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
Spectacular aurora light show to be seen across Canada Friday night
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
McGill University seeks emergency injunction to dismantle pro-Palestinian encampment
McGill University has filed a request for an injunction to have the pro-Palestinian encampment removed from its campus.
Swarm of 20,000 bees gather around woman’s car west of Toronto
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
U.S. says Israel's use of U.S. arms likely violated international law, but evidence is incomplete
The Biden administration said Israel's use of U.S.-provided weapons in Gaza likely violated international humanitarian law but wartime conditions prevented U.S. officials from determining that for certain in specific airstrikes.
Barron Trump declines to serve as an RNC delegate
Former U.S. President Donald Trump's youngest son, Barron Trump, has declined to serve as a delegate at this summer’s Republican National Convention, according to a senior Trump campaign adviser and a statement from Melania Trump's office.
Mother assaulted by stranger while breastfeeding baby in her car: Vancouver police
A person was arrested in East Vancouver Thursday after allegedly entering a car while a mother was breastfeeding her four-month-old boy.
'We have laws': Premier Smith says police action justified in Calgary
The actions, including the decision to use non-lethal force, to disperse pro-Palestinian protesters from the University of Calgary campus were justified, Alberta Premier Danielle Smith said Friday.
'State or state-sponsored actor' believed to be behind B.C. government hacks
The head of British Columbia’s civil service has revealed that a “state or state-sponsored actor” is behind multiple cyber-security incidents against provincial government networks.