The cost of housing continues to climb in the Ottawa Valley. An update provided to the County of Renfrew development and property committee on Tuesday afternoon (March 8th, 2022) showed only 106 active listings available in Renfrew County at the end of last month, which is down 47 percent from the same time last year and down 82.2 percent from February of 2019.
The real estate data provided shows the 5-year average price of a home in Renfrew County is $315,197. In the first two months of 2022, the average cost of a home in Renfrew County has climbed to $491,308.
The five year average selling price compared to data from 2022:
- Cobden has increased from $240,000 to $477,000.
- Pembroke has increased from $234,000 to $354,000.
- Petawawa has increased from $355,000 to $544,000.
- Deep River has increased from $230,000 to $413,000.
- Renfrew is up from a 5-year average of $276,600 to $544,000 in 2022.
- Arnprior has gone up from $392,000 to $612,000.
- Eganville/Bonnechere Valley has increased from $274,000 to $514,000.
- Greater Madawaska and the Calabogie area have seen housing increase from the 5-year average of $421,000 to $863,000.
Director of Development and Property Craig Kelley told committee members while some people are striking it rich, a term he’s seen realtors use, others are being left behind. Kelley said the market has changed drastically and starter homes of the past are becoming more expensive.
While interest rates are starting to climb, local mortgage agent Mike Hammond, doesn’t expect it to cool off the hot housing market, saying supply remains low and demand is high. Hammond says if you’re thinking of buying a home, doing renovations or want to consolidate debt by refinancing your mortgage, you should consider locking in funding before it becomes more expensive.
(written by: Rudy Kadlec)
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