Roughly 90 minutes south of the Canadian border at Niagara Falls lies Ellicottville, New York. Known for its ski resorts and charming small-town atmosphere, it’s home to several hundred Airbnb listings.
But recently, a number of Canadian homeowners have been putting their Ellicottville vacation properties up for sale. And according to mother-daughter real estate brokers Cathleen and Melanie Pritchard, this trend is happening as a result of President Donald Trump’s aggressive tariff policies.
Don’t miss
- I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
- Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10
- Car insurance premiums could spike 8% by the end of 2025 — thanks to tariffs on car imports and auto parts from Canada and Mexico. But here’s how 2 minutes can save you hundreds of dollars right now
“We have seen an uptick in listings from Canadians,” Melanie told ABC 7 News Buffalo.
“Our Canadian friends, some of them are very upset. … They’re just feeling like they’re not being loved. They’re wondering why this is happening — as are we."
How an uptick in listings could affect property values
Realtor.com puts the median listing price in Ellicottville at about $420,000. Redfin reports that in February of 2025, home prices in Ellicottville were up 699.9% compared to last year, and that homes spend an average of 66 days on the market.
But as sellers increasingly put their Ellicottville homes on the market, whether due to frustrations over U.S. economic policies or other factors, home values in the town have the potential to decline. And that’s not unique to Ellicottville — it’s how the real estate market generally works.
A big reason home values are up on a national level right now is that inventory has been low for years. Mortgage lenders offered up record-low borrowing rates during the pandemic, which spurred a wave of refinances. When rates started creeping upward following the pandemic, housing inventory declined.
And that made sense. Homeowners did not want to give up the super-low mortgage rates they had managed to lock in. But that lack of supply helped home prices rise, even at a time when mortgages were expensive to sign.
But if the opposite happens in Ellicottville, and a large number of homes hit the market in short order, it could result in an oversupply. That, in turn, could lead to lower home prices and lower home values.
Sellers who list their homes may not get the prices they want. And existing homeowners who aren’t selling could see a drop in equity.
Furthermore, if ill feelings toward the U.S. drive Canadian buyers away, home values in Ellicottville could plunge even more as a large pool of buyers dwindles down. It’s been reported that an estimated 23% of homes in Ellicottville are owned by Canadians.
Read more: Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how
What a changing housing market means for buyers and sellers
The housing market is typically subject to basic laws of supply and demand. When there’s a greater supply of homes than demand, prices tend to drop. When there’s more demand and less supply, prices can rise. And if supply continues to tick up in Ellicottville, both buyers and sellers will need to use those circumstances to their advantage.
Sellers will need to be strategic to help their homes stand out and attract buyers. Those looking to sell can partner with a real estate agent who knows the area well in order to price their homes strategically. They can also focus on high-impact repairs and improvements that are likely to draw buyers in.
Being flexible with closing dates is another tactic sellers can use. Similarly, offering added concessions, like covering closing costs, could help.
Buyers, on the other hand, can take advantage of the changing market by negotiating lower prices. They can also ask sellers to make certain repairs or improvements as a condition of completing a sale.
But, buyers do need to be careful about entering a shifting market. If Canadians continue to pull out of Ellicottville, home values could drop in coming years. For buyers making a minimal down payment, there’s the real risk of ending up underwater on a mortgage in short order.
It’s especially important to be cautious about buying in a changing market when the home is being purchased as an income property, as opposed to a primary residence. Waning demand could lead to a decline in bookings, making it harder to cover the costs of owning the property.
One thing Ellicottville buyers should do at a time like this is talk with real estate agents in the area and get their take on whether current sentiment and recent trends are likely to impact future rental income. Those agents may not have a crystal ball, but their insight could prove invaluable — and perhaps spare some buyers from making a bad decision.
What to read next
- Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
- Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
- Do you rely on your monthly Social Security check to get by? Here are 5 simple money moves for American seniors during Trump’s presidency
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
