New York ski resort town sees surge in listings as tariffs sour cross-border ownership
Canadian homeowners are quietly exiting a long-time vacation hotspot just across the border, citing mounting frustration over US trade policies and increasingly strained cross-border sentiment.
Local real estate broker Melanie Pritchard and her mother, Cathleen, said that Ellicottville, NY – located roughly 90 minutes south of the Canadian border – is seeing more foreign owners put their vacation homes up for sale. Many of those listings are tied to discontent over US president Donald Trump’s tariffs and the broader rhetoric that has painted Canada as the "51st state."
“We have seen an uptick in listings from Canadians,” Pritchard 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.”
What this means for property values
Ellicottville, best known for its ski resorts and small-town charm, has long drawn Canadians looking for proximity, scenery, and seasonal rental potential. The local market boasts several hundred Airbnb listings, and according to Realtor.com, the median listing price currently sits around $420,000.
But that may soon shift. Redfin data shows Ellicottville home prices were up an eye-popping 699.9% year-over-year as of February 2025, with homes spending an average of 66 days on the market. If listing activity continues to climb, especially as more Canadians offload properties, home values could soften.
That pattern aligns with broader market mechanics. When inventory rises faster than demand, prices tend to fall. Conversely, when supply remains tight, prices rise.
A major reason behind the national home price surge in recent years has been low housing inventory, driven by the post-pandemic mortgage landscape. Rock-bottom interest rates during the pandemic spurred a wave of refinancing and buying, but when rates began climbing again, many homeowners held off selling, further tightening available stock.
Navigating a changing market
In Ellicottville, the shifting ownership dynamic could open the door for US buyers looking to purchase a vacation or investment property. However, real estate professionals caution that both buyers and sellers need to tread carefully in a changing market.
Sellers may need to price homes strategically and work with agents who understand local conditions. They should also consider repairs or upgrades that help their listings stand out, and be open to flexible terms, such as covering closing costs or adjusting timelines.
Read next: Forget becoming the 51st state – what could Canada's mortgage industry learn from America?
Buyers, meanwhile, may gain more negotiating power, particularly if inventory grows. They can potentially ask for price reductions or request that certain repairs be completed before closing. But experts also warn of the risks of buying in a declining or uncertain market, especially for those putting down minimal equity.
A drop in values could leave new owners underwater on their mortgages. And for those buying properties to rent out, a decline in vacation bookings could make covering expenses more difficult.
For this reason, local agents suggest potential buyers consult with professionals who know the Ellicottville rental market well. While they can’t predict the future, their insights into occupancy trends and cross-border shifts may help investors avoid overpaying or overleveraging in a softening market.
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