Well, 2017 is over and reflection of that crazy, unpresidented sales year is looked at. The final inflation of value ended up at 22%. So if your house was worth $300,000 at the beginning of 2017 it will be now worth approximately $366,000. Most people make less than that in a year of work!
Usually Peterborough and the Kawarthas works with a 3 to 5% increase year after year. At one time earlier in 2017 values were up over 27%. Crazy.
So what will 2018 bring? Good question. I feel the market will be more balanced but the value increase will stick from 2017. I do not see values dropping 22% to get back to our "normal" levels of value.
Check out the numbers below!
Unit Sales Down 8%
Active Listings Down 16%
Average sales price Up 22% YTD