North Bay –
Home sales in North Bay set a new record in 2021 and similar results are expected for this year.
More than 1,500 homes were sold in 202, up 12% from 2020. The average home price soared 32% 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 see people in North Bay, but there’s also a lot of investors looking at our product,” North Bay Real Estate Board Chairman Ryan Humble said.
“Even with the increase in sale price, we are still considered quite affordable compared to the rest of the province.
Housing prices are so high because of the demand. The number of available homes is at a historically low level and interest rates remain historically low. North Bay Mayor Al McDonald is encouraged by the numbers.
“We met with home builders and encouraged them to build more homes and housing,” McDonald said. “The demand for our properties is extraordinary.”
The dollar value of all home sales in December 2021 was over $26 million. This set a new record for the month of December. Humble said he expects the trend to continue as 2022 progresses.
“The average sale price in some areas can exceed $1 million,” he said. “As long as interest rates remain low and stocks are depleted, there is no reason to assume that this year will be much different from last.”
Humble said people need to be patient if they can’t get the home they’re trying to buy, as many potential buyers are currently scouting the market.