The average sale price in the North Bay housing market has increased 8.2 per cent year-over-year across all property types, from January 1 to july 31, 2024 (from $431,383 in 2023 to $466,824 in 2024).
The number of homes changing hands has decreased by 5.2 per cent during the same time period (from 593 in 2024 to 562 in 2024). Meanwhile, the number of homes listed for sale increased by 7.4 per cent (from 1,221 in 2023 to 1,311 in 2024).
Average sales prices across all property types is are anticipated to stay the same for the remainder of 2024, while the number of sales is predicted to increase by 5 per cent.
North Bay is a seller’s market and is expected to become even more competitive this fall due to inventory shortages.
The biggest factor contributing to the housing shortage in this region is not enough new listings to meet buyers' demands.
To adapt to this, homebuyers in North Bay are taking the "try and try again" approach, submitting multiple offers on properties until they are successful.
On September 4, the Bank of Canada will share its next interest rate announcement. A potential rate cut will likely result in a more competitive housing market in North Bay, as buyers leverage their higher purchasing power and re-enter the market.
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