North Bay, Ontario, is witnessing a steady revival of its real estate market as mapped by experts till the end of October 2018. The latest round of figures points at growth of the Ontario real estate market in recent times and North Bay is certainly contributing to this trend as per studies. 354 units represented the total number of residential listings which were active till October end this year. This was lower by 28% as compared to end October 2017 and is the lowest such supply level for over 3 decades. This clearly shows that there is higher demand for real estate in the North Bay region. The home sales volumes were highly positive for October 2018 as per reports.
Via the MLS setup, residential sales volumes were 116 units in October 2018, indicating growth of 22.1% as compared to October 2017. This is very positive and overall, on the year-to-date method, 1, 122 units were sold in the first 10 months of 2018. As per reports, the housing sector in Ontario is quite balanced with SNLR being 56% going by the October figures released by CREA. However, this will naturally vary in several markets throughout Ontario. There is also high competition for buying homes in markets where selling prices are lower than $500, 000. 10 out of 12 municipalities can thus be labelled as sellers’ markets in North Bay.
Thunder Bay had average home prices of $225, 945 in October 2018 and has SNLR of 90% with 205 homes out of 227 listings being sold in this month. For North Bay, SNLR was 88% for October 2018 with 116 homes sold out of 132 listings with average pricing of $258, 597. Sudbury had 236 homes sold out of 271 units and SNLR of 87% while Sault Ste. Marie had SNLR of 86% and 162 homes sold out of 189 units listed. Ontario’s costly markets are more balanced in terms of sales and demand as per reports. Orangeville is a tight sellers’ market for Ontario with 102% being the SNLR while it is 57% for Toronto which is relatively more balanced as per studies.