Home prices in Northumberland County continued to rise in March, despite a decline in sales, according to the latest housing market data from the Central Lakes Association of Realtors (CLAR).
The average home price in Northumberland reached $801,717 last month, marking an 11.7% increase from March 2024, when the average stood at $717,908. However, the number of homes sold dropped to 102, down from 132 the previous year.
CLAR President Christine Riley says the Bank of Canada’s recent interest rate cut on March 12, which lowered the rate to 2.75%, has encouraged some buyers to re-enter the market. “Month-over-month, we are seeing an increase in sales across our Region, along with rising average sales prices in nearly all areas,” Riley said.
Northumberland’s trends mirror those seen across other nearby markets. Kawartha Lakes saw an 11.3% price increase but a decline in sales, while Peterborough’s average price rose slightly to $693,525 as sales fell from 155 to 119.
CLAR CEO Wendy Giroux says that while the market remains balanced, ongoing economic uncertainty-especially surrounding trade relations with the U.S.-could impact future activity. “If trade uncertainties ease, we could see much stronger home sales activity later in the year,” Giroux stated.
For more details on market trends, visit the CLAR website.
(Written by: Joseph Goden)
