(Stock photo via pixabay.com)
The January housing statistics for the area are showing fewer people selling their homes, with more people wanting to buy.
“Every industry is about supply and demand,” explained Sue Symons, president of the North Bay Real Estate Board (NBREB). “Certainly in our market because we have a lot of people looking to move both for residential purposes and investment purposes, it absolutely is increasing the numbers in on one property.”
January of 2021 saw an average home price of over $460,000, which was a nearly 50 percent increase from January of last year.
Symons says there were a couple of waterfront investment properties that were sold which inflated the number.
105 new residential listings were posted in January, which is the lowest seen in the month of January for the area in history. This is on top of the 64 percent decrease in active listings in the area, which is the lowest number in three decades.
Symons says the area has continued to be a destination for people as the pandemic continues.
“Our market has really opened up. A lot to do with the pandemic for sure. A lot of employers are realizing they can have their folks working from home. And our average sales price is still far lower than other marketplaces,” Symons said.
On top of the local real estate market’s success, Symons says banks are making it easier for people to buy a home.
“We’re seeing mortgage rates that historically, we’ve never seen before. That’s also a huge driver in consumer demand. People can spend a little more on a house because rates are so low, it works out to be a minimal increase for them,” she said.
The Canadian Real Estate Association reported national home sales in the month of January were at an all-time high, with over 60,000 units sold nationwide.