A survey released Wednesday showed increases in home prices across Belleville and Trenton in the second quarter of 2016.
The Royal LePage House Price Survey released Wednesday revealed the aggregate house price in Belleville and Trenton rose 2.4% year-over-year to $233,577 in the second quarter of 2016.
When broken out by housing type, the median price of a two-storey home increased 9.7% and the median price of a bungalow slipped 3.7%.
Jeff Nelles, broker and manager of Royal LePage Proalliance Realty, says “steady demand for two-storey homes in this region is driven by the desire of early retirees from Toronto and Ottawa to move to smaller communities and by the high government employment in the region.
Nelles anticipates steady price growth in the region for the remainder of 2016.
“We have mostly seen a seller’s market so far this year, and if inventory continues to be as scarce as it has been, we will see the trend strengthen and extend to additional housing types as the year goes on,” he added.
Nationally, Canada’s residential real estate market continued to show strong appreciation in the second quarter of 2016, posting the highest national year-over-year gain seen in five years.
