Let’s dive into what’s been happening with interest rates and local real estate trends in Belleville, Quinte West, and Prince Edward County.
Interest Rates
As of the last Bank of Canada announcement, the rate held steady at 2.75%, which means mortgage rates haven’t shifted much. Right now, you’re probably looking at something around 4.19%, depending on your qualifications. Some might see a little more, some a little less.
If you're planning to buy or refinance, it’s a great time to speak with a mortgage broker. If you don’t have one yet, we can absolutely help connect you with someone. The next rate announcement is scheduled for early June, around the 6th, so keep that in mind if you're thinking about entering the market.
Belleville Market Snapshot
We saw a noticeable uptick in sales this past month – 86 homes sold, which is a big jump from the 50s the month before. That’s a sign of our spring market starting to heat up, which is exactly what we were expecting now that the election has wrapped up and Easter holidays are behind us.
A lot of that activity happened near the end of the month, which is typically when we see things pick back up. There’s also been some buzz around multiple offers, especially in the lower price ranges. We’re seeing older listings finally move, and that’s contributing to the lower average days on market.
But just a heads-up – some of that number is skewed. When listings sit for a while, get pulled off the market, and come back on at a new price, it resets the “days on market” clock. So while it’s nice to see shorter timelines, make sure to look at the full picture.
Quinte West Market Snapshot
We’re seeing similar trends in Quinte West. Sales bumped up from 64 to 74, and the average days on market dipped just under 30 days, down from slightly over 30 last month.
The average sale price has come down, too – from the $590s to about $534,000. That tells us there’s more movement in the entry-level price range, which is great news if you’re a first-time buyer or looking to get into the market at a more affordable level.
Prince Edward County Snapshot
Prince Edward County has been a bit unpredictable lately, but this month we’re seeing some encouraging signs. Average days on market dropped from 77 to 66, and the average price is now sitting at around $833,000.
Sales are slowly starting to climb again – about 30 homes sold this past month. We’re seeing more interest in the lower price points here as well, which is helping move inventory and generate some healthy market activity.
Just like in other areas, some of the data might be skewed by homes being re-listed at new prices, but overall it’s a positive shift.
Wrapping Up
The takeaway? Our spring market is finally here. You’ll probably start seeing those yard sale signs go up now that all the election signs are down!
If you’re thinking of buying, selling, or just curious about what your home is worth, don’t hesitate to reach out. Call or text us at 613-922-3200, email us, or visit TaraLyons.ca. We’re always here to help you navigate the market.