Average home prices in Sudbury, North Bay reach $500K

The average price for a home sold in Greater Sudbury in May was $499,544, an increase of 21.6 per cent compared to the same time in 2021.

Home sales last month totalled 341 units, the second-highest ever in May, behind May 2021.

According to statistics from the Canadian Real Estate Association (CREA), the pace of home sales appears to be slowing; 1,292 homes have been sold since the start of 2022 in Sudbury, a drop of 14.1 per cent compared to 2021.

"The dollar value of all home sales in May 2022 was $170.3 million, a gain of 7.7 per cent from the same month in 2021," the CREA said in its update.

"This was a new record for the month of May and was also the largest dollar value of homes sold for any month in history."

Since the start of 2022, average prices for homes sold in the city were $501,116, up by 27.7 per cent compared with the first five months of 2021.

North Bay had the second-highest housing prices in the northeast last month, averaging $490,356, an increase of 18.3 per cent compared to 2021. For the first five months of the year, the average home sale price was $506,375, the highest in northeastern Ontario.

Sault Ste. Marie and Timmins also reported increases in prices since May 2021, but not on the scale of North Bay and Sudbury.

In the Sault, home sale prices averaged $331,822 in May, and $326,697 in the first five months of 2022, an increase of 26.7 per cent compared to 2021.

While prices have increased, sales have slowed in the last 12 months.

"On a year-to-date basis, home sales totaled 778 units over the first five months of the year," the CREA said.

"This was down sharply by 25.4 per cent from the same period in 2021."

In Timmins, Cochrane and Timiskaming, home prices hit a new record in May, averaging $293,164, an increase of 25.9 per cent from May 2021. For the first five months of the year, prices averaged $267,601, up 25.1 per cent from the first five months of 2021.

The dollar value of all home sales in May 2022 was $52.2 million, the CREA said, up by 8.8 per cent from the same month in 2021.

"This was a new record for the month of May and was also the largest dollar value of homes sold for any month in history," the CREA said in its update.