The latest local residential real estate numbers are in and they seem to indicate a strengthening market indeed.
The average sale price in Centre Wellington in the month of June, across all housing categories, was $930,189. That’s an increase of 10.6% since May.
The amount of inventory available certainly increased, with 88 new listings, up 14.3% from the previous month. With two months of inventory currently available, the figures are definitely pointing towards a more balanced market.
Homes are spending less time on the market, taking, on average, 8 days less to sell than in the month prior. The number of homes sold is up too, with 66 homes in the area selling in June, up 32% since May.
The average sale price for single-family homes was $1,041,176 (a month-over-month increase of 14.7%). For townhouses and row units, that figure was $731,300 (up 3.2% since May) and for apartments it was $633,167 (a decrease of 5.9% during that same time). Year-over-year, however, prices have increased across all three housing categories, at 0.96%, 8.9% and 1.3% respectively.
Summer, of course, is usually a bustling time in real estate, with many families preferring to move their households between the end of one school year and the start of another.
In May, inflation in Canada slowed to 3.4%, matching what many economists had predicted would happen. The next interest rate announcement from the Bank of Canada is expected on July 12th and many anticipate another rate hike, following quickly on the heels of the most recent increase on June 7th, when the rate went up 25 basis points to 4.75%. Of course, it is also possible that they may decide to just hold the rate; we’ll have to wait and see.
If you have plans to buy or sell, or simply wish to talk to an expert, visit the Coldwell Banker Neumann Real Estate Brokerage online at cbn.on.ca.
You can reach them by phone at 519-821-3600 or follow them on Instagram and Facebook.