Record high for home prices

The Glengarry News - - Classifieds - On a na­tional level, sales are ex­pected to drop due to ris­ing in­ter­est rates and mort­gage stress-test

Novem­ber was a land­mark month on the real es­tate scene.

The av­er­age price of homes sold last month was a record $236,307, jump­ing 19.1 per cent from Novem­ber 2017.

The more com­pre­hen­sive yearto-date av­er­age price was $220,754, up 6.8 per cent from the first 11 months of 2017.

Res­i­den­tial sales ac­tiv­ity in the area served by the Corn­wall and Dis­trict Real Es­tate Board to­taled 101 units in Novem­ber 2018.

This edged down one per cent or just one sale from Novem­ber 2017. The Novem­ber sales fig­ure was also just two sales above the five-year av­er­age and just two sales below the longer 10-year av­er­age.

On a year-to-date ba­sis, home sales to­talled 1,269 units over the first 11 months of the year. This was down 4.3 per cent from the same pe­riod in 2017.

“Ac­tiv­ity posted a fairly nor­mal Novem­ber sales fig­ure, lit­tle changed from Oc­to­ber and lit­tle changed from last Novem­ber as well,” said board pres­i­dent D.A. MacMil­lan.

Where the trends are more in­ter­est­ing is on the sup­ply side. There are cur­rently fewer list­ings on the mar­ket than at al­most any other time on record go­ing back to the late 1980s. That is why prices are ris­ing the way they are. Lack of sup­ply could also be crimp­ing ac­tiv­ity, so it is pos­si­ble that un­der­ly­ing de­mand is ac­tu­ally stronger than cur­rent sales num­bers sug­gest.”

There were 104 new res­i­den­tial list­ings in Novem­ber. This was down 24.6 per cent on a year-overyear ba­sis and was the low­est level on record for that month.

Ac­tive res­i­den­tial list­ings num­bered 459 units at the end of Novem­ber, which was also a record low for this time of the year. It was a de­crease of 15 per cent from the end of Novem­ber 2017.

The dol­lar value of all home sales in Novem­ber 2018 was $23.9 mil­lion, ris­ing 17.9 per cent from the same month in 2017. This was a new record for the month of Novem­ber.

The Corn­wall and Dis­trict Real Es­tate Board cov­ers Glen­garry, Prescott, Stor­mont, Corn­wall and part of Dun­das County.

Na­tional pro­jec­tions

rules, ac­cord­ing to the Cana­dian Real Es­tate As­so­ci­a­tion. CREA is pro­ject­ing that the na­tional av­er­age price for a home sold through its mul­ti­ple-list­ing ser­vice sys­tem

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