Home sales and prices declined in Trent Hills in August compared to the previous month, says the Central Lakes Association of Realtors.
Last month, 16 homes sold for a median price of $670,000, including15 detached homes and one condo townhouse. In July, 20 homes, all detached, sold for a median of $685,000.
A year ago, 18 homes, all detached, sold for a median of $512,500. So far this year, 150 homes have sold with a median of $565,000. In the same period last year, 146 homes sold with a median of $602,500.
The homes that sold last month had been on the market an average of 73 days, way up from 42 days in July and 48 days in the previous August. For the year-to-date, the average length of days on the market for selling properties has been 58 days.
In all of Northumberland County in August, 118 homes sold with median price of $630,000. A year ago, 115 homes sold in August, and the median price was $655,000.
Across the province, the number of listings has been swelling as prices have dropped, but here in Trent Hills there were 156 active listings at the end of August, two fewer than a year ago. County wide there are 746 active listings, up from 642 at the same point a year ago.
Meanwhile, things are tough in the Greater Toronto Area, particularly for new condo sales.
“At the current rate of sales, annual sales are tracking about six per cent below a year ago and the lowest in 25 years,” says a report by Bryan Yu, Chief Economist for Central 1 Credit Union.
“Market conditions are nothing short of dire,” he said. “While off the recent peak, inventory is near the highest levels since 2008 with a glut of both existing and new home products available. Prices have declined nearly 20 per cent from the 2022 peak, and buyers do not want to catch a potential falling knife.
“While some tariff uncertainty has abated, risks of job loss persist and the unemployment rate in the region remains high,” Yu wrote. “In higher-priced markets, this risk keeps buyers on the sidelines. Moreover, low population growth has contributed to a weaker rental market amidst rising supply, incentivizing some renters to stay put rather than transition to homeownership.”
No lock fees spurs boat traffic
Boat traffic on the Trent-Severn Waterway was down early in the season largely due to canal problems in the U.S. and a wet spring, but the offer of free lockage boosted traffic overall.
July was the busiest month ever for dockage in Campbellford, said Nancy Allanson, Executive Director of the Trent Hills and District Chamber of Commerce, which handles slip rentals.
Along with all national parks, the Trent-Severn Waterway didn’t charge lockage fees until this week. Traffic boomed, a spokesperson says.
The system had 72,256 boats come through in the three months until the end of July, up from 62,875 in the same period last year.
A true garage band
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