Home sales shot up drastically in Midwestern Ontario in November.
The OnePoint Association of Realtors reported a total of 228 units were sold in Grey Bruce and Owen Sound last month, an increase of over 43 per cent from the same time last year.
The average price of homes sold in November was $668,026.
Meanwhile, in Huron-Perth, home sales were up nearly 40 per cent year-over-year, with 151 units sold in November. The average price of those sales was $616,544.
"Sales activity shot up in November with an unexpected strength, putting us back above typical levels for this time of year," said Bonnie Looby, President of the Association. "With interest rates gradually winding down we knew that buyers would come back to the market, but we weren’t anticipating this kind of rush so soon. There could be a sense of FOMO among younger first-timers, or keen buyers who are trying to get in before the combination of mortgage regulation changes and further interest rate cuts spur even more competition for demand. In any case, our market is looking very active as we head into what is usually a quieter time of year."
New listings were also up across the region, with 334 residences put on the market in Grey-Bruce and 230 in Huron-Perth.
