Sault real estate prices expected to remain stable

With some real estate expects predicting a housing market crash, the president of the Sault Ste. Marie Real Estate Board, Jonathan Mogg, is not expecting any significant changes heading into the fall.

Mogg says while interest rates have slightly cooled the local housing market, home buyers will still be seeing prices below the national average. He says the average price in Sault Ste. Marie is hovering around $320,000 – which is well below the national average of more than $629,000.

“We’re looking at things remaining the same in terms of being more stable as it is currently,” Mogg said.

“We’re looking at prices probably staying where they are, which compared to the provincial average is still relatively low. So, I mean, it’s a little less affordable than it used to be, but it’s still in good shape.”

Mogg adds recent positive developments in the Algoma Steel labour dispute will likely contribute to a stable housing market. He also says local buyers will probably benefit from fewer investors looking at the Sault Ste. Marie housing market.