“On Tuesday, May 10th, the Municipal Property Assessment Corporation (MPAC) released the 2016 property assessments for Prince Edward County. MPAC is the provincial body responsible for assessing all properties in Ontario as the basis for real estate taxes.
MPAC found that between 2012 and 2016, the market price of homes in the County increased by 1.8% per year for a total of just over 7% over the last four years, slightly above the rate of inflation of 1% per year as measured by the Consumer Price Index (CPI).
During the period covered by the MPAC assessment, the number of County homes sold each year has increased 34% to a six-year high, while the number of listing available for sale has fallen more than 40% during the same time period to a six-year low.
At least so far, the tightening of the market has not resulted in significant price inflation (although this could change if the shortage of listings persists). Instead, County homes are selling more quickly than in the past, particularly in Picton and Wellington.”