Here we are into the middle of August and the action on the Quinte & District Real Estate Board is very strong. The Board just released the July 2007 stats for the Quinte Real Estate market and one thing is very clear - there's still a very strong demand for homes. 

The problem with this demand for homes is that the current number of listings is down almost 10% compared to the same period last year. Not only that but the average house price for July has risen almost 8% to $197,697 from July 2006. As an example, currently in the City of Belleville there are only 18 single family homes listed for under $150,000. This makes it very difficult for first time buyers to make that first step.

Even the 1/4% increase in the Bank of Canada overnight rate and the related increase in mortgage rates has not dampened demand. The lending rate was increased in an attempt to slow down the national inflation rate which is currently running over the 2% annualized rate that the Bank of Canada wants to see. The Bank of Canada has indicated that the overnight rate will likely increase again in September which will result in another increase in lending rates. Whether the next increase will slow down the demand, we will just have to wait and see. 

Remember, being a knowledgeable Buyer or Seller will help you make the right decisions for you and your family.

Proudly selling Quinte Real Estate