Home prices could still slide

Peterborough home sale prices could fall another seven per cent by the end of the year, according to the Re/Max Fall Canadian Housing Market Outlook report issued this week. Re/Max is forecasting a 30 per cent decline in home sales in Peterborough from September to December. Nationally, Re/Max expects home sale prices to fall by 2.2 per cent on average over the fall. For the first eight months of the year, home sale prices in Peterborough averaged $805,852, up 15 per cent from the $700,948 average from January to August of 2021, but sales for the same periods have fallen 24.2 per cent this year, the survey found. Peterborough home prices and sales had shot up during the COVID-19 pandemic as some GTA buyers looked north.