City breaks ground on new affordable housing complex

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The City of Cornwall announced on Monday, Jan. 10 that they broke ground on a new 77 unit affordable housing complex. “With the current housing crisis that has hit all parts of our country, housing has become a scarce commodity, particularly affordable housing. We are making a real commitment to increasing the supply of much needed affordable units,” said Cornwall Mayor Glen Grant.

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Cornwall and District MLS® home sales set new full-year record in 2021

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The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 96 units in December 2021. This was up by 10.3% (nine sales) from December 2020 and was a new sales record for the month of December.

Home sales were 28% above the five-year average and 41.4% above the 10-year average for the month of December.

On an annual basis, home sales totaled a record 1,890 units over the course of 2021. This was an increase of 19% from the same period in 2020.

“2021 was an incredible year for our region.” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “MLS® home sales finished the year very strong. Conversely, the number of newly listed properties was below average for this time of year and were not nearly enough to keep pace with demand. As a result, overall inventory degraded to an unsustainable level, dropping below 75 available homes for the first time on record. The constant market imbalance in favour of sellers we have witnessed during the past year has elevated prices to a point where double-digit year over year increases has become the norm. Our local market urgently needs an infusion of new listings to bring the current conditions closer to balanced. We will be keeping a very close watch on our region in the near term trying to identify trends that may indicate what to expect in 2022. “

The average price of homes sold in December 2021 was $366,471, a gain of 24.1% from December 2020.

The more comprehensive annual average price was $362,433, increasing by 23.6% from all of 2020.

The dollar value of all home sales in December 2021 was $35.2 million, an advance of 37% from the same month in 2020. This was also a new record for the month of December.

The number of new listings was down sharply by 31.3% from December 2020. There were 55 new residential listings in December 2021.

New listings were 17.4% below the five-year average and 32.1% below the 10-year average for the month of December.

Active residential listings numbered 70 units on the market at the end of December, a substantial decline of 51.4% from the end of December 2020. Active listings haven’t been this low in the month of December in more than three decades.

Active listings were 72.3% below the five-year average and 83.8% below the 10-year average for the month of December.

Months of inventory numbered 0.7 at the end of December 2021, down from the 1.7 months recorded at the end of December 2020 and below the long-run average of 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.

BOARD & ASSOCIATION INFORMATION

The Cornwall and District Real Estate Board covers a large area, including the City of Cornwall and the Counties of Stormont, Glengarry, Prescott, and part of Dundas. It is uniquely situated next to the Quebec and U.S.A. borders, with the scenic St. Lawrence River running along the south and the Ottawa River along the north.

Housing task force to publish recommendations early next year: government

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The Ontario government has appointed nine members to a task force that will advise the province on ways to address housing supply and affordability. The Housing Affordability Task Force is expected to look into measures to boost the supply of rental and ownership housing, build housing in complete communities, reduce red tape, and other options to address housing issues.

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Cornwall and District Real Estate Board MLS® home sales reach second best November on record

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The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 135 units in November 2021. This was a moderate decrease of 6.9% (10 sales) from November 2020.

Home sales were 12.1% above the five-year average and 20.8% above the 10-year average for the month of November.

On a year-to-date basis, home sales totaled a record 1,794 units over the first 11 months of the year. This increased by 19.5% from the same period in 2020.

“Sales activity hasn’t taken much of a breather since the resurgence in the wake of the initial downfall at the onset of the pandemic, with November’s figure as evidence of this. On an annual basis we’ve already set a record, with activity in 2021 well ahead of all other years,” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “Supply continues to be an issue in our market, with new listings only trending at average levels for this time of year. Given the white-hot pace of demand against average levels of new supply it’s no surprise that competition among buyers is driving prices to new records, with average price levels reaching above $400k for the first time in history.”

The average price of homes sold in November 2021 was a record $411,684, a gain of 21.4% from November 2020.

The more comprehensive year-to-date average price was $362,217, up by 23.6% from the first 11 months of 2020.

The dollar value of all home sales in November 2021 was $55.6 million, an increase of 13.1% from the same month in 2020. This was also a new record for the month of November.

The number of new listings saw a small reduction of 1.6% (two listings) from November 2020. There were 127 new residential listings in November 2021.

New listings were 6% above the five-year average and 13.4% below the 10-year average for the month of November.

Active residential listings numbered 136 units on the market at the end of November, a substantial decline of 25.3% from the end of November 2020. Active listings haven’t been this low in the month of November in more than three decades.

Active listings were 58.7% below the five-year average and 74.8% below the 10-year average for the month of November.

Months of inventory numbered 1 at the end of November 2021, down from the 1.3 months recorded at the end of November 2020 and below the long-run average of 5.1 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.