The Quinte Real Estate Market: A Summer of Change
Happy August, everyone.
August brings more nice weather, a busy tourist season in Quinte and Prince Edward County, Rochelle's birthday, and finally, SUNFLOWERS.
Check out this month's Ballas Broadcast where Rochelle and I visit a 10-acre sunflower farm in Quinte called Dahlia May Flower Farm, located at 1226 Stockdale Rd, Trenton. This farm is a treat for the senses, both visually and olfactorily. They have days where you can pick your own bouquet of flowers or simply wander around the sunflower fields, as we did. Definitely a highlight of the season and the area.
The month of August represents the last part of summer vacation and is home to several events, concerts and more in this beautiful region. Be sure to check out some of the great upcoming events outlined in this month's newsletter, and don't forget to check out some of the fun concerts at Base 31 in Picton. Plan ahead for beach days at one of the area's many beach destinations, such as Sandbanks, North Beach, Wellington Beach, Presqu'ile Beach and Cobourg Beach.
The Canadian real estate market is stabilizing and tightening as summer progresses, showing an uptick in seasonal sales and declining new listings. Lower inflation and potential interest rate relief are bringing buyers back from the sidelines, though selective buyers and cautious sellers continue to keep conditions balanced.
Home sales in Quinte West and surrounding areas slowed down following a broader post-spring cooling trend, likely due to military postings coming to an end after the normal Spring posting season. More on this below as we look at the individual areas.
Overall, analysts tracking housing cycles suggest prices may have found a floor.
Our short-term rental on the water will be ready this month for Airbnb getaways to Prince Edward County and the Bay of Quinte. Reach out directly to us if you or someone you know is looking for a great place to stay for a night or two. We will have some pictures next month for you to see and share.
Interest Rate Talk
The Bank of Canada is holding steady on interest rates, maintaining its benchmark policy rate at 2.25%. The prime lending rate across major Canadian institutions remains locked at 4.45%, marking an extended pause.
Overnight Policy Rate: 2.25%
Prime Lending Rate: 4.45%
5-Year Variable Mortgage: roughly 3.35% to 3.40%
5-Year Fixed Mortgage: averaging 3.94% to 4.04%
The next official Bank of Canada Interest Rate Announcement is scheduled for Wednesday, September 2, 2026. Major lenders like TD Economics and BMO expect the 2.25% policy rate to hold through the end of the year.
Forward market pricing indicates a shift toward gradual tightening, with rates projected to climb towards 2.75% or 3.0% by mid-2027.
As discussed previously, over 1 million mortgages renew this year in Canada.
Market Trends & Statistics
Click on the image above to see it in more detail.
The number of listings remained relatively stable through July, but we are already seeing less new listings so far in the month of August. This is perfectly normal, given the time of year as people are more focused on vacation and family time.
There was a notable decrease in the number of sales in July versus June, with the exception of Prince Edward County. PEC saw a 21% increase in sales month over month, while other areas experienced a 12% to 27% drop in the number of sales. The biggest drop was Quinte West, likely due to the Military Posting season coming to a halt.
Belleville
For the month of July, Belleville remained somewhat balanced. There were 12% fewer sales, but there were also fewer homes on the market, which even things out a bit. There were still 79 sales for July and the average sale price stayed just above $530,000.
Brighton
Brighton sales in July were 27% lower and there were more homes coming to the market last month, which put the area more firmly in a buyer's market with 8.1 months of inventory.
This is likely due to several new subdivisions in town and many of those properties hitting the market as "to be built" or "spec homes". If you haven't been to Brighton lately, plan for more time to get around and multiple detours as many of the main streets are under construction to allow for new water and sewer lines to accommodate the new subdivisions.
A few less sales brought the average sale price down under $700,000 from its peak last month.
Prince Edward County
The County had a great month in July with a record 57 sales for the month. There are still 345 active properties for sale, but this has been the most balanced Prince Edward County has been in years.
Judging by the amount of tourist traffic, I am guessing much of the increase is from people discovering the area and either making PEC their new home or, in some cases, purchasing a second property in the area.
The average sale price is solidly over $700,000, with an average for the year at $715,000, which is up $17,000 from last month.
Quinte West
Quinte had the biggest change out of all of the areas with a 35% decrease in sales for the month and a shift from a solid balanced market to much more of a buyer's market with 6+ months of inventory.
The number of listings went up and sales went down, but this is a normal shift for the area and likely Military Posting season related. Despite less sales, the average sale price for the month remained the same, as did the yearly average at $566,000, which is still $36,000 higher than Belleville.
Stirling-Rawdon
Stirling improved slightly and remained balanced in July. Stirling is a small market and more prone to large changes due to varying market sales. That said, the number of listings went down a bit and sales went up, creating a more balanced condition.
Team Ballas has just sold 2 of those properties in the Stirling area, one being new construction and the other an estate sale.
As summer continues, we're watching closely to see how these trends develop. While sales have slowed in several areas, there are still opportunities for buyers, particularly where inventory has increased, while sellers need to remain mindful of pricing and changing market conditions.
As always, thank you for being part of the Team Ballas family.
Enjoy the rest of the summer and everything the Bay of Quinte region has to offer. We hope you'll get a chance to enjoy some time on the water, explore the County, visit a local event, or simply spend some time with family and friends.
See you in September.
