The average sale price in the Timmins housing market has increased by 7.7 per cent year-over-year across all property types, from January 1 to July 31, 2024 (from $245,165 in 2023 to $264,016 in 2024).
The number of sales increased nominally by 0.6 per cent during the same time frame (from 815 sales in 2023 to 820 sales in 2024). Meanwhile, the number of listings increased by 21 per cent (from 1,439 in 2023 to 1,741 in 2024).
Average residential sales prices across all property types are expected to increase by five per cent through the remainder of 2024, while the number of sales is predicted to remain steady this fall.
Timmins is a seller’s market, conditions that are likely to persist into the fall due to the ongoing housing inventory shortage. The biggest factors contributing to the shortage in this region are a lack of new listings coming on stream, and not enough new construction or construction delays due to labour shortages and increased material costs.
Timmins’ homebuyers are responding and adapting to the housing shortage by making multiple offers on properties, in an attempt to beat out competing bids.
On September 4, the Bank of Canada will share its next interest rate announcement. Another interest rate cut is expected to encourage market activity in Timmins this fall, but further interest rate cuts will be needed to see a large return to the market.
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