SAULT STE. MARIE -- While the City of Sault Ste. Marie's real estate market had its best March in over a decade, the COVID-19 pandemic has changed the situation drastically.
Statistics from the Canadian Real Estate Association (CREA) show the city sold 115 units through March of this year, but from April to mid-May, sales have plummeted.
"We're looking at a drop of about 60 per cent, very significant," said Anne Thomas, Sault Ste. Marie Real Estate Board President. "Though the actual prices of homes have increased during this time."
Thomas says that's due to the demand staying relatively the same, while the supply has been cut short.
As the pandemic continues on, Thomas believes that trend will continue.
"It's entirely unlike anything we've seen before," Thomas said. "Unlike the recession in the late 2000s, this is totally unique because it's not an economic issue yet, it's a health issue."
The pandemic has also changed how homes are sold, with virtual tours being offered to limit the spread of the virus.
Thomas is encouraging potential buyers to take all the steps possible, like pre-approved mortgages and driving by potential locations before actually stepping inside a home.
"You can eliminate many houses quickly just by doing some research on the area and seeing it in person before stepping inside," she added.
For sellers, meanwhile, Thomas says now is a good time to prepare your house for potential buyers.
"Cleaning up your space and preparing videos will help generate more interest," she added.
