As we navigate through June 2024, the real estate market in the Quinte area is showing notable trends. The recent Bank of Canada interest rate cut will affect the real estate market, not because the cost of borrowing will significantly change, but because the downward trend will reinforce consumer confidence in the real estate market. Here’s what we’re seeing this month and what it might mean for you.
June 2024 Sales Data
In the first week of June, several municipalities in the Quinte region have shown varied activity levels:
- Quinte West: 13 homes sold, with an average price of $509,744 and a median price of $469,900.
- Prince Edward County: 10 homes sold, averaging $674,700, with a median of $662,500.
- Belleville: 31 homes sold, with an average price of $509,897 and a median of $500,000.
- Brighton: 7 homes sold, averaging $697,986 and a median of $640,000.
Month-to-date sales for June 2024 from CLAR’s MLS® as of June 9, 2024.
These figures indicate a robust market, particularly in Belleville and Quinte West, where there is a higher volume of sales than in other areas. Price trends show a mix of slight decreases and stability, reflecting a cautious optimism among buyers and sellers.
Impact of Interest Rate Cut
The recent Bank of Canada interest rate cut has nudged mortgage rates down, which is good news for potential buyers. Lower borrowing costs can increase affordability, making it easier for first-time buyers to enter the market and for current homeowners to consider upgrading. Existing fixed-rate mortgages that are not up for renewal will not be impacted. However, new mortgages and variable or flexible-rate mortgages will see slight decreases in the overall lending cost.
The 0.25% decrease in the Bank of Canada prime lending rate could result in an annual savings of approximately $250 per $100,000 of mortgage. This translates to a monthly savings of roughly $20.83 per $100,000 of mortgage.
Projections and Advice
While future market conditions can be uncertain, current trends suggest stability with opportunities for both buyers and sellers. Sellers in the Quinte area should note that well-priced homes are selling, especially in high-demand areas like Quinte West. Buyers can take advantage of lower interest rates to secure favourable mortgage terms.
In conclusion, the Quinte real estate market is experiencing dynamic changes influenced by broader economic factors. The Quinte Living® team is here to help you navigate these trends, providing expert advice to ensure you make informed decisions. Whether you’re buying or selling, our local expertise is your greatest asset in this evolving market.
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