A Belleville real estate official says the housing market in Belleville and Trenton has “gone into a frenzy.”
Manager of Royal LePage ProAlliance Realty, Jeff Nelles, was commenting on the latest housing sales statistics for the first quarter of 2017, released by Royal LePage.
Nelles says that despite starting the year off at a “typical, healthy pace, the market has quickly gone into a frenzy.”
Nelles refers to the high-priced sales in the Toronto area, and says that people are migrating down Highway 401.
He says inventory and new build construction cannot keep up with the demand from home buyers leaving Toronto.
Nelles says “it’s almost like buyers from the GTA are playing with monopoly money.”
The Royal Lepage House Price Survey indicates housing prices in the Belleville-Trenton area rose 2.8% over last year with the average price at $246,830.
Nationally, the average price of a home jumped 12.6% to $574,575 in the first three months of this year.
During the same period, the price of a two-storey home rose 13.9% year-over-year to $681,728, the price of a bungalow increased 10.9% to $490,018 and the price of a condominium increased 8.9% to $373,768.