Cobourg Port Hope & Area Real Estate
This has been a really strange year for real estate in Northumberland County. Really anywhere in Ontario. Right across the province we’ve seen inventories shrinking at the same time as the demand spiked. Town properties in Cobourg, Port Hope Grafton or Colborne as well as those in the townships have all enjoyed a demand that is consistent with the previous few years.
As we move towards the end of the summer we can look back on what may be described as a volatile real estate market in Northumberland.
The number of homes that have been selling this year in Northumberland County is not significantly greater than the last few years.
But I Thought The Northumberland market Was Cooking
We hear stories about every home getting multiple offers and selling for more than the home was offered for ???
And there was a time that was true in Northumberland. In March, April and May we saw inventories drop to record lows. Not just in Northumberland, but all over Ontario. Especially in Toronto where the demand spiked at the same time as the inventory dwindled. In the GTA home sellers experienced a dramatic and astoundingly fast appreciation in value. Many took advantage of this market to cash in. Selling in Toronto created many instant millionaires. These folks would leave the city for towns and cities all over Ontario. Just like everywhere else, when they came to Cobourg, Port Hope these buyers came into town with BIG budgets and out bid the local buyers. This happened for several months.
Government Regulates Real Estate
The government felt the need to slow things and implemented a number of new regulations. These had the desired effect. First in the GTA and then about a month later in the Cobour Port Hope area. In the month of July we had only 74 homes sell. The worst July along the lake shore in many years. At the same time the number of homes available for sale rose to a respectable 279. For at least 30 days we have been looking more balanced.
Will Home Values Fall
We need more than a month to have any idea what may happen. But it’s sage safe to say that if the market remains slow, even in the short term there may be families who need to sell that may have to adjust their expectations in order to get an offer.
We will be watching closely over the next few weeks to see a trend surfaces.
In the meantime – if you have any questions just let us know !!