CORNWALL, Ontario – Cornwall housing markets on average have been balanced over the last several years, but have experienced some of the boom felt more greatly in other Canadian cities like Toronto and Vancouver.
Andrew Ouellette, a Broker/ Manager with Royal LePage, said that the average list price in the Cornwall area for the month of June was $10, 000 above the three year average.
“List prices peaked in May, April and March with the average list price being up by 33 percent in April,” Ouellette said. “Other than that, we have been in a balanced market all year with the exception of January and February which were buyers markets.”
Looking at just April of this year, 240 homes were sold in the Cornwall area. That is 61 more homes sold than in April of 2015 and roughly 100 more than were sold in 2014.
The average sale price in Cornwall is just under $200, 000 and the high-end of that spectrum is anything over $500, 000. That being said, there are still quite a few homes on the Cornwall market.
To ensure that homeowners are getting the best prices they can for their homes, Ouellette recommends that homeowners have a proper comparable market analysis done on their homes to ensure they are priced appropriately.
According to the Canadian Real Estate Association (CREA), the average home cost in Canada was $503, 301, which is an 11 percent increase from last year.
The bulk of that rise can be attributed to hot housing markets in Toronto and Vancouver which are dragging up the average.
For the first time ever, in April of this year the average home cost in the Greater Toronto Area was over the $1 million mark.
This 11 percent national increase is the biggest annual rise the CREA has seen since 2006 and according to Royal LePage’s quarterly analysis on its website, housing prices could rise a total of 12.4 percent in 2016.
