Home sales soften in northeastern Ont. in June

Greater Sudbury posted a strong month in May, with 293 units sold, a jump of 38.9 per cent from May 2023. Year-to-date sales were up by 23 per cent, totalling 990 units, up by 23 per cent compared to a year earlier. (File)

Home sales slumped in most major cities in northeastern Ontario last month, according to data from the Canadian Real Estate Association.

However two communities – Sudbury and the Sault – set new record highs in terms of average sale prices in June.

Sales in Timmins were 38.3 per cent below the five year average in June, the CREA said, with a total of 94 units sold. However, the average sale price of $300,003 increased by 18.9 per cent compared to a year earlier.

“The more comprehensive year-to-date average price was $287,456, a gain of 10.9 per cent from the first six months of 2023,” the CREA said.

“The dollar value of all home sales in June 2024 was $28.2 million, a notable decline of 21.8 per cent from the same month in 2023.”

In North Bay, home sales were 29.3 per cent lower than the five-year average for June, with 98 units sold. But the average sale price was $472,476, an increase of nine per cent from June 2023.

Greater Sudbury’s home sales saw a decline of 17.4 per cent below the five-year average last month, with 271 units sold in June. So far this year, however, home sales totaled 1,258 units, up 13.9 per cent from the same period in 2023.

And average sale prices in Sudbury reached a new record in June of $525,043, an increase of 6.6 per cent compared to a year earlier.

Sales in Sault Ste. Marie dipped by eight per cent compared to June 2023, with a total of 161 units sold.

o    Download our app to get local alerts on your device

o    Get the latest local updates right to your inbox

“Home sales were 20.8 per cent below the five-year average and 17 per cent below the 10-year average for the month of June,” the CREA said.

“On a year-to-date basis, home sales totaled 753 units over the first six months of the year. This was a gain of 7.6 per cent from the same period in 2023.”

The average price of homes sold in June 2024 also set a new record, coming in at $357,329, up 2.4 per cent from June 2023.