Residents of Ontario’s Prince Edward County are accustomed to the influx of summer tourists who savour the area’s arts scene, vineyard tours and rolling sand dunes.
The fresh supply comes on top of the tally at the end of June, when Prince Edward County, which sits about two hours east of Toronto on a peninsula jutting into Lake Ontario, had 309 active residential listings, including a few vacant lots and a couple of properties that have businesses on site. Last week, this dynamic prompted the Canadian Real Estate Association to cut its national forecast to a 6.1 per cent increase in sales in 2024 compared with 2023. CREA had previously been predicting a 10.5 per cent gain.
Tammy Noyes, real estate agent with Century 21 Lanthorn Real Estate, did notice a lift in Prince Edward County after the central bank cut its benchmark rate to 4.75 per cent from 5 per cent in June.