It’s all about supply and demand as far as real estate prices are concerned in the Quinte region.
At a meeting of the Belleville Economic and Destination Development Committee Thursday the President of the Quinte and District Association of Realtors Don McColl said the number of for sale listings is trending down while demand is soaring.
And most of the buyers aren’t local.
“Actually most of the buyers I’ve had in the past year and a half have been from the GTA or Ottawa.”
McColl says the price of an average home in the area was $770,000 in February, more than double the price of $338,000 a year ago, an increase that’s keeping most local families and individuals out of the market.
McColl says real estate and construction industries, along with all levels of government, have got to work together to increase the supply of housing.
Meanwhile a new community cultural celebration is in the works for the City of Belleville.
Thursday, Councillor Sean Kelly announced a Caribbean Festival is in the planning stages.
It will feature music, dance, food, and special events in celebration of all things Caribbean.
The festival is scheduled for the Downtown District Saturday, June 25.
