be people remaining on the sidelines.”

Navarrete said economists — himself included — were previously bracing for “a hard correction at some point with the housing market, and that’s going to trickle down through the rest of

“So I hope you will work very hard, and listen to both sides of every story.”

Craitor also thanked councillors and city staff. He served on city council for 13 years from 1990 to 2003, then four more years from 2014 to 2018. In between, he was the city’s Liberal MPP for 10 years.

“Of course, this evening is bittersweet for me. As you’ve heard, I’ve been a politician for hundreds of years,” he joked. “It really has been an honour to serve the public.”

He said when he returned to city hall in 2014, he noticed some things had changed — council chambers had been renovated, there were a few new members on council and some of the procedures had been modified.

“But what hadn’t changed is the fact that municipal government, and I truly believe this, is the level of government that is closest to the people.

“Despite all the development we’ve had and the growth in population, Niagara Falls remains a community where council, all of us, are accessible to the public.”

“The further up you go,” said Craitor, 72, known as one of the easiest-to-reach members, “the further away you are from the people.”

As a cancer survivor himself, he offered encouragement to Diodati, who earlier this year was diagnosed with Hodgkin’s lymphoma. Diodati’s doctors pronounced him cancer-free last month, but he is still undergoing chemotherapy.

“To my friend Mayor Jim, I wish you nothing, sincerely, nothing but the best and a full recovery going forward,” Craitor told Diodati, who defeated him in the mayoral race last month.

“As I said to you at the debate when we were sitting side by side, I said Jim, I’ve been through it. There is light at the end of the tunnel.

“It’s amazing what the health system can do … enjoy your health, it’s the most important thing in the world.”