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Prince Edward County Real Estate Market Update – November 2017

According to the statistics published by the Quinte & District Association of REALTORS® (“the Quinte Board”), the fall performance of the real estate market in Prince Edward County (“the County”) continues its moderating and balancing trend, following several paces behind the experience of its neighbouring urban markets. In other words, and in general terms, inventory is going up and sales are declining, but in the face of all that, and unlike the Greater Toronto Area, properties continue to sell at a swifter pace than a year previous, and average sale prices continue to exceed those recorded last year, though at a somewhat smaller percentage. As indicated in earlier reports, properties in the County continue to be in demand, but with the increase in the number of available listings, and slowing pace in neighbouring markets, the sense of urgency has left buyers who apparently feel that they have more choice, can take more time to consider their options, and wait for the right property to come along instead of pouncing on the first property that crosses their path.


Prince edward county market report november 2017
According to the Enhanced Statistics Statistical Query Report published by the Quinte Board for the wards that make up the County, 41 properties sold in November, three fewer than in October consistent with seasonal trends, and 18 fewer than the year previous, marking almost a 31% decline. Year to date sales are down only 6% given the very active market experienced earlier in the year, with 609 sales being recorded thus far compared to 651 at this time last year.
There was only one more new listing in November 2017 than one year ago when 66 properties came onto the market. Year to date, the County still trails last year’s numbers marginally with 1158 new listings compared to 1186 by this time in 2016. Where the difference is felt, however is in active listings. At month’s end, the Quinte Board reported 300 listings as being available for sale which is 24% more than last year when only 242 were available.
Despite that however, those properties that come onto the market for sale continue to be bought up at a faster pace than last year, continuing a trend that has been established over the last several months in the County. Specifically, properties recorded as sold were only on the market 74 days on average, 4% less time than last year when the average days on market was listed as being 77.
In addition, and as stated, prices just keep going up in the County. The average sale price of properties sold in the month of November came in at $317,461, 7% higher than the same month last year when the average sale price was calculated to be $297,735, a clear indication that demand for property in the County remains strong and that the area continues to benefit from its accessible price point, consistent with the stronger performance of more affordable properties across markets generally, most particularly condominium apartments, in urban centres.
Indeed, as we approach the end of the year and look forward to 2018, affordability will likely be an increasingly influential factor in the performance of the real estate market, particularly as the average Canadian household debt to income ratio sets new records, and is potentially exacerbated by the threat of higher interest rates and ever tightening lending rules imposed by both the government and financial institutions. Rising rates, however, are due in large to the recent strong performance of many of the Canadian economic indicators including job growth and a positive trajectory for the GDP generally, all of which also contribute to inflationary pressures. While instability and uncertainty in the political and economic climate south of the border as well as globally continue to be complicating factors for real estate market forecasting, the economic fundamentals are generally strong and in place for ongoing stability and sustainability in the County real estate market for the end of the year and looking forward to the next.

Prince Edward County Real Estate Market Update – October 2017

With the cooling weather and shorter days of autumn, the pace of the real estate market in Prince Edward County appears to be following suit, and reflecting the moderating trends the Greater Toronto Area (“the GTA”) faced over the summer. While choice and desirable waterfront, character and acreage properties continue to find buyers, the numbers produced by the Quinte & District Association of REALTORS® (“the Quinte Board”) in its Enhanced Statistics Statistical Query Report confirm that while both new listings and inventory are increasing, the urgency of buyers has dissipated, with many holding out until the perfect opportunity comes along. Markets appear to be rebounding in the GTA with both sales and price recovering from the post peak doldrums, just as they have in the Greater Vancouver trading area following the imposition of measures (including the foreign speculators’ tax) intended to reign in the overheated real estate market, but as is often the case, there appears to be a lag of a couple of months in surrounding satellite markets to what is happening in the urban core.


toronto real estate market report October 2017

In October, 44 properties changed hands in the County which is both 7 fewer than the month previous, and 17, or 29% fewer than the 61 which were reported sold the same month in 2016. Overall, notwithstanding the robust pace of sales experienced in the first half of the year, sales year to date now trail last year’s numbers by 4% with a total of 568 sales being reported by months end in October compared with 592 at this time last year.
In addition, the number of new properties coming onto the market in the County increased in October, both as compared with September as well as the year previous. A total of 89 properties were reported as new listings which is 27% more than the 70 that came out in October 2016, and brings the number of new listings year to date to 1091 which, based on the earlier shortage of properties is still 3% behind last year’s figures at this time when 1120 new listings were reported. That, combined with the decline of sales inevitably has an impact on inventory. Not surprisingly active listings were also up 19% with 345 active listings being reported as available at month’s end compared to 290 last year at the same time.
Despite that, and perhaps due to the prolonged shortage of desirable properties available to buy in the County for so long, the average days on market continues to be lower than last year with the average property selling in 70 days compared to 74 one year ago.
Consistent with the comments at the outset of this report that desirable properties continue to find buyers, and confirmation that there is still strong demand for the right property (even if buyers are being pickier), the average sale price continues to go up, and not insignificantly. In fact, those properties that did sell, did so for 24% more than they did last year with the average sale price coming in at a very respectable $365,619 compared to $294,402 in October 2016. Any suggestion therefore that properties in the County have in any way lost their luster, or that there is a broader slackening of demand is misplaced. Rather, under the circumstances, and given what has happened in nearby urban markets, a sense of measure and sanity appears to have returned to the market, where qualified and interested buyers are simply less inclined to pay whatever it takes to get a foothold in the market and are instead, and as indicated, prepared to wait for the right property to come along and act decisively at that point.
Reports confirm that urban markets, both locally as well as across Canada are returning to a more bullish track, with Toronto in particular, being in the early stages of same as its suburban market continues to lag. But it is still too early to tell what the impact of further tightening in lending criteria with the imposition of broader stress tests to conventional mortgages will be. Some speculate that it could prompt a brief surge in activity as buyers try to lock in prior to the imposition of the more stringent financial qualification requirements. Generally speaking, however, the broader economic outlook appears positive with indicators generally strong despite the ongoing threat of potentially destabilizing caveats on the international stage with respect to trade and protectionism, amongst other influences.

Prince Edward County Real Estate Market Update – February 2016

Property, property, everywhere property, wherever you look in Prince Edward County (“the County”), but hardly a listing for sale! Well perhaps a slight exaggeration, but the scarcity of property for potential buyers has definitely been a consistent story these many months in the County. The County is not unique in this regard, but rather this appears to be a recurring refrain across southern Ontario in many of the markets served by this brokerage. With low interest rates continuing to support healthy demand, inventory has not been able to keep up. February is no exception and this appears to be the determinative force in the market outlook moving into the spring months when the real estate market in the County traditionally picks up and comes alive.


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According to the latest numbers released in its Enhanced Statistics Statistical Query Report, The Quinte and District Association of REALTORS® (“the Quinte Board”) disclosed that only 85 new properties came onto the market in the County in the month of February, a 14% drop from last year when 98 were reported as being listed. This number is also down significantly even from January when 104 properties were listed (which itself was a 32% decline from the numbers reported for the same month the year previous). These numbers combined to bring year to date figures to 189 which marks more than a 24% decline from last year at this time when a total of 250 new listings had been logged by the Quinte Board. The net effect of all of this is that there is simply less to buy with inventory being calculated at only 368 active listings across the County which is 26% less than was available last year at this time when 496 active listings were recorded when the Enhanced Statistics Statistical Query Report was issued.





Not surprisingly, sales have not kept up with last year either, though the numbers do not trail the decline in inventory to the same degree. Rather the number of properties sold in the County was only two fewer than last year, 22 as compared to 24, an 8% drop. Year to date then, 41 properties have been recorded as sold in the County in 2016 compared to 48 last year at this time, which makes for a 14.5% drop. All in all therefore, sales have not fallen as quickly or at the same rate as inventory. The numbers actually suggest that there is steady demand, but you simply can’t sell what isn’t for sale. With buyers chasing after fewer properties, the market remains tight and the average sale price for properties sold reflects this. The Quinte Board reports that the average sale price for February 2016 came in at $287,488, 22% higher than one year ago when it was calculated to $234,354.





Finally, according to the numbers released by the Quinte Board, it actually took longer to sell the particular sample of properties that did sell in February compared to those that sold in the same month last year, specifically on average 114 days compared to 72 days in February 2015. While this number is not definitive in what it indicates, it could be interpreted as indicating that with as little on the market as there is, even the harder to sell properties that had been languishing on the shelf were selling as there is limited new product to choose from.



65 & 71 & 77 BRIDGE ST, PICTON WARD | $2,999,000


Generally speaking, the state of the County real estate market remains on strong footings moving into the rest of the year. As indicated, the cost of financing remains affordable as is the price point for the area compared to comparable markets served by this brokerage. After considerable economic volatility, particularly in the equity markets, precipitated in large part by the collateral negative impacts from falling oil prices as well as an ongoing sputtering recovery in other economic sectors and a lackluster domestic job market, conditions appear to have stabilized somewhat with the American economy continuing to gain traction and some of the positive spin offs from a lower Canadian dollar starting to take root. One clear message stands out and that is, taking all of the foregoing into account, property owners contemplating putting their property on the market should not hesitate to do so as demand is strong and property is scarce, and it is reasonable to expect a positive uptake and reception for any property that reflects good value.


Prince Edward County Real Estate Market Update – December 2015

As is the case every year, with January comes a look back at the year just passed and new year musings as to what the coming year will bring. This year is no different. With all of the figures reflecting the performance of the Prince Edward County (“the County”) real estate market in for 2015; sales and listings numbers logged, reviewed and justified,then recorded in the Enhanced Statistical Query Report produced by the Quinte & District Association of REALTORS® (“the Quinte Board”); the very strong and positive performance of the 2015 market is confirmation of the fact that the County has definitively taken its place on the map as a go to destination of choice in Southern Ontario.

The County real estate market closed out the year on a very strong note with December’s figures defining tight market conditions with limited product, ongoing strong demand, and rising average sale prices. December’s real estate performance contributes to the strengthening trend experienced in the County throughout the year, ending the season on the same high note. Having said that, 2016 has started off on a rather negative economic footing with steep declines in the equity markets, both here and south of the border, further compounded by falling oil and commodity prices which so far appear to be outweighing any consequential positive impact of the sliding dollar on the manufacturing and export markets. This mixed with historically high household debt levels and the potential for moderate tightening in lending conditions may add to the broader economic pain being experienced across the country, and dampen real estate prospects somewhat for the year to come.


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As stated in earlier reports, the smaller sampling of properties represented in the wards that constitute the County real estate market inevitably results in greater statistical swings depending upon the particular cross-section of sales that took place within the period in question, but continues to provide some indication of market strength and the direction in which it is trending. According to the Enhanced Statistical Query Report, the Quinte Board reported a 14% increase in sales in the month of December compared to the last month of the year in 2014. Specifically 33 properties were reported sold this December compared to 29 last year. That brought the total number of properties sold in the County in 2015 to 591 as set out in the Quinte Board Enhanced Statistical Query Report representing reconciled annual sales from the period spanning January 1 through December 31, 2015. This constitutes an 8% increase over the 548 sales recorded in the County during 2014.


Sales across the entire Quinte Board were equally robust with sales in December besting those from the year previous by 8% (188 vs 174) and annual figures coming in15% better than in 2014 with a grand total of 3399 properties changing hands compared to 2966 the year before.


As indicated, property supply remains tight with listings down again in December with only 40 new properties coming onto the market compared to 46 the year previous, a further 16% decline bringing the annual deficit in listings for 2015 to 9% with a total of only 1418 properties coming onto the market this year compared to 1555 last year. Not surprisingly, combined with the robust pace of sales, year-end reported inventory was down 23% for the month of December with only 280 active listings compared to 362 at the same time the year previous. Listings for the broader Quinte Board are also down 7% for the month year over year and 3% overall on an annual basis.


As an aside, the properties that did sell in December took 26% longer to sell than did those that sold in December the year previous, potentially reflecting the fact that the limited supply of properties is pushing sales to properties that otherwise would not have sold and had been lingering on the market. Interestingly enough, annual comparisons for the entire year also reflect a longer time period to sell the properties that did sell despite the higher volume of properties that changed hands. Perhaps again that is a reflection of the fact that more of the older supply of properties that would otherwise not be reflected in the sold statistics were being snapped up with the hotter market.


Finally, consistent with the fundamental principles of supply and demand and the logical outcome of a stronger market with tight or limited supply, average sale prices continue to rise. In December the average sale price came in at $329,788, a whopping 47% above the figure recorded in December 2014 when the average sale price for the month was $224,272. Even spread over a longer period of time, and representing a broader cross-section of properties, the increase in the average annual sale price for 2015 compared year over year with 2014 was 17% ($304,075 in 2015 vs $$259,406 for 2014), a hefty increase reflecting the heightened real estate activity and interest in the County.


All in all an impressive performance and a positive note to end 2015, and a promising way to ring in the New Year. Only time will tell what 2016 will bring considering some of the economic clouds on the horizon and some rumbling in the world of debt financing. That said, County properties remain well positioned moving forward with respect to comparative value and affordability, and will continue to benefit from the natural attributes of the area including its scenic beauty and proximity to higher priced and vibrant urban centres.