House prices jumped in the Belleville – Trenton area in the final few months of 2019.
According to the Royal LePage House Price Survey, the increase hit 8.3%, with the average price at $324,101, in the fourth quarter.
The survey shows the median price of a bungalow rose by 9% year over year to $336,674.
The price of a standard two-storey home increased 6% in the same time period.
Broker and Manager of Royal Lepage ProAlliance Realty, Jeff Nelles, says home buyers from the GTA and Durham region appreciate the affordability, although the prices are up $100,000 from where they stood three to four years ago.In a statement, Nelles added, “It’s a seller’s market, where properties in the $250,000 range are getting multiple offers and selling over the list price. We expect more of the same in 2020, with healthy price increases across all home types.”
Nationally, the aggregate price of a home in Canada increased 2.2% year-over-year to $648,544 in the fourth quarter of 2019.
In the first half of that year, buyers had remained largely at the sidelines waiting to gauge the potential impact of the federal mortgage stress test.
President and CEO of Royal Lepage, Phil Soper, is quoted as saying, “The federal government has signaled that changes could come to the mortgage stress test mechanism in 2020. The stress test pushed people out of real estate markets across Canada temporarily….”
