Prices For Homes Continue To Rise In Woodstock

Friday, 16 October 2020 at 07:00

The average price of homes sold last month was a record of $536,278, rising 27.1% from September 2019.

WOODSTOCK - The price of homes continues to reach new highs in Woodstock.

The average price of homes sold last month was a record $536,278, rising 27.1% from September 2019. The more comprehensive year-to-date average price was $488,909, rising 18.6% from the first nine months of 2019. President of the Woodstock-Ingersoll and District Real Estate Board Lesley Michie explains the main reason housing prices are so high right now.

"It comes down to supply and demand and the demand is coming from the GTA, most of it. We are seeing a huge influx of people coming from the GTA, Brampton, Milton, K/W, so the prices are the being pushed up. The further away you get from the GTA, the prices are a little bit lower but the prices are being pushed up by the people coming in from that area. There is a huge demand for houses in Woodstock because the price point compared to the GTA is much lower and they are willing to pay the price. Because there is such a demand for it, everyone is getting multiple offers and it is jacking the prices way up."

Michie says she doesn't see any signs of the prices going down anytime soon.

"All indicators point that these are going to continue to rise, as long as we have a low buy and high demand, there is nothing that is going to level it off. Of course, wants the demand drops then prices will stabilize a little more."

Michie says the market is very difficult right now for first time home buyers.

"It's very difficult for first time home buyers right now. Anecdotally, I have a son who happened to be able to get into the market a few years ago but most of his friends are having a hard time getting into the market, so they are either trying to stay with their parents for longer and saving some money for a down payment and if they can't stand that, they are going to be moving out and then going to have a hard time saving a lot of money with the price of rentals, which are also very high because of supply and demand also."

Residential sales activity recorded through the MLS® system for the Woodstock-Ingersoll & District area numbered 184 units in
September 2020. This was a large increase of 38.3% from September 2019. This was also a new sales record for the month of September.