Home sales set record in North Bay last year
Home sales in North Bay set a new record in 2021 and similar outcomes are being predicted for this year.
More than 1,500 homes were sold in 202, up 12 per cent from 2020. The average price of a home skyrocketed 32 per cent to just under $400,000 last year. In December alone, the average price was $430,000.
“It’s an exodus from the big cities, where we are seeing people to North Bay but also there are a lot of investors looking at our product,” said North Bay Real Estate Board president Ryan Humble.
“Even with the increase of the sale price, we’re still deemed quite affordable in relation with the rest of the province.”
Housing prices are so high because of demand. The number of houses available is at an all-time low and interest rates remain historically low. North Bay Mayor Al McDonald is encouraged by the numbers.
“We’ve met with the home builders and we’ve encouraged them to build more housings and dwellings,” McDonald said. “The demand for our real estate is off the charts.”
The dollar value of all home sales in December 2021 was more than $26 million. This set a new record for the month of December. Humble said he expects the trend will continue as 2022 rolls along.
“The average sale price in certain areas can be over $1 million,” he said. “As long as interest rates remain low and inventory is depleted, there’s no reason to assume this year will be much different than last.”
Humble said people need to be patient if they can’t get the home they’re trying to buy, since lots of potential buyers are currently scouting the market.