There is a shortage of Rental accommodation in Cobourg as shown by the apartment vacancy rate of 1.3%. But the alternative of owning is not cheap – house prices are starting to increase again after a peak last May. There’s action for renters; because of the tight rental market, Cobourg will be eligible for a Provincial program which pays for a rebate of development charges to builders of rental units. Port Hope is also eligible so they are joining with Cobourg to ask the County to administer the program for them since the County has the regional mandate for social services including housing. More details on Cobourg’s rental vacancy rates and costs were given in this post last December.
As of October 2017, CMHC reports that tenants were 30% of total residential in Cobourg which means that 70% owned their own home. With house prices rising fast, that’s not an option for everyone.
The latest statistics from the Northumberland Hills Association of Realtors show that although sales have slowed, prices in West Northumberland are now increasing again – houses sold at an average of $435,409 in January 2018 – up 17.3% from a year earlier. Prices peaked at $488,000 in May 2017 but the trend is now up once more.
Prices in Toronto (GTA) averaged $736,783 in January and although that’s little changed from December, the price trends are similar to Cobourg. See the graph below.
Note: Northumberland Hills is primarily Cobourg and Port Hope but includes some realtors in adjacent areas.