Timmins home prices set new record in July

The average price of a home sold in Timmins last month was $306,780, a new record, according to the Canadian Real Estate Association. (File)

The average price of a home sold in Timmins last month was $306,780, a new record, according to the Canadian Real Estate Association.

It also represented an increase of 20.5 per cent compared to the average price of a home sold in July 2023.

“The more comprehensive year-to-date average price was $291,373, an increase of 12.8 per cent from the first seven months of 2023,” the CREA said in its monthly update.

“The dollar value of all home sales in July 2024 was $42.9 million, a jump of 31.8 per cent from the same month in 2023. This was also a new record for the month of July.”

There were also more homes available for sale last month, with 217 new listings, an increase of 16 per cent compared with 2023.

While a new record, home prices in Timmins are still the lowest of the four major cities in northeastern Ontario. Prices in North Bay were the highest in the region last month, where the average price was $492,425, an increase of 19.9 per cent compared to last July.

While having the highest selling price, sales actually declined by 12.2 per cent since last July and were down by 22.6 per cent compared to the five-year average.

“The dollar value of all home sales in July 2024 was $53.2 million, a moderate gain of 5.2 per cent from the same month in 2023,” the CREA said.

“The number of new listings fell 7.3 per cent from July 2023. There were 203 new residential listings in July 2024.”

Home prices declined slightly in Sault Ste. Marie, where the price averaged $340,992 last month, a dip of 1.6 per cent compared to a year earlier.

But overall sales were up by 18.5 per cent, with 192 houses sold in the city last month.

“The dollar value of all home sales in July 2024 was $65.5 million, a sizable gain of 16.7 per cent from the same month in 2023,” the CREA said.

“This was also a new record for the month of July.”

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In Sudbury, prices averaged $475,076 last month, up one per cent from a year earlier.

“The more comprehensive year-to-date average price was $481,704, a modest gain of 3.8 per cent from the first seven months of 2023,” the CREA said.

“The dollar value of all home sales in July 2024 was $132.5 million, up modestly by one per cent from the same month in 2023. This was also a new record for the month of July.”

The number of houses for sale also increased July, with 414 new listings added, the highest increase in five years.