Home sales drop almost 20% in Niagara

It appears the real estate frenzy is over and experts are commenting on the almost 20% drop of home sales across Niagara.

President of the Niagara Association of Realtors, Randy Mulder tells CKTB we are seeing the recent housing craze calm down.

Home sales dropped in Niagara 19 percent-- month over month,Toronto fell 27 percent, and across Canada home sales were down 14.5 percent.

Mulder says there are a number of reasons for the drop, including the weather and new mortgage rules.

He says having a drop off like this is not unexpected, and the positive news is that home prices continue to remain consistent.

Mulder says he doesn't want to jump to any conclusions based on month to month numbers, and Niagara's market is steady and will see a strong 2018.