Home sales set record in North Bay last year
Home sales in North Bay set a new record in 2021 and similar outcomes are being predicted for this year.
More than 1,500 homes were sold in 202, up 12 per cent from 2020. The average price of a home skyrocketed 32 per cent 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 are seeing people to North Bay but also there are a lot of investors looking at our product,” said North Bay Real Estate Board president Ryan Humble.
“Even with the increase of the sale price, we’re still deemed quite affordable in relation with the rest of the province.”
Housing prices are so high because of demand. The number of houses available is at an all-time low and interest rates remain historically low. North Bay Mayor Al McDonald is encouraged by the numbers.
“We’ve met with the home builders and we’ve encouraged them to build more housings and dwellings,” McDonald said. “The demand for our real estate is off the charts.”
The dollar value of all home sales in December 2021 was more than $26 million. This set a new record for the month of December. Humble said he expects the trend will continue as 2022 rolls along.
“The average sale price in certain areas can be over $1 million,” he said. “As long as interest rates remain low and inventory is depleted, there’s no reason to assume this year will be much different than last.”
Humble said people need to be patient if they can’t get the home they’re trying to buy, since lots of potential buyers are currently scouting the market.
CTVNews.ca Top Stories
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Saskatchewan isn't remitting the carbon tax on home heating. Why isn't my province following suit?
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Caleb Williams goes to the Bears with the No. 1 overall pick in the NFL draft
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.
Body of Quebec man who died in Cuba found in Russia, family confirms
A Montreal-area family confirmed to CTV News that the body of their loved one who died while on vacation in Cuba is being repatriated to Canada after it was mistakenly sent to Russia.