Home sales plunged in northeastern Ontario in April

Home sales continued their decline last month in some of the major markets in northeastern Ontario.

Statistics from the Canadian Real Estate Association (CREA) said the biggest decline last month was in the Timmins, Cochrane and Timiskaming Districts, where sales declined by 35.3 per cent compared to April 2022.

“Home sales were 21.3 per cent below the five-year average and 12.8 per cent below the 10-year average for the month of April,” the CREA said.

“On a year-to-date basis, home sales totaled 298 units over the first four months of the year. This was down sharply by 42.7 per cent from the same period in 2022.”

The average sale price last month was $259,642, a drop of 6.3 per cent compared to a year ago.

Sales in North Bay also dropped, dipping 33.6 per cent compared to April 2022. Home sales were 30.4 per cent lower in April than the five-year average and down 30 per cent compared to the 10-year average.

So far this year, home sales are down by 364.6 per cent compared to a year ago. The average sale price in April was $426,475, down by 19.2 per cent compared to 2022.

The full North Bay report can be found here.

In Sudbury, meanwhile, sales declined by 29.5 per cent last month and are down by 35.9 per cent for the first four months of the year.

The CREA said the average sale price in April was $460,012, down 9.1 per cent compared to April 2022.

“The dollar value of all home sales in April 2023 was $84.6 million, a big decline of 35.9 per cent from the same month in 2022,” the CREA said.

“The number of new listings saw a significant reduction of 39.6 per cent from April 2022. There were 235 new residential listings in April 2023.”

Read the full Sudbury report here.

Statistics for April are not yet available for Sault Ste Marie.

o    Download our app to get local alerts on your device

o    Get the latest local updates right to your inbox

National home sales jumped by 11.3 per cent between March and April as the real estate market picked up again, but supply remained at a 20-year low, the Canadian Real Estate Association said Monday.

Seasonally-adjusted sales for the month totalled 38,164 compared with 34,277 in March.

The actual number of homes sold last month amounted to 44,059, down 19.5 per cent from a year prior.