Cornwall and District Real Estate Board

The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 135 units in October 2024. This was up sharply by 33.7% from October 2023.

Home sales were 2.4% above the five-year average and 9% above the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 1,187 units over the first 10 months of the year. This was an increase of 12.5% from the same period in 2023.

“Sales activity marked the long-awaited return to seasonally typical levels in October, coming in well above the same month from the past two years,” said Vicki Vanderveen, President of the Cornwall and District Real Estate Board. “New listings remain at very supportive levels for our housing market, but with the return of demand the market balance is once again flirting with sellers’ territory. We don’t expect to see any significant upward trajectory in price over the colder months as surplus inventories are drawn down, while much speculation remains over the Bank of Canada’s next interest rate move after their 50-basis point cut in October.”

The average price of homes sold in October 2024 was $434,700, a sizable gain of 12.1% from October 2023.

The more comprehensive year-to-date average price was $426,257, increasing by 2.6% from the first 10 months of 2023.

The dollar value of all home sales in October 2024 was $58.7 million, an advance of 49.9% from the same month in 2023.

The number of new listings was up by 9.2% from October 2023. There were 189 new residential listings in October 2024. This was the largest number of new listings added in the month of October in more than five years.

New listings were 10.5% above the five-year average and 13.2% above the 10-year average for the month of October.

Active residential listings numbered 421 units on the market at the end of October, an increase of 14.7% from the end of October 2023. Active listings haven’t been this high in the month of October in more than five years.

Active listings were 42.8% above the five-year average and 10.3% below the 10-year average for the month of October.

Months of inventory numbered 3.1 at the end of October 2024, down from the 3.6 months recorded at the end of October 2023 and below the long-run average of 4 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.