The stats for October 2007 home sales on the Quinte & District Real Estate Board have been released showing that  the number of sales is on par with the same month last year. The number of sales for the month including commercial and investment was 257 units compared with 256 for October 2006. Contrary to what some real estate professionals feel is a slower fall market, the numbers show that it is steady on a year to year basis.

The average residential price for Quinte Real Estate in October 2007 was $196,866. and increase of 7.8% over October 2006 ($182,525).

Here in the Quinte Real Estate market there have been 3334 sales this year compared to 2991 for the first 10 months of last year, an increase 11.5%. Although the demand has slowed down compared to the hot market earlier in the year, it seems to be typical when compared to previous years.

Today, the Bank of Canada cut it's key lending rate by a quarter-point to 4.25 per cent. This was expected by many analysts as the Bank is concerned about the slowdown in the U.S. economy and it's effect on Canada, in particular Ontario. Many experts expect a further reduction in lending rates over the next few months as long as inflation remains low. Although they have not changed yet, mortgage rates are expected to drop as well. It will be interesting to see if the reductions in interest rates will create an increase in demand for Belleville Real Estate come the new year. I'll keep you posted.