Kawartha: Will High Demand Continue In 2022?
Friday Dec 10th, 2021
Property Values Soaring in The Kawarthas!
Year-over-year, the Kawartha Lakes Real Estate Association reported the overall MLS Home Price Index (HPI) composite/single-family benchmark in November 2021 was $658,700, an increase of 33.9% from November 2020.
The MLS Home Price Index (HPI) tracks price trends far more accurately than is possible using averages or median price measures.
There are two main reasons for the rise in prices:
1. Continued Demand for Rural Properties
More and more people are being able to work remotely. Families are moving towards rural areas, in particular the Kawartha Region, for places to settle away from larger urban cities.
2. Shortage of Inventory of Listings
There is a shortage of active residential listings at only 67 units by the end of November 2021. That is a staggering 42.7% drop year-over-year, making it the lowest in the month of November in more than three decades!
The influx of demand outweighs supply, resulting in prices skyrocketing.
So what will happen next?
We will probably see continued rising demand as long as more of the population is able to work remotely. However, if the opposite occurs, we may see a price correction. Choosing the right time to sell or buy anything can be challenging. Our signature system can help you plan step-by-step.
If you have any questions, feel free to book a free 15-minute consultation or respond to this email.
We are happy to help!
Peterborough "Kawartha" was named more than a century ago by Indigenous peoples meaning "bright waters and happy lands."