CORNWALL, Ontario – The housing market in Cornwall continued to be white hot in 2021, with the average residential sale price climbing to $336,761, a nearly 29 per cent increase from the previous year according to the Cornwall Real Estate Board (CREB).
The average residential real estate price has climbed significantly in the past two years. The average residential sale price in 2021 was over $100,000 higher than it was two years ago in 2019 when it sat at $224,976. The price climbed modestly by 16 per cent in 2020 to $261,523.
The housing market in Cornwall seems to be picking up steam rather than slowing down, the average residential sale price in November of 2021 was in fact much higher than the year-to-date average. The average price of a home sold in Nov. 2021 was $411,684, an all-time record and over 21 per cent higher from the average sale price of Nov. 2020.
Troy Vaillancourt, President of CREB explained the hot housing market in a post on the CREB website.
“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 Vaillancourt. “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.”
Not only is the price that homes are selling for climbing, but so is the volume of housing stock being sold. In the first 11 months of 2021 1,794 units were sold, another record, which is a nearly 20 per cent increase from the year before.
