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Ariane Paquette

Cornwall and District MLS® home sales, new listings come in below average as price rockets to new record in May

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The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 153 units in May 2022, decreasing 22.7% from May 2021.

Home sales were 4.5% below the five-year average and 9.8% below the 10-year average for the month of May.

On a year-to-date basis, home sales totaled 639 units over the first five months of the year. This was a large decline of 21.2% from the same period in 2021.

“Sales activity was down from last year’s near-record May and came in just slightly below typical levels for this time of year,” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “With new listings also coming in below average in May, the market balance was little changed and the overall supply of listings available on the market remained at historical lows. We expect to see some moderation in demand in response to rising interest rates in the second half of the year, but it would also be nice to see more supply returning to the market as well to offer prospective buyers more choice.”

The average price of homes sold in May 2022 was a record $490,913, a substantial gain of 40.8% from May 2021.

The more comprehensive year-to-date average price was $446,155, a gain of 26.2% from the first five months of 2021.

The dollar value of all home sales in May 2022 was $75.1 million, up by 8.8% from the same month in 2021. This was a new record for the month of May and was also the largest dollar value of homes sold for any month in history.

The number of new listings fell 16.7% from May 2021. There were 210 new residential listings in May 2022.

New listings were 9.2% below the five-year average and 23.6% below the 10-year average for the month of May.

Active residential listings numbered 194 units on the market at the end of May, a moderate decrease of 4.4% (nine listings) from the end of May 2021. Active listings haven’t been this low in the month of May in more than three decades.

Active listings were 45.4% below the five-year average and 68.7% below the 10-year average for the month of May.

Months of inventory numbered 1.3 at the end of May 2022, up from the 1 month recorded at the end of May 2021 and below the long-run average of 3.7 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

How Each Provincial Party Plans to Address the Ontario Housing Crisis

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As the provincial election nears — now just less than a week away — a lack of affordable housing is still top of mind for many Ontarians. As such, all of the major political parties have made housing a key point of their platforms, presenting various plans to address the Ontario housing crisis. A recent report from the Ontario Real Estate Association found that “73% of Ontarians agree that making housing more affordable should be a priority for the Ontario government, with 84% saying that a party’s ideas on solving the housing affordability crisis could be an important factor when deciding who to vote for on June 2.”

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Housing groups are campaigning hard in lead-up to election, including on your social feed

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Over the next few weeks, Ontarians may see someone they follow on Instagram, posting their pledge to “Vote4Housing.” They might hear from their realtor about how the land transfer tax rebate for first-time buyers should be doubled. Candidates running in the provincial election could receive emails from voters in their riding, asking them to explain what they’re going to do to increase housing supply…The Ontario Real Estate Association (OREA), an industry group representing more than 90,000 realtors, has already served up its own suggestions for “Saving the Canadian Dream of Home Ownership in Ontario,” as their eight-point “platform” is branded.

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Cornwall council gets housing update, declares affordability crisis

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If you build it, people will believe progress is being made. Seeing is believing for Coun. Elaine MacDonald, who at Cornwall council meeting Monday night said the quick rise of a housing structure at the corner of McConnell Avenue and Ninth Street is not pie in the sky. “Every time I drive (in that area) I’m so encouraged to see that building going up and at the rate it’s going up,” MacDonald said after the 2022 Annual Housing Report presentation.

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Cornwall and District Real Estate Board MLS® home sales moderate in April but remain above average

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The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 150 units in April 2022. This was a substantial decrease of 25.4% from April 2021.

Home sales were 7.4% above the five-year average and 6.5% above the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 488 units over the first four months of the year. This was a large decline of 20.4% from the same period in 2021.

“Sales activity came in lower compared to last year’s record April but was still trending above average levels for this time of year,” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “With new listings still unable to keep up with demand our overall inventory levels remain at rock bottom. Historically tight market conditions are keeping price gains well in the double digits and average price levels are hitting new all-time highs.”

The average price of homes sold in April 2022 was a record $450,671, increasing by 25.9% from April 2021.

The more comprehensive year-to-date average price was $431,714, a gain of 21.6% from the first four months of 2021.

The dollar value of all home sales in April 2022 was $67.6 million, down by 6% from the same month in 2021.

The number of new listings decreasd of 15.3% from April 2021. There were 194 new residential listings in April 2022.

New listings were 1.6% above the five-year average and 23.8% below the 10-year average for the month of April.

Active residential listings numbered 153 units on the market at the end of April, a decline of 15% from the end of April 2021. Active listings haven’t been this low in the month of April in more than three decades.

Active listings were 52.2% below the five-year average and 73.9% below the 10-year average for the month of April.

Months of inventory numbered 1 at the end of April 2022, up from the 0.9 months recorded at the end of April 2021 and below the long-run average of 4.3 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

Hudak: Ontario must close the loopholes for real estate auction companies

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When it comes to buying and selling your home, the stakes are high. Young families use their life savings to scrape together a down payment while seniors put decades worth of hard-earned home equity in the hands of trusted real estate professionals. The government’s role in the housing market has always been to protect home buyers and sellers against dishonest actors. That work has underscored a basic principle of our real estate system: no matter who you are or where you live or how you buy or sell a home, your provincial government will protect you against bad actors.

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