The average house prices in Belleville, Ontario continue to rise in 2021 with strong exodus from the GTA. As of December 2020, the average house price in Belleville, Ontario was $546,053 in the residential market, and $569,514 in the single family market.
Belleville, Ontario has recently seen a surge in demand for homes as well as a price increase for single family homes. While the pandemic continues forward in the city, buyers are facing bidding wars in Belleville.
A multitude of single family homes are being picked up by people looking to settle in Belleville, as well as those buying to renovate and re-sell or rent. The area has a significant amount of older homes that can use facelifts and as such, many local and neighboring city investors have looked at Belleville for their next investment.
With new developments in Belleville such as Costco and an upgraded transportation system in nearby Quinte – many people are considering Belleville as the new hotspot. With this city heating up the maps, it comes with some disadvantage for first-time home buyers.
A single family home averaged about $378k in October of 2019, and a year later – that price has increased 28.9% to $488k. An increase of 110k can be significant when wages have been stagnant, coupled with a pandemic. Belleville was an affordable city, but it slowly is becoming far from it.
Throughout the second half of 2020, the city saw many homes going over-asking. In some cases, homes were selling for $95,000 over-asking!
CBC recently reported on the exodus in Toronto. With more work at home opportunities, people are realizing they can work from home in another city. For most who’ve lived in Toronto – a $500,000 single family home in Belleville is a win. The city offers all the amenities, more frontage and chances to save more money.
Other reasons for the increase in prices in Belleville are attributed to low supply of homes and low interest rates. These factors are all causing home prices to continue to rise into 2021.
New Construction Homes in Belleville, Ontario
With an increase in population comes a need for additional housing. There are several prominent builders in Belleville who are building new construction homes. These are single family homes and townhomes, with lots of outdoor space.
A few of the builders in Belleville include the following companies:
With new interest in single family homes in Belleville, it’s very likely we’ll see new housing starts and new subdivisions in Belleville. Currently, there are a few projects in the city under the new construction umbrella:
- Mercedes Meadows
- Settlers Ridge
- Stonecrest Estates
- Parkville Greens
- Vine Ridge Boutique Towns
- Twelve Trees
- Lyfe Townhomes
New construction homes in the city have experienced price increases, as well. There are several reasons why housing prices are increasing for new homes. With the boost in demand, newly delivered homes in the area are also being sold at a considerable profit. For example, homes in the Cannifton area (north of the 401) are selling at early to mid 600s.